Iranian President Calls for National Crypto Mining Strategy
Iranian President Hassan Rouhani has ordered the government to draw up a renewed national approach for the emerging crypto industry.
Chairing Iran’s economic coordination headquarters – a seminar for the national economic strategy – earlier this week, Rouhani told officials from the Central Bank of Iran (CBI), energy department and information and communication technology ministries that they needed to devise a new national strategy for crypto mining, including regulation and mining revenue, Iranian news site ArzDigital reported Wednesday.
The news comes barely two days after the Iranian parliament published a bill proposing to apply the country’s strict foreign exchange and currency smuggling regulation to cryptocurrencies. The new parliamentary law would also require crypto exchanges operating in the country to first register with the CBI – possibly in a move to try and prevent too much capital leaving the country.
Related: First Mover: Bitcoin Just Got Easier to Mine, but for How Long?
Penalties for smuggling in Iran can include fines and imprisonment.
Just months ago, the administration of U.S. President Donald Trump raised concerns that Iranians were using digital assets in order to circumvent sanctions.
See also: Iran Issues License for Nation’s Biggest Bitcoin Mining Operation
Iran was one of the first countries to officially recognize cryptocurrency mining as a legitimate industry back in July 2019. The government now issues mining licenses, giving companies the right to mine and then sell off any digital assets produced. An industry report in January said Iran had issued over 1,000 such licenses in its first six months.
Related: Iran Moves to Restrict Crypto Exchanges Under ‘Currency Smuggling’ Laws
Iran currently has a 4% share in bitcoin’s total hashrate, according to the Bitcoin Mining Map, more than double what it was at the beginning of September 2019.
It’s unclear why Rouhani wants Iranian officials to revisit bitcoin mining regulation. With the clampdown on value leaving the country, in the form of cryptocurrencies, it’s possible the President wants to ensure miners, too, aren’t taking their money away from the government’s clutches.
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Author: Paddy Baker
Problems with the emergency assistant: VW and Skoda before recall, daughters check problems
According to information from corporate circles, AUDI and Seat may face similar difficulties – this is currently being intensively examined. The new editions of the Audi A3, Seat Leon and
Octavia are based on the same basic construction kit as the Golf 8. The cause of possible failures should be a malfunction of the software. There is already a delivery freeze for the Golf and Octavia.
Audi said at the weekend that "the phenomenon of the new A3" has not yet been reproduced exactly. "We continue to analyze, also because there are minor differences in hardware and software." A spokesman for the subsidiary in Ingolstadt told the journal "Automobilwoche": "The basic assumption that corresponding Audi models could also be affected is correct." At Seat it said: "At this early point in the analysis, we evaluate the details and work on a solution."
The new Skoda Octavia is also being examined for malfunctions in the eCall. According to the Czech sister brand, deliveries have already been interrupted here – as with the Golf.
On Friday it became known that Volkswagen had to prepare for a recall of the new Golf version that had just started. During internal investigations, unreliable data transmission to the control unit was noticed in individual vehicles. The function of the emergency assistant is therefore not fully guaranteed.
A decision by the Federal Motor Transport Authority (KBA) to call back and require a software update is expected in the coming days. Until further notice, VW will no longer deliver the Golf 8. Production continued for the time being – but all new cars would now be put in stock for now, according to the group environment. This could exacerbate the big sales problems. As a result of the Corona crisis, demand has plummeted, the car dealerships have been closed for some time, and the finished new cars are piling up at some locations.
The VW works council warned of further setbacks for golf production at the main Wolfsburg plant. The current underutilization with several canceled shifts could worsen. The employee representative therefore calls for an additional mass model to be established at the headquarters in the medium term. The Golf is considered the most important product of the largest German industrial group. Even before it started, there had been delays in the electronics.
Meanwhile, there is movement in the debate about the controversial payment of the dividend. According to information from the "Hannoversche Allgemeine Zeitung" (HAZ), Volkswagen continues to plan to distribute around three billion euros to the shareholders for 2019. However, reference is made internally to the fact that after the postponement of the Annual General Meeting, a new assessment is not entirely excluded.
Prime Minister and co-supervisor Stephan Weil (SPD) pointed out that the control body would deal with the issue of dividends again as soon as the date for the shareholder meeting was fixed. Lower Saxony is the second largest VW shareholder with 20 percent. According to the previous dividend plans, the country would get 383 million euros.
WOLFSBURG / INGOLSTADT (dpa-AFX)
Cardano: details revealed about chip that will allow use of crypto as cash
- Cardano’s creator, Charles Hoskinson, reveals new details of the development and use cases for the chip built by IOHK with the University of Wyoming.
- Chip can be used to give 98% of African farmers access to financial services through a system of hierarchy.
In a recent interview, Cardano’s creator and IOHK CEO Charles Hoskinson revealed new details about the project with the University of Wyoming. Born after IOHK donated $500,000 in ADA to the institution, the project consists of the development of a chip that would allow the expansion of the ADA token and Cardano blockchain cases in multiple sectors.
As reported by the Crypto News Flash, IOHK and the University of Wyoming are developing a specific purpose chip. The hardware, according to Hoskinson, will be a Secure Hardware Module capable of performing cryptographic operations. The secure circuits on the chip will be tamper-proof and isolated from the rest of the system, so they will be suitable for storing and using private keys. In addition, they will have antennas to allow communication with radio frequency identification (RFID) and Near Field Communication (NFC).
