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Why China’s Bitcoin crackdown may actually benefit crypto



After China announced it would step up its efforts to restrict mining of cryptocurrencies, the price of Bitcoin (BTC-USD) fell below $ 30,000 earlier this week, trading at a level not seen since the turn of the year. The cryptocurrency has bounced back slightly since then and is now holding out at just over $ 32,000.

While the news and subsequent crash could have caused a headache in the crypto market in the short term, China’s crackdown on mining could benefit cryptocurrency in the long term, according to some experts.

“I think this is really fantastic news for the Bitcoin ecosystem,” Peter Smith, Co-Founder and CEO of, told Yahoo Finance Live. “You will see a diversification of mining activities around the world. We have seen this trend over the past two years as large mines are being built in Europe, the US and a variety of other geographic locations – but this trend is now set to accelerate sharply.

Smith cited growing concerns that bitcoin mining is over-centered in mainland China as a reason for a positive outlook on crackdown. He predicts this will result in a net positive result for crypto in the next three to four years as mining companies sell their bitcoins and move their operations overseas.

Chinese mining companies are already planning to move their business overseas, with companies targeting countries from the US to Kazakhstan. According to Chris Zhu, owner of China’s mining services platform INBTC, around 10-20% of miners in China have already started their move.

An employee works in the data center of the BitRiver company that provides cryptocurrency mining services in the city of Bratsk in the Irkutsk region, Russia, March 2, 2021. BitRiver offers institutional investors, including Bitcoin mining companies, hosting services and turnkey solutions for cryptocurrency mining operations. Picture from March 2, 2021. REUTERS / Maxim Shemetov

“We spent about ten days coming to Sichuan only to stop the operations there,” Zhu told AFP. “It will be difficult to continue here.”

Regarding the environmental, social and governance (ESG) impact of Beijing’s mining restrictions, Smith believes there is not enough information available to make a judgment. According to him, the “vast majority” of the mining operations built today are powered by clean energy.

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“You will see mining companies begin to disclose where they get their energy from,” added Smith. “And for the most part, Bitcoin mines are operated in places where energy costs are really low.”

The social impact issues of crypto mining need to be “figured out” before major asset managers launch significant investment campaigns, Smith said. Ultimately, he believes this will happen once more data is released on energy sourcing and consumption by mining operations.

“However, the ESG problem is one that you will need to solve over the next five years as you start bringing ever bigger funds into the field like your BlackRocks (BLK) and Blackstones (BX) of the world,” said Smith. “So I don’t think it was institutions that were selling because they suddenly realized there were ESG concerns. I think it only limits what institutions can get into this area until that is resolved. “

Thomas Hum is a writer at Yahoo Finance. Follow him on Twitter: @thomashumTV

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U.S. regulators exploring how banks could hold crypto assets – FDIC chairman



LAS VEGAS, Oct. 26 (Reuters) – A leading U.S. banking regulator said U.S. officials want to provide a clearer way for banks and their customers who wish to hold cryptocurrencies to maintain control over the fast-moving asset.

Jelena McWilliams, chairwoman of the Federal Deposit Insurance Corporation, told Reuters on Monday in an interview that a team of U.S. banking regulators were trying to provide banks with a roadmap for dealing with crypto assets.

This could include clearer rules for cryptocurrency custody to facilitate customer trading, use them as collateral for loans, or even keep them on their balance sheets like more traditional assets.

“I think we have to allow banks in this area and at the same time manage and mitigate risks appropriately,” she said in an interview on the sidelines of a fintech conference.

“If we don’t get this activity into the banks, it will develop outside of the banks. … Federal regulators will not be able to regulate it.”

McWilliams’ comments provide the most complete picture yet of what regulators are investigating as part of a cryptocurrency “sprint” team first announced in May. The team’s goal was to ensure the coordination of cryptocurrency policy between the three major US banking regulators – FDIC, Federal Reserve and Office of the Comptroller of the Currency.

The rapid emergence of cryptocurrency has created a bleak regulatory picture in the United States. Under previous leadership, the OCC has taken an aggressive approach to introducing cryptocurrency into banks, including blessing bank custodial services for cryptocurrency, while other agencies have been slower to respond.

