Kripto vesti

Iceland’s Industry to Shift From Crypto Mining to ‘Pure Blockchain Business,’ Insiders Say

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Chairman of an Icelandic data center provider claims that the local crypto industry is going to shift from crypto mining to “pure blockchain business.”

Iceland’s crypto industry is expected to move away from crypto mining and shift to “pure blockchain businesses.This is according to forecasts made by a number of local industry insiders who talked to the news site Red Herring September 23.

Halldór Jörgensson, chairman of Reykjavik-based Borealis Data Center, told Red Herring that demand from local crypto i blockchain facilities is “shifting more towards the pure blockchain business,” rather than focusing on Bitcoin mining.

According to Jörgensson, the frenzy around Bitcoin (BTC) mining has declined to a level that is “not as crazy as it was a year ago,” when the cryptocurrency has hit its all-time price high. Despite that, the chairman has suggested that the Bitcoin mining “wavehas contributed to the faster growth of local energy and data industries, whose well-developed infrastructures are now expected to provide a boost to blockchain-related businesses.

Iceland has become one of the leaders in crypto mining due to its naturally cold climate, as well as the abundance of cost-efficient renewable energy sourcesmainly geothermal and hydroelectric. The country is home to one of the world’s 5 largest crypto mining farms, whose operator Genesis Mining is reportedly the single largest consumer of electricity in Iceland.

In February, Johann Snorri Sigurbergsson, the business development manager of a local energy supplier HS Orka, predicted that the volume of crypto mining in Iceland will likely double in 2018.

HS Orka’s CEO Asgeir Margeirsson claimed in July that the industry of crypto mining has pushed “the fourth revolution,” while the director of the Icelandic Institute for Intelligent Machines stated that Bitcoin miners are “central to the industrial revolution that is still under way.

However, HS Orka’s Sigurbergsson also argued that Bitcoin “probably won’t be here far into the future,” claiming that the data centers that are currently used by miners will eventually become new technology incubators.

Earlier this week, blockchain technology group Bitfury najavio the launch of its new-generation BTC mining hardware, with plans to use the new machines in its mining centers in Canada, Norway, Iceland and Georgia.

Dom Kripto vesti Russian Lobby Group to Present Alternative Bill on Digital Assets
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Russian Lobby Group to Present Alternative Bill on Digital Assets
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Russian Lobby Group to Present Alternative Bill on Digital Assets

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A lobby group of Russian industrialists and entrepreneurs wants to eliminate contradictions in the “unfinished and fragmented” state draft law on digital currencies.

A lobby group of the Russian Union of Industrialists and Entrepreneurs (RSPP) is working on an alternative crypto regulation bill, which will eliminate supposed contradictions in the state draft law “On Digital Financial Assets,” Forklog reported Thursday, September 14.

The alternative bill will be developed by a group of high-ranked Russian managers such as billionaire Vladimir Potanin, owner of the nickel and palladium mining and smelting company Nornickel, and Viktor Vekselberg, head of the Russian innovation fund Skolkovo. Both are listed among the top ten richest businessmen in the country by Forbes.

The expert council for the lobby group is formed by representatives of various ministries, departments and the Russian State Duma.

According to RSPP vice-president Elina Sidorenko, the new bill will divide digital assets in three groups: tokens, which will be equivalent to securities, cryptocurrencies, and digital “signs”. She further explained that cryptocurrencies will be treated differently:

“Cryptocurrencies will have a special status, which has never appeared in Russian legislation before, and will be regulated on the basis of laws and regulations that will be issued by the Russian Central Bank. The Central Bank will issue licenses for exchange operations. In this regard, the status of crypto owners will be notably facilitated in comparison to securities owners.

Sidorenko stressed that tokens will also fall under the law on securities, while “digital signissuers will not need to apply for licences from the central bank. She did not specify what “digital signmeant legally.

Sidorenko hopes that the alternative bill will help eliminate contradictions in the state bill that she calls “unfinished and fragmented”. Per Sidorenko, the RSPP document will rely on the actual legal framework in Russia and will take other countriesexperience into consideration.

The alternative bill must first be approved by the RSPP, which will then discuss it with Russian officials later in October, Forklog reports.

The bill “On Digital Financial Assets” je bio accepted by the State Duma in the first of three readings in May 2018. The law defined cryptocurrencies and tokens as property and soon drew criticism from industry figures.

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