Home ICYMI Trump's Secretary of State Urges Crypto Regs, China Miners Flooded, Tether Launches...

Trump’s Secretary of State Urges Crypto Regs, China Miners Flooded, Tether Launches Yuan Peg

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Trump’s Secretary of State thinks crypto should be regulated like electronic money. Tether launches yuan stablecoin. Lolli partners with Postmates. Rainstorms and mudslides affect mining operations in Sichuan. A1 Telecom starts accepting cryptocurrencies in Austria.

Trump’s Secretary of State Thinks Crypto Should Be Regulated Like Electronic Money

Trump's Secretary of State

The US Secretary of State, Mike Pompeo, expressed his opinion about cryptocurrencies and its regulation. He declared in an interview on CNBC the US government should “use the same framework that we use to regulate all other electronic financial transactions today. That’s essentially what these are. These are monies moving through markets, or in some case disintermediated transactions.” Pompeo’s declaration comes after President Trump tweeted, announcing how bitcoin could “facilitate unlawful behavior, including drug trade and other illegal activity.”

Tether to Launch Yuan-Pegged Stablecoin

Trump's Secretary of State

Tether has not stopped its push in launching stablecoins even while being targeted and sued by the New York General Attorney. The company announced the launch of a new stablecoin dubbed “CNHT” that will have its value pegged to the Chinese yuan. Tether has already launched two stablecoins, one pegged to the US dollar and another one pegged to the euro. Zhao Dong, a shareholder of the iFinex consortium, said their latest offering will be launched in the near future.

Lolli Partners With Food Delivery Service Postmates

Lolli, a startup offering customers bitcoin cashbacks on every order, scored a partnership with Postmates, an extremely popular food and groceries delivery service. With this alliance, Lolli users will receive $2.25 for every purchase they make, and first-time users will receive an $18 bonus. Lolli CEO Alex Adelman declared the move was “another step towards the mainstream adoption of bitcoin as Postmates is used daily by people across the US.” Postmates is available in almost 3,000 cities in the US.

Rainstorm and Slides Stop Mining Operations in Sichuan

Sichuan, one of the main mining centers in China due to the cheap hydro-electrical energy produced there, is facing a season of rains and mudslides affecting the whole cryptocurrency mining farm community. Some farms have been directly impacted by the mudslides while others are facing energy shortages due to the excessive levels in dams, forcing operators to suspend services to protect operations.

A1, Biggest Telecom Carrier in Austria, Starts Accepting Cryptocurrencies

A1, the biggest Austrian telecom carrier, started accepting cryptocurrencies as a means of payment for their services. This is part of a pilot project that will establish seven cashless stores across the entire country to measure demand for these kinds of alternative payments. The stores will also accept Alipay and WeChat Pay through the end of August. A1 serves more than 5 million customers.

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