El Salvador approves BTC as legal tender and Coinseed ceases working

El Salvador approves BTC as legal means of payment

The Legislative Assembly of El Salvador approved a bill on the legalization of BTC, in which the president of the state proposed to make the crypto coin an official means of payment, on a par with the American dollar.

The legislative initiative was supported by 62 out of 84 possible deputies, 17 opposed, one parliamentarian abstained. The draft law will enter into force 90 days after publication in the official government media.

If the initiative of the head of the country Nayib Bukele is approved, bitcoin will be the official payment instrument in El Salvador. Information about this appeared in the politician’s microblog.

Coinseed ceases working

Cryptocurrency investment app Coinseed is suspended due to a lawsuit from the New York State Attorney’s Office. Earlier, the department filed a lawsuit against the crypto project, accusing the platform of fraud and deceiving users for $1 million.

The prosecutor’s office believes that about 2 years ago, the top management of Coinseed conducted an unregistered ICO. In addition, the platform’s management applied hidden fees and attracted investors with implausible promises.

Coinseed CEO Delgerdalai Davaasambuu said the service had received no complaints from users. At the same time, the prosecutor’s office said that since the filing of the claim, the department received more than 170 complaints about the crypto project.

CFTC Commissioner: “DeFi derivatives may be illegal in the US”

The Commissioner for the US Commodity Futures Trading Commission believes that some DeFi products may be illegal on US soil. CFTC Commissioner Dan Berkowitz said DeFi markets, such as for futures contracts, may be illegal due to US law.

These are the provisions of the American Mercantile Exchange Act.

“DeFi markets, platforms, or websites are not registered as DCMs or SEFs. The CEA does not contain any exception from registration for digital currencies, blockchains, or «smart contracts,” the CFTC Commissioner said.

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