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Users Can Now Shop Online on Etsy Using Shiba Inu

Lele Jima
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Users Can Now Shop Online on Etsy Using Shiba Inu

Shiba Inu’s use case continues to increase.



Using Shiba Inu (SHIB) as a payment option has been made simple by leading cryptocurrency payment provider BitPay. The canine-themed cryptocurrency can be used to purchase handmade or vintage items and craft supplies from the popular American e-commerce company Etsy.

Although Etsy does not directly accept Shiba Inu as a payment method, people who would like to shop with the cryptocurrency on the platform can do so using the available BitPay solutions.

According to a BitPay announcement, shoppers can now purchase items from Etsy using two options – making direct wallet-to-wallet payments to Etsy sellers or paying for goods using a BitPay debit card.

 

Direct Wallet-to-Wallet Payment With Shiba Inu 

Through this method, Shiba Inu holders can pay for goods by sending the SHIB equivalent of the item they want to purchase to the seller’s crypto account. To do this, after locating the item of interest and adding it to your Etsy cart, select “other” as your payment method. 

Click the “Note to Seller” and indicate you will be paying with Shiba Inu. If the seller accepts SHIB, he or she will send an invoice containing a wallet address to which you can send the SHIB. Enter the wallet address and amount in your BitPay wallet and send the funds. Once the seller receives the funds, he or she will ship the items to you. 

Using BitPay Card to Spend SHIB Like Cash on Etsy 

This method is easy and convenient for all buyers on Etsy. Here, the seller does not need to be a Shiba Inu enthusiast or someone who accepts cryptocurrency. All you need to do is fund your BitPay debit card with Shiba Inu and spend the cryptocurrency like cash. 

You need to download the BitPay app, set it up, and fund the account with your desired crypto assets. Request a virtual debit card, and one will be delivered to you in a few minutes.  

In addition, you can also get a physical debit card if you wish, and it will be shipped to you. Once you receive the BitPay card, you can start shopping on Etsy.

Launched in 2005, Etsy is an American e-commerce platform focused on craft supplies and vintage items. The items are categorized into various segments like clothing, bags, jewelry, etc. Etsy accepts traditional payment methods and is yet to provide a means for users to pay for goods with crypto directly.

In an interview last year, Josh Silverman, Etsy CEO, said the company may consider adding cryptocurrencies someday, adding that the asset class “could be an interesting tender.” 

What Does Bitcoin Mining Mean? How Does It Function?

Esra Zuhal
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What Does Bitcoin Mining Mean? How Does It Function?

Bitcoin mining is the process by which a new digital asset is created. Miners get Bitcoins for verifying and committing transactions to the blockchain. Mining requires expensive hardware and a high degree of technical expertise.

In this article, we will understand what Bitcoin mining is and how it works. We will also discuss the factors you need to start Bitcoin mining.

What Is Bitcoin Mining?

Bitcoin mining is a process that uses complicated computer code to create a secure cryptographic system. This system generates bitcoin, facilitates transactions, and tracks asset ownership of the cryptocurrency.

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Bitcoin mining helps to secure the Bitcoin network by verifying transactions and maintaining the blockchain. The blockchain is a database of all Bitcoin transactions that have ever taken place, which helps prevent scam activity and keeps track of user balances. Maintaining the blockchain is essential for keeping the Bitcoin network running smoothly.

Bitcoin miners are people who use sophisticated computer equipment to verify Bitcoin transactions and earn rewards paid in bitcoin. While anyone can mine bitcoin, it’s tough to profit from bitcoin mining because of the required computing power and energy usage.

The reason why to Mine Bitcoin

Miners are the people who release new cryptocurrency into circulation by mining – this is the main reason to mine Bitcoin. For example, as of March 2022, there were just about 19 million bitcoins in circulation, out of 21 million.

Mining is essential for the creation of new bitcoins and without it, Bitcoin would not be as successful. The final bitcoin will not be circulated until around the year 2140 because the rate of bitcoin “mined” is reduced over time. Transactions will continue to be verified by miners even after that point in order to keep the integrity of Bitcoin’s network.

What is Needed for Mining Bitcoins

Bitcoin mining is no longer possible on a regular home computer because the difficulty of mining Bitcoin changes over time.

