Crypto Weekly Roundup: Bitcoin’s year in El Salvador, safe returns for Ronin, and straight talk for Celsius
2 years, 3 months ago

Crypto Weekly Roundup: Bitcoin’s year in El Salvador, safe returns for Ronin, and straight talk for Celsius

The Hindu  

El Salvador’s tryst with Bitcoin The Central American country’s legislative assembly passed the Bitcoin Law on June 8, 2021. El Salvador’s Finance Minister Alejandro Zelaya earlier pointed out that no Bitcoin had been sold at the current market prices and that El Salvador’s Bitcoin investment was less than 0.5% of its budget. Safe returns from Ronin The blockchain analytics platform Chainalysis revealed on September 8 that its Crypto Incident Response Team helped seize more than $30 million worth of cryptocurrency stolen by hackers associated with North Korea. Straight talk for Celsius DeFi platform Celsius’ unpredictable decision in June to freeze user withdrawals and transfers sent a shock wave through the crypto industry.

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History of this topic

El Salvador made bitcoin official currency. Now it’s backtracking for IMF Loan
3 weeks ago

El Salvador made bitcoin official currency. Now it’s backtracking for IMF Loan

Live Mint  

The government of El Salvador’s President Nayib Bukele agreed to scale back his ambitious plan to adopt bitcoin as a national currency in exchange for a much-needed $1.4 billion loan by the International Monetary Fund. The deal signals an important shift by the IMF, showing greater flexibility over government use and regulation of bitcoin in anticipation of friendlier crypto policies …

Bitcoin surge: El Salvador president celebrates investment exceeding $600 million, Vancouver mayor consider similar move
1 month ago

Bitcoin surge: El Salvador president celebrates investment exceeding $600 million, Vancouver mayor consider similar move

Live Mint  

Bitcoin surge: El Salvador's President Nayib Bukele celebrated as Bitcoin surpassed $100,000 level for the first time this week, hitting its all-time high and boosting the Central American government's investment in the crypto token to over $600 million, according to an AP report. And now, Vancouver Mayor Ken Sim has said the city would also consider a similar investment in …

El Salvador’s president is triumphant after his bet on bitcoin comes true
1 month ago

El Salvador’s president is triumphant after his bet on bitcoin comes true

Associated Press  

SAN SALVADOR, El Salvador — As bitcoin reached historic highs, surpassing $100,000 for the first tim e, El Salvador’s President Nayib Bukele was triumphant on Thursday about his big bet on the cryptocurrency. The tiny Central American country has long used the dollar as currency, but Bukele promised bitcoin would provide new opportunities for El Salvador’s unbanked and cut out …

El Salvador’s president is triumphant after his bet on bitcoin comes true
1 month ago

El Salvador’s president is triumphant after his bet on bitcoin comes true

LA Times  

El Salvador’s President Nayib Bukele gives a speech during the inauguration of an industrial data center in Ciudad Arce, El Salvador, on July 16. As bitcoin reached historic highs, surpassing $100,000 for the first time, El Salvador’s President Nayib Bukele was triumphant about his big bet on the cryptocurrency. World & Nation How a California surfer helped bring bitcoin to …

‘We won’t sell’: Bitcoin holdings of El Salvador up 50%, president reveals
10 months ago

‘We won’t sell’: Bitcoin holdings of El Salvador up 50%, president reveals

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The president of El Salvador has said he has no plans to sell …

Explained | IMF’s view on cryptocurrency in Latin America
1 year, 6 months ago

Explained | IMF’s view on cryptocurrency in Latin America

The Hindu  

The story so far: On June 22, the International Monetary Fund issued a statement on the use of cryptocurrency in the Latin America and Caribbean market, and about the rising interest in blockchain-based central bank digital currencies. — Nayib Bukele November 17, 2022 El Salvador uses a digital wallet known as Chivo to regulate users’ crypto transactions. And as on …

Tumbling Bitcoin overshadows El Salvador’s crypto conference
2 years, 1 month ago

Tumbling Bitcoin overshadows El Salvador’s crypto conference

The Hindu  

El Salvador’s long-awaited Bitcoin conference, which was in the limelight in 2021 after the small nation became the world’s first to adopt the cryptocurrency as legal tender, has lost its lustre this time amid a deep rout in the digital currency universe. The absence of big names from the Bitcoin world and empty seats were noticeable at “Adopting Bitcoin: A …

El Salvador marks 1st year of Bitcoin use as confidence wanes
2 years, 4 months ago