Previously, Charles Hoskinson explained how the chip could be used to prevent counterfeiting and for product authentication in the supply chain. In the interview, Hoskinson talked about another possible use case for the chip. Envisioned as a long project that will take years to complete, Hoskinson said the chip could be used to fulfill one of Bitcoin’s purposes, to be cash:
You know, the whole point of Bitcoin was to go from cash to something that’s like cash online. But what if you want to go in the opposite direction? What if you wanted to go from a native cryptocurrency to something that has a cache like user experience? It’s very difficult to do without a hardware component.
In that sense, the chip will be useful in regions like Africa. There, 98% of farmers don’t have a smartphone, connection or internet or a way to use cryptocurrencies. Cardano’s creator further outlines:
So when you look at that, you say, well, OK, 98 percent are mostly offline and not banked or digital. So if I was building a money system for them, it would probably be a bad idea to say, ‘oh, you have to use an always online, purely digital currency.’ You need some other thing. And so how do I replicate the cash money experience but still have a blockchain backend? Well, what you do is you create a hierarchy where those two percent basically become like micro banks and then they can manage the issuance of these tokens to people and then their local phones or infrastructure can verify.
As mentioned, the chip can store private keys and the system proposed by Hoskinson will allow them to be transferred from one chip to another. Furthermore, with the proof of erasure it can be guaranteed that the keys only exist on one chip. That way, the use of the internet is not necessary for transfers:
So if you can do that, you can basically just tap phones locally with no Internet connection to each other and move value. Like you would a twenty dollar bill from one actor to another actor, and you’ve replicated the cash experience. Now, what’s nice about the solution is it’s infinitely scalable because these transactions actually don’t occur on the blockchain. So from the blockchain perspective, nothing has happened.
Crypto-Crash: Bitcoin price falls below $9,000 – Are the bears back?
- Bitcoin broke out of the price range between $9,500 and $10,000 and briefly fell below the psychologically important $9,000 mark.
- Analysts are currently discussing whether another correction to $8,000 could follow as the bulls appear to be running out of steam.
After Bitcoin failed at the $10,000 mark in its fifth attempt, another correction followed yesterday, with BTC falling briefly to $8,800. At the time of writing, the Bitcoin price has recovered to $9,050, down 4.88% in the last 24 hours. The market capitalisation has fallen from $174 billion to $166 billion.
The anonymous crypto-trader Crypto Iso describes that the pressure to sell Bitcoin could increase further, as Bitcoin has not managed to break through the $10,000 mark. In his opinion, the “buy the dip season” is finally over, as the technical fundamentals are getting weaker and weaker. As a result, he sees “scalping”, a trading style that aims to profit from small price changes, as a good technique to continue making profits during a downtrend.
Sell pressure is back in full force.
Buy the dip season is over.
Swing shorts and scalping from here on out.
— CryptoISO (@crypto_iso) May 21, 2020
For the first time in a month, Bitcoin is threatening to lose its middle Bollinger Band support. Big Chonis already pointed this out yesterday and urged his followers to be cautious, as Bitcoin could start another correction if BTC falls heavily below this support zone.
$BTC – flirting with loosing middle BB support for the first time in exactly 1 month…#bitcoin daily chart… pic.twitter.com/AazoE3owRX
— Big Chonis Trading😷 (@BigChonis) May 21, 2020
Bitcoin is also very close to another technical indicator, the 200-day moving average (EMA200). In the past, a breach above this level has marked a rebound, and a downward breach has triggered a sharp correction. So far, the EMA200 has been defended by the bulls, but the trader “Byzantine General” points out that Bitcoin will start a large correction if the EMA200 is breached downwards.
Quick tip for the superguppy on the 4H.
When $BTC dips below the net, it usually taps the 200EMA.
When the 200EMA gives out, it’s over. pic.twitter.com/9hHF4fbLAx
— Byzantine General (@ByzGeneral) May 21, 2020
Bitcoin analyst “HornHairs” also believes that Bitcoin could enter a downward trend in the coming days and weeks, so he has sold some stocks. For him, it is important that Bitcoin closes above the $9,200 mark on the daily chart and does not breach the middle Bollinger Band and the EMA200.
Swept highs and broke MS on the daily close in the context of HTF resistance.
Looks rough, sold some spot. pic.twitter.com/AOBomGcSNF
— HornHairs 🌊 (@CryptoHornHairs) May 22, 2020
Other analysts describe that many macro indicators of Bitcoin point to a further correction and therefore try to make short-term profits by “shorts”. The well-known hedge fund manager Mark Dow described already in April that Bitcoin is facing massive resistance in the range of $10,000 to $10,500 and the lack of support zones in the range of $7,700 to $9,000 increased the probability that Bitcoin will fall again to $7,000:
On the chart, Bitcoin faces massive overhead resistance. Based on this chart, this is a textbook opportunity for a short at the moment.
However, the Altcoin market continues to show a strong correlation with Bitcoin, and has also seen heavy losses in the last 24 hours. The Ethereum price is down 5.08% to $200.94 and is on the verge of losing the important support along the $200 mark. XRP shows a slight downtrend of 1.73% to a price of $0.19. Litecoin, Cardano and Tezos are also drawing a correction. You can check the prices of more than 5,000 cryptocurrencies in our price overview.
Author: Collin Brown