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Miami’s BTC Conference Accepts Bitcoin for COVID 19 Tests

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Miami’s BTC Conference Accepts Bitcoin for COVID 19 Tests

Progressive Care is offering fast COVID 19 tests at a drugstore near the BTC Conference in Miami this year. The best thing is that anyone taking the rapid tests can pay through Bitcoin.

Keep in mind that the BTC 2021 conference in Miami attracted multiple visitors from different regions. At the moment, market players refer to it as the largest event in crypto history.

Progressive Care eyes for more than 50,000 guests attend the seminar. The pharmacy is ready to render its rapid Covid test to any interested individual.

The conference seems to stand out by accepting Bitcoin payments for people taking the tests. That comes after different institutions venture into the crypto market, allowing their customers to make crypto payments. What do you think about digital coins and the future of currency? Will BTC replace traditional money?

Progressive Care chairman and CEO Alan Jay declared that their firm believes blockchain technology has a place in the future.

Moreover, the CEO said that they aim to be the leading testing facility in specific industries. Weisberg declared that healthcare looks to offer its Covid-19 test services to multiple organizations.

Their targeted institutions include international airlines, financial institutions, corporate employers, chain restaurants, and Fortune 500 entertainment firms. As of now, the facilities have tested more than 10,000 individuals for Covid-related cases.

In total, Progressive Care has accumulated more than 1 million dollars in revenues for testing alone. For that reason, Jay welcomes BTC holders for solutions on any of their COVID testing needs.

Moreover, the conference coincides with Miami’s idea to include BTC in the city’s business activities. As a result, the municipality leaders plan to make Miami a tech hub in the future. Maybe the Bitcoin event will promote their dreams since cryptocurrency and technology go hand in hand.

Miami Mayor Francis Suarez seems to be a great Bitcoin enthusiast. The leader started to initiate BTC mining to make the town a hub for Bitcoin mining. Remember, different regions have been attacking Bitcoin due to environ-concerns. For instance, Tesla suspended the crypto since it requires high electricity to mine.

El Salvador Set to Accept Bitcoin as Legal Tender

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underratedcrypto
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El Salvador Set to Accept Bitcoin as Legal Tender

El Salvador is set to become the first nation to accept Bitcoin as legal tender. In an announcement at the Bitcoin 2021 conference earlier today, El Saldavor’s President Nayib Bukele said that the bill to legitimize the major cryptocurrency as legal tender was well under way.

“Next week I will send to congress a bill that will make Bitcoin a legal tender,” he said.

The government of El Salvador is reportedly working with Strike, a lightning network payments platform, to work out the logistics of integrating Bitcoin into El Salvador’s financial system. Jack Mallers, the founder of Strike, was also responsible for hosting the presentation.

El Salvador’s Sparse Financial System Leaves Room for Bitcoin

When asked of El Salvador’s historic decision to accept Bitcoin as a valid form of currency, Mallers pointed to the nation’s lack of financial infrastructure:

“Over 70% of the active population of El Salvador doesn’t have a bank account. They’re not in the financial system. They asked me to help write a plan and that they viewed Bitcoin as a world-class currency and that we needed to put together a Bitcoin plan to help these people.” 

The move makes El Salvador the first ever country to make a non-fiat currency a legal tender. What’s interesting is that, compared to most other sovereign nations, El Salvador does not have its own currency — at least not anymore. After a civil war in the late 1980s, the country introduced the U.S. dollar as its new official currency and ditched the Colon. 

Bitcoin Could Provide Stability and Independence

What this means is that El Salvador’s central bank cannot print its “own” currency. Other countries like the U.S. and China have begun creating their own central-bank digital currencies (CBDCs) to mitigate crypto from weakening their fiat currencies.

El Salvador’s unique economic position, however, allows the nation to freely accept cryptocurrencies without causing detrimental economic implications. 

Another reasoning behind the move may be due to the nation’s over-reliance on the U.S. dollar. While the dollar has provided economic stability to El Salvador for decades, the recent fears of inflation — whether overblown or not — could negatively affect the nation’s relatively small economy. 

