Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest cryptocurrency related news, continent by continent and country by country.
Government Ends Mining Subsidy: The Scandinavian country has left the local crypto mining industry in shock after its government announced it will be ending all forms of utility subsidies to the energy-hungry farms. The removal of the subsidy means an increase of a whopping 35 times.
Following the ruling, the subsidies will be lifted from January next year, leaving little time for mining companies to prepare themselves to face the full brunt of their energy consumption. Understandably, the news has not gone down well with the local crypto mining industry.
Court Orders Closure of Mining Farm: The Cantonal Court of Zug ordered crypto mining firm Envion AG to shut down after it found the firm’s ICO to be unauthorized.
The dispute between its two partners saw them landing in court, battling out who was right. In the proceedings, the court found the platform in violations of rules and regulations and ordered it to shut down operations and the platform to be liquidated.
FCA Adds to Suspicious Crypto Businesses List: Local British news outlet, Telegraph reported that UK’s Financial Conduct Authority (FCA), has nearly doubled its list of suspicious cryptocurrency based businesses, who might be operating without proper approval. FCA was forced to give out the information after The Telegraph used a Freedom of Information request. The number of investigations stands at 50, up from 25 in May this year.
The clampdown on cryptocurrency businesses is a double tactic, with UK’s government pondering over drafting regulations for the industry. Telegraph also reported that an accountant within FCA suggested that the high number of investigations could be a result of the recent falling prices of tokens in the market.
Blockchain Revolution Stalled by Insufficient Human Resource: Ireland is one of the leading countries when it comes to promoting blockchain education. However, a survey by PR firm Wachsman indicates that nearly 75% of Irish people are not willing to go into the blockchain industry.
CEO David Wachsman said, “People in Ireland don’t know yet how transformative a technology blockchain is and that it’s such a wide-ranging technology,” suggesting that people believe the risks involved are too great and outweigh the potential the technology has.
Government Establishes Cryptocurrency Regulations in the Country: According to High Technology Park documents, a special economic zone in Belarus has established regulations for cryptocurrency operations in the country. The documents are 5 in number, covering topics such as ICOs, crypto exchanges, internal control roles and rules for crypto platform operators.
The set of these documents form “a complete legal regulation of cryptocurrency in Belarus” which is enforced in conjunction with the National Bank, Financial Monitoring Department, international experts, and other bodies.
Maltese Exchange to Partner with the English Premier League: Malta’s leading Bitcoin exchange OKEx announced it was partnering with England’s Premier League. Through this partnership, the platform aims to raise awareness about cryptocurrencies among football fans and increase OKEx’s profile.
The partnership will allow OKEx to advertise its platform at the biggest games between high profile football teams.
Significant Increase in the Sale of Second Hand Mining Rigs: As the crypto market tumbled, Russia has seen an increase in the sale of second-hand mining rigs. Youla, an online Russian marketplace, reported a 25% increase in the sale of used rigs during the Bitcoin price double-dip.
A large number of miners in Russia are amateur ones, having smaller mining rig setups connected to mining pools, collectively solving block equations and distributing the profits. With tumbling prices, small miners would have faced issues continuing operations that are energy intensive and are yielding little profits.
Russia, in another news, is partnering up with India for cooperation in different fields including blockchain development. The joint statement read “both sides agreed to explore joint working arrangements and pilot projects in healthcare, proposed setting up of a single-window clearance.”
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