🇮🇩 Bali Cracks Down on BTC, 🇺🇾 Tether Mines BTC in Uruguay, ⛏️Biden Retracts Mining Tax

Monday Update: 5 June 2023

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Headlines

Bali announces crackdown on foreign tourists using Bitcoin as a form of payment in various establishments, including hotels, restaurants, and shopping centers. Violators will face strict consequences such as deportation, administrative sanctions, criminal penalties, and closure of businesses. While Bitcoin is allowed as an asset, it is banned as a payment instrument according to the Head of Bank Indonesia's Bali Representative Office. NGMI.

Tether, the world’s largest stablecoin, announces an investment in renewable energy production for Bitcoin mining in Uruguay. The recruitment page for the project seeks talent in Uruguay, Spain, and Argentina, particularly recruiters, electricians, technicians, and managers. Uruguay's significant reliance on renewable energy, estimated at 98%, makes it an ideal location. Tether has pursued aggressive investments and partnerships of late while reducing its available cash to less than 1%, which has raised some eyebrows.

The White House's plan to impose taxes on Bitcoin miners seems to have been halted due to a larger deal between President Joe Biden and senior Republicans to avoid defaulting on the US debt. The proposed tax called the Digital Assets Mining Energy excise tax (DAME Act), aimed to impose a 10% tax on miners' electricity usage in 2024, increasing to 30% by 2026.

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