The People’s Bank of China (POBC) recently released pilot versions of digital yuan wallets for both Android and iOS smartphones, Reuters reported. Meanwhile, researchers from Cornell University and the University in Chicago outlined what all the rush is about, and how will the arrival of digital yuan, also known as e-CNY or DCEP, affect the […]
The raft of bills will help El Salvador’s government establish the legal and financial framework for the $1 billion Bitcoin bond issue, known as Volcano Bonds
El Salvador’s government, led by President Nayib Bukele, has moved ahead with plans to issue Bitcoin bonds by preparing 20 bills designed to provide a legal framework for them.
Head of the Treasury Alejandra Zelaya told El Salvadoran media El Mundo on Jan. 4 that the bills will cover regulations about issuing securities as cryptocurrency to ensure the viability of the Bitcoin bonds that were proposed in Nov. 2021. He said:
“[This is] to provide a legal structure and legal certainty to everyone who buys the Bitcoin bond.”
However he did not propose a timeframe for the legislation to be submitted to lawmakers.
The $1 billion sought by the bond issuance would be used to fund the Bitcoin City initiative which President Bukele has promised will provide “digital and technological education, geothermal energy for the entire city, and efficient and sustainable public transport.”
One of the features of the Bitcoin City is a Bitcoin (BTC) mining operation that harnesses the geothermal power generated by a volcano to power the mining rigs — leading to the bonds being dubbed “Volcano Bonds.” The mining operation mined its first 0.00599179 Bitcoin on Oct. 1 2021.
Funds from the bond issue could also be used to pay down an $800 million Eurobond issue which will mature in Jan. 2023. Zelaya told El Mundo that the country would need to find financiers to help fill their obligation to pay off the Eurobonds which could come from Bitcoin bonds or from “institutional offers from various investment banks,” rather than another Eurobond issue.
“We can simply make payments without creating another Eurobond in the traditional market, and we can find a bond that is denominated in dollars and receives payment in Bitcoin.”
A Eurobond is a debt tool for countries to raise funds in a denomination other than its own currency.
Zelaya also indicated that there is significant interest in the Bitcoin bond from investors as it offers exposure to BTC and a 10-year maturity of 6.5% interest.
The issuance of Bitcoin bonds would not, however, preclude the Central American nation from participating in traditional finance. Zelaya said “We are not going to abandon the traditional market.”
Notable partners with El Salvador in the creation of the Volcano Bonds include blockchain developer Blockstream and iFinex, which is closely related to stablecoin Tether (USDT). The bonds are expected to be issued on Blockstream’s Liquid Network and processed by iFinex.
President Bukele tweeted his 2022 predictions on Jan. 2 that “Bitcoin City will commence construction,” and “Volcano bonds will be oversubscribed.”
•Will reach $100k •2 more countries will adopt it as legal tender •Will become a major electoral issue in US elections this year •Bitcoin City will commence construction •Volcano bonds will be oversubscribed •Huge surprise at @TheBitcoinConf
PRESS RELEASE. Zug, Switzerland, 5 Jan 2022: For many years, getting a diploma from a university or other institution was the only way to prove you possess specific skills for a job. However, the question arises to what extent a diploma proves that a candidate is able to perform in a job. With the introduction […]
On December 16, Anyswap announced it will rebrand as Multichain, reflecting a change in focus from asset cross-chain solutions to multi-chain asset interaction technology.
SINOVATE (SIN) is a venture that aims to establish a blockchain-based, peer-to-peer network for cloud storage decentralized. It was established in 2018 as SUQA without any pre-mine or ICO/IEO and was rebranded in the year 2019 under the name SINOVATE. SIN is an open-source modern, community-driven digital currency. We develop unique blockchain solutions suitable for users, developers, and companies.
Buy Sinovate in India
Key Features
The network operates with Bitcoin base 0.21 to take advantage of Layer-2 protocols like smart contracts, micro-payment state channels based in the Lightning Network or decentralized applications to offer services. SINOVATE is integrating or will incorporate the following unique features:
Decentralization: Central cloud storage is the central hub of data, files and databases managed by computers that are connected to networks.
Privacy: Cloud storage that is centralized exposes data to data leaks and privacy security breaches. Management can manage or monitor, censor, or even provide information to third parties, and stored data may be deleted or altered.
Security: Centralized storage servers cluster in one or more locations to cut costs. In the event of an outage in power or any other issues, many of the related services are often ineffective or risk losing data for all time.
Speed: Speeds of transfer for files are crucial for cloud storage, particularly when dealing with massive files. While there are some limitations to cloud storage that is centralized however, it has significantly quicker speeds than open cloud services.
Stability: Cloud storage platforms try their best to ensure reliable performance. However, most cloud storage providers’ accomplishments are often hampered by sharing physical resources, including memory, network CPUs, disks, CPUs with various users and needs, and the uptime of 100% cannot be guaranteed.
How To Buy Sinovate (SIN)?
