The miners have until June 25 to stop their activities. A similar action happened in Inner Mongolia, Xinjiang, Qinghai, and Yunnan.

The Chinese authorities keep on forcing the closure of Bitcoin mining farms. This time the authorities took down 26 mining farms located in Sichuan, a southwestern province of China.

The National Development and Reform Commission (NDRC) and the Sichuan Office of Energy notified the miners that they have until June 25 to cease their operations and requested the power generation companies to stop providing their services to the mining companies, according to a local media outlet.

With this new measure on board, the authorities would force the migration out of China of a significant percentage of the Bitcoin hash rate. According to a study by the University of Cambridge, in 2020 the nation held first place in the ranking of the hash rate with 65%.

In the case of Sichuan, it is the second province in the Asian nation that contributed the highest hash rate, with 9%, according to the Cambridge report. Now, added to the other regions affected by Chinese regulation, it could be losing 57% in the hash rate.

The Sichuan region is famous for offering advantages in the area of   hydroelectric energy, something that Bitcoin mining companies have been taking as a benefit.

Chinese journalist Colin Wu said that hydroelectric power in Sichuan is “abandoned” in summer and if it is not used for mining it would be wasted.

According to Twitter user @bigmagicdao, people will “witness history” in bitcoin mining when all mining farms close. It can already be seen how China’s action negatively impacts the hash rate.

China’s attempts to censor bitcoin were a topic set for discussion by the finance committee of that Asian nation. They consider Bitcoin mining as a key sector that must be watched to prevent and control every financial risk posed by the cryptocurrency, according to a government report published on May 21.

Regulatory Measures in other Chinese Regions

Regulatory entities have recently attacked bitcoin mining in four other regions of the Asian nation, specifically Inner Mongolia, Xinjiang, Qinghai, and Yunnan.

In the case of Inner Mongolia, the authorities would revoke the licenses of telecommunications and information technology companies involved in mining Bitcoin and other cryptocurrencies.

Regarding Yunnan, the measures were similar to those of other provinces. This region ranks as the fourth largest in China in terms of hash rate, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI). Yunnan had a 7% global hash rate from September 2019 to April 2020, Behind Yunnan, comes Inner Mongolia, Sichuan, and Xinjiang.

Bitcoin is now in the Underground

Last May, China forbade financial institutions and payment companies from providing services related to cryptocurrency transactions.

For this reason, the clandestine use of over-the-counter cryptocurrency platforms has increased their activities since exchanges were banned in 2017. Although it is unknown what these platforms are. The Chinese government considers crypto assets to be a risk because they are not being supported by a real value, and because of their unpredictable volatility in the market.

By: Jenson Nuñez

Its Constitutive Agreement establishes the procedures to contribute with sovereign governments. Holdings paid to the bank must be constantly revalued, following the rules of the agreement.

The World Bank denied technical assistance to El Salvador to adopt bitcoin (BTC), citing environmental concerns of digital mining and transparency. However, the multilateral entity could be forced to accept payments in bitcoin from nations that have adopted it as legal tender. This indication appears in its constitutional document.

The Articles of Agreement of the World Bank of 1944 establish the procedures and principles by which the World Bank undertakes to contribute with sovereign governments. Their commitment to accept payments from the Member States in local currencies appears as a highlight in the document.

The World Bank and what Methods it would apply to Deal with Volatility

Section 9 of the article states that holdings paid to the bank by members must be continually revalued (presumably against a relatively stable benchmark such as the US dollar). If the local currency has appreciated, he says, the World Bank should do what it is supposed to be the best and return the profits:

According to the Constitutive Agreement of the World Bank, each time the nominal value of a member’s currency significantly increases, the Bank will return to that member, within a reasonable time, an amount of that member’s currency equal to the increase in the value of that currency. Constitutive Agreement of the World Bank

World Bank is Injecting Capital Into fossil fuel plans

Forbes magazine recently stated in a report that the World Bank has already set investments of more than $ 12 billion in fossil fuel projects in the last six years,  which represents at least 6% of its total investment portfolio. It also receives gold payments from members, even though gold mines emit on average 0.8 tons of CO2 for every ounce of gold produced.

