Cryptocurrency News Official TheBitTimes.com

Out of the six new countries that are being inducted into the BRICS alliance, five of them are oil-producing nations. Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia export millions of barrels of oil each year to the West. Argentina is the lone country that doesn’t produce oil but gained entry as it allows multinational corporations to settle trade in local currencies. Therefore, BRICS is now equipped with the best, and China and Russia are likely to gain the most out of the new development. Also Read: US & Europe To Pay in Local Currencies For Oil After BRICS Expansion? BRICS: China & Russia Gain The Most From Inducting 6 New Countries Source: TheWire.in Prof. Dr. Daniela Schwarzer, an Executive Board Member at Bertelsmann Stiftung, an independent foundation based in Germany, said that China and Russia see a strategic win in adding the six new countries to the bloc. According to Schwarzer, top Oil -producing countries could bail out China and Russia ’s econom...

The Hangzhou Intermediate People’s Court has convicted a former Chinese party official , Xiao Yi, for abuse of power and bribery. Xiao Yi has received a life imprisonment sentence . Officials clarified that he misused his authority to support the growth of Bitcoin mining by facilitating financial support and power supply arrangements. You might also like: China’s SparkPool Ethereum Mining Pool Shutters Operations An Aug. 22 report reveals that the offender accepted bribes totaling almost $17.4 million. The report noted that the bribery charges were categorized as notably substantial, while the abuse of power charges were deemed exceptionally serious. In September 2017, the Chinese authorities banned Bitcoin trading and other crypto currencies. In 2019, the National Development and Reform Commission (NDRC) classified crypto mining as undesirable due to its negative impact on the environment. Later on, in 2021, China’s state council announced that crypto mining was bann...