The last blocks got validated by recognized public institutions in the country. The network does not have its cryptocurrency and works based on proof of stake.

The Argentine Federal Blockchain, a chain of blocks in which a group of organizations, institutions, and companies participate, has been inactive for several weeks. Given this situation, network users now question their maintenance and usefulness.

The last block mined was number 19353540, and it got mined a month ago by the sealer Ultima Milla SA, a technology solutions company in the province of Mendoza. The date indicated is Monday, October 25 at 11:37 p.m.

The inactivity of this Blockchain came to light thanks to a post made by Julián Dragonsch, a Twitter user who reviewed the status of the BFA to refute the claim of a Chilean influencer who suggested adopting this technology for more efficiency in the state.

The tweeter himself then responded to several tweets from his followers. In that exchange, he clarified that the BFA is a dead narrative when talking about blockchain being more relevant than Bitcoin and that the project died before it started.

One step further, other users like Bitcoin legal consultant Camilo Jorajuría de León questioned in that thread the role the functions of the Argentine Federal Blockchain played when it was still working regularly.

Important Entities Joined the Argentine Federal Blockchain

Among the network validators, there are various public and private institutions recognized in Argentina. The Superintendency of Occupational Risks, the Red Link banking operations network, the National Road Safety Agency, the Naval Prefecture, and some universities play a part in this group.

In 2020, the country’s Chamber of Deputies became members of the Argentine Federal Blockchain. This event occurred in the middle of the Covid-19 quarantine, which forced legislators to seek new digital alternatives to give transparency to votes. Having a license on this platform was the primary option.

Beyond adding the participation of many other relevant Argentine institutions, this blockchain has been in trouble throughout its history. In 2020, the publication of an Official Gazette, later described as false by the national government, earned him various criticisms about the security of the BFA.

However, the document got digitally signed. It could have been an error from those that managed to upload the file and not a simple failure in the network.

The Argentine Federal Blockchain was born in July 2018 as an initiative of three organizations: the Argentine Internet Chamber (Cabase), Nic Argentina, and the Association of University Interconnection Networks (ARIU).

According to its official website, The Argentine Federal Blockchain presents a transparent and reliable way to register tenders, food traceability, and insurance policies. Likewise, it served to store official State documents, as mentioned previously.

By: Jenson Nuñez

The page highlighted having support from companies like EA Sports, UFC, and the Crypto.com exchange. The smart contract from the sale presents that around 560 BNB got raised from it.

“Win real money while you play,” highlighted the welcome sign on the page. But, the only ones who made money were the developers of the page. The website got taken down after raising just over 560 BNB (about $ 325,000) in three days for selling a token that was supposed to serve in a UFC video game.

On the page of what seemed to be the next big play-to-earn game, you only see a message from the Wix server indicating that no website is associated with that address. The token in question was UFCT, developed on the Binance Smart Chain (BSC). There are at least 10 million units of the said token, and at least 735 addresses have it in their possession.

Poocoin, a Binance Smart Chain price tracker, shows there is no current market for this token. It means no one got interested in purchasing it, or there is no liquidity in decentralized exchanges, for example, in PancakeSwap. UFCT holders would probably not be able to get any financial return on the investment they made.

The token was for sale on the page of the video game. Until the moment of what appears to be an exit scam, at least 7 UFTCs got sold for 1 BNB, which is the native cryptocurrency of the BSC network.

When the sale was still active, some discovered some red flags. The development of the video game seemed to receive support from EA Sports, and it also would have a backup from the Crypto.com exchange.

But there was no official statement from the allegedly intervening companies indicating that, indeed, they were about to launch a video game that would allow them to win tokens.

The Youtuber CryptoShark had uploaded a video (while the sale was still taking place) in which he showed other warning signs that he detected. One of them was that the images of the said game belonged to another existing video game.

When searching Google for the images provided by the video game page, the search engine indicates that they are from EA Sports UFC Mobile 2 for iOS and Android devices. This game got released many months ago, and it has nothing to do with cryptocurrencies.

The red flags kept emerging when browsing the page of the supposed game. It was striking that the only language available was Spanish. It was also curious that the developer remained unidentified by the first and last name on the game page.

