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Subcontractors and Builders Located in China’s Xiong’an New Area Are Being Paid in Digital Yuan 

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Xiong’an New Area, a state-level new area in Hebei, China, is seeing the use of onchain digital yuan payments, according to a circular issued by the Xiong’an government. The announcement details that Xiong’an subcontractors and builders are being paid using the central bank digital currency (CBDC) via the People’s Bank of China and the new area’s development management committee. Xiong’an New Area Pays Contractors in Digital Yuan It seems workers in the state-level new area in Hebei, China also known as Xiong’an New Area, are being paid with China’s CBDC. Xiong’an government officials published a circular which described the project’s testing goals. According to the announcement , the People’s Bank of China’s (PBOC) Shijiazhuang office and the new area’s development management committee are involved in the wage pilot system. The statement stemming from the Xiong’an New Area, which explains its paying builders in onchain digital yuan payments, follows the recent statements from the

Crypto Cyberthreats Spike This Year With Russia Hit the Hardest, Report Reveals

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Cyberthreats related to cryptocurrencies have increased with rising demand for the digital assets, a study has concluded. Russia, Thailand and Peru are the most affected countries by malicious attacks designed to exploit the heightened interest in decentralized money, the authors point out. Booming Crypto Markets Bring Out Cybercriminals Despite the ongoing Covid pandemic still leading the headlines around the world, the topic has lost some prominence in the cyberthreat landscape since the beginning of this year. At the same time, threats related to cryptocurrencies have increased alongside rising crypto prices over the past few months, shows a recent report by ESET. Mainstream acceptance, including by celebrities and executives like famous American rapper Snoop Dogg and Tesla CEO Elon Musk , has also contributed to the growing appeal of crypto assets. “Booming cryptocurrencies bring out cybercriminals,” the company emphasized in the study, released earlier this month and quoted

After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’

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Nigerian Finance Minister Zainab Ahmed has denied widespread reports that the Central Bank of Nigeria (CBN) had sanctioned the devaluation of the local currency sometime in May 2021. Instead, she attributes the naira’s fall to the “volatility in the oil price.” Ahmed’s remarks come just a few weeks after the official naira exchange rate dropped from $381 to the dollar to the current rate of 411:USD1. Devaluation vs Depreciation As previously reported by Bitcoin.com News, the CBN had initially allowed the naira’s exchange rate to drop to 419.5 per U.S. dollar. However, since May 14, 2021, the naira’s exchange rate against the dollar has remained at or just below 411. It is this apparent adjustment of the exchange rate by the CBN (which meets Investopedia’s definition of devaluation ) that prompted reports that the naira has been devalued. However, in her explanation , Finance Minister Zainab Ahmed still refuses to equate the CBN’s tinkering with the exchange rate to devaluation. Sh

Elon Musk’s ‘50% Clean Energy’ Bitcoin Mining Goal Will Be Complicated To Verify

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On Sunday, Tesla’s CEO Elon Musk tweeted that when there’s “confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.” However, there’s a big problem with this goal, as nobody knows exactly how to measure 50% clean energy usage let alone precisely where miners are geographically located. Can Elon Musk’s 50% Clean Energy Goal Be Met? Elon Musk and a number of billionaires have a lot to say these days and it seems Musk can move the price of BTC with a single tweet. It surely was the case when Tesla first accepted bitcoin ( BTC ) for electric car purchases at Tesla. After that announcement , BTC ’s price jumped by $10K seeing one of the largest daily candles in its lifetime. Then when Musk tweeted that bitcoin wouldn’t be accepted and Tesla cited environmental concerns, the price dropped significantly. Sunday’s tweet boosted BTC prices by 9% and the price has inched past the psychological $40K regio

G7 Leaders Ask Russia to Urgently Identify Those Who Abuse Cryptocurrency in Ransomware Attacks

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The G7 leaders have called on Russia to urgently “identify, disrupt, and hold to account” ransomware hackers and those abusing cryptocurrency to launder ransoms. “We reiterate our interest in stable and predictable relations with Russia, and will continue to engage where there are areas of mutual interest,” the G7 leaders said. G7 Nations Ask Russia to Identify and Disrupt Ransomware Hackers Abusing Cryptocurrencies The leaders of the G7 countries met in Cornwall, England, on June 11-13. Among a long list of topics they discussed was ransomware attacks involving cryptocurrency. The G7 comprises the U.S., U.K., Japan, Germany, France, Italy, and Canada. “We reiterate our interest in stable and predictable relations with Russia, and will continue to engage where there are areas of mutual interest,” a communique issued Sunday after the conclusion of a leaders’ summit reads, adding: In particular, we call on Russia to urgently … identify, disrupt, and hold to account those within its

Analyst Claims Bitcoin Will Break $40K Threshold, S2F Audit Shows BTC Could Tackle $85K by Year’s End

