44 central bankers learn about bitcoin, India warns for crypto and miners China take back 2nd place
Central bankers meet in El Salvador to talk about bitcoin
This week, 44 central bankers from developing countries around the world are attending a conference in El Salvador to discuss financial inclusion, financing for small and medium-sized businesses and Bitcoin.
Central bank delegates from Ghana to Burundi, Jordan to the Maldives and Pakistan to Costa Rica arrived in San Salvador for the conference upon El Salvador’s President Nayib Bukele’s invitation.
Organized by the Alliance for Financial Inclusion, a global policy leadership alliance, and in partnership with El Salvador’s central bank, the conference will run for three days. In a tweet, the head of El Salvador central bank, Douglas Rodríguez, shared:
RBI warns of possible dollarization of Indian economy through crypto
RBI officials have raised the alarm once more over the adoption of cryptocurrencies, claiming that this will lead to the “dollarization” of India’s economy.
Economic Times reported on Monday that the Reserve Bank of India (RBI) is concerned about the impact of U.S. dollar-dominated cryptocurrencies on the Indian rupee.
As per the report, the Parliamentary Standing Committee on Finance was briefed this week by RBI officials, including governor Shaktikanta Das. They expressed skepticism about the impact of crypto on the banking sector in the article.
According to the RBI officials, people may put their hard-earned wealth into digital currencies because they are appealing assets. This, in turn, could lead to banks having fewer resources to lend.
China claims 2nd spot for Bitcoin mining, despite ban
In September 2021, China banned all the cryptocurrency mining operations in the country. But according to a new report, China has now made a comeback as one of the world’s largest Bitcoin mining hubs.
The United States claims the topmost position, which produced approximately 37.8% of the overall hash rate at the beginning of 2022.
The latest update on the Cambridge Bitcoin Electricity Consumption Index (CBECI) reported that China has now become the second-largest hub of Bitcoin hash rates, accounting for almost 21.1% of the global hash rate distribution of Bitcoin mining.
The CBECI is a part of the Cambridge Digital Assets Programme — a research initiative by the Cambridge Center for Alternative Finance.
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