With the likes of the Turkish Lira plummeting in value due to unchecked monetary policy, Bitcoin’s decentralization and scarcity could be the answer for many small economies like El Salvador. 

Shanghai to Hand Out $3 Million in Digital Yuan Lottery

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    underratedcrypto
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    Shanghai to Hand Out $3 Million in Digital Yuan Lottery

    As part of government efforts to get the digital yuan going, authorities in Shanghai will distribute $3 million worth of the central bank-issued currency among residents of Shanghai. The digital money will be dispersed through a lottery, a method that has already been implemented elsewhere in China.

    Lottery Winners to Get 350,000 Digital Red Envelopes

    The city of Shanghai is going to hand out 19.25 million yuan in digital currency, or around $3 million. The money will be distributed among local consumers through a lottery system, the state-run Xinhua news agency reported quoting the Shanghai Municipality.

    Lottery winners will receive a total of 350,000 digital red envelopes. Each one of them will be loaded with 55 units of the Chinese central bank digital currency (CBDC), the municipal information office announced Friday through its official Wechat account.

    In Chinese tradition, red envelopes are small packets with money usually given to children, family members, friends, and employees, which are intended as a good luck wish. The red color in China is also perceived as a symbol of energy and happiness.

    Shanghai authorities have invited individual consumers to sign up for the lottery. They can do that through the official Wechat accounts of the local branch of the Industrial and Commercial Bank of China and the cloud service of the Bank of Communications in Shanghai. The registration window will be open on June 5 – 6.

    Shanghai Joins a List of Cities Testing the Digital Yuan

    As one of the four directly administered municipalities in China, Shanghai is governed by the State Council of the People’s Republic. The Chinese government has been pushing forward with the implementation of its Digital Currency Electronic Payment (DCEP) system, as the digital yuan infrastructure is officially called. It has already given away millions of dollars’ worth of Chinese digital currency.

    Similar trials have been launched in a number of other Chinese cities, including the capital Beijing, Shenzhen, Chengdu, and Suzhou. Residents who receive the handouts are free to spend the funds at merchants that already accept the digital currency issued by the People’s Bank of China (PBoC).

    Media reports have suggested, however, that Chinese citizens have been reluctant to participate in the trials due to various concerns related to privacy and government surveillance. Many have also been hesitant to switch from popular mobile payment apps such as those offered by platforms like Wechat and Alipay.

    Blockstream, Square To Build Solar-Powered Bitcoin Mining Facility

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      underratedcrypto
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      Blockstream, Square To Build Solar-Powered Bitcoin Mining Facility

      Bitcoin infrastructure company Blockstream and financial services company Square will be partnering to construct a solar-powered Bitcoin mining facility. It will be located at one of Blockstream’s preexisting mining facilities and is part of Square’s Bitcoin Clean Energy Initiative.

      Square plans to invest $5 million in the facility and Blockstream will provide infrastructure and management experience, according to a press release shared with Bitcoin Magazine.

      “The facility will be a proof-of-concept for a 100% renewable energy Bitcoin mine at scale, with the economics of the build out — including operational costs and returns on investment — made open to the public,” according to the release.

      Blockstream will maintain a public dashboard that shows real-time metrics about the facility’s performance, including its power output and bitcoin mining yield, accessible to anyone through an internet browser. By providing this information transparently, the hope is that the facility will prove that Bitcoin can propel the world toward renewable energy.

      “Many mining operations throughout the world, including our own, already rely on renewable energy because it is the most cost-effective power available,” said Chris Cook, the chief information officer and head of mining at Blockstream, per the announcement. “We’re hoping to demonstrate that a renewable mining facility in the real world is not only possible but empirically prove that Bitcoin accelerates the world toward a sustainable future.”

      “The project will serve as an ongoing, transparent case study that will allow us to learn together the specific unit economics of clean energy Bitcoin mining,” added Neil Jorgensen, the global environmental, social and corporate governance (ESG) lead at Square, according to the release. “We can’t wait to start sharing our results with the community.”

