August 5, 2021

Week in Crypto: El Salvador Adopts Bitcoin as a Legal Tender|China Extends Crypto Mining Restrictions|Coinbase Enters $22 Trillion Pension Market|Bitcoin Taproot Upgrade Locked-In

2 min read

The week has been quite eventful for the crypto space with significant news originating from all around the world. The most significant story of the week comes from a small country in Central America, El Salvador.

El Salvador embraces BTC as legal tender: El Salvador ends up being the very first country on the planet to adopt Bitcoin as a legal tender. The country’s treasury would likewise buy $150 million in Bitcoin for its treasury and promote its usage amongst merchants and traders.

Nayib Bukele, the country’s president also announced they will promote 100% clean energy Bitcoin mining utilizing volcanic energy.

China extends crypto mining restrictions: China has continued its crypto mining crackdown on new provinces today after early steps by Inner Mongolia and Sichuan. Today the Xinjiang province one of the key crypto mining hotspots was asked to shut down mining operations.

City governments in Qinghai likewise imposed an immediate ban on all crypto mining operations in the area. The continuous limitations and shutdown of mining operations led to a sharp decrease in the hashrate of the Bitcoin network.

Coinbase gets in $22 trillion, Pension Fund Market: Coinbase, the crypto exchange from the United States partnered with 401(k) pension plan company ForUsAll Inc. to use crypto investment chances to the pension plan holders. This would be the first of its kind partnership that would enable pension plan holders to invest 5% of their portfolio into 50 crypto properties that Coinbase uses.

Even though ForUsAll forms only a little part of the Pension Fund community it is viewed as a significant step forward. No other pension company had actually offered a direct crypto exposure prior to.

Bitcoin Taproot Upgrade Locked In: Today the Bitcoin Taproot Upgrade was secured for the November voting. Once authorized, it would mark the biggest upgrade on the Bitcoin network in 4 years. The last one coming in the type of SegWit combination in 2017.

Taproot combination would make the Bitcoin network more smart contract suitable and privacy-oriented.

The post Week in Crypto: El Salvador Adopts Bitcoin as a Legal Tender|China Extends Crypto Mining Restrictions|Coinbase Enters $22 Trillion Pension Market|Bitcoin Taproot Upgrade Locked-In appeared initially on Coingape.