TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Facebook Libra whitepaper to be unveiled this month. Almost 75% of the energy used for mining is “green.” Blockchain will generate $3.1 trillion in value according to Gartner. Facebook Coin could be used to settle oil contracts, Rosneft CEO warns. Japan wants to avoid cryptocurrency tax evasion, and Coinbase and Binance are the most visited exchanges.
Facebook Libra Whitepaper to be Released This Month
The cryptocurrency project of Facebook, formerly known as GlobalCoin and now revealed as Libra, will release its whitepaper June 18, according to TechCrunch. The whitepaper will explain key aspects of how the cryptocurrency will work. Sources declared Libra will be indeed a stablecoin, but instead of being pegged just to a single currency, it will be pegged to a basket of coins to avoid volatility. The currency is aiming for a 2020 launch, and it will be integrated with Facebook-owned services such as WhatsApp.
Almost 75% of the Energy Used for Bitcoin Mining is Green
Coinshares, a cryptocurrency research firm, published a new report that examines the sustainability of cryptocurrency mining and the source of energy used for this purpose. Amazingly, 74% of the energy used for bitcoin mining is green, coming from renewables, a very high percentage compared to other industries. In fact, most heavy mining regions are located near renewable energy sources, known to be cheaper when corresponding support infrastructure is already in place.
Gartner Predicts Blockchain Will Deliver $3.1 Trillion Dollars Value for 2030
The evolution of blockchain-based technologies was the subject of a new report by Gartner, who predicts an immense growth for the new tech field in the future. The study describes how blockchain will deliver more than $3 trillion in value for its main use case: digital money. JP Morgan and Facebook are just the tip of the iceberg of a blockchain movement that will leave the all-solving phase to mature and have true use cases backed up by interested companies. Also, the study predicts current blockchain solutions will face obsolescence in 2021, having to be revamped to ensure their operation capacity.
Facebook Coin Might Be Used To Settle Oil Contracts
The Facebook cryptocurrency, now known as Libra, has not even launched and it is already shaking the cryptosphere. Igor Sechin, CEO of Rosneft, an important Russian oil company, included it in his speech for the St. Petersburg International Economic Forum, believing it could be used to settle oil contracts. Sechin argued this could indeed be real if the tech sector continues to get more and more influence on the gas and energy sector, as is currently happening. He also warned about the US grip would have on the industry if this really comes to fruition in the future.
Japan Wants to Reap More Cryptocurrency Taxes
Japanese tax authorities are looking for ways to collect more taxes on the astonishing gains made by trading cryptocurrency, according to Asahi Shimbun. Cryptocurrency trading is an immensely profitable activity, but due to its semi anonymous trait, it is difficult to tax traders who are likely to hide their gains. Cryptocurrency earnings can be taxed up to 50%, an absurd rate to traders. A new system that will permit the government to ask for trader names and info is expected to start functioning next January, but it will only impact local exchanges.
Binance and Coinbase Lead Exchange Web Visit Numbers
Site traffic to Binance and Coinbase hit new 2019 highs in May.
Binance gets 1.37M visits/day (Up 16% this month)
Coinbase gets 1.14M visits/day (Up 23% this month)
No other crypto exchange gets more than 500K visits/day. pic.twitter.com/a1e29qblxA
— Kevin Rooke (@kerooke) June 7, 2019
Binance and Coinbase have had a huge growth in views since the bull market exploded, statistics confirm. According to Kevin Rooke, Binance and Coinbase have 1.37 and 1.14 million visits per day respectively, leaving other exchanges far behind. This seems to also confirm the integrity and visibility of these two exchanges.
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