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It is planned to ban mining of bitcoin, cryptocurrency and renewable energy In Russia. GlobalCoin White Paper by Facebook will be published on June 18.
Actions of cryptocurrency mining in Russia may be prohibited. Aside from that, it is planned to put a veto on the launch of new coins and the organization of exchange offices. This was stated by Anatoly Aksakov, the Head of the State Duma Committee. He said that his colleagues consider decentralized cryptocurrencies as the illegal tools.
In addition, the authorities may impose restrictions on bitcoins and other cryptocurrencies holding. In this case, there is no total ban, but the asset’s user will have to prove the fact of their purchase on foreign trading platforms. According to Aksakov, the Law on Digital Financial Assets may be adopted by the end of June 2019. If such initiatives become a law, then a hefty fine can be imposed for cryptocurrency mining.
Does Ban Help to Stop Miners?
CoinShares Research Company reports that 74.1% of bitcoin production comes from energy renewable sources. Farm mobility allows searching for regions with cheaper and affordable electricity, which automatically leads miners to green power plants. However, six months ago, 77.8% of cryptocurrency No. 1 mining was insured by such sources.
Perhaps the fall was due to farms’ massive transfers to Sichuan mountainous areas. The authorities allocate subsidies for electricity consumption here. Nevertheless, this practice will soon cease; an investigation of miners’ activity in the region has already begun. The second factor in reducing the share is the emergence of new generation equipment. Its energy efficiency makes it possible to mine cryptocurrency on fairly expensive electricity.
The publication date of the GlobalCoin White Paper was announced at the Money2020 Conference. If force majeure circumstances do not intervene, it will happen on June 18. So far, the press has little information about technical features of the new project, however, its main ideas are already known. It will be based on stablecoin, which rate is pegged to basic currencies basket. According to estimates, making a transaction will be no more difficult than adding a photo to Instagram.
It got about that Facebook announced a massive recruitment of employees with blockchain knowledge. The total number of such vacancies increased to 28. According to experts, it will take up to six months to fill them.