Turkey’s Central Bank Weighs In on Bitcoin Energy Concerns as Regulation Looms

In brief

  • Turkey awaits new regulations on crypto from its policy makers.
  • A recent report by the country’s central bank outlined various concerns that regulators are considering.
  • The bank highlighted the environmental impact of Bitcoin for the first time.

The Central Bank of Turkey, which is currently working with the other government agencies on the country’s forthcoming crypto regulations, has submitted a report to the Turkish Parliament detailing its views on crypto.

And, in a first for a Turkish government agency, the central bank is sounding the alarm regarding the environmental impact of Bitcoin, echoing many of the same concerns recently expressed by the government of China.

The report, succinctly titled “May 2021,” isn’t publicly available but was obtained by local media Bloomberg HT. It was addressed to the Parliamentary Commission on Online Environments, a parliamentary body that’s tasked with legislation around anything to do with the internet—including crypto. Turkey is currently in the process of establishing regulations on crypto assets. Crypto as a medium of payment is already banned, and the government has ruled out banning crypto assets entirely.

The central bank’s report offers a deep dive into the history and nature of cryptocurrency and lists several risks commonly associated with Bitcoin and other cryptocurrencies. Notably, the report highlights the environmental concerns surrounding crypto: “Crypto mining leads to high energy consumption, contributing to global warming,” the report claims.

“Mining” is how the most actively traded cryptocurrencies—such as Bitcoin and Ethereum—are created. It involves the use of high-powered computers to solve complex mathematical problems through a process known as “proof of work,” which is what underpins blockchain networks like Bitcoin.

But Turkey isn’t known to have many Bitcoin miners, unlike its neighbor Iran, which temporarily banned crypto mining last week. Meanwhile, China, one of the hotbeds of crypto mining, is in the process of rolling out restrictions on Bitcoin mining throughout the country.

Environmental concerns were a driving force behind the crypto market crash that began two weeks ago. On May 12, Tesla CEO Elon Musk, who announced in February that his company had purchased $1.5 billion in Bitcoin, said Tesla would no longer accept Bitcoin as a form of payment due to environmental concerns—only three months after first announcing that it would.

This later prompted the formation of the “Bitcoin Mining Council,” through the intervention of MicroStrategy CEO and Bitcoin evangelist Michael Saylor, which aims to organize mining firms to “promote energy usage transparency & accelerate sustainability initiatives worldwide.”

It’s yet unclear what form Turkey’s crypto regulations will take, but it appears that policy-makers now have sustainability issues and Bitcoin’s carbon footprint to add to a growing list of concerns.


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Tron Founder Justin Sun Says Crypto Bull Market Gearing Up for Next Rally – Here’s When

Justin Sun, founder of Tron (TRX), believes that the crypto bull market is still intact and that a new rally is just around the corner.

In an interview with Bloomberg, Sun predicts that there will be a “price adjustment” in June before a rally is experienced in the two months thereafter.



“I believe June is just a price adjustment and we will see bull markets in July and August. I still believe the bull market is still there and we will continue to see developments of cryptocurrency.”

The Tron founder argues that the recent downturn in the crypto markets is just a correction that is necessary after a rally.

“I believe the adjustment of the crypto market, most of the reason is because it has been up for the whole year. I think we need to see some adjustments come in the right time.”

Sun adds that China’s crackdown on cryptocurrencies will not succeed due to the decentralized nature of the industry.

“I think China’s recent news about crypto is very important. But I want to emphasize there is no single person or factor that can control the market.”

The Tron founder adds that the economic opportunities presented by the space will complicate China’s anti-crypto agenda.

“I believe, even today, China is trying to put more strict regulations on crypto. But still crypto is going to grow in China like in most countries, because right now, crypto in China also has a high interest tied to the local government, tied to lots of the people’s jobs in China. So I don’t think China can crackdown on crypto overnight.”

Regarding Dogecoin (DOGE), Sun likens the meme coin to video game retailer Gamestop’s (GME) stock whose rally was driven by retail traders who defied the experts.

“I believe in Dogecoin. I think these have the same sentiments like GME back like a quarter ago. So this is the people’s crypto. They don’t want to hear about the analysis of professional Wall Street investment banks. They just want to trade on their own decisions.”

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The Soccer Club That’s Offering Ownership Via NFT

Thought you’ve seen it all in NFTs? Think again. Sure, we’ve seen digital art collectibles, even some with tangible assets intertwined. Recently, we’ve even seen NFTs including things like patents and Nobel Prize-winning invention documentation. Today, Liga MX franchise Club Necaxa announced their intent to offer something especially unique via NFT – team ownership.

Bidding Is Big: Club Necaxa

The soccer club is fresh off the heels of selling nearly half the franchise; the recent sale valued the franchise in the “low nine figures” according to a Sportico report. The sale was also noteworthy in that it was US investors first venture into what’s described as “the NFL of Mexico”. Real estate investor Al Tylis and DC United executive Sam Porter spearheaded that effort. Major capital investors from NBA players like Shawn Marion, Richard Hamilton, and Victor Oladipo, along with other names in sport such as Justin Verlander and Mesut Ozil joined in with the ownership group as well.

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With regards to the purchase, Tylis said that “sports are effectively media properties, and I saw something a while back that I found relatively shocking: In the U.S. alone, more people watch Liga MX than Major League Soccer and Premiere League combined – it was just an unbelievable number to me.”

Tylis has recognized the NFT ‘buzz’ as well, acknowledging that the attention in such a unique NFT listing certainly was part of the draw. The decision was “absolutely a way to generate interest” in Necaxa and noted that they are “adding something unique, and which has never been done before” in implementing an NFT with club ownership.

