23/08/2018: Biggest Stories in the Cryptosphere

1. Researcher Claims Banks Consume 3 Times More Energy Than Bitcoin

University of Pittsburgh’s Clean Energy Technology Researcher Katrina Kelly-Pitou stated that banks consume three times more energy than Bitcoin. However, people don’t release this because they fail to take into account all of the factors. She affirmed that the debate surrounding Bitcoin’s network electricity consumption and its effect on the environment is being carried out in the wrong way. Kelly-Pitou went on to say that the real question shouldn’t be how much energy is being consumed, but rather who is producing it and where it’s coming from. She doesn’t deny Bitcoin’s high consumption. However, she notes that banking consumes about 100 terawatts, three times more than what Bitcoin mining needs. Bitcoin would still represent 2% of total energy consumption even if it ‘matured by more than 100 times’. The researcher concluded by saying that people should focus on reducing Bitcoin carbon production.

2. Crypto Company Receives e-Money Licence From UK Regulator

The Finance Conduct Authority (FCA), the UK financial regulator, has granted an e-money licence to the crypto company Wirex, whose main product is a crypto payment card. This is the third e-money licence to be granted by the FCA. Wirex, previously known as E-coin, launched a prepaid debit card which allows to converts cryptocurrencies into pounds, euros and dollars. This allows users to use cryptocurrencies for their everyday expenses. The product supports over 50 altcoins, including Litecoin. They also offer a payment network called W-Pay. According to Wirex Co-Founder Dmitry Lazarichev, the license will lead to “streamlined services and potentially even lower rates than we currently offer”. On top of granting e-money licenses, FCA has also been managing a sandbox for FinTech companies, BlockEx included. We are currently working on a digital bond service.

3. One More US Politician To Admit To Be Investing in Crypto

It was revealed on Democratic Representative Tulsi Gabbard’s financial disclosure form that she had invested in cryptocurrencies earlier last year, around the period of Bitcoin’s big peak & fall. Hawaii’s 2nd district Congresswoman purchased between $1,001 and $15,000 worth of Ether and Litecoin back in December, as shown in a filing with the U.S. House of Representatives. However, Gabbard is not the only to have invested in cryptocurrencies. In fact, the list includes also House Judiciary Committee Chairman Bob Goodlatte, owner of between $17,000 to $80,000 in Bitcoin, Bitcoin Cash and Ether. The news was revealed back in May due to the Virginia Republican’s annual financial disclosures filling.

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