      Elon Musk Has Got Bitcoin Profile Picture on Twitter Again

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        underratedcrypto
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        Elon Musk Has Got Bitcoin Profile Picture on Twitter Again

        Tesla CEO Elon Musk now has a new profile picture on his Twitter account – the anime Japanese girl in a dress with a Bitcoin logo on it.

        Is he trying to impact the market again?

        Musk brings back his old Bitcoin profile pic

        Earlier this year, Musk already brought this avatar back – on February 19, warning that it was “just for a day”. This girl has also got “laser eyes” now.

        The billionaire did it shortly after Tesla announced its massive BTC purchase worth $1.5 billion and later spreading the word about starting to accept Bitcoin as payment for Tesla cars.

        Back then, Musk tagged Bitcoin in his Twitter bioi section, thus pushing the flagship crypto’s price from the $32,000 level to over $37,000 line.

        Back in 2018, the same profile picture got Elon Musk’s Twitter account temporarily blocked.

        Image via Twitter

        Bitcoiners fall out with Elon

        Recently, however, Elon has got himself into hot water with the Bitcoin community and Bitcoin influencers after he tweeted that Tesla suspends Bitcoin payments for reasons to do with the controversial carbon footprint issues of Bitcoin mining.

        Some in the community, such as Bitcoin influencer Anthony Pompliano, believe that Musk prepares to launch green Bitcoin mining business in the near future and so far is just pulling focus on the problem for the community.

        He seems to have merely brought the environmental concerns regarding Bitcoin to the boiling point as governments after that started the same narrative about the necessity to reduce the global and local CO2 emissions, such as EU and China.

        The latter is now clamping down on Bitcoin mining and other high energy-consuming projects, making crypto miners leave for more friendly jurisdictions with cheaper energy.

        Iran has also suspended Bitcoin mining for the summer season after massive power cuts in the country.

        Kraken CEO on Buying Cheap Bitcoin: “I’m Googling Like How to Sell My Kidneys”

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          underratedcrypto
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          Kraken CEO on Buying Cheap Bitcoin: “I’m Googling Like How to Sell My Kidneys”

          On Friday (June 4), Jesse Powell, Co-Founder and CEO of crypto exchange Kraken, shared his latest thoughts on Bitcoin ($BTC).

          These comments were made during an interview with Emily Chang on “Bloomberg Technology” a day after Kraken released a new mobile app “perfect for beginners just starting out in crypto, or experienced traders looking to quickly and conveniently buy or sell on the go.”

          When asked by Chang for his outlook on crypto in the U.S., he said:

          “Obviously, it’s a super hot market right now, and the United States is a huge market. We’re really excited to to finally offer a retail product to the market. Our pro app has been available for a while, but this really completes the package for us in the United States. It allows people to to buy directly from their bank account and sell directly into their bank account. That’s a huge convenience for people. It’s something that people have been asking for for a long time. We think the opportunity in the United States is awesome. We’ve been super successful within the rest of the world. So, we’re just planning for more success here.“

          Chang also asked Powell about his end of year price prediction for Bitcoin (i.e. that one Bitcoin would be worth one new Lambo or roughly $200K).

          Powell replied:

          “I stand by that. Look, you can buy a forward delivery of a Lambo now at discount, at a cheap $37,000. You know, lots of people are buying the dip. Personally, I’m googling like how to sell my kidneys at this point. Turns out it’s illegal. So much for my body, my choice, but look, I think you know, people are getting ready to go on ramen diets to buy Bitcoin at these levels.

          “I think that, you know, just everything that’s happening in Miami right now, the excitement around the space is so hot. I think people just see this growing massively. So not worried about this little dip. You know, we’ve seen this over and over. Crypto’s a roller coaster — you got to be able to have an iron stomach to tolerate the ride, but you know, the gains are massive for those who can handle it.“

          Chang then asked Powell if it is wise for people to put everything they have into Bitcoin.