These decisions are currently under review, said Acting Auditor Michael Hsu.

Some banks have already begun to try their hand at these areas without regulatory clarity. Earlier this month, US Bancorp (USB.N) announced that it was launching a cryptocurrency custody service for institutional investment managers.

However, comments from McWilliams, a Republican holdover from the Trump administration, suggest regulators are still looking for a way to incorporate cryptocurrency into traditional banking supervision.

“My goal in this multi-agency group is basically to provide banks with a way to act as custodians of those assets, using crypto and digital assets as some form of collateral,” McWilliams said at a conference panel.

“At some point we will tackle how and under what circumstances banks can keep them on their balance sheets.”

McWilliams recognized the challenges.

The simplest problem would be getting regulators to create a roadmap for crypto-asset safekeeping, she said. However, it is difficult to figure out how to admit the volatile asset as collateral and put it on bank balance sheets, she added.

“The problem there is … the valuation of these assets and the fluctuations in their value that can occur on an almost daily basis,” said McWilliams. “You have to decide what kind of capital and liquidity treatment you want to assign to such balance sheets.”

Reporting by Echo Wang; Letter from Pete Schroeder; Editing by Megan Davies and Richard Chang

Our Standards: The Thomson Reuters Trust Principles.

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Next-generation Cryptocurrency Bitcoin Latinum (LTNM) Announces the 7th Exchange to List LTNM – HitBTC #5 Ranked Exchange by Volume



Bitcoin Latinum continues its momentum with world class global stock market listings

/ EIN News / – PALO ALTO, Calif., Oct.26, 2021 (GLOBE NEWSWIRE) – Bitcoin Latinum (LTNM), the next-generation insured asset-backed cryptocurrency, continues to gain momentum and expand its global adoption as announced its scheduled listing on HitBTC Exchange, a top crypto exchange in terms of 24-hour volume, today. LTNM will be available for trading in BTC and USDT pairs, and official trading is expected to begin in late December 2021. HitBTC will be the seventh exchange to list LTNM.

Bitcoin Latinum is an insured asset-backed cryptocurrency based on the Bitcoin ecosystem. Developed by Monsoon Blockchain Corporation on behalf of the Bitcoin Latinum Foundation, LTNM is a greener, faster, and more secure version of Bitcoin that is capable of managing massive crypto transactions while being highly efficient in terms of cost and scalability. Its listing on HitBTC shows how quickly LTNM is gaining reputation in the global crypto community as one of the revolutionary blockchain-based tokens of Bitcoin that will empower industries like media, gaming, telecommunications and cloud computing in the near future. The listing on HitBTC underscores the commitment of the Bitcoin Latinum community to support the growth of a sustainable decentralized crypto ecosystem, provide wider access to the network, and further support the distributed ledger that underlies Bitcoin Latinum.

The HitBTC team commented: “We are very excited to see how Bitcoin Latinum will further strengthen their vision and further reach our large and diverse community.”

According to Coinmarketcap’s stock market ranking, HitBTC ranks in the top 5 (around $ 5.1 billion) for 24-hour volume on over 300 crypto exchanges. Listing on HitBTC will further enhance LTNM’s ability to reach a wider audience seeking exposure to cryptocurrencies and decentralized funding (DeFi). The partnership comes after Bitcoin Latinum secured its listing on six other exchanges, including DigiFinex, (formerly known as Exchange),, BitMart, Changelly, and Changelly Pro. By adding renowned exchanges to its portfolio, the Bitcoin Latinum team continues to demonstrate its strong intention to make the crypto space better, more diverse and more efficient.

Dr. Donald Basile, Founder of Bitcoin Latinum and CEO of Monsoon Blockchain Corporation, expressed excitement about the upcoming listing on LTNM on the HitBTC exchange and said, “We are very excited to have HitBTC as our next exchange in our plan to be listed on many from to select the most important stock exchanges worldwide. This marks a milestone in the history of Bitcoin Latinum and the continuation of an exciting journey to revolutionize digital transactions. In the next few months we will be announcing more exchanges to reach a wider audience and improve adoption of digital assets around the world. “

About Bitcoin Latinum

Bitcoin Latinum is the next generation of insured asset-backed cryptocurrency. Based on the Bitcoin ecosystem, Bitcoin Latinum is greener, faster, more secure and ready to revolutionize digital transactions. Using an energy-efficient proof-of-stake consensus algorithm, Bitcoin Latinum plans to bring higher transaction speeds, lower fees, and more security to high-growth markets such as media, gaming, telecommunications, and cloud computing.