The Bitcoin network is designed to ensure that blocks are produced every 10 minutes or so, by regulating the difficulty of mining. This adjustment happens every 2,016 blocks (roughly every two weeks), in order to maintain a consistent rate of block production regardless of how many mining rigs are competing for solutions.

The more people who mine for bitcoins, the higher the difficulty level to keep production at a stable rate. If you want to mine for bitcoins on your own computer, it’s almost impossible now because of how large the network has become.

How Much a Miner Earns

The rewards for Bitcoin mining are reduced by half every four years. This means that the number of bitcoins earned for mining a block decreases by 50% approximately every 4 years. The first time this happened was in 2012 when the reward decreased from 50 BTC to 25 BTC. The second time it happened again on May 11, 2020, when the reward decreases from 12.5 BTC to 6.25BTC.

The Bitcoin Clock helps users track when the next halving will occur. This event is significant because it decreases the rate of inflation, making Bitcoins scarcer and potentially increasing their value. Historically, market prices for Bitcoin have tended to correspond closely to reductions in new coins entering circulation.

What the Mining Pools Are

Mining pools allow miners with small percentages of the mining power to join together and increase their chances of discovering the next block. This helps ensure that everyone has a fair chance at finding new blocks, and also allows miners to recoup their investment more quickly.

Mining pools are groups of miners who work together to find bitcoin. They share the payouts from the pool so that everyone gets a steady flow of bitcoin. You can join a mining pool by working with others and agreeing to share the payouts.

Downsides of Mining

Mining can be a risky financial investment, as the equipment needed to mine may not pay off. However, by pooling resources with other miners and sharing the profits, this risk is minimized. Additionally, you should do research on your country’s stance on cryptocurrency before investing in mining – some countries may frown upon it.

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As Bitcoin and other cryptocurrencies continue to grow in popularity, so does the amount of energy needed to run the mining algorithms. Despite advances in microchip technology, this growth is outpacing progress, raising concerns about the environmental impact of Bitcoin mining.

Is Bitcoin Mining Legal?

Bitcoin mining is legal in some places and illegal in others, depending on your location. Bitcoin can threaten the dominance of fiat currencies and government control over the financial markets, which is why it’s outlawed in certain places.

Bitcoin ownership and mining are legal in more countries than not, although some places have outlawed them recently. For example, Algeria, Egypt, Morocco, Bolivia, Ecuador, Nepal, and Pakistan all had bans as of 2018. However other countries like Bangladesh, China, and North Macedonia have followed suit since then. Despite this trend, however, Bitcoin remains legal overall.

Conclusion

Mining bitcoins is important for the functioning of the bitcoin network. Miners do the work of verifying transactions and making sure the bitcoin network stays secure. Almost anyone can participate in mining by using a computer that can do it. Even if you don’t want to mine, it’s good for bitcoin users to understand how all these processes work.

How To Get a Cryptocurrency License In Lithuania ?

Andrew MacGill
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How To Get a Cryptocurrency License In Lithuania ?

Investing in cryptocurrencies is not for the faint of heart, yet it is a legitimate investment business.  And if you are in favour of the free market, then high deregulation and complete decentralization of the crypto market. As with any other type of investment, getting into the crypto market is not easy. This requires studying the mass of information, discipline and sustainability, as highly liquid and volatile assets have to be dealt with.

But the crypto market has made many rich, helped them diversify their assets. If you truly believe in the idea that the freer the market, the freer the people, then you should turn your attention to the crypto business. And the best way to start a legitimate and deep invasion of cryptocurrency is to get a crypto license in Lithuania.

  • Lithuania has evolved from an all-communist economy with a gigantic inefficient bureaucracy, lack of property rights, and little foreign investment, to a technological hub, has entered the Eastern European market and the global crypto market.
  • Lithuania, a member of the European Union, has a legal basis for obtaining a crypto license for a legal entity.
  • Regulation of cryptocurrencies in Lithuania is flexible enough to make it an attractive option if the goal is to have a cryptocurrency in the European Union legally.

There are two options:

  1. to register a legal entity under your brand
  2. to purchase a ready-made solution – an already registered company with a configured crypto authorization (available with and without a bank account).

Advantages of obtaining cryptocurrency license in Lithuania

Lithuania has a progressive corporate taxation system with a maximum rate of 20%. However, its system has one feature that makes it incredibly attractive.

