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<h2 id="header-0">In our digest, we took a look at some of the important crypto industry news from the past week:</h2><ol><li>Tether expands influence, maintains USDT stability and invests in new technologies;</li><li>Gorelkin calls for faster passage of mining law in light of new U.S. sanctions;</li><li>MicroStrategy raises $700 million to buy bitcoin;</li><li>Bitcoin discussion: Understanding key concepts and rethinking &#39;digital gold&#39;;</li><li>U.S. cryptocurrency policy draws attention from the Biden administration;</li><li>Turkey imposes 0.03% tax on cryptocurrency transactions;</li><li>El Salvador&#39;s president proposes opening a private bitcoin bank.</li></ol><p>Now for more details. Reading time: 9 minutes.</p><h2 id="header-1">Tether expands influence, maintains USDT stability and invests in new technologies.</h2><p>Tether, the leading steblecoin company, continues to expand its influence and has a notable impact on the global economy. More than 300 million people around the world already use the Tether (USDT) stablecoin as a digital dollar. USDT is especially used in emerging economies where people are suffering from high inflation and rapid devaluation of national currencies.</p><p>The company actively invests in short-term U.S. bonds, ranking among the top 20 investors. In the first quarter of 2024, Tether held $90.9 billion worth of U.S. debt securities, which keeps the USDT exchange rate stable and helps meet global demand for U.S. debt.</p><p>However, Tether is not limited to only supporting the stability of its stablecoin. The company is actively investing in the development of new technologies. Over the past two years, Tether has invested about $2 billion in startups in the fields of alternative financial infrastructure, artificial intelligence, and biotechnology. The company plans to invest more than $1 billion over the next 12 months.</p><h2 id="header-2">Gorelkin calls for speeding up the adoption of the law on mining in light of new U.S. sanctions.</h2><p>Anton Gorelkin, deputy chairman of the State Duma Committee on Information Policy, called for accelerating the consideration of the draft law on mining amid new U.S. sanctions. Gorelkin expressed his opinion on the need to legalize cryptocurrencies for foreign trade payments and to establish state control over cryptocurrency.</p><p>According to Gorelkin, the experience of Iran, which started the process of legalizing industrial mining and embedded bitcoin into its financial system, could be useful for Russia. However, he emphasized that Russia should not completely repeat the Iranian scenario.</p><p>Anton Gorelkin emphasized the importance of quickly adopting the law on mining, especially against the background of new US sanctions. The bill on mining was submitted to the State Duma in November 2022, but has not yet passed the first reading.</p><p>The new U.S. sanctions affected the Moscow Exchange and the National Clearing Center, which suspended trading in the dollar and euro on June 12. At the same time, according to a survey conducted by the Kommersant newspaper, cryptocurrency mining in Russia remains profitable due to climatic conditions, low electricity tariffs and a large number of production sites.</p><h2 id="header-3">MicroStrategy raises $700 million to buy bitcoin.</h2><p>MicroStrategy, the largest corporate holder of bitcoin, is looking to raise $700 million through a convertible bond offering to acquire more of the cryptocurrency. This came to light after a revision of the company&#39;s previous plan for a $500 million bond offering.</p><p>According to the report, the bonds will be unsecured and senior, with a maturity date set for 2032 and an annualized yield of 2.25%. The proceeds will be used to fund general corporate purposes and additional bitcoin purchases.</p><p>At the time of writing, MicroStrategy has 214,400 bitcoins on its balance sheet, valued at over $14 billion at current exchange rates.</p><p>This is not the first time MicroStrategy has used convertible bonds to buy bitcoin. Recall that earlier in March 2014, the company had already placed two convertible bond issues totaling $1.1 billion.</p><p>MicroStrategy&#39;s actions emphasize the company&#39;s confidence in cryptocurrency and its potential as a wealth preservation value. It is noted that the company began investing in bitcoin more than three years ago and continues to actively accumulate the coins.</p><h2 id="header-4">Bitcoin discussion: Understanding key concepts and rethinking digital gold</h2><p>Two important personalities in the cryptocurrency industry discuss the key concepts and perspectives of Bitcoin. Jack Mallers, CEO of Strike, at the recent BTC event in Prague, highlighted the need to understand the proof of work (PoW) and decentralized P2P network concepts laid down by Bitcoin&#39;s creator, Satoshi Nakamoto. Mallers detailed how PoW prevents double-spending, ensures consensus, and protects the network.