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Ukrainian Central Bank: Opposes the current cryptocurrency bill, demands revisions before the final review

According to CoinDesk, the National Bank of Ukraine (NBU) stated that it does not support the current version of the draft for the legalization and regulation of crypto assets, calling on lawmakers to continue revising it before the final vote.The NBU supports advancing regulation by referring to the European Union's Markets in Crypto-Assets Regulation (MiCA) and recommendations from the International Monetary Fund, but believes that draft No. 10225-d still does not address its key concerns, and the final text was only delivered on Tuesday night, leaving insufficient time for review and lacking transparency in the legislative process.The NBU warned that foreign tokens not adequately regulated in their place of issuance may enter Ukraine, some of which could function as electronic money, threatening monetary sovereignty and financial stability, and bypassing requirements applicable to domestic similar assets. The NBU hopes to obtain the authority to assess and limit their use when necessary.Regarding market access, the NBU stated that a preliminary compromise had been reached to select three crypto trading platform operators through competition, but the final draft leaves the number of access points for the first five years to the discretion of the securities regulatory authority, raising concerns about monopolies and corruption risks. According to the draft, the National Securities and Stock Market Commission of Ukraine will become the main regulator, with a 5% transitional tax rate applicable to existing crypto assets until the end of 2028, and transactions between crypto assets explicitly exempt from tax.

first_img Delphi Digital: Electricity is a greater constraint on AI computing power deployment than chips

On October 29, the cryptocurrency research institution Delphi Digital released a report titled "The AI Boom Has a Power Problem," authored by Accelxr. The report states that deployable AI computing power depends on chip supply, as well as sites that are powered, cooled, and connected to the grid. Electricity is harder to supplement in the short term than chips, as chip production capacity can expand quarterly, while new power generation and transmission take years.The report cites data indicating that the PJM capacity auction has cleared at the price cap for three consecutive times, with the last two still falling short of reliability targets by 6.6 to 6.8 GW, marking the first time such a gap has occurred in the history of this auction. The scale of large load queues in Texas ERCOT increased from 63 GW at the end of 2024 to 474 GW in June, with about 90% being data centers; the governor requested an audit of the data centers in the queue in August, and ERCOT subsequently suspended power approval for data centers and cryptocurrency miners of 75 MW and above, including 17 projects that had passed stability studies.The report also states that U.S. data centers are expected to account for about 4.7% of the nation's electricity consumption in 2024, with LBNL predicting an increase to 9.5% to 15.3% by 2030, and EPRI estimating a maximum of 17%. In a 1 GW facility, chip depreciation is about $2.8 billion to $3.3 billion per year, equivalent to about $8 million per day. SemiAnalysis predicts that by 2028, the U.S. will have over 40 GW of data center capacity utilizing behind-the-meter power sources; the delivery cycle for large gas turbines is about five years, with GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries forming an oligopoly. Wood Mackenzie expects gas turbine prices to reach $600 per kilowatt by the end of 2027, nearly three times the level of 2019.
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