City Buenos Aires Financial News

FTX former CEO Sam Bankman-Fried, co-founder Gary Wang and director of engineering Nishad Singh are understood to be in the Bahamas and are “under supervision” by the local authorities. 

Customs officers in Argentina have seized a haul of 342 crypto mining rigs as the nation continues its recent crackdown on illegal miners.

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

 

In another shift toward widespread crypto adoption in Argentina, citizens from the Mendoza Province can now pay government fees and taxes using cryptocurrencies. 

 

Bitcoin (BTC) has dropped by more than 13% this week and has failed to hold support at $22,000 after successfully breaching $25,000 in the interim. Ethereum (ETH) has dropped 18% weekly and is now trading near $1,600. Total crypto market cap is now hovering near $1 trillion. Given September is traditionally a red month for Bitcoin and crypto markets, investors are anticipating further pain before the final bottom is discovered. With Ethereum’s Merge scheduled for mid-September, the possibility of ‘sell-the-news’ event wiping out monthly gains in ETH is strong. As this bear market plays out, we look at some positives in terms of adoption and other stories of the week below.Buenos Aires to deploy Ethereum validator nodes Buenos Aires (capital of Argentina) is set to become one of the first public entities in the world to help run Ethereum’s network infrastructure. In 2023, the city will work with private enterprises to install validator nodes, which are machines running the Ethereum client software. The validators are responsible for storing data, processing transactions, and adding new blocks to the blockchain, which will become part of the proof-of-stake (PoS) network consensus system being implemented in conjunction with the Merge which is anticipated to take place in mid-September.

Live from Polkadot Decoded in Buenos Aires on Wednesday, Polkadot and Kusama founder Gavin Wood announced that the blockchain's governance model would undergo a new transformation. Dubbed Gov2, anyone would be able to start a referendum at any time for as many times as they wish in the new setup, similar to initiating new transactions on the blockchain.

The capital of Argentina and an agglomeration with more than 12 million citizens, Buenos Aires will make blockchain a vital part of its digitalization drive. Specifically, the city will accept public financial transactions in crypto. 

BUENOS AIRES—Shopkeeper Jonathan Faez has a word of advice to people around the world obsessing about inflation: Chill out.

The Argentinian Senate, the upper chamber of the country’s parliament, has voted to approve a USD 45bn debt deal with the International Monetary Fund (IMF) in a move designed to prevent Argentina’s default.

Independent think tank Observer Research Foundation (ORF) opined in its latest post that G20 countries have both an “opportunity and responsibility” to coordinate policies around crypto-assets and DeFi. So much so, that it is conducive to a “sustainable, balanced, and inclusive global economic architecture.”