El Salvador marks 1st year of Bitcoin use as confidence wanes

Live Mint  

A year ago, El Salvador began accepting Bitcoin as legal tender following a controversial and much criticized decision by President Nayib Bukele. Maria Aguirre, 52, a shopkeeper in the El Zonte seaside resort that has been a major center for Bitcoin use, says things were going well last year as Bitcoin's value rose from $52,660 at opening on September 7, …

Binance cryptocurrency exchange is seeing a rise in clients and users due to inflation
2 years, 4 months ago

Binance cryptocurrency exchange is seeing a rise in clients and users due to inflation

The Hindu  

Binance, the world's largest cryptocurrency exchange, is seeing a surge in clients due to rising inflation and a historically strong dollar that has depressed emerging market currencies, an executive told Reuters on Wednesday, without disclosing numbers. "Now that we are seeing inflation ramping up worldwide, we are seeing that more and more people are seeking cryptocurrency, like Bitcoin, as a …

Weekly Crypto Roundup: mergers, tourist traps, and lost faith
2 years, 5 months ago

Weekly Crypto Roundup: mergers, tourist traps, and lost faith

The Hindu  

Though the week started off with losses for both Bitcoin and Ether, Friday saw Bitcoin edging close to $24,000 while Ether crossed the $1,700 mark. Tourist traps International bodies like the IMF have repeatedly warned El Salvador about the risks of adopting Bitcoin as legal tender, but the country’s administration isn’t budging in its support for the leading cryptocurrency. Mr. …

El Salvador’s Bitcoin-boosting leader buys $1.5 million more
2 years, 6 months ago

El Salvador’s Bitcoin-boosting leader buys $1.5 million more

Associated Press  

SAN SALVADOR, El Salvador — El Salvador’s Bitcoin-boosting president was back at it again Thursday, doubling down on his country’s losing investment in the cryptocurrency by buying over $1.5 million more. “Patience is the key.” Bukele became the first leader in the world to make the cryptocurrency legal tender last year and was still a devoted booster in May, when …

El Salvador’s Bitcoin bet
2 years, 6 months ago

El Salvador’s Bitcoin bet

The Hindu  

The story so far: The crash in the price of Bitcoin and other cryptocurrencies has put El Salvador’s government in trouble. It is said that the El Salvador government’s investment of over $100 million in Bitcoin has lost more than half of its value till date due to the crash. Analysts believe that the decision to adopt Bitcoin as an …

El Salvador’s President says ‘enjoy life’ as Bitcoin falls
2 years, 6 months ago

El Salvador’s President says ‘enjoy life’ as Bitcoin falls

The Hindu  

On Sunday, Bitcoin fell below the key support level of $20,000. The same day, El Salvador’s President Nayib Bukele tweeted that investments in the biggest cryptocurrency would “immensely grow” after the bear market ends. Mr. Bukele chose Bitcoin to turn El Salvador into a global crypto hub, and bought more than 2,000 BTC for the country after the decision to …

Bitcoin-boosting Salvadoran leader asks for patience
2 years, 6 months ago

Bitcoin-boosting Salvadoran leader asks for patience

Associated Press  

SAN SALVADOR, El Salvador — El Salvador’s Bitcoin-boosting president has asked people to be patient after the price of the cryptocurrency fell below $20,000 — less than half the price the government paid. According to the tracking site nayibtracker.com, El Salvador under President Nayib Bukele’s administration has spent about $105 million on Bitcoin, starting last September and paying an average …

Crypto is ultimately pointless – and the price collapse proves it
2 years, 7 months ago

Crypto is ultimately pointless – and the price collapse proves it

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. The latest slump in the value …

Bitcoin and crypto crash: a guide for normies.
2 years, 7 months ago

Bitcoin and crypto crash: a guide for normies.

