Senate

Filipino boxing champion The Honorable Manny Dapidran Pacquiao has finally launched the long awaited celebrity cryptocurrency, hence becoming the first popular professional boxer to own a private token and also the first to join the blockchain and Bitcoin ring. The boxer who at the same time a politician serving as a Member of the Philippine House of Representatives and a Chair of the Senate Public Works, rolled out his own token during the event that took place in the City of Manila where more than two thousand of his fans graced the function with their presence.

Recently, the United States Senate Committee on Banking Affairs had a hearing on bitcoin, cryptocurrency and blockchain regulation and appreciated the thrilling difficulties in effecting a cryptoasset ban.

The entire blockchain and cryptocurrency community is waiting for clear regulatory hearings organized by the United States (US) Senate Banking Committee which are believed will transform the future of this embryonic digital asset sector when effective regulations are introduced and well implemented.

The recent US senate hearing on the upcoming Facebook cryptocurrency Libra coin caused a $20 billion loss in the cryptocurrency market. Bitcoin initiated a downward trend since crypto market drops $20 Billion in 1 hour following Facebook’s Libra senate hearing. Bitcoin price displayed a fairly better performance in the last two months.

The US Senate committee on Energy and Natural Resources issued a document stating that mining consumes about 1% of global energy. On public blockchains, mining embroils the computation of a massive amount of mathematical calculations known as hashes. On a normal day, Bitcoin miners collectively compute over 50 billion gigahashes per second.

Recently, the Governor of Maryland, United States, Larry Hogan, officially signed a bill into law to amend the General Corporation Law of the state. Senate Bill 136 enables the industrial use of blockchain by private corporations to carry out proper and secure record keeping. The new amendments will come into force in October this year.