You can buy Sinovate Coin in India from several different exchanges but a trusted firm like BuyUcoin is important. With BuyUcoin you can trade SIN in India along with 130+ cryptocurrencies in INR and USDT pairs.
Buy Sinovate in India — Step by Step Guide For Beginners
BuyUcoin is an exchange that provides buying and selling Sinovate in India as well as other cryptocurrencies. Below is a step by step guide to buying Sinovate via BuyUcoin:
Step 1 — Open a Digital Wallet
A digital wallet houses your cryptocurrencies and uses blockchain technology to communicate with other citizens. It is important to do in-depth research before deciding what is best for you. However, there are several providers of digital wallets. Today, BuyUcoin’s the leading digital wallet provider.
Digital Wallet
Step 2 — Register & Open an Account
When you enter the BuyUcoin/Signup account, register and open a service account, choose your person or company form of a report. Choose your country and adhere to the terms and conditions of your crypto-trading account.
Sign Up Process
Step 3- KYC
For the Indian jurisdiction, KYC and AML are compulsory. Your data are secure and encrypted, and stored only in Indian data centers. To complete your KYC, you are redirected to another URL. With your last selfie, please be ready. Pictures of your pan card will be required. The mobile number connected to your Aadhar is important.
KYC Process for trading SIN in India
Step 4- Google 2 Step Verification
To use 2FA, you must be enabled by the Authenticator app on your smartphone or tablet. If allowed, any time you log in to your BuyUcoin account, you will be asked to include a 6- digit one-time password with your email and password. This only functions when an email and password are entered.
Google Authenticator For Extra Security
Step 5- Add Bank Details
Add your name credentials, the account name of the holder, and the IFSC code information.
SIN — INR pairs
Trade Sinovate (SIN) Coin in India
The term “trading pair” refers to a different cryptocurrency, like bitcoin (symbol BTC), that you trade to purchase SIN coins. The exchanges listed have SIN-INR trading pairs, and USDT-SIN pairs. To execute the trade, you have to deposit the fiat currency into the exchange account under your account with the exchange.
Certain exchanges allow users to purchase the trading currency directly through them. You may also buy the trading currency similar to bitcoin in another place and then transfer it to an exchange wallet.
Can I Use Regular Money to Buy SIN?
Yes, you can use regular money or any other fiat currency such as the INR in India to purchase SIN tokens. SIN can be stored in your wallet in one tap to buy or sell your desired cryptocurrencies with no hidden transaction charges by using one of India’s most popular cryptocurrency exchanges BuyUcoin.
Getting a SIN Coin Wallet
BuyUcoin offers a variety of currencies in a cryptocurrency wallet in which SIN can be saved with advanced security features, similar to those found in the cold storage wallets employed. Once we have credited your SIN into your account, we’ll send you an acknowledgment email. The SIN will be visible in your wallet after restarting your BuyUcoin wallet.
Sinovate Coin Exchanges
If you’re looking to purchase Bitcoin in exchange for SIN the exchange BuyUcoin is an option. You can also buy through an easy-to-read interface with your credit or debit card. When you sign up, BuyUcoin requires your ID and address. This is in line with legislation against money laundering (AML) law and is aware of the rules for your client (KYC).
Many exchanges believe that ID checks are the most reliable method; however, technically, it’s not required by law in most countries. This helps to avoid using exchanges for criminal activities. However, there are legitimate reasons you shouldn’t reveal your identity to traders who are aware of your privacy.
Conclusion
SIN has gained 1.45 percent in the last months, despite the fact that its market capitalization is still considered small, implying that the price of SIN can be very volatile when compared to those with larger market capitalizations during large market moves. However, with consistent growth over the last three months, SIN has the potential to grow even more and produce some very nice gains. Again, traders should exercise extreme caution at all times.
Please keep in mind that this analysis is solely based on SIN’s historical price movements and is not intended to be financial advice. Traders should always conduct their own research and exercise extreme caution when investing in cryptocurrencies.
While many celebrities have launched non-fungible token (NFT) collections, a number of NFT compilations have featured luminaries who have passed away. Legends such as Jerry Garcia, Kurt Cobain, Muhammad Ali, Elvis, Tupac, and more have been featured in NFT collections. This Saturday, Ethernity and Bruce Lee’s family will be dropping the renowned martial artist’s first […]
PRESS RELEASE. Zug, Switzerland, 5 Jan 2022: For many years, getting a diploma from a university or other institution was the only way to prove you possess specific skills for a job. However, the question arises to what extent a diploma proves that a candidate is able to perform in a job. With the introduction […]
While many celebrities have launched non-fungible token (NFT) collections, a number of NFT compilations have featured luminaries who have passed away. Legends such as Jerry Garcia, Kurt Cobain, Muhammad Ali, Elvis, Tupac, and more have been featured in NFT collections. This Saturday, Ethernity and Bruce Lee’s family will be dropping the renowned martial artist’s first […]