Slate  

As much as markets are going through it right now, cryptocurrencies are really going through it, and the myriad disasters haven’t abated just yet. * Nearly 40 percent of Bitcoin holders went underwater on their investments, as the value of a single coin has dropped below even last year’s post-crash July low. However, since some other stablecoins, like Tether, do …

Bitcoin City: El Salvador president unveils layout of ‘crypto utopia’
2 years, 7 months ago

Bitcoin City: El Salvador president unveils layout of ‘crypto utopia’

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy El Salvador President Nayib Bukele has revealed what the as-yet unbuilt Bitcoin City …

In response to killings, El Salvador’s bitcoin president attacks civil liberties
2 years, 9 months ago

In response to killings, El Salvador’s bitcoin president attacks civil liberties

LA Times  

Men suspected of gang ties are taken into custody and escorted by the national police during the state of emergency declared by the Salvadoran government on March 31. He tweeted pictures of detainees who had been bruised and bloodied by security forces, suggesting they “maybe fell” or “were eating fries with ketchup.” And he started feeding the nation’s prisoners two …

El Salvador's bitcoin experiment makes tech tourists happy but the locals are not convinced
2 years, 9 months ago

El Salvador's bitcoin experiment makes tech tourists happy but the locals are not convinced

ABC  

Cash used to be king for Carolina Reyes. "It was hard to get used to at first, but I'm getting pretty good at using the app," she says with a grin, proudly flashing the Bitcoin Beach wallet she uses to receive payments. "We aren't going anywhere near that bitcoin thing," says Cindy Flores, who runs a corner shop in the …

El Salvador’s president buys bitcoins ‘naked,’ he boasts. His experiment is costing his nation millions
2 years, 10 months ago

El Salvador’s president buys bitcoins ‘naked,’ he boasts. His experiment is costing his nation millions

LA Times  

Four months into El Salvador’s experiment as the first and only country in the world to adopt bitcoin as legal currency, the International Monetary Fund had seen enough. World & Nation How a California surfer helped bring bitcoin to El Salvador Critics of the plan to make bitcoin legal tender in El Salvador say the cryptocurrency’s extreme volatility could bring …

IMF urges El Salvador to strip Bitcoin’s legal tender status
2 years, 11 months ago

IMF urges El Salvador to strip Bitcoin’s legal tender status

Al Jazeera  

El Salvador last year sought a $1.3bn loan from the International Monetary Fund, but talks have been stymied by the lender’s Bitcoin concerns. The International Monetary Fund’s board urged El Salvador to strip Bitcoin of its status as legal currency due to its large risks, highlighting a major obstacle for the nation’s efforts to get a loan from the institution. …

El Salvador President says Dollar is dead, Bitcoin is future
3 years ago

El Salvador President says Dollar is dead, Bitcoin is future

India Today  

El Salvador President Nayib Bukele has yet again made his love for Bitcoin public. Taking to Twitter, the El Salvador President stated on Friday that the “Bitcoin Experiment” has only seen the world adopt the cryptocurrency for good. To increase its adoption, El Salvador also installed over 200 Bitcoin teller machines across the country and promised incentives for citizens who …

El Salvador pushes ahead with cryptoplan
3 years ago

El Salvador pushes ahead with cryptoplan

The Hindu  

Nayib Bukele did it again. Though missing the bottom of the sell-off in Bitcoin by 7 minutes, as he wrote in a tweet later on, the smart purchase got El Salvador another 150 bitcoins for a "knockdown price." But the $1billion debt sale may only be a first step, because President Bukele himself has said that $17 billion will be …

Bitcoin price tumbles after Wall Street selloff
3 years, 1 month ago

Bitcoin price tumbles after Wall Street selloff

Live Mint  

Bitcoin and other cryptocurrencies fell sharply Saturday, another sign that investors were pulling back from riskier bets after this week’s stock-market selloff. Another possible factor accelerating the bitcoin selloff was the unwinding of heavily leveraged crypto derivatives, said Noelle Acheson, head of market insights at cryptolender Genesis Global Trading. The price of bitcoin seesawed later Saturday after El Salvador President …

El Salvador to build first ‘Bitcoin City’ backed by BTC bonds
3 years, 1 month ago

El Salvador to build first ‘Bitcoin City’ backed by BTC bonds

Al Jazeera  

Many Salvadorans are sceptical about Bitcoin and its bumpy introduction has fuelled protests against the government. El Salvador plans to build the world’s first “Bitcoin City”, funded initially by Bitcoin-backed bonds, President Nayib Bukele says, doubling down on his bet to harness the cryptocurrency to fuel investment in the Central American country. “If you want Bitcoin to spread over the …

One month on, El Salvador's bitcoin use grows but headaches persist
3 years, 3 months ago

One month on, El Salvador's bitcoin use grows but headaches persist

The Hindu  

A growing number of El Salvadorans have experimented with bitcoin since the country became the first to adopt it as legal tender last month, with a couple of million dollars sent daily by migrants using the cryptocurrency. "It took my money but gave me nothing," said Galvez, who had already been using bitcoin successfully for months with another application at …

