This Week in Bitcoin

This week was quite a rough one for the price of Bitcoin.

Meanwhile, there were lots of exciting news and developments around the Bitcoin ecosystem.

Here’s a quick rundown on the key updates:.

  • Indian crypto businesses to come under Prevention of Money Laundering Act (PMLA)
    In a welcome step forward for regulatory clarity of crypto in India, businesses that provide crypto/virtual assets activities (exchanges, custodians, wallet providers etc) are now effectively categorised as “reporting entities” under the PMLA.
    Stringent KYC and AML norms now are a mandatory legal obligation.
  • Biden budget proposes 30% tax on crypto mining electricity usage
    Under a budget proposal by US President Joe Biden aimed to reduce mining activity, the tax on electricity usage for crypto mining would be  phased in over three years at a rate of 10% a year, reaching the max 30% tax rate by the third year. The proposal covers electricity generated from both on and off-grid sources.
  • President Bukele credits Bitcoin for rebranding El Salvador’s legacy
    In an interview, El Salvador’s president said that embracing Bitcoin had increased tourism by 95% among other benefits, including private investments, and also how the country was attracting Bitcoiners because of various conferences.
  • First Fully Nuclear-Powered Bitcoin Mine in the United States goes live
    Terawulf has announced roughly half of its nuclear-powered Nautilus Cryptomine has come online. The mining facility, a joint venture with Cumulus Coin derives its energy wholly from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania.
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