  1. All retained earnings are not taxed. This means that all income that is reinvested in your business is tax free. In addition, income from foreign sources is also exempt from taxation, which is fantastic for e-business, where the bulk of income is generated abroad. In addition, Lithuania has signed more than 50 double taxation treaties with different states.
  2. Lithuania offers an ideal business environment, thanks to which the country has become one of the world leaders in the field of digital and blockchain technologies, open government.
  3. The Lithuanian government and politics traditionally support business, it helps the country maintain its financial and macroeconomic sustainability, it is one of the strongest democracies in the entire EU. It is indeed a free country in the broadest sense of the word: politically, socially and economically.

License to exchange cryptocurrencies or crypto wallet

Lithuania has created an excellent environment for conducting fintech business. There is a start-up environment in the jurisdiction where two types of cryptocurrency licenses are introduced – Crypto Exchange (Crypto Exchange Operator License) and Crypto Wallet (Crypto Crypto Wallet Operator). The current regulation significantly simplified the procedure for obtaining a crypto license.

Cryptocurrency operator license

The company, branch or registered legal representative has the right to exchange digital currencies and receive a commission for exchange services in addition to providing services for exchange of fiat currency to cryptocurrency and vice versa.

Crypto Wallet License in Lithuania

The company, branch or registered legal representative has the right to manage and secure cryptocurrency depository purses belonging to consumers and other third parties.

Cryptocurrency license registration in Lithuania

Companies or subsidiaries may apply for a Lithuanian crypto license. This does not depend on whether the organization is EU resident or non-resident. The Central Bank of Lithuania strives to strictly separate traditional financial institutions and providers of cryptocurrency services – companies that buy, sell, store or exchange cryptocurrencies. However, digital assets can be captured by traditional market participants. The Central Bank has ample opportunities to stimulate the development of non-bank payment services.

Licensing requirements

An organization operating within the framework of crypto-currency regulation must follow a certain set of requirements. Requirements include:

  1. Customer identification and verification procedure for all customers, Customer data should be carefully recorded and recorded.
  2. Mandatory introduction of an internal control procedure – transaction monitoring.
  3. An AML policy officer (anti-money laundering) must be appointed
    Mandatory reporting to the FCIS (Financial Crime Investigation Service) of Lithuania.

The variant of Lithuania for obtaining a crypto license is especially attractive, since there are no requirements for local staff. The only requirement for a local employee is an AML/MLRO employee. The work of such an employee may be hourly, for example, 10 hours per month.

Company registration in Lithuania

Baltic Legal and its extensive professional experience in the Lithuanian market are at your disposal if you consider the possibility of registering a company in Lithuania with a crypto license.

Registration of a limited liability company (in Lithuanian – UAB) can speed up the process and increase the success in obtaining a Lithuanian crypto license.

Additional requirements

An AML Policy Officer (Anti-Money Laundering) or a Compliance Officer reporting to FCIS should be different people if your company plans to have both positions.

There is no requirement to have both positions. The person responsible for compliance must be a resident of Lithuania. Shareholders/UBO must be approved by the Investor Evaluation Commission (IAC).

To conduct business with cryptocurrency assets in Lithuania should be clear information control of all clients and transactions in accordance with the rules of AML/KYC, which is carried out by an internal employee of AML/MLRO. The control should include external client identification and implementation of transaction monitoring system.

Conclusion

Lithuania is not the first cryptocurrency. However, most other jurisdictions issue many different licenses depending on the services you provide. Estonia offers a simple licensing environment with one cryptocurrency license and one electronic wallet license. Since Lithuania is a member of the EU, the Estonian crypto license has passport rights, which means that you are free to start your business in other EU countries without additional licensing requirements. If you take your crypto business seriously, Lithuania is your main goal.

Top Brazilian Football Club Now Accepts Crypto As A Payment Method

Andrew MacGill
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0
Top Brazilian Football Club Now Accepts Crypto As A Payment Method

One of the Brazilian football giants, Sao Paulo, now embraces cryptocurrency as a means of payment. As different organizations and companies see the potential of cryptocurrencies, the fans of the football Sao Paulo can now pay for their match tickets using cryptocurrencies. The football giant does not want to be left out, as different tech giants, restaurants, hotels and so many other organizations now accept cryptocurrencies. This news is bullish for the cryptocurrency community. 