Bitcoin price flash crash prompts El Salvador president to ‘buy the dip’
3 years, 3 months ago

Bitcoin price flash crash prompts El Salvador president to ‘buy the dip’

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Presidential advice.” The purchase comes less than two weeks after El Salvador officially introduced bitcoin as a …

Thousands protest against Bukele government in El Salvador
3 years, 3 months ago

Thousands protest against Bukele government in El Salvador

Associated Press  

SAN SALVADOR, El Salvador — Thousands of people gathered in El Salvador’s capital Wednesday for the first mass march against President Nayib Bukele, who protesters say has concentrated too much power, weakened the independence of the courts and may seek re-election. Some marchers are also protesting the controversial decision by Bukele’s government to make the cryptocurrency Bitcoin legal tender in …

Global bitcoin trend continues as Ukraine and Panama look to follow El Salvador’s lead
3 years, 4 months ago

Global bitcoin trend continues as Ukraine and Panama look to follow El Salvador’s lead

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Follow all the latest crypto market updates with The Independent’s live blog The Bitcoin Law made El …

Glitches still plague bitcoin rollout in El Salvador
3 years, 4 months ago

Glitches still plague bitcoin rollout in El Salvador

Associated Press  

SAN SALVADOR, El Salvador — Salvadorans trying to pay for a cup of coffee or receive money sent from relatives in the United States using the cryptocurrency bitcoin continued struggling to perform transactions Wednesday, a day after El Salvador made it legal tender. “They tell me it isn’t working, that I should come back later or tomorrow.” At a Chivo …

Early stumble as El Salvador starts Bitcoin as currency
3 years, 4 months ago

Early stumble as El Salvador starts Bitcoin as currency

Associated Press  

SAN SALVADOR, El Salvador — El Salvador became the first country to adopt Bitcoin as legal tender Tuesday, but the rollout stumbled in its first hours and President Nayib Bukele said the digital wallet used for transactions was not functioning. “I don’t know if I’m going to do it, I still have doubts about using that currency.” José Martín Tenorio …

El Salvador leads the world into cryptocurrency: bitcoin legal tender
3 years, 4 months ago

El Salvador leads the world into cryptocurrency: bitcoin legal tender

The Hindu  

El Salvador on Tuesday became the first country in the world to adopt bitcoin as legal tender, a real-world experiment proponents say will lower commission costs for billions of dollars sent home from abroad but which critics warned may fuel money laundering. El Zonte is part of the so-called Bitcoin Beach geared toward making the town one of the world's …

Pros and cons for El Salvador, the first bitcoin nation
3 years, 4 months ago

Pros and cons for El Salvador, the first bitcoin nation

The Hindu  

El Salvador will on Tuesday become the first country in the world to recognize bitcoin as legal tender, a move President Nayib Bukele says will save Salvadorans living abroad millions of dollars in commissions on money they send home. Bukele said last month bitcoin would deliver "huge benefits" because it would allow Salvadorans to save on $400 million he said …

Glitches, protests as Bitcoin becomes legal tender in El Salvador
3 years, 4 months ago

Glitches, protests as Bitcoin becomes legal tender in El Salvador

Al Jazeera  

Bitcoin is now officially legal tender in El Salvador, but the country’s landmark adoption of the world’s largest cryptocurrency got off to a less than auspicious start on Tuesday with protests and technical problems. San Salvador, El Salvador – Bitcoin is now officially legal tender in El Salvador, but the country’s landmark adoption of the world’s largest cryptocurrency got off …

El Salvador buys first 200 bitcoins ahead of adopting cryptocurrency as legal tender
3 years, 4 months ago

El Salvador buys first 200 bitcoins ahead of adopting cryptocurrency as legal tender

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy El Salvador bought its …

As El Salvador adopts bitcoin, its young president is dismantling democracy
3 years, 4 months ago

As El Salvador adopts bitcoin, its young president is dismantling democracy

LA Times  

This week, El Salvador will become the first country to accept bitcoin as legal tender, a controversial move pushed by the young, headstrong and exceptionally popular president, Nayib Bukele. As small protests were held Sunday in the capital, San Salvador, U.S. State Department spokesman Ned Price said in a statement that the nation’s “decline in democratic governance damages the relationship …

Bitcoin to Become Legal Tender in El Salvador on September 7
3 years, 6 months ago