          The Kraken CEO answered:

          “Absolutely. Don’t invest anything more than you can afford to lose. Don’t don’t gamble your rent on Bitcoin. The price is up and down fifty percent in any given week. So you’ve really got to be able to think about this investment and hold for five to ten years. You know, don’t think about this as a week to week swing trade. People absolutely should not be betting any more than they can afford to lose. It’s still a very risky investment… Long term, it’s an absolutely fantastic investment from my point of view. I absolutely would not put a hundred percent of my portfolio into Bitcoin, or I would not put my rent money into Bitcoin.“

          Jack Dorsey Says Square Is Considering Making Hardware Wallet for Bitcoin

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            underratedcrypto
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            Jack Dorsey Says Square Is Considering Making Hardware Wallet for Bitcoin

            In a Twitter post today, Jack Dorsey said that Square Inc. is mulling the idea of making a hardware wallet for bitcoin (BTC). 

            The co-founder of Twitter and Square announced Square’s intentions to look into a BTC hardware wallet.

            “If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles,” the tweet read. 

            In a number of follow-up posts, Dorsey clarified Square’s plan to build a product that is inclusive and brings a “non-custodial solution to the global market.” Dorsey states that bitcoin should be for everyone and he wants Square product to reflect that. 

            Additionally, Dorsey expressed his desire to optimize recovery mechanisms because they “burn money.” He believes that customers need to protect their sensitive information from damage loss or theft and, while these protections are not mainstream ready, they are close. He uses the example of passwords on post-it notes and queries his followers about what solutions they should consider combating the problem. 

            Finally, Dorsey points out that most of the world accesses the internet via mobile devices and any solution that Square comes up with will be mobile friendly.

            Major Philippine e-wallet GCash eyes crypto trading

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              underratedcrypto
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              Major Philippine e-wallet GCash eyes crypto trading

              One of the most popular e-wallets in the Philippines, GCash, is considering a potential move into crypto following the example of PayPal, Venmo and others.

              GCash, a major digital wallet in the Philippines, is reportedly considering introducing crypto trading services.

              GCash CEO and president Martha Sazon announced that the firm is looking at offering users the ability to buy, sell and store cryptocurrencies like Bitcoin (BTC) on its platform.

              In a Monday interview with The Philippine Star, Sazon said that GCash is exploring cryptocurrency trading in order to keep up with financial innovation. “While we may be considered a disruptor now, it is important in this digital age that we should be mindful of all types of disruptions out there. It’s important to know what the trends are, whether locally and globally and crypto is part of that,” she said.

              Sazon said that firm is looking at potential integration options and related partnerships, through which it could introduce crypto trading. “Just like in any introductions, you need a platform, a working business model, a partner, so as soon as those are satisfied, perhaps,” Sazon said.

              GCash is one of the most popular electronic wallet platforms in the Philippines, with at least 40% of Filipinos having a GCash account, according to Sazon. The platform is operated by financial services company Mynt, a subsidiary of Globe Telecom, which operates the largest mobile network in the Philippines.

              The firm’s potential move into the cryptocurrency industry follows significant growth on the platform, with GCash’s user base spiking over 20% from 33 million to 40 million customers in February. “We will continue to innovate and provide relevant and accessible financial services for all,” Sazon noted.

              Should GCash adopt crypto services on its platform, the firm would follow similar moves by some of the world’s largest digital wallet and payment service providers like PayPal, Square, Venmo and Revolut. PayPal rolled out its first crypto services last year when it started allowing United States residents to buy, sell and hold cryptocurrencies.

              India’s RBI reiterates no change in its stance on cryptocurrencies

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                underratedcrypto
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                India's RBI reiterates no change in its stance on cryptocurrencies

                The Central Bank has gone on record to state that it will not be reversing its stance on the subject. The Reserve Bank of India (RBI) opposes cryptocurrencies because: lack of intrinsic value, poor investor protection, potential illegal activities and risks arising out of unbacked virtual currency.

