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Mass surveillance law in Europe and new restrictions in China

Key facts:

Binance announced the temporary suspension of deposits with bank transfers in Europe.

Steve Wozniak, co-founder of Apple, in Jalisco Talent Land: “Bitcoin is a mathematical miracle.”

Among the outstanding news this week is the approval of a Mass Surveillance Law in Europe, approved on the grounds that it will serve to counter child pornography and other associated crimes. With the initiative, legislators intend that digital platforms enable a “back door” to snoop users, if the authorities so determine.

Meanwhile, the price of bitcoin shows signs of recovery. This week the cryptocurrency lost 4%, although its value has remained stable in recent weeks and is around USD 30,000 and USD 35,000. At the time of writing, BTC is trading at USD 33,709, as reflected in the market price of Latin America and Spain, according to the CriptoNoticias price calculator.

With CriptoNoticias, those interested can keep up to date on price changes in the bitcoin and ether market in relation to their local currency. To do this, they can visit the BTC and ETH Prices section, which has a calculator to make conversions quickly and easily to their national currency.

These are the most outstanding news:

This week, the European Parliament gave the go-ahead to a new law that will allow mass surveillance in messaging applications such as WhatsApp, Telegram and email services like Gmail. With the new provision, digital messaging companies have the option of monitoring or not their users to find suspicious content, and the obligation to notify users. The Central Bank of China and the Beijing Municipal Office of Local Financial Supervision have ordered the closure of software maker Beijing Qudao Cultural Development Co Ltd for allegedly providing software services for cryptocurrency transactions. The authorities ordered the company to cease its operations and close its website and recalled that no company can operate with crypto assets. It is a new repressive measure against the ecosystem. Despite this, the blocks continue to be mined and transactions processed, even as 50% of the industry is moving its facilities and reallocating capital to other jurisdictions, according to a report by Glassnode. The Chinese regulator also blocked the Binance platform and its website using the local computer security system or firewall, which would have been happening since last Thursday, July 8. The event occurs in the middle of a series of blockades that Binance has been suffering in at least 6 countries. The exchange temporarily suspended bank transfer deposits in Europe. On the other hand, according to an announcement made on July 9, the social network of Chinese origin, TikTok, prohibited its users from including commercial ads and promotions of cryptocurrencies in its publications. In the framework of the Jalisco Talent Land conference, held online from July 5 to 8, Apple co-founder Steve Wozniak defended bitcoin over gold and the United States dollar. For the computer engineer, cryptocurrency could defy economic laws and have a promising future. At the same event, bitcoin trading specialist Tone Vays said he was convinced that the price of the crypto asset could exceed $ 100,000 and potentially reach $ 250,000. Meanwhile, in Iran, after the government granted operating permits to Bitcoin mining, it has now requested all cryptocurrency miners legally operating in the country, stop mining completely. The decision responds to the alleged impact that mining activity has had on the country’s electricity consumption, accusing it of causing major blackouts nationwide. According to a survey conducted by the Bitcoin Mining Council, 56% of bitcoin miners use sustainable energy. Participated in the survey 32% of the Bitcoin hash rate globally. The study highlights that Bitcoin mining uses a negligible amount of energy, is becoming increasingly efficient, and is powered by a higher mix of sustainable energy than any major country or industry. In a similar line of information, the University of Cambridge said that, according to its indexes, Bitcoin’s electricity consumption fell by 60% in two months.

If you want to know the meaning of several words in the crypto world terminology, you can consult them in the extensive CryptoNews Glossary.

AML (Anti-Money Laundering): Acronyms corresponding to “Anti-Money Laundering”, which refer to the legal framework created by the governments of each country to combat money laundering. Over the past few years, authorities have tried to adapt these policies to cryptocurrency trading activity.

CryptoNews Glossary.

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