A scam Inspired by the Squid Game

The allegedly criminal operation of the creators of the UFC Crypto Game has a recent precedent. A token called Squid would be part of a supposed future play-to-earn video game based on the television series “The Squid Game.” But, like ufccryptogame.com, the creators of the game simply vanished from the network. On that occasion, they managed to get hold of the sum of USD 2.6 million.

Unlike what happened with the UFCT token, the Squid token managed to get traded on decentralized exchanges. In a short period, it rose from $ 30 to $ 2,800.

Investors who were able to sell their tokens before the exit-scam occurred (which, in that case, happened when they took all of PancakeSwap’s liquidity) managed to get profit from their investment.

By: Jenson Nuñez

Petro considers that cryptocurrencies are more harmful to the environment than the printing of banknotes. The Colombian presidential candidate explained that Bitcoin mining needs to consume two years of energy.

Colombian senator Gustavo Petro recently spoke about cryptocurrencies and their impact on the environment worldwide. The presidential candidate gave his opinion on those assets during an interview on local radio station Blu 4.0.

Concerning proposals on the digital economy in the presidential elections, Petro commented on the cryptocurrency ecosystem. He said that this would not solve anything but is a new form of industrial pressure.

On the radio program, Petro stated that virtual currencies are replacing fiat money, although no forests are at risk due to the printing of banknotes. When comparing them, he highlighted that cryptocurrencies affect the environment in a way fiat money has never done.

Gustavo Petro Is Concerned About the Energy that Bitcoin Mining Consumes

Studies by Lyn Alden and CoinShare Research indicate that Bitcoin mining uses less than 0.1% of global energy, from which 77% is renewable. However, Gustavo Petro believes that this activity makes excessive use of that service, going as far as to consume the world’s energy.

Petro commented that a friend told him that it takes two years of energy to mine one bitcoin in the United States. In addition, he said that this activity is more expensive for a miner than the actual value of the cryptocurrency. Even though he stated that Bitcoin mining companies would not generate a profit, he later mentioned they make money.

Due to the migration of Chinese miners, the United States currently has the highest concentration of Bitcoin mining worldwide. Besides, it is one of the countries with the lowest electricity taxes, which is paramount for that business. In that respect, Texas Senator Ted Cruz recently said that Bitcoin mining avoids the waste of energy resources.

Cruz mentioned that that region has plenty of energy sources that include wind and natural gas. The official pointed out that Bitcoin mining can use the latter during power outages while it supplies energy to the Texas electricity grid.

Texas-based companies Marathon and Riot mined around 340 BTC and 460 BTC in September, respectively. That amount is equivalent to around USD 46 million, according to CoinGecko.

Regarding cryptocurrencies as an opportunity for Colombia, Petro replied that they could work if they find a renewable energy source.  In that sense, the senator gave as an example the geothermal power that El Salvador is using.

The presidential candidate had previously proposed taking advantage of the rivers of Colombia to generate clean energy and promote Bitcoin mining. He said that this could prevent the use of their channels for the cocaine market.

The relevance of Bitcoin worldwide is increasingly evident, of which the governments of various countries are aware. Even though some express their concern about the alleged disadvantages of that cryptocurrency, they seek to incorporate it into their economic systems.

By Alexander Salazar

The scenario of the memecoin goes hand in hand with low volatility and profit-taking after abrupt price increases in this segment. Dogecoin is among the Top 10, so it is hard to think that it could disappear.

The price of Dogecoin (DOGE) had a tremendous start to the year but now cannot resume its upward trend. The following analysis will help understand why it is falling and whether it could start to rise soon.

DOGE is trading at around USD 0.22 and has accumulated a profit of 1.9% in the last 24 hours. Its trading volume is above USD 1.2 billion, and its market capitalization is about USD 29.38 billion, according to CoinGecko.

Reasons Why the Price of DOGE Is Falling

The fever for the DOGE cryptomeme is over for now, which may have caused the decline in its price.

The value of Shiba Inu is falling with that of Dogecoin, leading to think this fashion has taken a break.

The current scenario of that coin goes together with the low volatility in the cryptocurrency market. Besides, there has been profit-taking after the abrupt price increases in this segment of memecoins.

