Join us for an overview of the latest crypto news. We started with Venezuela, Nicolas Maduro delivered a bill with the purpose of expanding the use of crypto currencies within the country, with the intention of avoiding further sanctions.
Venezuela plans to expand the use of cryptos to avoid sanctions
The Venezuelan government has just presented a draft law aimed at expanding the use of crypto-currency in domestic and foreign trade. The country’s president, Nicolás Maduro, has said that the measure will lead to a wider distribution of all cryptomontages, both public (including Petro) and private.
This is expected to help Venezuela cope with the impact of the US sanctions on the country’s economy and contribute to its economic recovery. The document has been sent for study to the Constituent Assembly.
The creation of a national mining pool in Venezuela has recently been reported. According to the new legislation, all companies and individuals involved in crypto-currency mining will be obliged to apply for a special license and to register in a state registry. It should be noted that the measure also applies to data centres and manufacturers of mining devices.
FinCEN Director warns banks of risk of exposure to cryptomonies
The director of the U.S. Financial Crime Control Network (FinCEN), Kenneth Blanco, has warned banks to think seriously about the risk of exposure to cryptomoney.
During this week’s ACAMS 2020 virtual conference in Las Vegas on money laundering, Blanco discussed the obligations of banks in implementing effective anti-money laundering (AML) policies.
Cryptomoney payments and Fintech loans were the topic of the U.S. Congressional hearing
Despite scepticism about easing loan regulations, the Fintech Working Group raised the question of how crypto-currencies can improve payment methods in the United States
In a hearing on Tuesday, the Fintech Congress Working Group heard arguments on the new standards. That they would potentially expand banking regulations to accommodate more technology companies providing financial services.
The hearing was called „Licensing of Banking: Examining the Legal Framework Governing Who Can Lend and Process Payments in the Age of Financial Technology“. Many pointed to the particular role of cryptos.
Renewable energy dominates crypt mining with Latin America as world leader
To conclude with a review of the latest news cryptos, it was learned through a report from the University of Cambridge that the Latin American and Caribbean (LAC) region shows that 67% of miners use renewable energy sources. Like water power to carry out their mining activities becoming the greenest region for this task.
Globally, renewable energies seem to be the most used by miners with a percentage of use of 60% to 66%. However, in regions such as Asia Pacific (APAC), surveys show that non-renewable energies such as coal also have a preponderance.
Research also shows that 39% of all energy used worldwide by miners is renewable.
This is good news for the planet. But also for industry as in most cases electricity tends to be cheaper than other sources.