Monthly Archives: März 2023

El Salvador Still Interested in Bitcoin Despite Criticism

16. März 2023Allgemeinadmin

• A recent study found that El Salvador is the second most interested country in bitcoin and crypto, ranking behind the U.S.
• President Nayib Bukele has been criticized by Salvadorans for his push for bitcoin adoption and the approval of a Bitcoin Law in June 2021.
• Despite criticism, polls have suggested that there is still interest in crypto in El Salvador.

Interest in Bitcoin Remains High in El Salvador

A recent study conducted by Crypto Betting showed that El Salvador is one of the countries with the most interest in learning about bitcoin and its uses, coming second after only the United States. The study examined queries using Google Analytics and the number of bitcoin ATMs around each country to determine rankings, giving El Salvador a grade of 46.19 out of 100 on a scale where higher numbers indicated more interest.

Criticism of President Bukele’s Push for Bitcoin Adoption

President Nayib Bukele has been pushing for increased bitcoin adoption since June 2021 when he approved a law making it legal tender in El Salvador. However, this move has drawn criticism from some within his own country as polls conducted by Simeon Canas University last year found that most people did not think it had improved their personal finances and were generally negative towards its use as legal tender. Similarly, another survey found that over 60% disagreed with its adoption as legal tender instead preferring to keep using the US dollar.

The Building of ‚Bitcoin City‘

Despite this criticism President Bukele is continuing his push for increased bitcoin adoption through programs such as ‚Bitcoin City‘. This city will be built with funds from Volcano Bonds which are yet to be released by government authorities but will be powered entirely by geothermal energy sources once completed.

Remaining Interest Despite Criticism

Although there may be some reservations regarding cryptocurrency usage among citizens, polls suggest that there is still significant interest surrounding cryptocurrencies within El Salvador meaning it remains one of the countries with highest levels of interest worldwide when it comes to issues surrounding crypto assets such as bitcoin.

Conclusion

El Salvador remains an important player in terms of worldwide cryptocurrency usage despite skepticism from some within its own borders due to programs such as ‚Bitcoin City‘ being developed and continued efforts from President Bukele to increase acceptance and usage within his own country.

Robbers Sent to Strict-Regime Prison for $1.1M Crypto Theft

8. März 2023Allgemeinadmin

• Three Russians have been sentenced to strict-regime prison for stealing over a million dollars‘ worth of cryptocurrency from another man.
• The court also ordered them to compensate the victim for the damages.
• Russia is reviewing its regulatory approach towards decentralized cryptocurrencies like Bitcoin.

Crypto Robbers Sentenced in Russia

A court in Omsk, Russia has issued a verdict in a criminal case against three men from Moscow who extorted digital currency from a local resident. Two of them were found guilty of robbery and forgery of documents and the third one of fraud. They are now going to serve between six-and-a-half and nine years in a strict-regime correctional colony, as well as compensate any damage caused to the victim.

Robbery Details

The robbers learned that an Omsk resident owned significant crypto funds and traveled all the way from Moscow to Siberia where they followed him for about 10 days examining his movements and daily routines. On the day of the attack, they stopped him on the street, presented fake IDs and forced him into a car taking away 3 million rubles ($40,000) in cash and made him transfer another 84 million rubles ($1.1 million) in cryptocurrency.

Growing Number of Crypto Crimes Cases

There has been a growing number of cases involving crypto crimes prosecutions in Russia recently, with two residents of Tomsk being tried for „large-scale robbery“ involving theft of almost $5 million worth of crypto currency from a miner back in February 2021. In July 2021, masked armed men robbed a large crypto mining facility near Moscow too.

Russia’s Regulatory Approach Towards Cryptocurrency

Given the invasion sanctions imposed by other countries over Ukraine, Russia is currently mulling over its regulatory approach towards decentralized cryptocurrencies like bitcoin, with efforts to adopt rules for related activities and transactions underway through bills under review by their Parliament at present time. Cryptocurrency has been previously recognized as property by Russian authorities nonetheless.

Conclusion

Although there has been an increase on cases prosecuting people responsible for crypto-related crimes lately in Russia, they have yet to implement proper regulations on cryptocurrencies or establish clear guidelines regarding their usage within their territory at this moment