#CryptoCorner; #Bitcoin Possibly Recovering, #Thailand Moves Toward Regulation and #EU Still Safe for Mining
#CryptoCorner; #Bitcoin Possibly
Recovering, #Thailand Moves Toward Regulation and #EU Still Safe for Mining
Point Roberts, WA, Delta BC – March 12, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Crypto Corner – March 12, 2018
By Samuel Mowers at Investorideas.com
Read this in full at http://www.investorideas.com/news/2018/crypto-corner/03121ThailandEU.asp
Bitcoin Possibly
Recovering, Thailand Moves Toward Regulation and EU Still Safe for Mining
Bitcoin
(BTC), at about $9300 at time of writing, appears to be slowly recovering from
its low of $8300 USD on March 9. Today it has already reached a high of about
$9885 USD, making for a strong opening for the week.
This
all comes after a hectic week that saw the price fall from a peak of $11,700
USD. Many attribute the drops in price to a Mt. Gox
trustee selling off over $400 million USD of BTC and BCH on cryptocurrency
exchanges, which may have deterred investors.
According
to a piece in the Bangkok Post:
“Bank
of Thailand governor Veerathai Santiprabhob said Wednesday’s meeting of state
agencies and financial regulators resulted in an agreement to enact a new law
to comprehensively regulate digital currencies.”
The piece states
that Thailand’s Securities and Exchange Commission (SEC) is being supported by
financial experts and former Thai finance minister and Thai FinTech Association
(TFA) chairman Korn Chatikavanij, in its pursuit of regulation cryptocurrencies
and ICOs.
Bitcoin mining in
the European Union will remain legal, according to Mariya Gabriel, European
Commissioner for Digital Economy and Society.
While recognizing
the considerable energy consumption associated with bitcoin mining, Gabriel
concluded that miners would only be restricted by current EU laws governing
energy.
“These
systems where mining is required to build a consensus and establish trust
between the users of the blockchain increasingly require significant
electricity-consuming computing power. This issue is particularly acute for the
bitcoin, as the Honourable Member pointed out. Mining activity seems to be
currently concentrated in China (two thirds according to certain estimations.
Nevertheless,
it cannot be excluded that some part of the mining is done in the EU.
If
this is the case, and if the energy consumed for this activity is produced
according to law, there is no legal basis to forbid or even limit it. However,
as an electricity consuming economic activity within the EU, it is subject to
EU rules and policies with respect to energy efficiency, the power sector and
greenhouse gases emissions, with the greenhouse gas emission of the power
sector as such largely covered by the EU emission trading system.”
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