Connect with us

News

Exclusive: Russia, Canada could emerge as China’s successors following Bitcoin mining ban: eToro’s Greenspan

Avatar

Published

on

Exclusive: Russia, Canada could emerge as China's successors following Bitcoin mining ban: eToro’s Greenspan
Source: Pixabay

The Chinese Bitcoin [BTC] mining ban proposed by the country’s macroeconomic planning agency riffled the market with FUD, leading many to speculate which country could pick up the mining mantle. With many looking east for the new mining havens, eToro’s senior market Mati Greenspan negated.

In an exclusive interview with AMBCrypto, Greenspan highlighted two key reasons which would be the prime factors for cryptocurrency miners. Firstly, the country will have to amass a considerable degree of “cheap renewable energy” and secondly, the legislation and attitude of the country should be “friendly towards crypto”.

Deviating from Japan and South Korea, which has seen crypto-friendly legislation and a pro-crypto populace, Greenspan pegged Canada and Russia to take the mantle. In his words:

“The two biggest ones are Canada and Russia, both of them have seen significant increases in their mining activity lately.”

To substantiate his choice of Canada as a mining haven, Greenspan referenced to an article from the Wall Street Journal, titled “Bitcoin in the Wilderness”. The article stated that Bitcoin mining could “monetize energy through the internet” by using wasted natural gas for the production of Bitcoin.

Wasted “natural gas”, a by-product of petroleum mining has been employed for the production of the top cryptocurrency by Black Pearl Resources, a Canadian mining field. Ryan Wartman, a production foreman at the field told WSJ:

“We’re using it to bring ourselves below the government-regulated amount that we can vent on location and keep producing oil.”

On the topic of Russia as a potential China successor, Greenspan stated that “Russia is extremely pro-crypto”. He added that its leaders are in the midst of introducing legislation for the industry that could come into force later this year.

According to Kremlin.ru, the official website of the President of the Russian Federation Vladimir Putin, a document has been issued which instructed the Federal Assembly, the national legislature of Russia to issue cryptocurrency regulations by July 1, 2019.

Furthermore, this list of regulatory requirements will also tackle other crypto-related aspects like initial coin offerings [ICOs] and cryptocurrency mining. With China’s proposed mining ban to return from public consultation in early May following the possibility of an outright ban, Russia’s July crypto-legislation is all the more important.

During the cryptocurrency bull run at the beginning of 2018, Putin stated that the Russian government should introduce legislation that would allow people to trade not only Bitcoin, but other virtual currencies as well.

Greenspan concluded:



“My feeling is that Russia is only increasing their efforts towards being crypto-friendly, rather than decreasing it.”

Recently, a report by Reuters stated that the lower chamber of the Russian parliament voted in favor of an internet bill that aims to solidify the country’s internet “sovereignty”. The bill would allow Russian web traffic and data to flow through a channel controlled by “stated authorities” to build a national “Domain Name System”.

The report adds that the primary motive of this bill is to “defend the country after the United States adopted what they described as aggressive new U.S. cybersecurity policies last year”. However, some members of the crypto-verse have suggested that it could potentially stifle the virtual currency industry, but Greenspan disagreed.





Subscribe to AMBCrypto’s Newsletter


Bitcoin

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

Priya

Published

on

By

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!”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending