Dacxi Crypto Wealth | This Week In Crypto | 21 - 27 September

This Week In Crypto | 21 - 27 September

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Dacxi

Sep 27, 2021

5 MIN

Reluctant to Sell, Bitcoin Miners Hold $600 Mn Worth of Bitcoins

The Royal Monetary Authority of Bhutan Strikes Partnership With Ripple

Crypto Tips to Become Available On Twitter

Advocacy Group Asks the US Congress to Offer Clarification on the Status of Digital Assets

Crypto Trading Approved in Dubai Free Zone

 

Signs of recovery, growth, and expansion remains prevalent throughout the crypto market. The Bitcoin network hash rate is on recovery mode, driving miners to hold their coins. The kingdom of Bhutan is trying out a CBDC with Ripple, while the UAE financial regulators have agreed to allow and support cryptocurrency trading in an economic free zone in Dubai. Twitter has started allocating crypto trading provisions to iOS users, which will soon expand to Android users as well.

 

Reluctant to Sell, Bitcoin Miners Hold $600 Mn Worth of Bitcoins

Bitcoin’s network hash rate has started moving towards its earlier level, and this recovery has been motivating miners to accumulate BTC. 

According to a September 20th report, Bitcoin miners have already stockpiled 14,000 Bitcoins, worth $600 million. Otherwise, miners usually sell their coins to cover their expenses, including the infrastructural cost they incur, such as electricity bills and hardware. 

The network hashing power has recovered 52%, indicating the relocation and reactivation of most of the mining operations. However, it is still 34% below 184 exahashes, an all-time high, registered in May. 

 

The Royal Monetary Authority of Bhutan Strikes Partnership With Ripple

The goal of the collaboration is to pilot a CBDC or Central Bank Digital Currency. The Royal Monetary Authority is trying to improve cross-border payments and expand financial inclusion for its residents by introducing this CBDC. 

It will leverage Ripple’s private ledger to issue and manage a digital ngultrum, the official currency of the Kingdom of Bhutan. By making payments through a CBDC “easier, faster, 

and more affordable”, the Kingdom of Bhutan plans to increase its financial inclusion by as high a margin as 85% by 2023. 

Other countries that have also queued up to roll out digital national currencies include India, Nigeria and China. While China has already tried its trial of digital Yuan, India and Nigeria are yet to catch up. 

 

Crypto Tips to Become Available On Twitter

The cryptocurrency options to the Twitter tipping jar will become available soon, according to Esther Crawford, Twitter staff product manager. While the feature will first become available for iOS users worldwide, it will eventually roll out its Android version as well. 

As users, you will have the provision of linking third-party apps, including Cash App, Patreon, Venmo, Chipper, Bandcamp, Razorpay, GoFundMe, PicPay, and Wealthsimple Cash, depending on your geography. 

It will also be available for use through the Bitcoin (BTC) Lightning Network, sending payment through the Strike app, or by adding a BTC address to one’s profile. Twitter will charge no commission on facilitating tips. 

 

Advocacy Group Asks the US Congress to Offer Clarification on the Status of Digital Assets

According to a report delivered by the US Securities and Exchange Commission’s office of the Advocate for Small Business Capital Formation, the 40th Annual Small Business Forum has asked the U.S. Congress to “clarify the status of digital assets to make clear when it is a security.” 

The forum comprised five SEC Commissioners, 14 members of SEC staff, 12 small business advocates, 11 guest speakers, and 610 other participants from the U.S. public. There was no further explanation from the SEC on why the group seeks changes to the regulatory framework concerning digital assets. 

According to its statement, the SEC “encourages market participants looking to determine whether a digital asset is a security to seek the advice of securities counsel and engage with FinHub staff,” The FinHub had published a framework in 2019 that analyzed “whether a digital asset is an investment contract.”

 

Crypto Trading Approved in Dubai Free Zone

UAE financial regulators have agreed to allow and support cryptocurrency trading in an economic free zone in Dubai. The agreement became effective with the Dubai World Trade 

Centre Authority (DWTCA) signing an agreement with the UAE’s Securities and Commodities Authority (SCA). 

 

The agreement dictates that the SCA will also supervise major crypto-related activities, including issuance, listing, trading and licensing processes. For the SCA, acting CEO Maryam Al Suwaidi signed on the pact document, while it was director-general Helal Saeed Al Marri for DWTCA.