Bitcoin, Ether up; crypto miners turn to solar power; EU targets Russian virtual wallets — Crypto Moves

Bitcoin, the leading cryptocurrency internationally, traded higher on Sunday, up 0.64 percent to $42,782 as of 08:30 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $3,254, up 1.21 percent, according to data from Coindesk.

Tesla, Block and Blockstream to mine bitcoin off solar power

Electric-vehicle maker Tesla Inc., payments firm Block Inc. and blockchain company Blockstream Corp. will collaborate to mine bitcoin using solar power in Texas, Blockstream CEO Adam Back said on Friday.

Tesla is building the solar power infrastructure and providing its Megapack batteries, Back added.

Blockstream and Block, which was previously known as Square, had said in June that they were collaborating to build an open-source and solar-powered bitcoin mining facility in the United States.

EU targets Russian crypto wallets

The European Union on Friday targeted crypto wallets, banks, currencies and trusts in its fifth package of sanctions on Russia to close potential loopholes which could allow Russians to move money abroad.

Following Russia’s invasion of Ukraine on Feb. 24, EU-based crypto exchanges were already required to apply sanctions that bar transactions from targeted individuals, but there were concerns that loopholes remained.

The EU on Friday said it was extending the prohibition to deposits to crypto wallets.

“This will contribute to closing potential loopholes,” the EU’s executive European Commission said in a statement.

Crypto wallets allow individuals to keep the password that gives them access to cryptocurrencies safe and to send, receive and spend cryptocurrencies like bitcoin.

Honduras SEZ adopts bitcoin as legal tender

A special economic zone, or SEZ, on a tourist-centric island on Honduras’ Caribbean coast has adopted bitcoin and other cryptocurrencies as legal tender, officials of the zone said on Thursday.

Called “Honduras Prospera,” the special zone was established in 2020 to help encourage investment and has administrative, fiscal and budgetary autonomy.

“Prospera’s flexible regulatory framework enables crypto-innovation and the use of Bitcoin by residents, businesses, and governments,” Honduras Prospera said in a statement.

The SEZ will also let municipalities, local governments and international firms issue bitcoin bonds from the area’s jurisdiction.

(With inputs from Reuters)