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El Salvador’s President promotes digital coins

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As the key Alliance for Financial Inclusion meeting kicks off, El Salvador’s President is using his address to promote crypto adoption. 

32 central banks and 12 financial officials, all representing emerging economies are attending the event. 

The President’s address will cover financial inclusion and the digital economy, and how El Salvador has benefited from being the first country in the world to adopt bitcoin as legal tender back in 2021.

Other countries attending include Paraguay, Haiti, Costa Rica and Ecuador in Latin America, plus Palestine and Pakistan in Asia.

The AFI has just resumed its in-person meetings following two years of Covid disruptions. 

The event’s policy director says El Salvador has successfully harnessed digital financial services as the nation attempts to promote bitcoin among developing countries.

“It is a watershed moment in the country’s efforts to increase unbanked people’s access to, usage of, and quality of financial services.”

AFI Policy Programs & Implementation Director Eliki Boletawa

On Twitter, the President says “Bitcoin is good for developing countries (and for humanity).”

El Salvador joined AFI in 2012 to improve digital financial services for individuals and small businesses.

Talks will continue for another two days.

Meanwhile, in the US, MiamiCoin has lost 88 per cent of its value in less than a year.

Katerina Kostakos contributed to this report.

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Russian Police investigate a crypto mining facility

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Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients

It’s understood the miners handed devices to those who were running a mining hotel.

They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.

The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.

They were offered electricity prices that were below market value.

Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.

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Crypto

Gucci goes big in metaverse with new Vault Art Space

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Forward thinkers who love fashion, this exhibit is for you

Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse

Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare

The debut exhibit is titled “The Next 100 Years of Gucci”

Spring Cry by Alanna Vanacore

Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.

The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.

All sales will be in Ethereum.

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Ethereum to finally undergo shift to new energy model

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Ethereum is about to undergo its long awaited makeover, which will see the company shift from its energy intensive model.

The crypto has been working to shift from its proof-of-work method to a proof-of-stake model, which requires far less power than mining.

Crypto currencies have been criticised for their mining processes to generate new coins. But this new method will be eco-friendly and lead to faster transactions.

The transition has been repeatedly pushed back because of major flaws.

But developers reportedly say the latest test run was very smooth.

The price of Ethereum has lost nearly half its value this year and is trading at just over $1,800 USD.

Investors will continue to keep an eye out on what will come out of this upgrade.

Meanwhile, Bitcoin investors can enjoy a sigh of relief as the cryptocurrency bounces back after months of turbulence.

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