El Salvador has decided to introduce Bitcoin as legal tender. However, the Central American country is not getting the technical assistance it needs from the World Bank and has to look to other alternatives.
World Bank refuses technical assistance to El Salvador
El Salvador was the first country to officially introduce Bitcoin as legal tender. However, the Central American country still has some work to do to set everything up. The World Bank has declined El Salvador’s request for technical assistance to introduce Bitcoin as legal tender alongside the US dollar. As a result, El Salvador has now turned to the IMF, and the country’s finance minister said talks with the financial institution are proceeding smoothly. The Central American Bank for Economic Integration (CABEI) has also offered El Salvador to help with the technical aspects of Bitcoin implementation.
Although it’s not yet finalized, El Salvador is already considering paying some workers’ salaries in bitcoin. The decision would be made as soon as Bitcoin’s legal tender status officially goes into effect.
MicroStrategy is getting more bullish
After MicroStrategy raised $ 500 million last week to buy more bitcoins, MicroStrategy plans to expand its position in the market. This week the company announced that it is planning to sell its $ 1 billion stock. The funds would be used for general purposes and to buy more bitcoins. Currently, MicroStrategy is the company with the largest bitcoin holdings in the world. By purchasing more bitcoins, it would soon hold more than 100 BTCs.
US SEC is delaying VanEck Bitcoin ETF proposal again
The US SEC has postponed its decision on the VanEck Bitcoin ETF filing for the second time this year. The regulator says it will seek opinions on potential market manipulation and will decide whether to approve the ETF application. Currently, the SEC is uncertain about Bitcoin as an asset class and is still open to public comment. The regulator also has no plans to regulate Bitcoin this year. The SEC released its regulatory agenda for 2021 and Bitcoin was missing. This implies that regulation of cryptocurrency in the United States may not happen this year.
Shiba Inu now available on Coinbase Pro
The US crypto exchange Coinbase has increased the speed with which it lists cryptocurrencies on its platforms. After Coinbase listed Dogecoin earlier this month, Coinbase added three more cryptocurrencies to its Coinbase Pro platform this week. Coinbase-listed Shiba Inu, another popular meme coin, is already on their platform. It also listed Chiliz and Keep Network. Trading of these tokens has now started on the Coinbase Pro platform.
Tesla would accept Bitcoin again on one condition
Elon Musk, CEO of Tesla, announced earlier this week that the electric vehicle maker will again accept bitcoins for its cars once crypto miners commit to using renewable energy for their activities. Tesla has stopped accepting BTC as a payment option for its electric cars after claims that most miners use non-renewable energy sources to mine cryptocurrencies. The energy concerns led Tesla to suspend the Bitcoin payment option. However, the company intends to accept it again once enough miners commit to using renewable energy sources for their mining activities.
General Motors could accept BTC if demand is high
America’s largest automaker General Motors (GM) CEO Mary Barra said the company would be ready to support Bitcoin as a payment option if there is enough customer demand. The automaker has no intention of investing in Bitcoin right now, but would allow Bitcoins to be used to pay for its vehicles as long as customer demand is sufficient. If that happens, GM would be following in Tesla’s footsteps, even though Tesla has currently suspended the BTC payment option.
Goldman Sachs offers its customers ether options and futures
The leading US investment bank Goldman Sachs plans to offer its customers ether options and futures. The bank has been in the crypto space for some time, but has mainly focused on Bitcoin. However, it is now ready to expand its presence by offering Ether futures and options to its customers. Goldman Sachs has also invested in some cryptocurrency companies to get more active in the market.
The Thai SEC bans trading in NFT and meme coins
The Thai Securities and Exchange Commission (SEC) has prevented the cryptocurrency exchanges from listing non-fungible tokens and meme coins on their platforms. This latest regulation implies that crypto exchanges operating in Thailand must delete all NFTs, meme coins and fan tokens on their trading platforms. The ban has also been extended to digital tokens used in a blockchain transaction and issued by a cryptocurrency exchange or a related person.
Kraken is considering the IPO option
The US crypto exchange Kraken previously wanted to go public via a direct listing on the stock exchange. However, as Coinbase is embarking on the same path and its stock has suffered massive losses in recent months, Kraken is rethinking its options. Kraken is now considering going public via an initial public offering (IPO). The cryptocurrency exchange plans to go public by 2022. However, it is not yet known whether it is a publicly traded US company or an IPO in another country.
Paul Tudor Jones invests 5% of his portfolio in BTC
Popular investor and founder of Tudor Investment Corporation, Paul Tudor Jones, has announced that he will invest up to 5% of his portfolio in Bitcoin. Tudor Jones believes that Bitcoin is a store of wealth and the cryptocurrency market has matured tremendously in recent years. His 5% investment in Bitcoin would result in the cryptocurrency market gaining hundreds of millions of dollars.