The publication also highlights that, despite this, the multilateral entity has expressed its concern about the carbon footprint that bitcoin is causing on a global scale. However, it seems unaware that according to some studies, 76% of bitcoin miners currently use renewable and clean energy.

The preservation of the natural environment was one of the reasons given by the World Bank for denying the technical help requested by El Salvador to adopt bitcoin as a legal tender. In a report released on June 17, 2021, a bank spokesperson made the following statement: “While the government of Nayib Bukele approached us for help on bitcoin, we stated that this is not something the World Bank can support, given the environmental and transparency deficiencies.”

The spokesperson also said that the agency shows a lot of commitment to helping El Salvador in some different ways, including through exchange transparency and regulatory processes, but not with the adoption of bitcoin as a legal tender.

By: Jenson Nuñez

Although it is a topic under constant discussion, the financial association does not believe that Mexico is ready. Banxico considers that it is best to keep a “healthy distance” with the cryptocurrency sector.

The Association of Banks of Mexico (ABM), which groups the main financial institutions in the country, does not believe that the nation is ready to make the decision that El Salvador made to convert Bitcoin into legal tender; at least, not at the moment, according to the agency El Economista.

Although financial institutions in Mexico have been permanently discussing the cryptocurrency phenomenon, the ABM considers that there is still much to put on the table before promoting legislation that considers a digital asset as legal tender. The president of the ABM, Daniel Becker, highlighted in this regard that the association has held conversations with regulators and various other active players in the sector, however, he considers that it is still a subject in full evolution.

Although there is Interest, Mexico is not Yet Ready

Becker indicated that there have been a series of discussions on this matter with the Bank of Mexico (Banxico) with which they have agreed that, in the case of a central entity issuing a cryptocurrency, it would have very different characteristics from Bitcoin and the digital assets that are known today.

The president argues that there are some preliminary initiatives, concerning central banks being able to manage cryptocurrencies in their protocols, which would then already have another feature than the ones people know right now, which has nothing to do with those issued by the government.

For its part, Banxico (which fulfills the functions of the central bank in that nation) has pointed out that digital currencies are a topic of interest, although it has been emphatic that it must keep a “healthy distance” with assets like these as it is a non-regulated item yet.

The statements by Banxico and the AMB appear right when a growing interest in Bitcoin adoption invades the region. After the Salvadoran Congress passed a law that recognizes Bitcoin as an official currency in said country, other Latin American nations are taking similar stances.

In Panama, independent deputy Gabriel Silva indicated this week that he is making a bill related to Bitcoin and hopes to bring it to the National Assembly next month. Meanwhile, the deputy of Paraguay, Carlos Antonio Rejala Helman, also spoke about similar plans. On Thursday, Helman reported that he will present a bill to set regulations on cryptocurrencies in that country in July.

Featured news Latin America

In El Salvador, three government ministries are studying the possibility of salaries being paid with the main cryptocurrency, once the asset becomes officially a legal tender in the country. CABEI also clarified that it will help the Central American country in the integration and implementation of Bitcoin but the World Bank said it will not be able to provide its support given the environmental and transparency deficiencies.

Also, telecommunications service provider GoldConnet began accepting and receiving cryptocurrency payments. In Colombia, the Ministry of Technology (MinTIC) is now promoting the use of Blockchain among companies through a new national program. And the first Bitcoin exchange-traded fund (ETF) will arrive in Brazil at the end of the month.

By: Jenson Nuñez

Harris told his story as a beginner in the ecosystem. Now he says funny phrases like “Crypto is very cool” in a new ad campaign for crypto teller provider CoinFlip.

The famous Hollywood artist Neil Patrick Harris revealed this week that he is an early Bitcoin investor.

Originally from New Mexico, United States of America, Harris is best known for his role in the comedy series ‘How I Met Your Mother’, although he has a long list of roles in films and television. He recently shared his experience of early adoption of the largest cryptocurrency to Forbes and has also joined crypto ATM operator CoinFlip to take part in a new marketing campaign.

The actor has previously worked in award-winning big-screen productions such as Gone Girl ‘and animated films such as Dr. Seuss ’Horton Hears a Who!’. It catapulted the beginning of his career after starring in the series ‘Doogie Howser MD’ in 1989 and since then he has also added appearances in series such as Glee, Will & Grace, The Simpsons, among others.

