June started pretty well for crypto – considering how May went. Bitcoin is trying to break that $40,000 mark, but the haters just won’t let the golden boy shine 😒. Anyways, it’s another week and we move!
While we wait for the market to recover, here’s some important gist you may have missed last week.
South Korean Exchanges Feel The Heat 😔
Last week, China cracked down on Bitcoin miners. This week, it’s South Korea causing pain in the market 😫. Local reports have confirmed that Japan’s financial regulator wants to ban cross-trading. A cross trade happens when a broker completes buy and sell orders but doesn’t report them on the exchange. It is illegal in many countries, but South Korean exchanges often use it to convert some of their trading fees to fiat currency.
Ghana X CBDC ? 👀
Several countries have been working on Central Bank Digital Currencies (CBDCs). Now, Ghana seems ready to join the bandwagon. On Monday, Ghana’s central bank Governor said that they are working on a CBDC. The currency, called the e-cedi, is almost ready for a test rollout. Soon, you might be able to buy some of that delicious Ghanian Jollof with a digital currency. 😋
Green Bitcoin Square ♻️
Instead of just debating about Bitcoin’s environmental impact, Square is doing something about it. The company announced last week that it would partner with Blockstream to build a solar-powered Bitcoin mining facility. While Square brings the big bucks ($5 million! 🤑), Blockstream will do the hard work. Maybe others could follow in Square’s footsteps and make Bitcoin an eco-friendly asset. Hey Tesla 🤪
¡Viva, El Salvador! 🥳
Bitcoin adoption is always good news – no matter how small. In the latest news, Nayib Bukele, the President of El Salvador, said that his administration is working to make Bitcoin legal tender. If successful, El Salvador will be the first sovereign country to accept Bitcoin. It’s a small country, but a win is a win and we’ll take it 👍
It’s Crypto Time on Google Ads 😃
Crypto exchanges haven’t been able to use Google’s ad services since 2018. But, Google has had a change of heart. Last week, it changed its terms of service to allow ads for crypto exchanges. While this is good news, there are “buts” – ads for things like DeFi and ICOs are still not allowed. Another small win, but hey, we’re sure not complaining 🤷♂️