Weekly news: 9. — 15. May
South Korea is putting the work to become crypto friendly, the White House is being urge to take actions against miners and Norwegian parliament denied the crypto mining ban proposal
South Korea wants crypto frame work
Some time ago South Korea elected a new president, Yoon Suk-yeol, who promised to integrate crypto into the state and to make it as a new center for crypto. Now he is doing as he promised. On Wednesday, newspaper Kukumi, leaked government file where are explained details of Digital Asset Basic Act (DABA), which should go live next year. The file includes thing like guidance for NFTs and ICOs, expanding infrastructure and supporting CBDC research. As to legislation, South Kore hopes to roll out comprehensive crypto legislation in 2023 and to institutionalize the sector year after, in 2024.
Environmental organizations are taking step against miners
The use of energy by crypto miners is at question for a long time and many people are still sceptic about crypto because of that energy consumption. Now the Biden Administration got a request about it it. The request is from eight environmental groups (the Environmental Working Group, Earthjustice, Greenpeace, the League of Conservation Voters, the Sierra Club, Friends of the Earth, the Seneca Lake Guardian and the Milwaukee Riverkeeper) and in stands that they want White House to put in policies aimed at that problem. More specifically in the letter stands: “curbing the electricity use and climate pollution associated with digital currencies that rely on PoW.”
The organizations said that crypto mining in the United States is harming communities because it creates increased demand for electricity sourced from fossil fuels etc.… One of the recommendations for solving was to limit tightened overtime to eventually eliminate proof-of-work mining.
Norway denied the ban
Earlier this year, specifically in March, the Norwegian parliament got a proposal by the Red Party (Norway’s communist party) for banning the crypto mining in Norway. This week the vote took a place and it was denied, because only Norway’s left-leaning parties, including the Socialist Left Party, the Red Party and the Green Party were supporting the ban. There was also attempt to drive the miners out of the country by implementing a higher power tax rate specifically for miners..
The Norway is contributing about 1% to Bitcoin mining hash rate and for that they are using 100% of renewable energy.
Thank you for reading.