The crypto world continues to speak in the markets. The pullback of mining in China continues to drive the pullback in the price of BTC.
The public-institutional advances for the regulation of this activity, are key axes of this week.
The brake on mining in China is paving the way for the decentralization of the process of creating new blockchain networks. According to official sources, the prohibitive and closure measures seek to address the growing demand for electricity and the associated power supply shortage for at least three years.
The most recent ban is in Anhui province, almost a month after the electricity supply to more than 20 mining farms was cut off in Sichuan province.
This ban on cryptocurrency mining activities directly affected the prices of most cryptocurrencies, especially Bitcoin. The price of the leading cryptocurrency is down more than 40% from its all-time high in recent months.
However, these events have resulted in that country not being the main producer and that production is decentralized. Now, the scenario is ripe for countries like Kazakhstan, Russia, Iran and the United States, which were already among the largest producers, to have more ground space.
In parallel, the implementation of BTC in the markets and the search for regulation, advance.
In the last hours, PayPal announced that they increased the amount of cryptocurrencies that users can buy. This means that previously you could get $ 20,000 annually in BTC, and now the firm enabled the possibility of acquiring $ 100,000 weekly. Executives report that they seek to give their clients more options and purchasing flexibility.
In parallel, Latin America is advancing to enter the crypto market with greater weight. In Paraguay, legislation was proposed that seeks to open the way for the country’s economy towards innovation and technological investment. The objective is to create an attractive regulatory environment within the country through the establishment of a simple licensing regime, which would allow the crypto industry to open operations easily.
However, it seeks to regulate crypto transactions under a new regime. What it does not imply, the use of any cryptocurrency, as a transactional legal use.
Brazil, advances in the generation of scenarios related to the crypto world. Blockchain firm QR Capital will seek to list an ethereum exchange-traded fund (ETF) on the Brazilian stock exchange.
BTC reached an intraday high of $ 32,170, which was short-lived as a further decline took it to $ 30,560 early today, very close to breaking the support zone.