Google Trends indicates that the search interest of the term Dogecoin is currently 4 out of 100. It reached the maximum peak in May when the price rose entirely parabolically while enthusiasm exceeded the searches of the word Bitcoin.

The interest in the term Dogecoin is lower than that of SHIBA, suggesting a significant drop in the popularity of the former.

Nobody Knows Whether the Cryptomeme Will Disappear

There is an extremely low probability that DOGE will disappear, at least in the short term. The memecoin born in 2013 has remained among the most outstanding in the market for several years.

Now that Dogecoin is among the Top 10, it is harder to think that it could disappear. The community behind this coin exists and, as long as it does, it will not allow the price to go to zero.

However, there is almost nothing behind this cryptocurrency project other than laughter. It is most unlikely that the considerable gains seen in previous months will continue to repeat themselves.

With a price of USD 0.22, the market capitalization of DOGE is currently USD 29.38 billion. Believing the price will reach USD 1 is expecting that its capitalization will exceed that of Binance Coin (BNB).

Even though that is too unlikely and unsustainable, nobody can rule out that those coins will cause surprise again soon.

Technical Analysis of the Price of DOGE

The weekly chart of the price of Dogecoin indicates that the price is falling continuously without getting support yet.

However, the fall is not too worrying since it is in a broader range, nothing more than rest after a big bullish rally.

Buyers are still the dominant force and, as long as the support zone between USD 0.18 and USD 0.13 remains, the bulls could regain control soon.

For a significant rally to take place, its price must break through resistance at USD 0.34. However,  many trust this coin because it is not reaching lower lows, which is a good sign of strength.

By Alexander Salazar

Regulators reported some guidelines that seek to clarify whether the cryptocurrency-related activities that banking organizations do are legal. The OCC ordered the banks that it regulates to request permits to offer the custody of cryptocurrencies.

The control and supervision agencies of the US financial system recently announced some tasks that they will complete next year. All those activities involve regulations on the use and trade of Bitcoin (BTC) and other cryptocurrencies in the territory.

The Federal Reserve (Fed), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) reported several guidelines for 2022. Their primary objective is to provide greater clarity on whether some of the cryptocurrency-related activities that banking organizations do are legally permitted.

The document gives details about banking agencies that were approaching cryptocurrencies after concluding a previous study. It states that regulators considered that it was necessary to delve into several issues related to those assets.

They plan to examine the current regulations used by banks that provide services with Bitcoin and other cryptocurrencies. Besides, they will study in greater detail how banks should maintain the custody of cryptocurrencies.

Likewise, they will analyze what companies must do to help consumers conduct transactions with Bitcoin. They will also evaluate what capital and liquidity standards cryptocurrency secured loan services should have.

The OCC Requires Banks to Request Approval to Trade bitcoin

The OCC followed the roadmap launch with a new policy, ordering the banks it regulates to request permits to offer the custody of cryptocurrencies. Similarly, they must have prior approval to retain the US dollars deposited to back stablecoins and handle cryptocurrency transactions.

Lenders will also have to request a special permit and prove that they have enough risk controls. In that way, they can receive approval from the OCC, according to Bloomberg.

Regulatory agencies issued joint statements-days after Christopher Waller criticized the position of the Treasury Department on regulating stablecoins. The member of the Fed thinks that it is not beneficial that banks have priority in the issuance of those crypto assets. He stated that competition in the sector favors efficiency and provides users with easy terms.

The US Treasury Department had previously adhered to guidelines from the Financial Action Task Force (FATF). They also promised to continue leading efforts to regulate cryptocurrencies tied to another asset like the US dollar. For that reason, they published a document asking Congress to control stablecoins, prioritizing the mandatory identification of users operating with them.

Regulators from various countries have had Bitcoin and other cryptocurrencies in their sights for a long time. Stablecoins like Tether (USDT) are no exception since they belong to a parallel economy that escapes from those wanting to control everything.

Many governments around the world see Bitcoin and other cryptocurrencies as factors that lead to illicit activities. Although some studies indicate that fiat money contributes more to crime than crypto assets, regulators insist on tighter regulations.

By Alexander Salazar