Cryptocurrency Adoption In Costa Rica Rapidly Growing

Cryptocurrency seems to be getting more popular in Costa Rica and Costa Rican workers have started taking a portion of their salaries in cryptocurrencies.

Despite the position of Central Bank of Costa Rica that states that cryptocurrencies fall outside of the purview of the National Banking System workers in the country it recognizes that workers in the country are protected by law that allows them to get a part of their pay with other goods that are not deemed to be money or currency.

This is good news in the country’s cryptocurrency ecosystem and has been made more attractive by reports that the country has already several cryptocurrency ATM machines in the country and more and more merchants are accepting cryptocurrencies as a viable form of payment.

On a side note cloud crypto mining is also a viable source of income as the country has 100% renewable energy capable as revealed by an alternative energy specialist Daniel Yepez of SH Mining Technologies.

U.S. 4 Years Behind In Blockchain Says CFTC Chair

The Chair of the U.S. Commodity Futures Trading Commission (CFTC) has expressed his concerns that the country is falling behind other countries in leveraging the potential gains of using blockchain technology.

Chairman Christopher Giancarlo cites the UK’s initiative of integrating blockchain technology in their banking system in the next few years as a prime example.

This integration did not come overnight as they had the opportunity to test the technology for about 4 years before they decided to use the technology.

This is not the case of the US as existing laws and feasibility restriction hinders them to do so.

However with the passage of CFTC Research and Development Modernization Act will allow them to do so.

This will allow the agency to directly participate in innovative fintech projects without having to pay for them and without violating any law.

Blockchain May End Food And Drug Safety Issues In China

A recent incident in China have prompted some leading experts to express their confidence that blockchain is the key to solving the country’s seemingly persistent problem on food and drug safety crisis.

This latest incident involves Changsheng Biotechnology who was charge with forging documents, including product inspection recards, relating to rabies vaccine for babies.

This prompted Li Xiaolai, blockchain entrepreneur and Bitcoin maillionaire to take part in national debates calling for the disruption of the pharmaceutical industry by adoption of distributed ledger technology to restore confidence in the health care system in the country.

However there is a fatal flaw in using blockchain as fraudster can always propagate fraudulent data across a blockchain network if given access thus it is necessary to have regulations with regards to its use.

E-Gift Cards By Coinbase

Coinbase have been expanding its cryptocurrency related products & services, and increasing the ability of their users to spend their cryptocurrencies on a daily basis.

Customers in Australia and Europe can now spend their cryptocurrency balances on e-gift cards instantaneously making it the first to provide direct withdrawals into e-gift cards.

This initiative was carried out in partnership with a digital gift card company, WeGift. Initially the said service is available to select European countries- UK, Spain, Italy, France and the Netherlands and Australia. It will expand its rollout and coverage in the coming months.

Currently e-gift cards can be used for a range of services and products such as Uber, Nike, Tesco, Ticketmaster, Google Play and others.

$572 Million Traded on Wall Street In Tuesday Bull Run

Bitcoin price touch $8500 threshold last Tuesday for the first time since mid May, although we have seen some slight correction since then.

However it is still significant gains from the past week in which it has gained 10% and more so in the course of the month which has risen about 29%.

Mati Greespan, senior analyst at eToro reveals that the rally was fueled by Japan and South Korean traders who help push the Bitcoin price past key levels.

This is not to say that the U.S. was not present during the rally. In fact Wall Street wants a piece of the action as it hit Bitcoin record volume of 12,878 contracts for CME and CBOE with 7,138 contracts on Tuesday with a total value estimated to be around $572 Million.

Another factor that can be attributed in the bitcoin’s bull run are Bitmex traders which registered in 1 million XBT contracts traded during a 24-hour period which is worth more than $8 billion most of it is in XBT/USD markets.

This only shows that Wall Street is beginning to make strategic entry to the crypto space.

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