Summaries of Bitcoin Articles from Last Week

Hey Hodlrs, back again with 8 interesting Bitcoin-related headlines from last week. A few international stories included in this weeks roundup!

El Salvador to Build a Bitcoin City: El Salvador has said that it intends to construct the world's first "Bitcoin City." President Nayib Bukele recently revealed that the City would be built in the eastern part of La Union, fueled by a neighbouring volcano. El Salvador became the first nation in the world to legalize bitcoin in September. For more than two decades, the nation has been denominated in US dollars. The nation intends to use a $1 billion tokenized bond to finance the City's building and infrastructure for bitcoin mining. The City's only tax will be a 10% value-added tax to assist finance development and future expenses.

IMF Warns El Salvador Against Using Bitcoin as a Legal Tender: Bitcoin "should not be utilized as legal money" in El Salvador, according to the International Monetary Fund (IMF). "Given Bitcoin's exceptional volatility, its use as legal tender raises serious concerns regarding financial regulation, fiscal responsibility, and economic stability," according to IMF specialists. "Additionally, its utilization results in contingent obligations on the budget. Bitcoin should not be utilized as legal money due to these issues." While the IMF staff lauded El Salvador's economic progress and financial inclusion, they emphasized that the nation should enhance regulation and monitoring of its new payment ecosystem to address consumer protection, anti-money laundering, and counter-terrorism funding concerns.

Norway is Considering Banning Bitcoin Mining, Laos Embraces it: Following China's lead, Norway may be the next nation to crack down severely on Bitcoin mining activities. The Nordic nation has raised the alarm about the possible environmental effect of cryptocurrency mining. According to Euronews Next, Norway, which became a popular location for miners during the massive China exodus, is also contemplating implementing a ban on Bitcoin mining. However, while Norway is attempting to ban crypto mining, a Southeast Asian government is implementing regulations that seem to be pro-Bitcoin. Laos, a debt-ridden nation, is attempting to capitalize on the cryptocurrency business by enacting new legislation governing crypto mining and exchange activity.

Michael Saylor Impersonator Steals Almost $4 Million in Bitcoin: In a giveaway scam, an imposter masquerading as MicroStrategy's Michael Saylor was able to dupe victims of nearly $4 million. The scammer posed as the firm's pro-Bitcoin CEO on a website. He then requested that site users contribute some Bitcoin to a specific address, promising to double the amount for them. To accelerate the progress of general bitcoin acceptance, we have decided to host a 5 000 BTC giveaway," the bogus website stated. As of now, the scammer's address had received over 80 BTC from 50 transactions totalling over $4.5 million.

Stripe is Reconsidering Adopting Bitcoin as a Payment Option: Stripe is reconsidering the possibility of integrating cryptocurrencies as a payment method in the future, according to co-founder John Collison. Previously, the company discontinued support for Bitcoin payments in 2018, citing the currency's high volatility and inefficiency for everyday transactions. Collison said that although the corporation is not yet prepared to state definitively that it is ready to begin crypto acceptance, it is still a possibility that might materialize in the future. Previously, the online payment processor with a $94 billion market cap discontinued service for Bitcoin payments after the 2018 market fall. Officially, the asset's volatility and hefty costs during periods of heavy network traffic were cited as reasons.

Kazakhstan Plans to Use Nuclear Power for Bitcoin Mining: Kazakhstan is pondering nuclear energy to solve power grid concerns caused by the flood of Bitcoin miners into the nation after China's cryptocurrency ban. Kazakhstan's domestic power usage increased by 8% in 2021, a rise ascribed to the entrance of Chinese Bitcoin miners. Increased usage has resulted in a substantial imbalance in the power system, resulting in inconsistent power supply and unstable electrical services, exacerbating the local population's problems. According to IP data from the Cambridge Centre for Alternative Finance, Kazakhstan is second in the world for Bitcoin mining power control, after the United States, with an 18.1 percent share of the global hash rate.

Morgan Stanley Adds More Bitcoin: Morgan Stanley's investment funds boosted their exposure to Bitcoin by purchasing shares in Grayscale Bitcoin Trust. The Morgan Stanley Insight Fund boosted its holdings in Grayscale Bitcoin Trust, or GBTC, shares by more than 63%, from 928,051 in the second quarter of 2021 to 1,520,549 as of Sept. 30. Morgan Stanley seems to be sinking its toes further into the crypto world, whether indirectly via Grayscale or directly through its endorsement of blockchain platforms. In September, the business announced that it will establish a crypto-focused research branch to examine the "increasing relevance of cryptocurrencies and other digital assets in global markets."

Bitcoin Overtakes Paypal in Terms of Value Transferred: According to Blockdata's marketing study, "When might the Bitcoin network process volumes comparable to Mastercard and Visa?" The Bitcoin network processed around $489 billion per quarter on average in 2021. PayPal, in comparison, averaged roughly $302 billion every quarter over the same time. Mastercard's network handled an average of $1.8 trillion each quarter over the same period, whereas Visa's network processed an average of $3.2 trillion per quarter. As the data indicates, Bitcoin now processes around 27% of what Mastercard processes each quarter and approximately 15% of what Visa processes.

Fintonia Launches Two Bitcoin Funds in Singapore: To meet the growing demand for digital asset funds, Singapore-based fund manager Fintonia Group has launched two institutional-grade funds tracking the performance of Bitcoin. Fintonia Bitcoin Physical Fund and Fintonia Secured Yield Fund are two new products launched by the Monetary Authority of Singapore-regulated financial services organization (MAS). Fintonia Bitcoin Physical Fund is intended for institutional investors seeking direct exposure to bitcoin. This implies the company will acquire Bitcoin directly rather than a derivative instrument based on the cryptocurrency. By contrast, the Fintonia Backed Yield Fund is designed for investors seeking access to private loans secured by Bitcoin.