Trader’s Journal #22

Trader’s Journal
Trader’s Journal #22

1. Iranian government legalized mining

For legal mining of digital money, you must obtain a license from the Ministry of Industry, Mines, and Trade.

Iranian President Hassan Rouhani has legalized mining in the country. Now mining digital money is considered a separate legal industry of industrial production.

In order to engage in mining in Iran legally, it is necessary to obtain an exclusive license from the Ministry of Industry, Mines, and Trade. The extraction of digital money is subject to taxation, and entrepreneurs who will deduct part of the proceeds from the sale of cryptocurrency abroad will receive certain benefits.

Buying and selling digital money in the country remains prohibited. In early July, Nasser Hakimi, the deputy head of the Central Bank, explained that strict rules are necessary to comply with the requirements for combating money laundering and terrorist financing.

2. In Brazil, it is allowed to pay for public transport with cryptocurrency

Until the end of 2019 in the city of Fortaleza, it will be able to buy a bus ticket for Bitcoin.

In the Brazilian city of Fortaleza, it will be allowed to pay public transport ride with cryptocurrency. In the Cooperative of autonomous carriers of the state of Ceará (COOTRAPS), they reported that the new function of buying tickets using QR codes would appear in a particular application. At the moment, debit and credit cards are available.

COOTRAPS is also considering adding cryptocurrencies other than Bitcoin. Thus, the city authorities want to improve the efficiency of the payment system, reduce its cost, and attract more people who will use this service.

“This is a way to reduce bureaucracy, to make the system easier for users”, explained COOTRAPS Chief Financial Officer Carl Roberio.

3. Lightning Network Developers Launch Testing Nodes Monitoring Tool

The second-level protocol for making quick payments in the Bitcoin Lightning Network has received a new tool for tracking the status of nodes.

Lightning Labs developer Valentine Wallace reported that the alpha version of the ldmon tool is already available for download and testing. At the same time, the deployment of the program is quite simple, since it is available as an image for the docker virtualization system.

The main goal in creating the tool was to detect problems in the Bitcoin network before they become large-scale. Site owners will be able to learn about the fast and massive closure of channels with other nodes, or that the connection is unstable. The tool can also be used to analyze trends, the number of transactions and channels, as well as track commissions.

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