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Get caught in the daily busyness and don’t have time to track encryption site? If this is your problem, we can be your perfect partner. Here, we have listed some of the most important news articles in the encryption industry for you to keep abreast of the latest information.
Myanmar’s shadow government announces Tether as official currency
The NUG (Government of National Unity), the shadow government of Myanmar composed of followers of the imprisoned leader Aung San Suu Kyi, has certified Tether (USDT) as the official currency. According to the NUG Finance Minister, Tether will increase transaction speed and payment efficiency.
According to Bloomberg News, in order to rule Myanmar’s current military authority, NUG will accept Tether for its ongoing fundraising activities. NUG raised US$9.5 million by trading “Spring Revolution Special Treasury Bonds” to Burmese diasporas around the world. By issuing bonds issued by NUG, the group hopes to raise $1 billion.
The encryption ban issued by the Central Bank of Myanmar in May last year was directly challenged by NUG’s decision to make Tether the official currency. On Monday, the NUG Ministry of Planning, Finance and Investment announced this bold move on its official Facebook page.
Out of concerns about privacy and confiscation of assets by the current government, Tether was adopted as the official currency used locally. As stated by the NUG Finance Minister, Tether was established to “use domestically to simplify and accelerate existing services, trade, and payment systems.”
NUG was recognized as the official government of Myanmar by the French Senate and the European Parliament in October 2021; however, no similar declaration from the United States has been received.
NUG’s decision to support and use the Tether stablecoin may cause discussions among countries, especially the US government is considering adopting strict stablecoin issuance restrictions.
Only 10% of Bitcoin supply has yet to be mined
About a surprising revelation Bitcoin It was made on Monday morning. One and a half years after the last Bitcoin split, the total circulating Bitcoin (BTC) made a major breakthrough, mining about 90% of the total supply.
According to Blockchain.com, the number of bitcoins in circulation on Monday reached 18.899 million, leaving only 10% of bitcoins available for mining. However, mining the remaining 10% will take more time than it takes about 12 years to mine 90% of BTC.
The secret developer of Bitcoin, Satoshi Nakamoto, Setting a strict limit of 21 million coins. These restrictions are encoded into Bitcoin’s source code and maintained by network participants. Therefore, the value proposition of Bitcoin as a currency and investment tool depends on its hard cap.
Due to the implementation of the pre-set protocol, Bitcoin production is halved every four years, and it takes at least 119 years for the remaining 10% of BTC to be mined. This process is called Bitcoin halving.
If we analyze the data for May 2020, miners have already received 6.25 bitcoins, which are used to verify each new block on the bitcoin blockchain. However, due to the halving of the blockchain, the price of each block will drop to 3.125 BTC by 2024. It is expected that by 2040, it will be further reduced to less than 0.2 BTC, and out of 21 million bitcoins, only 80,000 will remain available for competition. It takes at least 40 years to mine the most extreme bitcoin.
Robinhood cooperates with Chainalysis after launching an encrypted wallet
According to news released on Monday, Chainalysis and Robin Hood encryption Will enable the trading application to meet compliance requirements before its official release Crypto walletThe wallet is expected to be available to users in early 2022. In order to meet compliance requirements, the trading application will deploy Chainalysis’s certification program.
According to Robinhood, the platform will use Chainalysis’s “know your transaction” to monitor compliance plans and investigation plans.
Ben Einstein, head of Robinhood Crypto partnership, said, “Chainalysis specializes in cooperating with law enforcement agencies and regulatory agencies to develop best strategies and practices for the industry in accordance with Robinhood’s commitment to working with policy experts.
Some government organizations and private companies use chain analysis to monitor illegal and legal encrypted transactions. For example, the U.S. Treasury Department emphasized this analysis company’s investigation when it announced penalties for the Czech and Russian company Suex OTC.
After listing on the Nasdaq in July, Robinhood (HOOD)’s stock price plummeted gradually. It fell from US$70.39 to US$21.83, a decrease of approximately 70%.
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