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World Bank disapproves of Bitcoin and refuses to help El Salvador’s cryptocurrency plan

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World Bank disapproves of Bitcoin and refuses to help El Salvador's cryptocurrency plan

Last week El Salvador’s government passed a law accept bitcoin as legal tender next to the US dollar. The country receives $ 6 billion in deliveries per year – a quarter of its gross domestic product – and it is hoped that bitcoin’s lower transaction costs could increase that amount by a few percentage points.

As part of this initiative, El Salvador will even use volcanoes to mine Bitcoin sustainably. However, the World Bank does not approve of Bitcoin and refuses to help with the plan.

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Bitcoin in El Salvador is not supported by the World Bank

If a critical moment has come for cryptocurrencies, then this is it. After an astronomical assessment, the economic situation and some positions held leave doubts and uncertainties about the future of cryptocurrencies.

Despite some countries "punished" those who bet on this currency, others like El Salvador, have even declared it legal tender next to the dollar.

The change was originally proposed by the country's President Nayyib Bukele, who expressed the hope that, in addition to helping lower remittance rates, the Bitcoin plan will attract investment and provide savings for residents, about 70% of whom have not. stored in banks - what Bukele did not say, but what Bloomberg does reported, is that he and members of his political party have owned bitcoins for years.

Adding a cryptocurrency to the list is no easy task, however, and the new law gives the country just three months to roll out the plan nationally. No country has ever used Bitcoin or any other cryptographic currency as legal tender, and there are many problems.

President Salvado Naib Bukele. Photo: Stanley Estrada / AFP

Environmental concerns and lack of transparency hurt cryptocurrencies

To respond to these concerns, El Salvador turned to the World Bank and the International Monetary Fund for help; the latter is currently reviewing the country's request for funding of US $ 1.3 billion.

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The IMF has left a cautious assessment of the movement of bitcoins in El Salvador.

The adoption of Bitcoin as a legal currency raises a number of macroeconomic, financial and legal issues that require very careful consideration.

Said IMF spokesman Jerry Rice in the conference Press release.

However, the World Bank was less generous and stated that Bitcoin, like other cryptocurrencies, is not on this organization's horizon.

We are committed to helping El Salvador in a variety of ways, including monetary transparency and regulatory processes. While the government has approached us for help with Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.

World Bank spokesman said Reuters...

In other words, the energy requirements for mining cryptocurrencies and their ease of use. money laundering, tax evasion and other illegal schemes make cryptocurrency "taboo" in the eyes of the World Bank.

Unstable currency continues to scare regulators

There are other reasons why the World Bank and IMF may be skeptical about El Salvador's proposal to use bitcoin. Technical issues are important. In fact, the price of bitcoin against the dollar has been very volatile.

How to set the price of a dozen eggs in bitcoin if the bitcoin price fluctuates by 10% in a few hours? Maybe there is no answer. At Bitcoin Beach in El Zonta, El Salvador, where the use of bitcoins is relatively widespread, sellers still value their products in dollars and the exchange rate is set at the time of purchase.

It looks like this approach is what the El Salvadorian government is using, but it views bitcoin more as a symbol than a real currency. Also, bitcoin transactions can be very slow. Each of them must be verified by miners and miners only process blocks of transactions, not individual ones.

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Thus, both parties must wait for the block to complete in order to confirm the purchase in Bitcoin. It currently takes about 10 minutes to add a block to the blockchain.

Finally, while Bitcoin transactions can be cheap or even free, there is usually a fee involved. Fees are optional, but they encourage miners to verify the transaction. Also, if Salvadorans want to exchange their bitcoins for dollars, there are fees associated with that as well. So, in the end, the system will not be free.

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Economy

Everything has been delivered. 10 Bugatti Centodieci are already in the hands of the owners

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Everything has been delivered.  10 Bugatti Centodieci are already in the hands of the owners

OAll Bugatti Centodieci have been delivered, the Molsheim-based brand said on Monday. Cristiano Ronaldo received the number 07 in October this year. and Bugatti has now revealed that the latest unit – #10 – is already in the possession of its owner.