Bitcoin to Become Legal Tender in El Salvador on September 7

News 18  

El Salvador’s President Nayib Bukele said in a national address on Thursday that a recently passed law making bitcoin legal tender will take effect on September 7, noting that its use will be optional. El Salvador’s Congress already approved Bukele’s proposal to embrace the cryptocurrency, making El Salvador the first country in the world to adopt bitcoin as legal tender. …

How a California surfer helped bring bitcoin to El Salvador
3 years, 6 months ago

How a California surfer helped bring bitcoin to El Salvador

LA Times  

The waves in El Zonte, a town of 3,000 in El Salvador that has become known as Bitcoin Beach. “If you go to a McDonald’s, they won’t be able to say, ‘We don’t accept bitcoin,’” Bukele said in a recent online forum. “Bukele is helped by these bitcoin bros who are only interested in getting money from working-class Salvadorans,” said …

El Salvador is playing a dangerous game by betting big on bitcoin
3 years, 6 months ago

El Salvador is playing a dangerous game by betting big on bitcoin

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. El Salvador’s President, Nayib Bukele was …

EXPLAINED: Why You Can Move To This Country If You Have 3 Bitcoins, And What India's Thinking About Crypto
3 years, 6 months ago

EXPLAINED: Why You Can Move To This Country If You Have 3 Bitcoins, And What India's Thinking About Crypto

News 18  

For something that is neither a coin nor a recognised currency anywhere else on the planet, the announcement by El Salvador that it was making Bitcoin legal tender came as a shock to many and a pleasant surprise to some. “If you go to a McDonald’s or whatever, they cannot say we’re not going to take your bitcoin, they have …

Investing in Bitcoin? You may want to know about 'satoshi' before shopping
3 years, 6 months ago

Investing in Bitcoin? You may want to know about 'satoshi' before shopping

Firstpost  

For something that is neither a coin nor a recognised currency anywhere else on the planet, the announcement by El Salvador that it was making Bitcoin legal tender came as a shock to many and a pleasant surprise to some. “If you go to a McDonald’s or whatever, they cannot say we’re not going to take your Bitcoin, they have …

Is El Salvador’s Bitcoin embrace a cold shoulder to the US?
3 years, 6 months ago

Is El Salvador’s Bitcoin embrace a cold shoulder to the US?

Al Jazeera  

Here’s what to know about El Salvador’s move to accept Bitcoin as legal tender. Mike Peterson, Bitcoin Beach’s director, said the town’s pilot project was always aimed at demonstrating “the power of Bitcoin to uplift the poor and those who have been locked out of the traditional financial system”. “I would argue — and this is my main thesis of …

El Salvador fascinates world with Bitcoin move, but cryptocurrency's volatility risk udercuts charm
3 years, 6 months ago

El Salvador fascinates world with Bitcoin move, but cryptocurrency's volatility risk udercuts charm

Firstpost  

After the El Salvador move, countries like Argentina, Brazil, Panama, and Paraguay have also endorsed the move on social media El Salvador might not have a currency of its own, but this tiny Central American nation scripted history when its Legislative Assembly approved the cryptocurrency Bitcoin as a legal tender in the country in a first such move for any …

El Salvador makes Bitcoin legal tender
3 years, 7 months ago

El Salvador makes Bitcoin legal tender

Associated Press  

SAN SALVADOR, El Salvador — El Salvador’s Legislative Assembly has approved legislation making the cryptocurrency Bitcoin legal tender in the country, the first nation to do so, just days after President Nayib Bukele made the proposal at a Bitcoin conference. “Every restaurant, every barber shop, every bank.everything can be paid in U.S. dollars or Bitcoin and nobody can refuse payment,” …

Bitcoin Is Now Legal Tender In El Salvador
3 years, 7 months ago

Bitcoin Is Now Legal Tender In El Salvador

Huff Post  

LOADING ERROR LOADING SAN SALVADOR, El Salvador — El Salvador’s Legislative Assembly has approved legislation making the cryptocurrency Bitcoin legal tender in the country, the first country to do so, just days after President Nayib Bukele made the proposal at a Bitcoin conference. “Every restaurant, every barber shop, every bank.everything can be paid in U.S. dollars or Bitcoin and nobody …

Bitcoin: El Salvador makes monetary history by becoming first country to adopt crypto as currency
3 years, 7 months ago

Bitcoin: El Salvador makes monetary history by becoming first country to adopt crypto as currency

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy El Salvador has approved a law to make bitcoin legal tender, making it …

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