Today, Litecoin is one of the most reliable and verified digital currencies, and its price has recently crossed the $100 mark. Later, it went back down to a lower value, but the exchange rate remains stable.
Nevertheless, miners of the coin got some bad news last week: the block reward was reduced by 50%. Halving occured on block number 1 680 000. The next halving will take place in 2023.
Below you can see a post on Charlie Lee’s official Twitter account, where the Litecoin founder announced the reduction of the reward from 25 LTC to 12.5 LTC.
Litecoin halving was a success! And price just hit $100! 👍
Block 168,000 produced 12.5 LTC in block rewards.
Let’s do this again in August 2023! 🎉 pic.twitter.com/aBvDJtH4FV
— Charlie Lee [LTC⚡] (@SatoshiLite) August 5, 2019
The profitability of certain types of mining equipment might be at risk, and small-scale miners might be forced to leave the market or switch to other coins. Halving is unlikely to affect larger players.
Financial regulators versus Libra
While Facebook management has been busy with their new project, supervisory authorities have stepped in. Financial regulators from the United States, Canada, Australia, the European Union, Albania and Burkina Faso have released a joint statement voicing their concerns about Libra.
The reason for their outrage is connected to Facebook’s issues with data protection. The regulatory authorities have criticized the lack of information about the security of the cryptocurrency. If the project gains popularity, the security of millions of people might be in danger.
‘We are surprised and concerned that this further detail [to secure and protect personal information] is not yet available,’ stated the regulators in the document.
Company representatives have previously claimed that the project would only be launched after obtaining all the necessary permissions from the government.
New records for Bitcoin
Last week was successful for the main cryptocurrency: the hashrate of the coin exceeded 80 EH/s, and it reached a market share of 69%. Both indicators have experienced steady growth lately. It’s worth noting that the security of the coin has increased by almost 100% in the past 6 months, which has positively affected mining incomes.
The exchange rate is currently at the 11 340 mark. Most currencies with high capitalization have been losing value.
Blockchain politics: United Kingdom, India, South Korea, China
The Tax and Customs Authority will obligate cryptocurrency exchanges to reveal information about their clients and transactions. Requests have already been made towards Coinbase, eToro and CEX.IO – major companies operating within this country.
Representatives at the Authority have noted that cryptocurrencies could be used for tax avoidance, so their requirements are in line with due process of the law.
Meanwhile, the cryptocurrency ban in India may cost the country $13 billion, according to Crebaco Global founder Sidharth Sogani. The expert is confident that the ban on digital currencies will be implemented, even though this strict policy will lose a lot of money for the country.
Let us remind you that authorities implemented serious limitations on the use of cryptocurrencies last year, and a proactive group within the government is demanding a total ban.
South Korean authorities are pursuing a completely different course of action. Seoul is currently planning to launch their own cryptocurrency. The digital currency S-coin will become part of their ‘smart city’ concept.
S-coin will be launched in November this year. Citizens will use it to pay for various administrative services. They will be able to earn coins for actively participating in city life, for example, by participating in surveys.
China is also planning a cryptocurrency launch. Work on the digital currency has been underway for some time, even though ICOs and cryptocurrency transactions are totally prohibited in the country. It has recently been revealed that the prototype and architecture of the virtual yuan are ready, and the coin will be launched soon. This was reported by a representative of the People’s Bank of China, the central financial organization in the country.