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Tether chief executive Paolo Ardoino reportedly says that the stablecoin issuer will stay focused on foreign markets as a stablecoin regulatory bill works through Congress. According to a new report by Bloomberg, Ardoino says that even though the Genius Act, an industry-backed bill to regulate dollar-pegged crypto assets in the US, is making its way through Congress, Tether will remain focused overseas. “It is important for us to see how the Genius Act is distinguishing between foreign issuers and domestic issuers. For us, the main interest will remain outside of the US. We are looking at the Genius Act in a way that will allow us to be compliant. We can be compliant while still having a strong focus on foreign markets.” Tether, which is based in El Salvador, is the largest stablecoin issuer in the world but stopped serving customers in the US in 2018. However, the report says that if Tether were to focus on the US, it may run into issues such as back...

On June 5, 2021, a crowd of thousands in the US heard that El Salvador had adopted bitcoin (BTC) as legal tender. After a few days of celebration, speculation about other countries following suit immediately captured their collective imagination. Although most countries were ambivalent about BTC prior to the news, a wave of media attention prompted rumors and scheduled meetings with various heads of state. Over the years, predictions by various dignitaries sustained the faith of additional countries adopting BTC. All of those predictions failed, however. As of publication time, BTC is not legal tender in any country — not even El Salvador. Below is a summary of some of the failed attempts by sovereign nations to adopt BTC as legal tender. Although the reasons for failure were unique to each nation, the outcome was exactly the same . Central African Republic Second to El Salvador itself, the next most eligible country to have adopted BTC as legal tender was...

El Salvador is now reaping the rewards of its decision to invest strategically in Bitcoin (BTC) after declaring the digital asset a legal tender.  The investment has registered significant profits, which have spiked following Bitcoin’s new all-time high of $80,000, buoyed by the United States post-election rally. As of November 10, the country was holding approximately 5,930.77 BTC, valued at around $471.18 million based on market rates as of press time, according to data retrieved by Finbold from El Salvador’s  Bitcoin Office . Picks for you AI predicts Cardano price for 2025 amid Hoskinson-Trump rumors 3 hours ago We asked this AI to build a crypto portfolio for the altseason bull market 3 hours ag...

IMF Communications Director Julie Kozack reiterated today that “addressing risks arising from Bitcoin is a key element of these discussions” in reference to negotiations between El Salvador and the IMF regarding a loan program. El Salvador is still heavily indebted, and Bitcoin is not helping the country refinance its debts with the International Monetary Fund (IMF). According to the IMF, its member countries should not grant crypto assets official currency or legal tender status.  El Salvador did not follow those instructions. After El Salvador, IMF mighty worried about more nations adopting Bitcoin Read more: El Salvador Bitcoin agency reportedly made $235 this year, $7M off target As of June 30, the country owed a relatively manageable $188 million (143.6 milion SDRs valued at $1.31534 apiece) in outstanding debt to the IMF. Although the figure is relatively small for a sovereign nation, credibility with the IMF is critical to El Salvador for its refinancing of existing...

News has been spreading across X (formerly Twitter), claiming that zero homicides have been reported in El Salvador so far in 2024. This sounds like an incredible feat — unfortunately, it’s also completely untrue. But, surprisingly, this time, it’s not the country’s controversial pro-Bitcoin president Nayib Bukele or his government that’s to blame for the outlandish claim . Rather, it appears to be down to poor reading skills on the part of a popular ‘anti-woke’ X account. X account @EndWokeness claimed, “0 homicides in El Salvador this year so far. Until recently, El Salvador had the highest homicide rate on earth.” It then added, “Incarceration works.” 0 homicide s in El Salvador this year so far. Until recently, El Salvador had the highest homicide rate on earth. Incarceration works. pic.twitter.com/3d8cF0ZgGK — End Wokeness (@EndWokeness) January 28, 2024 The claim prompted numerous X users to voice their support for Bukele’s no-nonsense, tough-on-crime leade...

Binance won two service provider licenses in El Salvador, as its regulatory issues in the United States and Europe still remain. El Salvador’s Central Reserve Bank granted Binance’s Bitcoin services provider license application. At the same time, concurrently, the National Commission of Digital Assets awarded the exchange a non-provisional digital assets services provider license. In the Aug. 8 post, the exchange claimed these approvals would make it the first fully licensed crypto exchange in El Salvador.  #Binance is now El Salvador’s first fully licensed crypto exchange! With this, Binance has approvals and registrations in 18 markets worldwide, more than any other crypto exchange, including France, Italy, Spain, Sweden and Dubai.https://t.co/BITj9zxdcZ — Binance (@binance) August 8, 2023 Min Lin, Binance’s head of Latin America, emphasized that winning a license in El Salvador took months. The company furnished the necessary information and underto...

Volcano Energy said the funds would go toward developing a 241-megawatt power generation park. A public-private partnership in El Salvador pledging to pump $1 billion into creating a Bitcoin (BTC) mining farm has received its first $250 million. This first release of funds kickstarts a 241-megawatt (MW) power generation park in the country’s Metapán region. Volcano Energy, the company behind the site, said the funds would go toward developing the power generation park using solar and wind energy, which will eventually power the Bitcoin mining operation. Volcano Energy chairman Max Keiser took to Twitter on June 7 to announce the news. .@Volcano_Energy receives the first $250M of a $1 billion commitment that kickstarts 241 MW’s of #Bitcoin mining in El Salvador. “We Got The Power” https://t.co/j2wE6UJq0O pic.twitter.com/db3PZvFo4q — Max Keiser, sr. bitcoin advisor pres. Bukele (@maxkeiser) June 7, 2023 Bitcoin mining uses high-power computers hooked up to a global network, usi...