In “This was the NEWS” we take a look at the most important news of last week. What has happened in the crypto space over the last 7 days? News items that you may have missed and you really need to read. You will find it here!
- Updates on Facebook’s GlobalCoin
Facebook has been receiving backing from large companies, the likes of Visa, Mastercard, PayPal, and Uber. Each to have said has invested about $10 million each into this project. The said to be stablecoin is expected to operate within the company’s messaging infrastructure (WhatsApp, Instagram, and Facebook Messenger).
In addition, this project is expected to begin testing within the next week. This seems to be one of the reasons as to why Bitcoin has been performing so well in the past few days.
Read more about GlobalCoin updates here: https://www.altcoinbuzz.io/crypto-news/finance-and-funding/uber-paypal-visa-to-back-facebooks-globalcoin-cryptocurrency/
- India’s Proposed Bill to Ban Cryptocurrencies is Worse Than That of China
When China banned crypto in September 2017, they banned ICOs and domestic cryptocurrency exchanges. India, on the other hand, has taken this to a whole different level. The Indian government is proposing a ban on the “sale, purchase, and issuance of all types of cryptocurrency.”
Read more about this proposed bill here: https://www.altcoinbuzz.io/crypto-news/regulations/indias-proposed-bill-to-ban-cryptocurrencies-is-worse-than-that-of-china/
- Americans Won’t Be Able to Use Binance
Starting on September 12th, US-based traders will be unable to use Binance. While they will still have access to their wallets and funds, users will be restricted from depositing and trading on Binance.com. If you are a US-based trader, please move your funds to a private wallet for safe keeping.
Read more about Binance restrictions on US-based traders here: https://www.altcoinbuzz.io/crypto-news/regulations/americans-wont-be-able-to-use-binance/
- Over 74% of Bitcoin’s Mining Power Consists of Renewable Energy
There has been a long-standing argument that Bitcoin mining is horrible for the environment and that it is just a waste. According to research, however, it is shown that over 74% of all Bitcoin mining uses a renewable energy source. That is much larger than most other sectors (private, public, and government).
Read more about Bitcoin mining here: https://www.altcoinbuzz.io/crypto-news/finance-and-funding/over-74-of-bitcoins-mining-power-consists-of-renewable-energy/
- Cryptocurrencies Are Back On G20 Agenda
In this year’s meeting, cryptocurrencies are back on the agenda for the group. The countries have urged the Financial Stability Board (FSB) to produce a multilateral response to crypto related problems.
Read more about the G20 meeting here: https://www.altcoinbuzz.io/crypto-news/regulations/cryptocurrencies-are-back-on-g20-agenda/
“This was the NEWS” summary!
Bitcoin has seen 2019 highs again and has finally breached the $9,000 mark. Bakkt is close, Facebook is getting millions of dollars for its project, and institutions are entering the space. This is a great time to pay attention to what is going on and see what is actually being created in this space.
While Binance is opening an exchange for US-based traders, it will almost certainly have a lot fewer coins on it compared to Binance.com. While there are ways to spoof your location, VPNs, it is risky because if you get detected, you could lose access to everything you hold. Unfortunately, users in the US will have to look to other exchanges/DEXs to get the coins they want. If you choose to do this, be safe and take proper precautions when trading on less reputable exchanges.