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Ethereum hard fork in August and Bitcoin regulation in Paraguay

Among the news highlights this week is the announcement from the Ethereum Foundation informing about the activation date of the London update. The hard fork is expected to occur in August. This is one of the most anticipated updates that includes up to five EIPs, among which is EIP 1559, which will change the method of payment of commissions in the network.

Meanwhile, the price of bitcoin remains more or less stable in a range that oscillates between USD 30,000 and USD 35,000. This week the cryptocurrency lost 7%. At the time of this writing, BTC is trading at USD 31,680, 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:

The Ethereum Foundation reported that the block in which the improvements that come with the hard fork, London, will be activated has already been defined. The update will hit the main network at block 12,965,000. According to programmers’ estimates, the event will take place between August 3 and 5The release date was set after the developers successfully completed the deployment and evaluations of the EIPs on the Ropsten testnet. A document containing the draft law to regulate Bitcoin in Paraguay was leaked on the Internet. The initiative aims to control transactions carried out with cryptocurrencies, leaving them subject to the payment of taxes. The proposed law is intended to “regulate commercial transactions” of blockchain-based digital assets. The plan in the South American country is to regulate all activities related to bitcoin or digital mining and will do so from four state institutions, as established in the legislative proposal called “Law that regulates the industry and commercialization of virtual assets and crypto assets.” The Chinese provinces of Henan, Gansu and Anhui announced their decision to ban mining of bitcoin and other cryptocurrencies in its territory, in order to reduce electricity consumption. With this, they join the other five provinces of this country that had restricted this activity for a few months. Other provinces are expected to do the same in the short term. Meanwhile, the People’s Bank of China published the white paper for its digital currency (CBDC), identified as the digital yuan. The entity admitted that the development of cryptocurrencies such as bitcoin was one of the motivations for the development of its CBDC. Binance announced the end of support for company share tokens, a type of asset it had launched a few months ago, which represent shares of publicly traded companies. The decision is made after several legal controversies related to these assets that arose mainly in Europe. In fact, this same week, the Italian National Securities Market Commission issued a statement indicating that Binance Group is not authorized to offer investment services. The company is also facing the United States Department of Justice who expressed their displeasure over the thank you notes, which Binance had been requesting from federal agencies in exchange for assisting with its investigations. A federal judge in the United States ruled that Ripple Labs Inc, issuing company of the cryptocurrency XRP, will be able to question a former official of the United States Securities and Exchange Commission (SEC) in court. Apparently, Ripple asked the magistrate to allow him to question William H. Hinman, former director of the SEC’s Corporate Finance Division between 2017 and 2020, who would have said that bitcoin and ether are not securities. Six people were arrested in southern Venezuela for operating cryptocurrency mining equipment without the permits granted by the Superintendency of Crypto Assets and Related Activities (SUNACRIP). The arrests occurred in two different operations, in the city of Puerto Ordaz, Bolívar state. A total of 25 computers were confiscated for Bitcoin mining. Days later, the detainees were released thanks to the intercession of SUNACRIP, determining the non-validity of the arrest carried out by police forces.

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

DLT (Distributed Ledger Technology): can be translated as Distributed Ledger or Distributed Accounting. It is a distributed database in which data or transactions are registered in multiple nodes. A blockchain plus a network is a specific type of DLT that uses cryptography to organize that data into interlocking blocks

CryptoNews Glossary.

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