Twitter CEO named BTC the best currency for the Internet, and US tax authorities to pay $ 625,000 to control BTC

Twitter’s CEO: bitcoin is the best currency on the Internet

Jack Dorsey, CEO for Twitter and Square says bitcoin is the best currency for the internet.

The internet is consensus-driven and, Dorsey thinks, the same can be said for bitcoin. The Internet “is built by everyone, and everyone can really contribute to it,” and bitcoin was created on the Internet and has the same principle.

The entrepreneur also named the challenges that prevent BTC from gaining mass distribution. Firstly, is the low bandwidth of the blockchain. Now the network can only carry out 4–7 transactions per second. The second problem, according to Dorsey, is accessibility. Cryptocurrency today is not an intuitive and easy-to-use payment tool.

“We must make Bitcoin as intuitive, fast and efficient as the solutions existing today.” said the Twitter’s SEO.

ECB is ready to publish a report on the digital euro

In the coming weeks, European Central Bank officials will decide whether to create a digital version of the euro, Bloomberg reports.

European Central Bank President Christine Lagarde stressed that the bank must be aware of the global changes in the field of payments. New technologies can improve the efficiency of financial transactions and would put Europe at the forefront of innovation, but it also carries risks, she said.

“The Eurosystem has so far not made a decision on whether to introduce a digital euro. But, like many other central banks around the world, we are exploring the benefits, risks and operational challenges of doing so,” said Lagarde.

The United States Internal Revenue Service n offers a $625,000 bounty for bitcoin control solution

IRS will pay a bounty of $625,000 to the company, which will provide a system for tracking transactions in cryptocurrency.

This primarily applies to the anonymous Monero blockchain and the Bitcoin Lightning Network. Applications in the form of working prototypes will be accepted until September 16. If approved, the developer will receive an initial payment of $500,000, according to the IRS website. Within eight months, the company will have to create a working concept, after pilot tests of which an additional grant of $ 125,000 will be provided.

The purpose of the system is to help the IRS’s dedicated criminal investigation agents track transactions, which includes wallet identification, transaction date and time, and transfer amounts.