“The Centodieci combines all the values ​​of the Bugatti brand in an extraordinary package: rarity, innovation, heritage, craftsmanship and unrivaled performance. The production batch of 10 units was so in demand by our customers that it was sold before the Centodieci. was even officially presented,” said Christophe Piochon, president of Bugatti.

This latest example is finished in Quartz White with carbon fiber trim on the bottom and matte grilles. The brake calipers are painted in Light Blue Sport, as is the logo on the rear that refers to the EB110, the iconic Bugatti model that inspired this Centodieci. Inside, the predominant color is also blue, as you can see in the images above.

This block is powered by the same block as the other nine instances. The 8.0-liter W16 with four turbines is capable of developing 1600 hp. In terms of performance, this allows the Centodieci to hit 100 km/h in just 2.4 seconds and reach a top speed of 380 km/h.

Recall that each unit costs the owners eight million euros before taxes.

Read also: We already know when the Bugatti Centodieci fell into the hands of Ronaldo.

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Economy

The first Dacia hybrid. “The cheapest hybrid family on the market”

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The first Dacia hybrid.  "The cheapest hybrid family on the market"

BUT Dacia revealed this Monday that the hybrid engine has been available since March on the Jogger, the Romanian brand’s model known to be available with a seven-seat variant.

The Jogger Hybrid 140, Dacia’s first hybrid, will hit dealerships in March, but customers can expect and order it as early as January.

The price has been revealed by Dacia and since it’s only available in the seven-seater SL Extreme, it starts at €28,800. The brand claims it is “the most affordable hybrid family car on the market.”

Available in six existing colors to celebrate the launch of this hybrid, there will be a slate gray version, as you can see in the images above.

Equipped with a 1.6 liter four-cylinder petrol engine with 90 hp, the Jogger is also powered by two electric motors (a 50 hp engine and a high-voltage starter-generator). The total power is 140 horsepower. The electric transmission is automatic, four-speed, connected to an internal combustion engine, and two speeds are connected to an electric motor. This combined technology was possible, according to Dacia, only due to the lack of clutch.

Combined with the energy recovery levels of the 1.2kWh (230V) battery pack and the efficiency of the automatic transmission, regenerative braking delivers all-electric traction on 80% of urban journeys and saves up to 40% of fuel compared to a combustion engine vehicle.

Read also: Dual-fuel Dacia Jogger Eco-G. We tried 5 seater and LPG…

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Economy

See how Tesla tests its electric Semi truck in the worst-case scenarios

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Tesla Semi camião elétrico testes

Tesla has finally been able to bring its long-awaited Semi to market. This electric truck promises to revolutionize transportation and bring all the unique characteristics of this type of electric vehicle to this class of vehicles.

Now that the first units have been delivered, there is hope that they will finally be mass-produced and reach more transport companies. With so many promises to be kept, a new video is now emerging showing Tesla testing its Semi truck under worst-case scenarios.


Tesla Semi is already on the market

Like all Tesla electric vehicles, Semi follows the same line of creating a unique design associated with a platform with the most modern technology available. The proof is in what was presented to the public and surprised most people.

To prove the quality of this new proposal, Tesla published in your LinkedIn account new video. In it, he reveals some of the testing he's done to determine the strength and quality of the Semi's design and its (potential) durability.

Tests to prove its durability

It has been revealed that the Tesla electric truck is subjected to numerous tests and its application in the worst scenarios that drivers may face. It doesn't stop at the ruggedness of the Semi's designs, but goes further and focuses on the motors and batteries themselves.

This is the proof that many have been waiting for to ensure that this new proposal is not limited to a lot of autonomy. Its resistance is great and will provide greater durability, further enhancing the Semi's value and performance.

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high quality electric truck

Tesla has already showcased the Semi's quality with a video showing its truck driving roughly 500 miles on just one charge. The big news here is that he managed to make this long journey with a maximum load of about 37 tons.

Now Tesla remains to widely place the Semi on the market. At the moment, only a few companies have access to this new product, with a very long list of pending deliveries, who want to start mass-using this electric truck offering.

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