Category: Cryptocurrency News

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El Salvador recently became the first country to adopt Bitcoin as a legal tender in financial transactions, and now it plans to issue a stablecoin. The President, who calls himself “the coolest president in the world,” took the first step to equip his citizens with a digital means of paying for goods & services. Related Reading | Ether EFT Gets Approval From Brazilian Securities Regulator The world is waiting for the commencement of his plans by September. Moreover, the law for bitcoin legalization has already been signed. While the wait continues for the execution, the president’s brothers make a bigger plan for the country. From the latest news on the country, it seems that the president’s brothers are planning the development of a stablecoin as they’re already presenting the idea to investors. The news came from the reports of a digital newspaper in Latin America, El Faro. The information has it that El Salvador consumers will use stablecoin for services. Comments From Bukele Brothers According to what the president brothers revealed to investors, the crypto, which they call the “Colon dollar,” will become a reality before 2021 ends. Ibrahim & Yusuf Bukele had pitched the proposal to investors, and the report from the digital newspaper also pointed to the video recordings about it. In the proposal discussion, the brothers told the prospective investors that they’re representing the interests of the El Salvador President. Related Reading | Nifty’s Inc. Partners With Warner Bros To Roll Out A Social NFT Platform The Latin American newspaper had obtained the documents about the proposal, and that’s where they got the details of the discussion. Earlier before now, the Central American government approved the bitcoin law, which the El-Salvador president initiated. The law centered on making Bitcoin a legal tender in the country and thereby mandating businesses operating in the State to accept it. Bitcoin finally steps out of the bearish zone and follows a bullish momentum | Source: BTCUSD on TradingView.com With the approval of this law, residents can use Bitcoin to pay for goods & services come September 2021. Also, the residents can pay taxes and other bills using bitcoin. Will El Salvador Issue A Stablecoin? Concerning the plan to create a stablecoin in El Salvador, the government spokesperson revealed that it is no longer in play. But another source who wishes to remain anonymous stated that the plan is still on track. Related Reading | Binance CEO Changpeng Zhao States, “Compliance Is A Journey.” Also, the digital newspaper revealed that the brothers to the El Salvador President have been meeting some representatives from Algorand, Cardano, and WhizGrid. These meetings have always occurred on different occasions. All these indicate that the brothers are very much interested in a stablecoin for El Salvador. While we can’t say with confidence that the plan is still in play, the launch of Bitcoin as a legal tender is still in play. Also, given the several meetings between the brothers and different blockchain representatives, there might still be some upcoming developments in the pipeline. Featured image from CoinDesk, chart from TradingView.com

According to the information available, Harmony Hackathon will last for six weeks. The Hackathon will commence on August 15, 2021, and ends on September 30, 2021. Related Reading | Ether EFT Gets Approval From Brazilian Securities Regulator There will be three categories, and each one will have four challenges for the experts to complete. 🚀 1/ We are happy to announce the Bridging #TradFi to #DeFi #hackathon where Harmony, along with prize partners, will be giving up to $1,000,000 in prize money and non-dilutive seed funding. Why are we doing this?https://t.co/qeq6U9M0LV — Harmony (@harmonyprotocol) July 15, 2021 Presently, the organizers, Harmony blockchain, have disclosed that the registration for the event will start in August. Also, there are more than one million dollars available in seed funds and participant prizes. The company made the announcement on Thursday through Twitter. According to the announcement, the hackathon aims to achieve cooperation between traditional finance and decentralized finance. Furthermore, the team aims at bringing more people from the traditional finance sector to tackle the challenges affecting both their industry and the DeFi sector. A Brief On Upcoming Hackathon According to what Harmony revealed, the Hackathon will come in three categories. These categories will have four challenges, including cross-chain & trustless bridges, cross-border with fintech integration, social wallets & keyless security. Harmony also made some statements on Twitter saying that blockchain finance is where there’s product-market fit. However, many people who created decentralized finance are not of traditional finance. Therefore, Harmony aims at bringing more traditional finance experts to add their knowledge to decentralized finance. Harmony also mentioned that traditional finance experts have many things to teach them in DeFi. Likewise, DeFi practitioners can also help them understand the sector more and learn how to utilize it. So, it will be a mutually beneficial event for both TradiFi and Defi. Related Reading | Nifty’s Inc. Partners With Warner Bros To Roll Out A Social NFT Platform Concerning the event, Harmony disclosed some people who will speak in the event or serve as judges for the participants. According to the blockchain, these people include, Omakase, the core developer of SushiSwap, Lily Liu, the co-founder of Earn.com, the lead for DeFi Alliance Imran Khan, and other prominent people in the industry. Also, the event sponsors include Messari, SushiSwap, CoinGeckom, Unstoppable Domains, DoraHacks, DappRadar, Hummingbot, and The Defiant, a news platform. A Brief on Harmony Harmony is a Sharding protocol that uses a “Trustless Ethereum Bridge” to separate its blockchain into different segments. These segments are responsible for the processing and storage of data in parallel. The mainnet launched in 2019, and since then, the company has partnered with many others to push its operations further. Also, Harmony has completed many integrations since then as well. For instance, it added Terra to its blockchain to use the token on the apps in the ecosystem. Related Reading | Binance CEO Changpeng Zhao States, “Compliance Is A Journey.” The blockchain disclosed that it would sponsor the Hackathon in June. According to the blockchain, it aims to reach 10 billion users, which is a way to achieve it. The registration will end on August 15, and teams can only be 5 people. Once they reached the submission deadline, the event will kick-off. Featured image from Pixabay

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I think people are underestimating the potential impact Amazon will have on the market if they announce they are officially accepting Bitcoin. Amazon is pretty much has their fingers in every sector, and the amount of publicity it would bring is huge. Think of how many people have notifications alone with Amazon, and then all…
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The first coin I bought was Doge (hehe so generic right) out of the sheer hype and FOMO; didn't buy much but it got me genuinely interested in the crypto-verse. Later Monero (XMR) turned out to be a fascinating project after I ended up trying to discover what bitcoin actually is. Then stumbled across ETH…
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"The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap" In an email to Insider, an Amazon spokesperson confirmed the job posting and the company's ambition to eventually accept cryptocurrency from its customers. submitted by /u/erdal_mutlu [link] [comments]

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