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Bitcoin prices have been range-bound and consolidating for quite some time but jumped over 9% in the last 24 hours after Elon Musk’s tweet on Sunday. A number of crypto analysts are still unsure about bitcoin’s future price while a few expect a rebound from last month’s lows. One market report notes that bitcoin will likely climb back up “the stock to flow line in the coming months” leading to a price of around $85K before the year’s end. Financial Analyst: Bitcoin Will Likely Cross the Psychological $40K Threshold Again Elon Musk’s tweet — that said Tesla would accept bitcoin again if the energy used to process transactions was at least 50% renewables — lifted bitcoin’s ( BTC ) price over 9% as the crypto asset neared the $40K range again. Alex Kuptsikevich, Fxpro senior financial analyst explained in a note to Bitcoin.com News that there’s been a lot of newfound excitement in the world of cryptocurrency lately. “The crypto market is experiencing another phase of excitement follo

Experts: Regulatory Uncertainty and Slow Embrace Hampering Crypto Growth in Kenya

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Regulatory uncertainty and the slow embrace of cryptocurrencies continue to be key impediments to the growth of Kenya’s digital currency market, experts say. They also assert that without speedy regulation, which they believe will hasten the adoption of digital currencies, Kenya’s sector will remain open to fraud. Kenya’s Embrace of Crypto Slow, Exchange Reps Point to Need for Legislation George Mwakisha, the business development manager at Binance Kenya, says the country can reap the full benefits of digital currencies if it moves to pass the relevant legislation, local media reports . Mwakisha is said to view the lack of clear laws regarding cryptocurrencies as leaving the country open to fraud. Meanwhile, the Binance Kenya representative’s sentiments are shared by Apollo Sande, Luno Crypto Exchange’s country manager for Kenya. According to Sande, one of the benefits of regulating cryptocurrencies is the likely boost to cross-border remittances into the country. Adopting cryptocu

TIME Tokens and TimeWarp Staking Launch on Binance Smart Chain

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PRESS RELEASE. The new initiative extends the Ethereum-based TimeWarp staking programme, which currently offers a yield of 224% APY. TimeWarp , a new DeFi farming opportunity backed by multiple real-world revenue streams, has just launched on Binance Smart Chain after a successful earlier launch on Ethereum. The initiative enables holders to stake TIME, the native token of an ecosystem of blockchain-based products and services developed by Australian blockchain company Chrono.tech . The TIME token has now been launched on Binance Smart Chain (BSC), with a growing number of Chrono.tech’s services also integrating the popular blockchain thanks to its low fees and compatibility with Ethereum’s smart contracts. TIME tokens can be swapped between Ethereum and BSC using a purpose-built bridge. How TimeWarp works Chrono.tech generates a constant stream of revenues from its services, which are collectively designed to streamline access to recruitment, work and payments. A proportion of

A Look at How Second Life’s Linden Dollars Helped Kickstart Bitcoin’s Value

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When people think about bitcoin’s past they sometimes refer to subjects like Mt Gox, the Silk Road, or the famous pizza transaction. Although, people often forget that the online virtual world Second Life played an important role during the Bitcoin network’s early years. In fact, some large Linden dollar (L$) holders who swapped their virtual tokens for bitcoin may be crypto millionaires today. Trading Virtual Linden Dollars for Bitcoin in the Early Days Today almost everyone knows what bitcoin is, as the crypto asset has gained a lot of attention and notoriety over the last ten years. During the last decade, the network effect has gathered steam and bitcoin can be swapped for nearly every fiat currency in the world. Back in the early days, this wasn’t the case, even when a few popular exchanges like Mt Gox and New Liberty Standard operated. The first known fiat transaction was attributed to Martti Malmi (Sirius) when he sold 5,050 BTC for $5.02 using Paypal. Found the first k

Johannesburg Stock Exchange Rejects Bitcoin ETF Application, Cites Lack of Regulatory Framework

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South Africa’s Johannesburg Stock Exchange (JSE) has rejected a request by the asset management firm, Sygnia, to list a new bitcoin exchange-traded fund (ETF). In justifying its rejection of the latest proposal by Sygnia, the JSE cites the “lack of a regulatory framework for cryptocurrencies as the reason.” Unexpected Rejection Meanwhile, a report suggests that while Sygnia was not expecting “an immediate acceptance of the bitcoin ETF”, company executives still did not anticipate such “a quick rejection.” Instead, in her reaction to the JSE’s decision, Sygnia founder and executive chairman Magda Wierzycka said: We expected the JSE to put in it ‘file 13’ and if and when they were ready that Sygnia would be the first in the queue. In addition, Wierzycka says the bitcoin ETF “would have attracted attention, and in turn money, to the JSE.” In the meantime, the same report reveals that this is the second time the JSE has rejected a similar application by Sygnia. In 2017, Sygnia unsu