Analysis Crypto by Thebittimes.Com

Last year wasn’t a smooth ride for crypto in China, if anything, it was the opposite. Starting with prohibiting financial institutions from making any transactions in crypto to stopping domestic mining. And eventually outlawing cryptocurrencies altogether. It was clear the country did not want crypto circulating in its monetary ecosystem. Despite all of this, a recent labor dispute brought to light the existence of crypto-based transactions that go against the country&rsquo ;s law. As ruled by the Chaoyang District People’s Court in Beijing, stablecoins like USDT cannot be used for making salary payments; and workers are to be paid in the renminbi- the official currency of the nation. Buy Crypto Now Your capital is at risk. More About the Court Ruling The ruling was partly a consequence of a court case decision that involved Mr Shen- VP of a network technology firm- suing his employers for paying him in USDT. The basis for the case was that he was paid his sala...

Join Our Telegram channel to stay up to date on breaking news coverage The President of El Salvador, Nayib Bukele, led the country into passing a Bitcoin law in September last year. The country accepted Bitcoin as legal tender and invested money into buying the cryptocurrency. However, with Bitcoin losing two-thirds of its value this year, El Salvador’s Bitcoin bet has been seen as a bad one. Bukele remains popular despite his poor Bitcoin plan El Salvador invested $107 million into buying Bitcoin to support the country&rsquo ;s Bitcoin law. However, the Bitcoin bet is not paying off, with the investment losing more than $61 million. Data also shows that many citizens are also not using the currency. The economy of El Salvador is also not doing well. The International Monetary Fund (IMF) warned that the economy of El Salvador would only increase by 1.7% in 2023, which would feel like the economy was in a recession. However, the economy&rsquo ;s performance has not a...

El Salvador made history on the 7th of September, 2021, when it made Bitcoin (BTC) a legal tender. The idea behind the move was to “bank the bankless.” A large portion of El Salvador’s population does not have bank accounts. The Bitcoin experiment was an attempt to solve this problem. Popular Bitcoin analyst Willy Woo recently tweeted some numbers highlighting how El Salvador’s BTC adoption nearly matched its banking adoption . As per the data, of the total El Salvadoran population, 40% had downloaded the Chivo wallet (the state-sponsored wallet for Bitcoin transactions). However, by May 2022, only 20% continue to use it. This number is close to the 25% of the population that has a bank account. A majority of the people stopped using the Chivo wallet after receiving the $30 incentive. Moreover, many complained that the wallet was not very easy to use. El Salvador #Bitcoin adoption nearly matched its banking adoption in its first 8 months since launch...

Source: AdobeStock / Yasir Design   The number of companies in Brazil holding cryptoassets hit an all-time high in August, with bitcoin (BTC) and tether (USDT) standing at the top of the adoption list. Per the local media, Receita Federal do Brasil (RFB), or the Federal Revenue of Brazil , which is the country&rsquo ;s tax authority , recorded 12,053 organizations that declared cryptoassets on their balance sheets in August this year. In July, there were 11,360 companies recorded, making this a 6.1% rise in August. Furthermore, the highest previously recorded number (provided in the report) was 11,797 seen in June – which means that August saw a 2.2% increase in the number of these organizations since then.   Furthermore, the taxation authority stated that the most popular cryptoassets held by institutions are BTC and the stablecoin USDT. USDT saw the most value transacted, with over R$7.4 billion ($1.43 million) moved in August. It also saw 80,000...