Biggest Crypto News this August
Catch up on the biggest crypto news this August with some major stories that have everyone talking. El Salvador is rolling out Bitcoin training for thousands of civil servants, while India is gearing up to tackle crypto regulations. Plus, there’s a wild story about an Airbnb host stuck with a huge bill after guests secretly mined crypto, and the SEC is cracking down on a massive $650 million crypto scam. Let’s dive into what’s been happening in the crypto world this month.
El Salvador launches Bitcoin certifications for civil servants
El Salvador made waves again with its latest move to strengthen its Bitcoin-driven economy. The government kicked off a Bitcoin certification program aimed at training 80,000 civil servants.
This program, called Certification in Public Administration 1, is a 160-hour online course split into seven modules, focusing on Bitcoin laws, skills, and management. The idea is to give public employees the knowledge they need to better understand and manage Bitcoin-related policies.
El Salvador has been leading the way in the crypto world for a while now, being the first country to make Bitcoin legal tender. This new training program is another step in their ongoing efforts to use Bitcoin as a key part of their economic strategy.
The training is run by the Higher School of Innovation in Public Administration (ESIAP), which President Nayib Bukele set up back in 2021 to push forward innovation in the government.
Stacy Herbert, who heads the National Bitcoin Office, believes this training will have a positive impact on the country’s economy. By giving civil servants a deeper understanding of Bitcoin, the government hopes they’ll be better equipped to handle the challenges and opportunities that come with it.
And this is just the beginning—more educational programs are in the works to keep the momentum going.
India set to regulate cryptocurrency
India might be taking a big step towards regulating cryptocurrency. According to a report from CNBC TV-18, the government is getting ready to release a consultation paper that will ask for public input on how crypto should be handled in the country. Although there’s no official word yet, this paper is expected to come out between September and October 2024 and is being put together by a panel led by the Secretary of the Department of Economic Affairs (DEA).
This consultation paper will give experts, companies, and the public a chance to share their thoughts on what crypto regulations should look like in India. It’s part of a larger plan by the government to figure out the future of digital currencies in the country.
India has had a pretty tough stance on crypto for a while now, with the government often comparing it to gambling and setting up some strict tax laws that many feel are too harsh. But this upcoming consultation could be a sign that the government is open to rethinking its approach. Finance Minister Nirmala Sitharaman also mentioned that G20 nations, including India, are working together on a common approach to regulating crypto, especially considering the risks for emerging economies like India.
This move could be the start of a more balanced approach to crypto in India. Everyone will be watching to see what the government proposes in the consultation paper and how it might shape the future of digital currencies in the country.
Airbnb host gets $1500 electricity bill after guest secretly mined crypto
An Airbnb host in North Carolina, Ashley Class, got quite the surprise after a group of guests racked up a $1,500 electricity bill at her Charlotte rental. During their three-week stay, these guests secretly set up at least 10 computer rigs to mine cryptocurrency, making about $100,000 in the process.
Crypto mining is known for eating up a ton of electricity, which explains the sky-high bill. At first, the guests seemed responsible, but surveillance footage later showed what they were really up to.
After discovering the situation, Ashley confronted the guests and got Airbnb involved. Thankfully, the guests agreed to cover the costs, so she wasn’t left with the bill. Now, she’s added a new rule to her Airbnb listing: no cryptocurrency mining. It’s a reminder that you never know what might happen when you’re renting out your place.
SEC sues NovaTech over $650 million fraud
The SEC has taken legal action against NovaTech, a cryptocurrency company, and its co-founders, Cynthia and Eddy Petion, accusing them of running a $650 million crypto scam. According to the SEC, the Petions raised money from over 200,000 investors worldwide, including many Haitian-Americans, by promising safe and profitable investments in crypto and foreign exchange markets.
But instead of investing the funds, the SEC says NovaTech was actually operating a pyramid scheme, where money from new investors was used to pay off earlier investors and promoters. This went on from 2019 until NovaTech collapsed in May 2023, leaving most investors unable to get their money back.
This lawsuit isn’t the first one NovaTech has faced—New York Attorney General Letitia James had already filed a case estimating the fraud at over $1 billion. The SEC is also going after six promoters who kept recruiting new investors even after red flags were raised.
One of the promoters, Martin Zizi, has agreed to a partial settlement, including a $100,000 penalty, pending court approval. The SEC aims to get restitution for the victims and make sure the profits from the scam are returned.
This is not the first time people have used crypto to promote their MLM scams. Some of the biggest crypto scams in history involved MLM schemes, like the infamous OneCoin case.
Meta Description: Biggest crypto news this August: Bitcoin training in El Salvador, India’s crypto regulations, an Airbnb mining surprise, and a $650M SEC lawsuit.