</p><p>On the other hand, Hunter Horsley, CEO of Bitwise, believes that the &#34;digital gold&#34; narrative, hinders Bitcoin&#39;s further development as an investment asset. Horsley emphasized that Bitcoin has many advantages over gold and it is time to move on to the next chapter of its story.</p><p>Both opinions emphasize the importance of understanding the basic concepts of Bitcoin. While Mallers emphasizes the importance of the historical concept and the decentralized nature of Bitcoin, Horsley calls for a rethinking of Bitcoin, going beyond &#34;digital gold&#34; and opening new horizons for the asset.</p><h2 id="header-5">US cryptocurrency policy attracts the attention of the Biden administration.</h2><p>The administration of US President Joe Biden is closely following the development of the cryptocurrency sector, confirming the importance of this area for the future of the country. It is planned to discuss key issues of cryptopolitics at a roundtable organized by Ro Khanna, a Democratic congressman representing the richest US district - California&#39;s Silicon Valley.</p><p>The main topic of the meeting will be the prospects for keeping Bitcoin and blockchain innovation alive in the United States. Khanna, a well-known cryptocurrency advocate, recently came out in support of the FIT21 bill, which proposes new regulations for &#34;digital commodities&#34; while giving the CFTC new jurisdiction in the matter.</p><p>In a statement, Hanna emphasized that the White House should support the FIT21 Act to bring clarity to blockchain and cryptocurrency regulation, as well as create new jobs in the U.S.</p><p>While the importance of crypto policy has been emphasized by the Biden administration, former President Donald Trump also recognized the importance of the sector. During his campaign speech in West Palm Beach, Florida, he stated the need to end Biden&#39;s &#34;war on cryptocurrency,&#34; emphasizing that the future of cryptocurrency and bitcoin must be created in America.</p><h2 id="header-6">Turkey introduces 0.03% tax on cryptocurrency transactions.</h2><p>The Turkish government plans to introduce a tax reform that imposes a 0.03% tax on cryptocurrency transactions. The initiative is expected to bring an annual replenishment of 3.7 billion liras (approximately $113 million) to the country&#39;s budget.</p><p>Turkey is experiencing significant economic difficulties, exacerbated by the effects of the 2023 earthquakes. Therefore, the authorities are looking for innovative ways to regulate financial transactions and increase budget revenues. The introduction of a tax on cryptocurrency transactions has become part of this strategy.</p><p>In February 2024, the Turkish government began drafting a package of regulations to regulate the crypto industry. As part of these measures, the authorities aim to protect the interests of consumers and investors, as well as support innovation in the digital economy.</p><p>Cryptocurrencies have become a popular tool among retail investors in Turkey who are looking for ways to protect their savings from lira devaluation and rising inflation. The introduction of a transaction tax on cryptocurrencies is part of a broader reform strategy aimed at improving the country&#39;s economic situation.</p><h2 id="header-7">El Salvador&#39;s president proposes to open a private bitcoin bank.</h2><p>El Salvador&#39;s President Nayib Bukele, who recently began his second term as president, is proposing to open a private investment bank (BPI) in the country. This innovative initiative will provide customers with access to cryptocurrencies.</p><p>According to the president&#39;s economic plan, the BPI will help diversify financing by offering potential investors options in dollars and bitcoins. El Salvador&#39;s ambassador to the U.S., Milena Mayorga, emphasized this in a statement.</p><p>Unlike traditional banks, BPI will not face the same strict laws and restrictions. The new private investment banks, if approved, would be created with a minimum authorized capital of $50 million and foreigners could be among the shareholders.</p><p>Max Kaiser, a senior advisor to the president on cryptocurrencies, predicts that El Salvador&#39;s real GDP could increase 10-fold over the next five years thanks to the new bank.</p><p>However, despite the president&#39;s active steps, the proposed reform has yet to be approved. Lawmakers have yet to agree to invite officials to familiarize themselves with the project&#39;s goals and bring it to a vote in the Commission.</p><p>Thank you for being with us. Crypto-industry news on Bit.team - always up to date.</p><p></p><p>Info taken from:<a href="https://bit.team/blog/en/cryptonews_en_17_06_2024/" rel="noopener noreferrer nofollow"> https:bit.team/blog/en/cryptonews_en_17_06_2024/</a><br />Read more at <a href="https://bit.team/blog" rel="noopener noreferrer nofollow">https://bit.team/blog</a></p>

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