Further information can be found at


About HitBTC:

HitBTC is a crypto exchange with over 800 trading pairs. The platform was created in 2013 and offers exchange, custody and other related services. Despite its long history in the crypto space, HitBTC has remained one of the few exchanges whose security has never been compromised. HitBTC offers a number of APIs such as REST, WebSocket and FIX API. The exchange’s user interface is designed to meet the needs of the most demanding and demanding traders.

Further information can be found at

FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY; NO INVESTMENT ADVICE. All information provided is for educational and informational purposes only and should NOT be construed as securities-related offers or requests or used as personalized investment advice. Bitcoin Latinum strongly recommends that you consult a licensed or registered professional before making any investment decision.

Media contact

Company: Bitcoin Latinum

Contact: Kai Okada, Director of Communication



Address: 2100 Geng Road, Palo Alto, California 94303, USA

Phone: +1 800-528-0985

SOURCE: Bitcoin Latinum

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October 26, 2021, 4:52 pm GMT

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Cryptocurrency in Indonesia; Shaping a New Future or an Illustration of the ‘Greater Fool Theory’?



While many view cryptocurrencies as the currency of the future, many others consider them a risky (highly speculative) investment. Meanwhile, central governments as well as central banks around the world seem to be struggling to deal with this relatively new phenomenon, which on the one hand clearly threatens to undermine traditional state power (in monetary terms) if it is given a legal status in a way that central banks do not have control over Have supply of crypto (unlike central bank currency, cryptocurrency is typically decentralized) but on the other hand, these cryptocurrencies could create a revolution similar to the internet revolution in the 1990s (and therefore revolutionize the industry). , and maybe even revolutionize life itself).

It seems that central banks are seeing the benefits of digital currencies but at the same time are feeling the threat of cryptocurrency, while central governments seem struggling to understand the impact cryptocurrencies could have on economies. For this reason, we see concerns about allowing crypto assets as a means of payment or an investment vehicle. China, for example, imposed a total ban on cryptocurrencies (when it introduced its own digital yuan, or e-CNY), while El Salvador introduced Bitcoin as legal tender and recognized it as a legitimate payment system, that of Chivo (the state’s Bitcoin wallet). Meanwhile, Federal Reserve (Fed) Chairman Jerome Powell confirmed during a hearing before the House of Representatives Financial Services Committee in early October 2021 that he had no intention of banning or restricting the use of cryptocurrency. However, he added that the Fed will shortly issue a study examining the costs and benefits of a central bank digital currency (or CBDC). This pressure on CBDC can be seen in response to crypto (and digital technology).

Cryptocurrencies basically show that the world’s money and payment systems are quite outdated and in need of modernization. Indeed, it is true that the world’s monetary system (and the monetary system associated with it) has essentially not changed over the past century. In fact, central bankers should also be aware that the current monetary system with fiat money is finite.

One may wonder whether the huge quantitative easing programs we’ve seen around the world over the past 15 years and the near-zero interest rate environment (even negative interest rates in some countries) are actually clear signs that the existing monetary system is approaching the end of his abilities. Without such a huge amount of money being created by the central banks, the nation’s economic growth will simply stop or the major economies will fall into a depression. We have seen debt crises resolved through the creation of new (and more) debt, while massive money creation not only results in a much higher cost of living (which may not be accurately reflected in inflation numbers), but also a huge misallocation of money.

It seems to have become a vicious circle: printing money, higher living costs and more debt, and then a new cycle comes along. It’s a system that is making more and more people and businesses dependent on financial support from central governments (and the COVID-19 crisis has certainly given that process a big boost). Investors seem to recognize the finiteness of this system and are therefore moving towards “everything the government cannot print” such as property, stocks, gold, but also cryptocurrencies.


Read the full article in the October 2021 issue of our monthly report. This report can be ordered by email to or by message to +62.882.9875.1125 (including WhatsApp).

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