According to the official statement from the club, Bitcoin, Shuba Inu, and other cryptocurrencies will be accepted as a means of payment. Shiba Inu and most altcoins started this week on a bullish cycle, but at press time, Shiba Inu’s price on the gate.io exchange platform, which is one of the top ten global exchange platforms, is $0.0000106591 at a SHIB/USDT trading pair.  Shiba Inu went up 20% in the last 24 hours and it is down by 6.10%. You can buy/sell crypto on the  Gate.io  exchange. Will the bulls take back the market, so as to ensure that this week ends on a bullish trend?

Shiba Inu Now Accepted As Means Of Payment

Sao Paulo is a 22-winner of Brazil’s top soccer league and one of the most successful football clubs in Brazil. Before now, its fans usually purchased match tickets using fiat currencies, but the recent development will allow its fans to purchase match tickets with both fiat currency and cryptocurrencies. This is historical because this is the first team in Brazil to accept cryptocurrencies as a means of payment. 

The football club announced it struck a deal with the Brazilian arm of the Mexican crypto exchange Bitso. Bitso became one of the sponsors of the club in early 2022 and both had a three-year partnership deal, and in May they decided to take their relationship to another level. So the football club will accept Bitcoin, Shiba Inu, and other cryptocurrencies. As both parties move their partnership to another level, the supporters can use the digital assets to buy tickets for home matches.

The first fan who purchased the match ticket is by name, Fabio Gloden Brum, and was awarded a non-fungible token (NFT) to commemorate the pioneering purchase. He used bitcoin to purchase his ticket. The crypto pay method is available for official fan members, but the general public will be able to use Bitso as a payment method in the near future. 

Bitso is a Mexican cryptocurrency exchange and it announced support for Shiba Inu on its platform in January. Despite the fact that the founder of Shiba Inu deleted his tweets last week and also blog posts on his medium account, the Shiba Inu token continues to increase in utility, as more companies and organizations accept it as a means of payment. 

Moreover, this is not the first time Bitso is partnering with a football team to offer such services. In early 2022, Tigres, a seven-time Mexican soccer champion partnered with Bitso to offer crypto payment for the purchase of match tickets and for entertainment events. Also, in May, the Spanish RCD Espanyol also joined the team with the exchange. As the Shiba Inu token continues to increase in terms of utility, we hope it will stay strong like bitcoin.

CEO Hopes Grayscale Bitcoin Trust (GBTC) Doesn’t Suffer from the Tussle Between CFTC and SEC

Albert Brown
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CEO Hopes Grayscale Bitcoin Trust (GBTC) Doesn’t Suffer from the Tussle Between CFTC and SEC

 

Grayscale CEO hopes the GBTC fund doesn’t get caught in the crossfire in the battle between the SEC and CFTC.



The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have so far found themselves grappling to secure jurisdiction over the broader cryptocurrency markets in the United States. 

The SEC which appears more active in the scene has engaged in several regulations by-enforcement practices against some crypto entities. The battle for supremacy between watchdogs stems from the U.S. Congress’s inability to classify certain digital assets as securities or commodities.

Amidst this struggle, Grayscale’s CEO Michael Sonnenshein is hoping the company’s Grayscale Bitcoin Trust (GBTC) Fund doesn’t suffer from the two watchdogs’ tussle, as he speaks on Grayscale’s lawsuit against the SEC for declining its application to convert the GBTC fund to a spot Bitcoin spot ETF.

Speaking in a CNBC Squawk Box interview Wednesday. Sonnenshein discussed the litigation against the SEC, as Grayscale recently announced filing its opening brief in the lawsuit. Sonnenshein stressed the assertion that the SEC’s rejection of a GBTC spot ETF is a discriminatory decision.

Despite rejecting several spot Bitcoin ETF applications, the SEC appears to have been more lenient towards futures BTC ETFs, as several applications for the latter have been approved by the regulator. 

Sonnenshein argued that spot BTC ETFs should receive similar treatments from the SEC, considering that both spot and futures BTC ETFs get their prices from the underlying BTC market.

