BITCOIN

Tesla has revealed that it is still holding bitcoin worth $222 million in market value after selling 75% of its crypto holdings. The company recorded realized gains of $64 million on its recent bitcoin conversion into fiat currency. Tesla Realizes Gains of $64 Million From Bitcoin Sale Tesla Inc. filed its second-quarter report with the U.S. Securities and Exchange Commission (SEC) Monday. The company explained that it converted about 75% of its bitcoin holdings into fiat currency, as Bitcoin.com News reported last week. The BTC conversion added $936 million of cash to the electric car company’s balance sheet. Tesla informed the SEC that in the second quarter: We recorded $170 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $64 million on certain conversions of bitcoin into fiat currency by us. Tesla originally purchased $1.5 billion of bitcoin in Q1 2021. In the same quarter, the company sold BTC worth $272 million. T

The head of the Bank of Central African States (BCAS), Herve Ndoba, has told the regional central bank’s board that it must create a common digital currency which will be used by six countries belonging to the Central African Monetary Union (CAMU). Ndoba reportedly wants the BCAS to establish a common legal framework for regulating cryptocurrencies as well. Digital Currency to Modernize Payment Structure In a move seemingly aimed at countering the Central African Republic (CAR)’s recent decision to embrace bitcoin, the head of the BCAS, Herve Ndoba, has reportedly urged the institution’s board to introduce a common digital currency for its six member states. The envisioned digital currency will ostensibly help modernize the region’s payment structure and promote financial inclusion. According to a Bloomberg report , Ndoba’s call came just days after the BCAS concluded that the CAR’s law adopting bitcoin is “incompatible with the agreements and conventions governing the Central Afri