Monday, December 6

CZ and Elon Musk star in controversial Twitter thread about DOGE withdrawals on Binance

This Wednesday, CZ and Elon Musk, one of the world’s biggest Dogecoin fans, took to Twitter to raise issues regarding DOGE withdrawals on Binance. Tagging Binance CEO Changpeng Zhao, Musk wrote: “What’s going on with your Doge clients? It sounds murky.

The official Twitter account of Binance took about 30 minutes to reply. Arguing that there is nothing shady about the problem and citing a new Twitter update on the problem. “The root cause is a technical issue during the recent upgrade process that caused old transactions to be re-sent to 1,674 users.” Binance said.

As a result of the problem, some Binance users have received old transactions, while some were unable to withdraw their Dogecoin. “We have kindly asked those who receive the previous transactions to return them, but we are aware that some users have problems accessing some of the wallets.”

Binance has been in a tug of war with Dogecoin lately. On November 11, the international cryptocurrency exchange had stopped withdrawals from the DOGE network due to problems after a new version update. Binance has now offered more information on what exactly went wrong.

Government of India Introduces Bill to Ban Most Cryptocurrencies

The Indian government is still trying to ban most cryptocurrencies under a long-awaited cryptocurrency bill. Which will be presented for consideration at the so-called “Winter Session” of Parliament this year.

According to a newsletter published in Lok Sabha, the site web official of the Indian parliament, the Bill on Cryptocurrencies and Regulation of Official Digital Currency, 2021, aims to create a framework that facilitates the creation of a central bank digital currency (CBDC).

The bill also seeks to ban all private cryptocurrencies in India. However, it allows certain exceptions to promote the underlying cryptocurrency technology and its uses, ”the newsletter said.

Energy demand for Bitcoin mining in Texas could multiply by 5 in 2023

As the state of Texas faces a rapid influx of Bitcoin mining operations, its electrical infrastructure will have to support the 5,000 megawatts (MW) that the industry is expected to demand by 2023.

The Bitcoin mining sector in Texas currently consumes between 500 and 1,000 MW of energy. The Electric Reliability Council of Texas (ERCOT) anticipates that demand could increase fivefold by 2023. And it has forecast between 3,000 and 5,000 additional MW, according to reports.

This expansion comes at a time when the Lone Star State plans to become the headquarters for 20% of the world’s Bitcoin mining operations. Texas has become the destination for Bitcoin miners. Since the Chinese government officially banned Bitcoin mining earlier this year.

MercadoLibre from Latin America to introduce crypto offerings in Brazil

The MercadoLibre online market will now allow the purchase and sale of cryptocurrencies through its digital application, reported Bloomberg.

Latin American giant MercadoPago is also set to offer crypto investments to its Brazilian clients soon. Reports from the company’s vice president, Tulio Oliveira, cited that a wider deployment is expected shortly after a smaller pilot was introduced earlier this month.

The report came as a foray into e-commerce and digital platforms is testing the crypto waters. Payment providers like Visa and Mastercard have started offering crypto support with PayPal. And, they also dive deep into the sector due to customer demand.

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