Lebanese Economy Crashes to New Lows – In Less Than Two Years Nation’s Currency Lost 90% Against the US Dollar

The Lebanese pound dropped to a new low on Sunday against the greenback trading in the low 1,500s range to the U.S. dollar. Lebanon’s currency has been in a downward spiral since 2019, as the pound has lost 90% of its value since then. Reports note that Lebanese citizens are facing shortfalls on basic goods like food and medicine, as attestations say “shortages have been worsening across the board.” Lebanese Pound Sinks to a New Low Against the Greenback, Country’s Monetary System Is Collapsing On Sunday, June 13, 2021, the…

Read More

RNS Solutions & Trustedchain Are Developing Blockchain FinLit Platform for Islamic Development Bank

PRESS RELEASE. Pakistan: RNS Solutions Pte Ltd., the leading blockchain software development company from Pakistan, Korea, and Singapore this week announced a formidable partnership with the ICD-Islamic Development Bank Group, a multilateral development bank that promotes social and economic development in member countries, and Trustedchain software development & consultancy firm in Saudi Arabia. As part of the partnership, the consortium (RNS Solutions & Trustedchain) will be developing a blockchain and AI-based financial literacy (FinLit) platform, which will feature a crowdfunding lab based on blockchain technology. The platform will also include…

Read More

Reports of Mining Sector Cleanup Put China’s Yunnan Province in the Spotlight

Authorities in Yunnan are launching an investigation to identify and shut down miners that are illegally using electrical power to mint bitcoin, Chinese media reports. Inspections will also focus on potential safety hazards and will be carried out by various government departments. The mining industry cleanup is expected to continue till the end of June. Media: Yunnan Energy Bureau to Pull the Plug on Bitcoin Farms The province of Yunnan is reportedly joining the crackdown on cryptocurrency mining that’s already underway in other Chinese regions. According to the South China…

Read More

Dutch Official Predicts Crypto Market Crash, Says ‘the Netherlands Must Ban Bitcoin Now’

The director of the Netherlands’ Bureau for Economic Policy Analysis, a part of the country’s Ministry of Economic Affairs and Climate Policy, has predicted “The ultimate collapse of the crypto bubble.” He urges the government to ban bitcoin and other cryptocurrencies immediately. However, the country’s finance minister disagrees that banning cryptocurrency is right for the country. CPB Director Wants Cryptocurrencies Banned Pieter Hasekamp, director of CPB Netherlands Bureau for Economic Policy Analysis (CPB), published an article on the official CPB website Friday titled “The Netherlands must ban bitcoin.” The article…

Read More

Christine Lagarde Reaffirms ECB’s Crypto Policy as Bitcoin Becomes Legal Tender in El Salvador

The president of the European Central Bank (ECB), Christine Lagarde, has shared her view on El Salvador making bitcoin legal tender. She confirmed that the central bank’s policy on bitcoin and other cryptocurrencies has not changed. ECB’s Lagarde Comments on El Salvador Making Bitcoin Legal Tender ECB President Christine Lagarde has shared her view last week on El Salvador’s move to make bitcoin legal tender. The country passed a bill last week making bitcoin legal tender alongside the U.S. dollar. Lagarde first admitted that since she left the International Monetary…

Read More

JPMorgan Warns of Incoming Bitcoin Bear Market Citing ‘Unusual Development’ in Futures

Investment bank JPMorgan Chase has warned of a further bitcoin price decline, expecting an incoming bear market. The bank’s analysts look at the trend in bitcoin futures and see “an unusual development and a reflection of how weak bitcoin demand is at the moment from institutional investors.” However, a number of people disagree with this analysis. JPMorgan Warns of Incoming Bear Market JPMorgan Chase analysts, led by Nikolaos Panigirtzoglou, warned of an incoming bitcoin bear market in a note to investors last week. The analysts looked at bitcoin futures which…

Read More

Elon Musk Says Tesla Will Resume Accepting Bitcoin When Miners Confirm 50% Clean Energy Usage

Tesla CEO Elon Musk has announced that when there is “confirmation of reasonable (about 50%) clean energy usage by miners with positive future trend,” his electric car company will start accepting bitcoin for payments again. Elon Musk Reveals When Tesla Will Resume Accepting Bitcoin Tesla CEO Elon Musk talked about when Tesla will resume accepting bitcoin for payments Sunday. He wrote: When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions. Tesla began accepting bitcoin for car payments in…

Read More

Silk Road Founder Ross Ulbricht Speaks Publicly for the First Time Since 2013

At the Bitcoin 2021 conference in Miami, attendees listened to the first phone interview with the Silk Road’s Ross Ulbricht from the depths of the maximum-security prison in Tucson, Arizona. During the interview, Ulbricht spoke about bitcoin and how the decentralized crypto asset is “transforming the global economy.” Following the phone call, Ulbricht was placed in the hole according to the official Free Ross Twitter account. Ross Ulbricht Speaks About Bitcoin in His First Interview from Prison Ross Ulbricht’s voice was heard by the attendees who went to the Bitcoin…

Read More

Cuba’s Central Bank Suspends US Dollar Deposits Nationwide – Officials Cite Embargo ‘Obstacles’

The Republic of Cuba is suspending the use of U.S. dollars due to embargo restrictions with U.S. and foreign banks. The central bank of Cuba’s restrictions stems from the “obstacles that the U.S. embargo creates for the national bank system.” Cuba Bans USD Deposits, BCC Tells Tourists to ‘Arrive With a Currency Other Than the Dollar’ Cuba, the island country located where the Caribbean Sea, Gulf of Mexico, and the Atlantic Ocean meet, said this week U.S. dollars will be suspended in the country. The mandate comes from the country’s…

Read More

Another Way To Think About Bitcoin’s Value

One’s opinion on the value of bitcoin depends on one’s definition of value, as it is with anything. Dr. Rettler is an assistant professor of Philosophy at the University of Wyoming. In this essay, I want to clarify and respond to a prevalent assertion regarding bitcoin — that “bitcoin has no intrinsic value.” Two preliminary things to note. First, this is not used merely as a normatively neutral descriptive statement; it’s stated as a criticism. It usually appears in the following kind of argument, often with premises elided: it’s bad…

Read More