Dubai Schools Will Welcome Bitcoin and Ethereum Tuition Fees
Dubai Civic School will accept Bitcoin or Ethereum tuition fees, according to local news outlet Arab Business. Digital asset payments will be made through an unnamed processing platform and automatically converted into UAE Dirhams.
Citizens School CEO Hisham Hodroge said the introduction of the ability to pay tuition through crypto is more than just providing another payment method. This is a means to increase interest in blockchain applications further. Citizens School plans to use the technology in all aspects of its academic and administrative operations over time.
The school, which will open in September this year, is located in the heart of Dubai. The school appears to be an international school suitable for 3 to 11-year-old students. Civic schools list tuition fees on their website at AED 45,000 to 65,000 (US$ 12,250 to US$ 17,700) per year, excluding VAT, school lunches, mandatory iPads for study, field trips, and extracurricular activities, and transport.
With the growing number of crypto-friendly regulations, the UAE has emerged as a proponent of digital assets in the Middle East. Both Binance and FTX recently obtained operating licenses in Dubai.
Meanwhile, regulators in Abu Dhabi are issuing recommendations on non-fungible token trading.
Argentina Will Encourage Large-Scale Bitcoin Mining
Bitfarms, the developer of the Bitcoin farm project in Argentina and Paraguay, this week announced the installation of thousands of mining rigs while filing financial reports for the fourth quarter of 2021.
The company has selected these two countries to spearhead large-scale BTC mining projects in the coming years. In Paraguay, installing a bitcoin farm powered by hydroelectric power began in January.
Argentina is building a facility that will house around 27,500 Whatsminer M30S, one of the most potent BTC mining rigs currently available in the professional hardware market.
This device from manufacturer MicroBT has a processing power of up to 88 terahertz columns per second (TH/s). The 27,500 computers the company plans to install in Argentina will add 2.42 exahashes per second (EH/s) of power.
In Argentina, Bitfarms aims to reach around 1% of the total global Bitcoin hash rate (206 EH/s). Hash rate represents the network’s ability to solve proof-of-work puzzles, confirm crypto transactions, and secure the network from potential attackers. In return, BTC miners will get awards.
Argentina will likely become one of the countries with the highest Bitcoin mining capacity by year-end. According to a report by the University of Cambridge, the country currently contributes 0.05% to the BTC hash rate.
Bitfarms is currently building two large mining farms in the municipality of Río Cuarto, in the province of Córdoba. The two parks will be operational in the last quarter of this year and consume 100 megawatts of electricity.
The company plans to build two more farms shortly. These farms will consume the remaining contracted energy, but the company has yet to announce its locations.
Bored Ape NFTs Sold Only for $115, Fans Speculate: What Happened?
Bored Ape Yacht Club NFTs valued at over $390,000 are sold for just $115 off the reserve price.
Twitter caused an uproar after NFT influencer Mateen Soudagar took a screenshot of the transaction and reasoned about what happened.
According to records from NFT marketplace OpenSea, a user using cchan.eth lost the transaction.
cchan.eth apparently intends to list Bored Ape #835 at 115 ETH, worth $391,000 at press time. However, they chose to list NFTs under DAI. DAI is a one-to-one stablecoin with the U.S. dollar.
Interestingly, records show that the $76,000 worth of Mutant Ape NFTs owned by cchan.eth were previously sold for only 25 DAI or $25.
This leads the community to “feel bad” about the collectors and fear of hack attacks. Collectors lost about $470,000 in profits while NFTs they once owned bid at higher prices.
On the other hand, some community members also expressed doubts about what happened during the transaction.
Twitter user artchick.eth said the move could be tax avoidance. However, she clarified that if the transaction were wrong, she would join the other half of the community in sympathy for cchan.eth.
User Chrisjkeith intervenes by suggesting that OpenSea introduce instant messaging when collectors sell below the reserve.
Vietnam Is Building A Legal Framework To Legalize Crypto
Developing countries are keen to adopt cryptocurrencies to escape inflation, currency controls, and government distrust of safer investments. According to a local media report, now it is Vietnam’s turn to take advantage of crypto, as its authorities are working on paperwork to legalize them.
Vietnam’s Deputy Prime Minister Le Minh Khay instructed the Central Bank and the Ministry of Finance, Justice, and Information and Communications to establish a legal framework for digital assets to legalize cryptocurrencies in the country.
Khai issued a notice on March 23 urging authorities to create laws and regulations so that the crypto industry can obtain legalization and regulation.
Euronin Is Revolutionizing Crypto Payments In Europe
The world has seen an unprecedented surge in crypto adoption in recent years. However, statistics still point to using these digital currencies as an investment vehicle rather than a household purchase.
Because of this, no cryptocurrency holder can confidently go to a store in Europe or any other continent, choose an item and pay in cryptocurrency. When these stores fully offer this unique service, their fees often skyrocket.
Since Bitcoin ATMs got spread across different countries in Europe, the cost of converting BTC to cash is mostly 20%. However, it still depends on the ATM service provider. Like statistics, these inflated fees show a massive gap between cryptocurrency usage for household purchases and crypto usage for investment purposes.
Over time, several crypto payment solutions have been launched that provide solutions to existing sticking points. Unfortunately, very few people get off to a good start and can solve this problem. The Euronin payment network is one such project.
To create an intra-European payment network to reduce sellers’ risk when introducing cryptocurrencies, Euronin will guarantee real-time transactions and purchase household goods using digital currency. To achieve this, Euronin has taken the bold step of combining the advanced Solana blockchain with the traditional SEPA trading system.
By introducing this viable, sustainable and long-term solution, Euronin will alleviate sellers’ concerns about crypto payments while helping them overcome market volatility.
Crypto Hackers Steal Over $615 Million From Network Running Popular Game Axie Infinity
The popular blockchain game Axie Infinity, which allows users to earn money while playing, has been linked to what may be the largest DeFi hack in history.
Axie Infinity’s Ronin Network announced in a blog post on Tuesday that it lost about $615 million in USDC (a stablecoin pegged to the dollar) and Ethereum, with the final $611 million in DeFi hack protocol in August 2021. month surpassed Poly Network.
Axie Infinity’s official Discord and Twitter accounts and the Ronin Network, which supports the game, confirmed the security breach. DeFi networks aim to replicate traditional financial systems like banks but use crypto. They mostly run on the Ethereum blockchain.
Users have discovered the incident on Tuesday, as they failed to withdraw 5,000 ether. However, the attack itself occurred on March 23. Attachers hacked private keys to spoof fake payments. Additionally, they have compromised other key validating nodes.
Ronin said the breach resulted in 173,600 ETH and $25.5 million in USDC withdrawn from the Ronin bridge in two transactions. At current prices, the project lost about $615 million.
Crypto owners often operate more than within the blockchain ecosystem, so
developers build cross-chain bridges to allow users to send cryptocurrencies from one chain.
In this case, the Ronin Bridge connects Axie Infinity to other blockchains like Ethereum.
Through this bridge, players can deposit Ethereum or USDC into Ronin and use it to buy NFTs or in-game currency. They can then sell their in-game balance and withdraw funds.
Analysts at Blockchain Intelligence Group say the stolen money is on its way. So far, in total, investors have moved nearly $17 million in ether to exchanges like FTX and Huobi.