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Chains, Crypto, crypto funds, Cryptocurrencies, Cryptocurrency, digital cash, Digital Currencies, electronics, funds platform, Funds processor, Retailers, tech shops, Ukraine, ukrainian, Whitebit, Whitepay
Ukrainians will be capable to buy electronics and different merchandise with digital cash because of a service offered by Whitepay. The fee processor, established by the Ukrainian-born digital asset change Whitebit, has just lately carried out crypto funds within the nation’s largest tech shops.
Whitepay, one of many platforms working as a part of crypto change Whitebit’s ecosystem, has launched cryptocurrency funds for the merchandise supplied by main Ukrainian tech shops, the crypto information outlet Forklog unveiled.
Among the many electronics retailers, whose prospects will now reap the benefits of the brand new service, are Tehnoezh (Техно Їжак in Ukrainian) and Stylus, which handle main on-line platforms within the sector, the report particulars.
The combination permits patrons to make use of greater than 130 completely different digital currencies for his or her purchases. The plan is to broaden the listing of supported digital cash sooner or later.
Ukrainian crypto holders will be capable to pay with digital belongings by the suitable varieties on the on-line shops, or at bodily places by particular level of sale (POS) terminals put in by Whitepay. The fee processor will preserve the system and supply buyer help.
Cryptocurrencies have gained vital recognition amongst Ukrainians prior to now few years, with their nation turning into a frontrunner in Japanese Europe when it comes to adoption. Kyiv has taken steps to control the business, and since Russia invaded the nation in late February, the federal government and volunteer teams have been counting on crypto donations to finance their protection and humanitarian efforts.
The Estonia-headquartered Whitebit, a serious European crypto change originating from Ukraine, has been a participant in such efforts. Earlier this yr, the buying and selling platform signed a memorandum of cooperation with the nation’s Ministry of International Affairs to offer help to its Anti-Disaster Middle and help Ukrainian refugees by its consultant workplaces overseas.
Different crypto corporations have additionally supplied assist. The world’s largest digital asset change by day by day buying and selling quantity, Binance, issued a particular crypto card for Ukrainians pressured to depart their properties behind as a result of ongoing army battle with Russia.
You possibly can help Ukrainian households, youngsters, refugees, and displaced individuals by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Reduction Fund.
Do you suppose electronics retailers in different international locations within the area will introduce crypto funds within the close to future? Inform us within the feedback part beneath.
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Crypto lender Genesis Global received a significant victory in bankruptcy court on Friday, securing approval for its liquidation plan that will return approximately $3 billion in cash and cryptocurrency to its customers. The ruling, however, delivers a blow to Genesis’s owner, Digital Currency Group (DCG), which will receive no recovery from the bankruptcy.
U.S. Bankruptcy Judge Sean Lane overruled DCG’s objection to the plan, which centred on the valuation of crypto assets. DCG argued that customer claims should be capped at the value of cryptocurrencies in January 2023, when Genesis filed for bankruptcy. Crypto prices have surged since then, with Bitcoin, for example, rising from $21,084 in January 2023 to its current price of around $67,000.
Judge Lane rejected DCG’s argument, stating that even with the lower valuation, Genesis would have to prioritise paying other creditors, including federal and state financial regulators with claims totalling $32 billion, before distributing funds to its equity owner.
“There are nowhere near enough assets to provide any recovery to DCG in these cases,” Judge Lane wrote in his ruling.
Genesis aims to return funds to customers in cryptocurrency wherever possible, although it lacks sufficient crypto assets to fully repay all outstanding claims.
Sean O’Neal, an attorney representing Genesis, refuted DCG’s assertion that customers could be paid in full based on the lower January 2023 valuations. “We don’t buy into the idea that claims are capped at the petition date value,” O’Neal stated.
Genesis initially estimated in February that it could repay up to 77% of the value of customer claims, subject to future fluctuations in cryptocurrency prices.
This court approval marks a significant step forward in the resolution of Genesis’s bankruptcy, providing much-needed relief to its customers while leaving its owner, DCG, without any financial recovery.
Venezuela’s Ministry of Electric Power announced it would disconnect all cryptocurrency mining farms from the national power grid (SEN, Sistema Electrico Nacional). The measure aims to control the high energy demand from these mining farms and ensure reliable service for citizens.
AlbertoNews, a local media outlet, reported the announcement on May 18.
“The purpose is to disconnect all cryptocurrency mining farms in the country from the SEN [National Electrical System], avoiding the high impact on demand, which allows us to continue offering an efficient and reliable service to all the Venezuelan people,”
the Ministry reported in its account in Instagram.
Notably, the announcement followed the seizure of 2,000 cryptocurrency mining machines in the country. This action is part of the government’s ongoing anti-corruption campaign. Leading to the arrests of several officials from state institutions.
The National Superintendency of Cryptoassets (Sunacrip) has been under a restructuring board since the arrest of Superintendent Joselit Ramírez. Ramírez has connections to Tareck El Aissami, former Petroleum Minister and former president of Petróleos de Venezuela (PDVSA).
On that note, El Aissami was charged with treason, embezzlement, misuse of influence, money laundering, and criminal association.
Venezuela has faced an ongoing electricity crisis since 2009, worsened by massive blackouts in 2019 that left cities without power for up to seven days. Frequent power outages have negatively affected the country’s quality of life and economic activities.
Therefore, Governor of Carabobo state, Rafael Lacava confirmed restrictions on cryptocurrency mining farms due to their significant electricity consumption. He urged residents to report illegal cryptocurrency mining operations to prevent power shortages.
“If you, neighbor, see a house that you know, tell that person to turn off the farm, or else report it, because when they turn off the light, because you have to give light to a man so that he can earn some reales (money), you are left without electrical service.”
– Rafael Lacava
As reported by AlbertoNews, experts attribute the crisis to poor maintenance and inadequate investment in the power grid. Meanwhile, the government blames sabotage and has promised to modernize the state-controlled power network.
Overall, Bitcoin (BTC) and cryptocurrency mining are known worldwide for their high energy consumption. Countries like China and Cazaquistan have banned the activity to preserve their power grids, centralizing mining in fewer locations.
Therefore, the fewer countries allowing this activity, the higher the security concerns will be, as a few miners dominate block discovery.
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