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Bitcoin [BTC] mining could go nuclear; Belarus emerges as China successor




Bitcoin [BTC] mining could go nuclear; Belarus emerges as China successor
Source: Pixabay

Belarus has emerged as a contender to take the cryptocurrency mining mantle for China, following the latter’s proposed ban that looks to outlaw the domestic mining industry. Aleksandr Lukashenko, the President of the eastern European country, voiced his support for the decentralized currency industry in what will be a new chapter for the country.

Following a recent meeting at Belarus’ national Hi-Tech Park in the capital Minsk, the President spoke to members of the country’s IT sector regarding a move towards a digital economy, reported the local Belarusian news agency BeITA earlier this week.

Lukashenko is a fervent advocate of the FinTech revolution and has ushered policies that would push his country towards the same. With reference to this collective objective, the members of the IT community will also voice their opinion to bring in better regulation in the industry.

Responding to the requests for a positive stance towards the decentralized currency industry, Lukashenko stated that Belarus would permit cryptocurrency mining farms to setup shop in the country. Furthermore, their development and growth would not be impeded on.

He enthusiastically stated:

“You are my children. I’ve created you with my own hands as well as I could. You wanted cryptocurrency, crypto exchanges, crypto mining, and the rest. You wanted to set up the farms… Now you are grown up and can suggest where we move on from here.”

The President added that “this direction” was where the country was headed. Lukashenko stressed on the importance of the internal infrastructure that would allow the cryptocurrency industry to develop and that he would support the same, adding:

“I will only support and help as much as possible.”

Miner Update reported that, according to Lukashenko’s plans, the up and coming mining farm will be set up in close proximity to the country’s nuclear power plant. However, this plant will be fully operational only by the close of 2019.

According to the aforementioned report, the President had affirmed that a section within the nuclear facility will allow for the mining of cryptocurrencies, which could indicate that nuclear energy will be harnessed for the production of Bitcoin.

Furthermore, the requirement of a digital economy objective to support Belarus’ FinTech industry will be reviewed, and a final decision on the same is likely to be announced in the second quarter of 2019.

Eastern European countries are looking favorably towards cryptocurrency mining, with Belarus being the latest in this list. Earlier this year, Georgia sold 45 acres of land to Bifury and created tax-free zones to allow crypto-centric entrepreneurs to commence operations. The San Francisco company has, since entering Georgia, assisted the government to use blockchain for their land registry system.

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SEC delays VanEck Bitcoin ETF decision days after delaying Bitwise proposed rule change





SEC delays VanEck Bitcoin ETF decision days after delaying the Bitwise proposed rule change
Source: Unsplash

The Securities and Commission Exchange [SEC] has yet again delayed another Bitcoin ETF. This time around, the commission has decided to delay the VanEck Soldix Bitcoin ETF, one of the most awaited exchange-traded funds in the cryptocurrency community.

In the document released today, the exchange has asked for more comments on the proposed rule change and has also asked for further information on queries related to the exchange-traded fund. The commission stated that it has received 25 comments on the proposed rule change so far.  It stated,

“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”

It further stated

“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.”

Notably, the main concerns of the commission continue to be market manipulation and the measure taken by the platform to protect its investors. The commission is currently seeking comments on 14 queries pertaining to the VanEck Bitcoin ETF.

This includes the views of the ‘commenters’ on whether the exchange has entered “into a surveillance-sharing agreement with a regulated market of significant size related to bitcoin?”, the relationship between the Bitcoin futures markets and the Bitcoin spot market, with the focus being price formation, the relationship between the Bitcoin futures market and the proposed Bitcoin ETF, and the commenters’ views “of the Exchange’s assertions that bitcoin is arguably less susceptible to manipulation than other commodities that underlie ETPs”.

Gabor Gurbacs, Director of Digital Assets Strategy with VanEck said on Twitter,

“The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris!”

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