Monday Movers 04

Russia plans to create its own blockchain system to replace SWIFT, while Iran cuts off crypto miners.

Highlights from the weekend:

  • Russia plans to create a blockchain system to replace SWIFT
  • Iranian authorities cut off crypto miners due to stress on the national grid
  • Elon Musk sticks with DOGE despite crypto winter and its plummeting price
  • The French postal service presents its first NFT collection
  • A Tulum artist brings bohemian mythos into Web3

Words of Wisdom:

"Failure is an option here. If things are not failing, you are not innovating enough."

- Elon Musk 
"If crypto succeeds, it's not because it empowers better people. It's because it empowers better institutions."

- Vitalik Buterin
"If the cryptocurrency market overall or a digital asset is solving a problem, it's going to drive some value."

- Brad Garlinghouse

Finblox Performers:

The Scoop:

Alejandro Glatt is a multidisciplinary artist who promotes experiential healing through meditation - and fruit. With a background in permaculture specializing in fruits, it comes as no surprise that fruit would be his main subject. Crypto Papayas, which was launched in 2021 - has made multiple appearances at events, including Consensus 2022. His works are usually displayed in altars, ceremonies. and large-scale art installations.

“The purpose was to create art out of the screen itself, so we built the frame out of real fruit where people could interact with it.”

Alejandro Glatt


In his exhibit at NFT LA, Glatt wanted his participants to be able to actually eat the fruit in his art. The frames were made of fruit - including fresh pineapples, papayas, and oranges. Glatt uses the Bohemian aspect of his art to show that we can connect to humanity, Mother Nature, and Web3 itself through fruit.

Elon Musk swears by Dogecoin and its value, despite the crypto market being in widespread decline. He took advantage of the dip to buy more DOGE, while others would have done the complete opposite. After Musk's statement, Dogecoin rose nearly 10% from near-record lows on Sunday.

Elon Musk Dogecoin DOGE cryptocurrency crypto
Elon Musk is all about the DOGE.

The founders of Dogecoin were enthusiastic about working with Musk to make a cheaper and more environmentally-friendly alternative to Bitcoin. This is one of the reasons why Musk believes in DOGE so much - because of its potential to be one of the most sustainable coins on the market. What's next for Doge? We're not fully sure yet, but the future looks green.

Iran recently made a bold announcement stating that they would be cutting off electricity for crypto miners, effective June 22nd. This was the result of findings that electricity consumption reached a record 62,500 megawatts (MW) at their peak. Previously in 2019, the Iranian government approved crypto mining as an industrial activity - and numerous companies started mining due to the low cost of electricity at the time.

The number of unauthorized miners has surged since the approval, creating issues for the country's electricity. Additionally, Iran has suffered from a drought - with rainfall that has significantly decreased by 21% since March. When a drought occurs, more underground water is required for irrigation - which can only be pumped through even more usage of electricity. Parviz Mohammadnejad, from the parliament’s energy committee - states that the country faces an undersupply of roughly 14,000 megawatts in electricity production.

Volodymyr Zelensky, the President of Ukraine - announced in March that the sanctions on Russia were not enough to de-escalate the ongoing attacks. The West's response was to form a strong coalition comprising of the world's largest democracies - to cut ties from Russian banks to SWIFT. SWIFT, also known as Society for Worldwide Interbank Financial Telecommunication - is a global system that banks use to safely send and receive transfer requests.

Russia SWIFT tax Ukraine-Russia War
Countries in Europe are pro-SWIFT sanctions for Russia.

The SWIFT ban in February has made it harder for Russian companies to be paid for goods that they export to various countries. The sanctions have severely impacted the country due to the Russian-Ukranian war, and Moscow is seeking an alternative financial payment method for foreign trade transactions. CELLS, developed by Novosibirsk Institute of Software Systems (NIPS) - is a platform that helps provide an integrated system based on distributed ledger technology. According to Russia, the platform includes among its central elements a digital system for transactions in the national currencies of the countries involved with it. The Russian government believes that this move could "provide a real alternative to the international payment services provided by the SWIFT system.”

Groupe La Poste reported on Twitter that it had chosen Binance NFT marketplace for the sale of its first-ever NFT collection. “Visages de France par les facteurs” or Portraits of France by Postmen - was created by Groupe La Poste and photographer Yann Arthus-Bertrand. The most daunting task of the initiative was to gather 70,000 postmen in France and have them agree to photograph the people they interacted with on a daily basis - that also made the most impact on their lives. The photos were taken between September 6th to October 31st, with the most impactful ones being displayed at the Louvre in the following year.

Over 4,000 photographs were presented, and 10 of them even became NFTs later - according to Coindesk. This project also showcased the ability of Binance France to take custody of digital assets, facilitate the purchase, sale, and exchange of assets - and operate a trading platform for NFTs.

Blockchain Events and Conferences:

...and finally, some memes for your morning:

DISCLOSURE:

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.

Finblox Blog is associated with Finblox - a reliable cryptocurrency earnings platform where you can buy and earn passive income on your digital assets.

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