                Indian crypto traders remained unfazed despite the central bank’s strong anti-crypto stance. Local exchanges, unlike last month, did not report major price fluctuations following the Reserve Bank of India’s (RBI) recent monetary policy statement:

                “NO CHANGE IN RBI’S STANCE. LET ME MAKE IT VERY CLEAR. THERE HAS BEEN NO CHANGE IN RBI’S POSITION ON CRYPTOCURRENCIES. THERE ARE MAJOR CONCERNS THAT WE TALKED ABOUT WITH THE GOVERNMENT.”

                India’s central bank, the Reserve Bank of India (RBI), has been forced to reaffirm its position on cryptocurrency, reiterating its “no change” stance and continuing to oppose crypto in all its forms.

                India’s central bank has reconfirmed its intent to stop its banking institutions from serving cryptocurrency companies, affirming our previous reports as inaccurate. The Reserve Bank of India (RBI) informed the news agency Press Trust of India that it had issued “several clarifications” to a circular it had released in April last year, which had banned the country’s banks and other regulated financial institutions from dealing with companies operating in virtual currencies like Bitcoin.

                To recall, in April the RBI had directed all banks and financial institutions to stop providing facilities to any cryptocurrency-related businesses.

                The Reserve Bank of India (RBI) announced it would instruct banks to discontinue support for businesses and individuals dealing in crypto within its jurisdiction. The announcement followed the statement issued by the Department of Economic Affairs in late-April that India’s government would not be passing any legislation around digital assets during the current fiscal year.

                Meanwhile, the Reserve Bank of India (RBI), the country’s central bank, has reaffirmed its anti-cryptocurrency stance in recent months and continued to prohibit regulated financial services from conducting business with a variety of crypto-related businesses. In the wake of this, a petition was filed against the government in order to declare cryptocurrencies “legal.” Much more notably, however, is that Reserve Bank of India (RBI), the country’s ‘central bank,’ recently affirmed it has no interest in issuing its own official digital asset.

                The Indian central bank has once again stressed that it remains opposed to cryptocurrencies, arguing that the ecosystem is riddled with risks. RBI reiterated its concerns surrounding the usage and risks of virtual currencies, in response to a Right to Information (RTI) request filed by a local lawyer.

                51 crypto firms withdraw crypto licensing applications in the UK

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                  underratedcrypto
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                  51 crypto firms withdraw crypto licensing applications in the UK

                  Strict Anti-Money Laundering laws in the United Kingdom appear to be constituting a major operational hurdle for crypto firms in the country.

                  According to the U.K. Financial Conduct Authority (FCA), several crypto businesses in the country might be preparing for an exit.

                  In a release issued on Thursday, the regulatory agency revealed:

                  “A significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations. This has resulted in an unprecedented number of businesses withdrawing their applications.”

                  According to a report by The Guardian, 51 companies have so far failed to meet the FCA’s AML standards and may be forced to cease operations in the country.

                  By withdrawing their license applications, these crypto firms must stop all crypto-related services or risk fines and legal action by the FCA. Such businesses can only resume operations after having satisfied the FCA’s AML protocols following which they will be entered into the watchdog’s list of registered cryptocurrency firms.

                  As previously reported by Cointelegraph, the FCA extended its temporary registration regime for crypto businesses from July 2021 to March 2022. This nine-month extension is reportedly to give the FCA ample time to clear the backlog of pending licensing applications.

                  The FCA reportedly has 90 pending registration requests with only five duly registered crypto businesses in the U.K. Meanwhile, some of the 51 companies that have withdrawn their licensing applications may not be covered by the FCA’s AML rules meaning their actions might not result in a compulsory shutdown.

                  Companies that fail to meet the FCA’s AML requirements by the end of the registration window will also be forced to refund all customer deposits.

                  Back in January 2020, the FCA became the AML police for the U.K.’s crypto market marking the start of compulsory business registration for cryptocurrency firms in the country.

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