When asked if he thinks the SEC’s rejections are influenced by its tussle with the CFTC on differentiating securities from commodities when it concerns cryptocurrencies, Sonnenshein noted that he hopes GBTC doesn’t get burnt in the regulators’ battle for supremacy.

“I hope that GBTC doesn’t get caught in the crosshairs between who has jurisdictional authority over crypto,” Sonnenshein remarked. He further highlighted that multiple bills have sought to address the regularity uncertainty, noting that the industry is pushing for clarity.

 

Recall that SEC Chair Gary Gensler previously said he doesn’t mind a decision from Congress to put jurisdiction over certain cryptocurrencies, such as BTC and ETH, under the CFTC. Gensler, however, noted that his support for the decision comes if the SEC is allowed to regulate assets it believes are securities.

Following Ethereum’s switch to PoS, Gensler later argued that PoS assets operate with a pattern native to securities, insinuating that most of these assets could be considered securities. Despite not explicitly mentioning Ethereum, the crypto community raised alarms about the SEC looking to classify ETH as security. Additionally, as previously reported, Gensler noted on October 3 that he believes the law on crypto is clear enough, asserting that most tokens are securities. These comments followed the SEC’s charge against Kim Kardashian for shilling EthereumMax.

Most crypto proponents are not particularly pleased with the SEC’s decisions regarding cryptocurrencies. Its rejection of the GBTC spot BTC ETF is one such decision. Meanwhile, Grayscale has persisted in expressing displeasure over the watchdog’s move.

Grayscale revealed that it had filed its opening brief in the lawsuit challenging the SEC’s decision. Recall that the SEC rejected Grayscale’s application to convert its GBTC fund to a spot BTC ETF on June 29 following a series of deferments. Grayscale initiated litigation against the agency on the same day, challenging its decision.

 

Per information from the appellate phase timeline shared by Grayscale, the firm’s Amicus Brief due date is October 18. After which, the SEC is expected to file its brief on November 9. This legal battle will mark the SEC’s second ongoing major litigation against a top entity within the crypto space as its tussle with Ripple Labs continues.

Grayscale argues that its proposal to convert GBTC to a spot BTC ETF satisfies all financial requirements. The firm asserts that the SEC is only willfully and unjustifiably treating spot BTC ETFs with a “special harshness.”

CoinInn Burns 40M LUNC, Sets Goals for a 100M Token Burn With a New Terra Classic Wallet Initiative

Albert Brown
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CoinInn Burns 40M LUNC, Sets Goals for a 100M Token Burn With a New Terra Classic Wallet Initiative

 

CoinInn has cumulatively burnt to 40M Terra Classic (LUNC) as it sets its eyes on a 100M burn threshold, promising a new Terra Wallet initiative.



Due to the community’s tireless efforts, the LUNC burn campaign has received support from several cryptocurrency exchanges. Some of these cryptocurrency exchanges have already begun implementing the burn mechanism for off-chain and on-chain transactions; one such is Estonia-based CEX CoinInn.

Recently, CoinInn highlighted its impressive contribution to the Terra community’s campaign to reduce the circulating supply of LUNC. According to a tweet Wednesday, CoinInn noted that it had burnt up to 40M LUNC tokens cumulatively as of October 12. 

 

While CoinInn’s 40M cumulative burns seem like a minor fraction of Binance’s recent 3B token burn, it still indicates the exchange’s commitment to making little contribution to the Terra community’s initiative. CoinInn was one of the first exchanges to show support for both LUNC on-chain and off-chain burns.

Additionally, CoinInn noted that it has its eyes set on a 100M LUNC burn threshold and is looking to reach the goal in no time. Despite having a limited reach, with only two offices in Lithuania and Estonia, CoinInn remains dedicated to contributing its quota of LUNC burns.

As recently indicated, the exchange also plans to bring up a new Terra Wallet initiative. “Also we wanted to leak something interesting as well; it will open a new gate for Terra Wallet.” CoinInn remarked in the tweet.

As a reply, reXx of the Terra Rebels noted that the Terra Rebels group is available to discuss any proposals the exchange might have. “TerraRebels is here for you coin_inn Thank you for all your LUNC burn contributions,” reXx noted.

The LUNC Burn Initiative Has Gained Traction

After weeks of an intense campaign, the Terra community finally heard their voices regarding the 1.2% tax burn proposal within the cryptocurrency scene. Several exchanges, including Binance, MEXC Global, Bitrue, Crypto.com, Kraken, and Huobi, indicated support for the burn and are already implementing it.

