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The rising energy usage of blockchains has recently been facing increasing public scrutiny. Most recently, Tesla CEO Elon Musk announced that the company would suspend vehicle purchases using Bitcoin and only resume once mining shifts to more sustainable energy sources while Tesla studies other, more efficient, cryptocurrencies. Interestingly, the recipient of the first-ever Bitcoin transaction.
The Minister of External Affairs, India, Sushma Swaraj yesterday said in a conference that the nation’s central bank, RBI, has disapproved the use of the Venezuela-backed cryptocurrency, Petro. Venezuela is offering as much as 30% discount on oil purchase carried out in Petro. The economy of Venezuela is facing major crisis amidst sanctions from US, and its government is looking towards the cryptocurrency as a way-around the imposed sanctions.