Related Reading | Top Stars Line Up To Support Environmentally Friendly NFT Platform OneOf

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OpenSea runs on the Ethereum network, and will be host to Necaxa's initial club token sale. | Source: ETH-USD on TradingView.com

The Club Necaxa Token

The one-of-one token is set to go up for auction in the days to come, and will run until June 18th. The franchise has said that it will carry permanent equity, not subject to dilution or future capital calls. The 1% ownership will always be 1%. The token will be listed on OpenSea and will remain transferrable after initial sale. Blockchain consultancy B9Labs worked with the franchise in launching the token, which is expected to launch with a $1.3M starting ask price.

Beyond franchise ownership, the club’s token will also allow the owner access to club facilities, tickets for both home and away games, and any championship rings that the club wins.

While many soccer clubs have been looking at, or engaging with, ‘fan tokens’ – often launched by companies like Socios, Necaxa is turning the dial up a notch here. Digital presence, meet tangible ownership.

Related Reading | Marsis: Creating New Frontiers In NFTs Space

Featured image from Pixabay, Charts from TradingView.com


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Bitcoin Exchange LocalBitcoins Adds Dogecoin, Cardano and More

The peer-to-peer Bitcoin trading platform LocalBitcoins is expanding its offerings beyond just BTC in a bid to grow its customer base, adapt to new market conditions, and embrace the world of altcoins.

LocalBitcoins announced last week that it’s now adding support on its exchange for Dogecoin (DOGE), Elon Musk’s favorite cryptocurrency. Along with the meme coin, it also added support for payments with Tether (USDT), Polkadot (DOT), Cardano (ADA), Bitcoin Cash (BCH), USD Coin (USDC), and Chainlink (LINK).

“You asked, we delivered! Some highly anticipated altcoins have now been added as payment methods!” the platform said in an official blog post. LocalBitcoins also noted the inclusion of more than 40 other alternative payment methods such as AirTM, transfers between Uphold accounts, MercadoPago, Chime, and the highly popular PIX in Brazil, which will be available in dozens of countries.

At the moment, trading volume data isn’t yet available for the altcoins, though Dogecoin ads (requests to buy or sell at a given price) are currently dominating the LocalBitcoins boards.

LocalBitcoins competes with Paxful for the title of the most popular peer-to-peer platform among Bitcoin traders. It is especially dominant in Latin America, where it has established itself as the go-to option in several countries. For example, due to legal restrictions, Paxful no longer supports users from Venezuela, which has one of the highest crypto adoption rates in the world, according to a report from blockchain data firm Chainalysis.

Crypto traders may opt for P2P exchanges for a variety of reasons, including the fact that trading windows allow for less exposure to market fluctuations, and traders secure deposits into their accounts immediately.

With this move, LocalBitcoins better positions itself to stave off competitors such as Binance P2P, the peer-to-peer platform developed by the world’s largest crypto exchange by volume. Binance P2P has grown rapidly since its launch and already supports various altcoins.

As Decrypt previously reported, Binance clocked $4.2 billion in trading volume on its P2P exchange last year. According to data from Coin Dance, LocalBitcoins generated close to $2 trillion in volume while Paxful scored $1.6 trillion during the same time period.


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.


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Possible Yearn rival Convex Finance passes $1 billion in total value locked

While much of the market reels from a devastating pullback that has dragged DeFi’s closely-watched total value locked (TVL) figure down from all time highs, one protocol is shrugging off the macro weight and surging up the TVL leaderboard. 

Ethereum-based Convex Finance ($CVX) cracked a billion dollars in TVL earlier today, rising as high as $1.14 billion and briefly cracking the top-20 by size, per DeFilama.

Convex team lead “c2tp” told Cointelegraph in an interview that the team has been overwhelmed by the support.

“We are blown away with the amount of support our platform has received. We’re very grateful for everyone who shares our vision. The community getting the word out has been the major contributing factor, as well as a show of support from the Curve team,” they said.

Convex is designed to be an optimizer for the Curve protocol, a platform that enables swaps of similar assets such as between different stablecoins or ETH and Lido’s staked ETH. Its CRV token has a timelock functionality, where users stake CRV for four years in exchange for veCRV, which allows users to “boost” the rewards for staking in Curve pools.

“We want to extrapolate the complex things away, like how much veCrv is needed to boost how much liquidity. But we also want to be open enough to show everyone what’s going on behind the scenes and the benefits we provide,” said c2tp of Convex’s services. “On top of veCrv to liquidity balance, locking a token for four years can be a big step for most people. We hope our system gives confidence in the value of our tokens so that you can join the ecosystem while still remaining liquid.”

The launch has not been without drama, however. Some observers have claimed that because Convex optimizes Curve positions the project is a threat to Yearn.Finance, whose yield vaults rely heavily on Curve.

However, c2tp rejected this notion, saying that Yearn and Convex compliment each other in what’s ultimately a positive-sum DeFi ecosystem:

“We don’t really see it as direct competition. There are different platforms with different goals. There is also a lot to gain when platforms integrate with each as part of the larger defi system. We encourage anyone to use what we have to offer as well as build on top. Defi is not a winner takes all, but something that becomes stronger as all the pieces fit together.”

Likewise, a Yearn representative dismissed the notion of the protocols doing battle with one another, noting that a large portion of Convex’s TVL is delegated by Yearn. 

“We love to see it,” said Weaver, a member of Yearn’s growth team of Convex’s success. “Many in crypto spend their time looking for ways to pit tribes against each other, but zoom out today and you see 19M additional veCRV boosting Yearn vaults, thanks to Convex. You asked if this was a vampire attack on Yearn. I don’t know what the opposite of that is, but this new lego is pumping boosties into Yearn.”