Binance, in particular, appears to have made one of the highest burn contributions, as previously reported; the exchange succumbed to the community’s demands for off-chain burns by sacrificing its LUNC spot and margin trading fees.

Binance promised to update the community on its LUNC off-chain burns each week, and the numbers revealed so far are nothing short of impressive. The Crypto Basic reported Monday that Binance had burnt nearly 3B LUNC tokens in its second batch of off-chain burns.

The figure brought Binance’s total LUNC off-chain burn to 8.5B LUNC (worth $2.4M against prevailing rates), all at the cost of the exchange. Its first batch of burns saw about 5.5B LUNC removed from the circulating supply.

Users Can Buy Elon Musk’s Newly Launched Perfume “Burnt Hair” With Shiba Inu

Zabi
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Users Can Buy Elon Musk’s Newly Launched Perfume “Burnt Hair” With Shiba Inu

Is it possible to buy Burnt Hair With Shiba Inu?



Elon Musk, the founder of SpaceX and a business magnate with a dream to take people to Mars, recently launched his brand new product called “Burnt Hair” under his tunnel-digging venture, The Boring Company.

Elon says he is now officially a “Perfume Salesman.” He updated his Twitter Bio to “Perfume Salesman” and called the fragrance of Burnt Hair scent the “finest fragrance on Earth.”

Elon Musk perfume Saleman
Elon Musk perfume Salesman

The newly launched “Burnt Hair” cologne costs $100 and is available for purchase at a special page on The Boring Company’s website.

He also revealed shocking sales figures as 10,000 bottles worth $1 Million of “Burnt Hair” were sold within a few hours of the launch.

Can Elon Musk’s Boring Company Burnt Hair Cologne Be Bought with Shiba Inu (SHIB)?

Here’s some good news for Shiba Inu (SHIB) fans. Elon Musk’s Boring Company recently launched the perfume “Burnt Hair,” which can be purchased using Shiba Inu (SHIB) as a payment method via BitPay.

U can now buy Burnt Hair with shiba inu
U can now buy Burnt Hair with shiba inu

As we all know, Elon Musk is a die-hard fan of the canine-themed meme cryptocurrency, Dogecoin (DOGE), and he calls it a “people currency.” But Shiba Inu fans can get “Burnt Hair” with SHIB. The Boring Company’s website page is integrated with BitPay, the world’s leading crypto payment service provider, and BitPay supports 15 cryptocurrencies, including Shiba Inu.

Terra Classic Core Developer Proposes To Run Both USTC Re-peg Proposals In Parallel

Mark Brennan
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Terra Classic Core Developer Proposes To Run Both USTC Re-peg Proposals In Parallel

 

Edward Kim proposes to run both USTC re-peg proposals in parallel.



In a tweet on Tuesday, TerracVita, a subgroup of the Terra Rebels, shared a discord message where Terra Classic core developer Edward Kim proposes to run the competing TerraClassicUSD (USTC) re-peg proposals in parallel.

“i have been working with both alex and zaradar on their proposals, I have some of the logistics worked out on rebel-2 testnet. very early stages, but it is technically feasible, and both can coexist and be implemented in parallel for the time being,” Kim writes.

It bears mentioning that Kim’s suggestion comes as the competing proposals to reclaim the USTC dollar peg have sparked heated debates in the community. Notably, both proposers took very different approaches to solve the problem.

While Alex Forshaw initially opted to mint more LUNC to collateralize an algorithmic fungible token (AFT) to restructure USTC, Tobia Andersen, AKA Zaradar, opted for a quantitative tightening approach, with the plan of re-enabling swaps after creating features that provide new utility for USTC and burn more LUNC.

Notably, several influential voices in the community have thrown their weight behind the proposal by Zaradar. Consequently, the positive sentiment led to double-digit percentage gains for the defunct algorithmic stablecoin.

It bears mentioning that the community has received the latest suggestion from Kim positively, as it could give a clear picture of what the community should adopt from both proposals.

USTC, formerly just TerraUSD (UST), de-pegged from the dollar in May, kicking off a death spiral that led to the collapse of the Terra ecosystem. It is currently trading at the $0.05066 price point, up 63.74% in the last seven days. As it sees increased attention, it has jumped almost 30 places to rank 71 amongst the top 100 cryptocurrencies by market cap.