Harris is also a writer for the saga of children’s books ‘The Magic Misfits’ (translated into Spanish as ‘Abracadabra’). And he is also a crypto enthusiast who decided to start investing in Bitcoin when its price was still pretty low.

Harris and his Early Bitcoin Investments

Now, Harris has decided to join the CoinFlip company to share his story as a beginner in the digital currency ecosystem and show people how easy it can be to start investing in digital assets

During the interview, he highlighted that after spending a long time learning about the cryptocurrency space, his investment has increased and even multiplied in value. He also commented how excited he is to see large traditional investors and institutions get on the Bitcoin bandwagon.

Harris believes cryptocurrencies are the future of how people acquire, purchase, invest, and do business, but they can also be incredibly technical and at some point intimidating.

Harris said that his goal is for everyone to know how easy and accessible it is to invest in cryptocurrencies and join the future of finance. He highlighted the current mission of the advertising campaign in which he works.

A famous Face to Expand Adoption of Cryptocurrencies

Overall, Harris, while not including laser eyes or the word Bitcoin in his Twitter bio, was enthusiastic about digital currencies, their mass adoption, and their potential to build a more solid and structured financial future. The actor also did not clarify how much percentage of his portfolio he has invested in cryptocurrencies, but let the outlet know that he likes to diversify his finances.

Ben Weiss, executive director of CoinFlip, commented on the campaign that the partnership with Harris was a way to make things easier for users that usually find it hard to enter the space. He said that he expects the company to scale to 5,000 ATMs by the end of the year.

By: Jenson Nuñez

A market capitalization of USD 4.45 billion has led EOS to rank 27^th in the cryptocurrency market. If the cryptocurrency breaks the short-term bearish trend at USD 5.30, that would mean a major price recovery.

No cryptocurrency has been able to escape the bearish trend of the cryptocurrency market, but some have been failing more than others. EOS is the most prominent among those in which strong negativism marks their behavior.

The following forecast analysis indicates where the price of the cryptocurrency might be heading.

Forecast Analysis of the Price of EOS

EOS is currently trading at USD 4.43 and has accumulated a profit of 0.5% in the last 24 hours, according to CoinGecko. A market capitalization of USD 4.26 billion has led this cryptocurrency to rank 27^th in the cryptocurrency market.

The monthly graph of this cryptocurrency reveals that its price has risen little during the bullish market in previous months.

The general correction has affected EOS, making it lose almost all the gains accumulated during the first half of the year.

However, it still seems possible to see a good outlook, which could generate big profits before long. The same as the rest of the market, EOS kept correcting for 3 years. However, it may now be developing a bullish market capable of spreading quite a bit further.

The recent drop in the price of EOS still looks like a correction, which could soon lead to new momentum. However, there is still a clear short-term bearish direction that may continue to cause problems.

If the bullish trend is still alive in the cryptocurrency market, EOS could soon challenge its all-time high.

Short-term Key Levels for EOS

Performing an analysis of the EOS daily chart would be very useful to look for trading signals. From here, it is possible to notice a clear short-term bearish direction, which a descending line defines well.

The 8-day exponential moving average (EMA) and 18-day simple moving average (SMA) cross to the downside, continuously functioning as dynamic resistances. Going through them would be a good sign that EOS is resuming the major trend, or is at least working on a major recovery.

A horizontal level analysis indicates that the resistance that EOS must go through to change the trend in the short term is at USD 5.30. In case of losing the support at USD 4.41, there may be sales at USD 3.69 as a minimum.

The bulls may manage to give a surprise soon, due to the prevailing possibility of continuing the bullish direction in the long term. The rejection of the aforementioned supports indicates that this could happen any time soon.

The general collapse of the cryptocurrency market in May was mainly due to Elon Musk’s negative comments on Bitcoin. The entrepreneur said that Bitcoin mining was harming the environment with its emissions of carbon dioxide (CO2). The prices of all altcoins suffered dramatic falls alongside the first cryptocurrency, but they may recover before the year ends.

By Alexander Salazar