Dominica Makes TRON (TRX) Country’s Official Legal Tender

Lele Jima
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0
Dominica Makes TRON (TRX) Country’s Official Legal Tender

Tron Becomes the Official Issuer of Dominica Coin (DMC), As TRX, USDD, and Others Become the Country’s Official Legal Tender.


Tron has been appointed as official Dominica’s national blockchain infrastructure.

According to an announcement today, Tron has also been selected as the country’s official partner to develop and issue Dominica Coin (DMC), the nation’s fan token. 

It is noteworthy that the partnership is described as the highest level of cooperation between a blockchain platform and a sovereign state. Following Tron’s recent partnership with Dominica, the public blockchain project is poised to launch a series of applications based on emerging technology for other sovereign states. 

TRX, JST, USDD, Become Legal Tender in Dominica 

Celebrating the milestone on Twitter, Justin Sun, the founder of the Tron project, said the government of Dominica also granted statutory status to all Tron ecosystem tokens, including TRX, JST, USDD, and TUSD, among others.

Cryptocurrencies can be used as legal tender to exchange goods and services within the sovereign state.

“It is official! All TRON cryptos, including TRX, BTT, JST, NFT, USDD, USDT, and TUSD are granted statutory status as an authorized digital currency and medium of exchange in the commonwealth of Dominica, effective on October 7th, 2022,” Sun said. 

According to the Dominica government’s official document, Dominica may accept Tron for Public services, including tax payments. The government may accept Tron as payment for goods and services. The exchange rate between Tron and EC$ would be determined by the free market.

Dominica makes tron is legal tender
Image source: https://twitter.com/justinsuntron/status/1580095865729220608?

 

Dominica’s Plan to Boost Its Economic Activities

The partnership between Tron and Dominica has been in the works for months. A popular news outlet in the Caribbean WIC NEWS, noted that Tron was selected as Dominica’s official blockchain partner immediately after the country passed its Virtual Asset Business Act in May 2022.

The development is part of efforts by the government of Dominica to bolster the nation’s economic activities. 

Commenting on the development, Roosevelt Skerrit, Prime Minister of Dominica, said: 

“The open and cost-effective nature of the TRON blockchain infrastructure will play a vital role to better integrate Small Island Developing States like Dominica into the global economy in the future.” 

Dominica is an island in the Caribbean. The country’s major economic focus is agriculture and tourism, and its official currency is the Eastern Caribbean Dollar (ECB), a fiat pegged to the U.S. dollar. 

As reported, Dominica also attended a Bitcoin conference hosted by El Salvador. 

Widespread Adoption of Blockchain in the Caribbean

The Caribbean is slowly becoming a hub for cryptocurrencies and blockchain technology.  

With a total of 25 sovereign countries and 14 regions, nations in the Caribbean are heavily reliant on trade. However, they are faced with the problem of insufficient foreign exchange reserves and a lack of adequate financial infrastructure to process these transactions.  

Through the blockchain tech, selected Caribbean countries like Puerto Rico, Jamaica, and others can navigate these challenges.

Unknown Wallet Burns 135 Million Shiba Inu In One Go, 154 Million Shib Destroyed in 24 Hours

Zabi
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0
Unknown Wallet Burns 135 Million Shiba Inu In One Go, 154 Million Shib Destroyed in 24 Hours

Another 154.89 Million Shiba Inu (SHIB) Burned in the Past 24 Hours; a Single Wallet burned 135.89 Million SHIB.


Over 154.89 Million Shiba Inu (SHIB) has been pushed out of circulation forever in the past 24 hours.

 

Anonymous wallet burned 135.89 Million SHIB in a single transaction causing Shiba Inu’s Burn rate to skyrocket over 425% compared to the last day.

On the other hand, Shiba Inu has officially ended a relationship with its partner token, Ryoshis Vision, regarding the official SHIB Burn Portal. The team clarified that SHIB Burn Portal will remain operational as part of ShibaSwap and will now be powered by Shiba Inu’s internal development team, who’s already working on additional burn utility mechanics with solutions such as the upcoming Shibarium protocol instead of Ryoshis Vision.

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