Turkey Regulates Cryptocurrency with Anti-Terrorism Rules; Chia Reaches 1 Exabyte

takyon writes:

Turkey Adds Crypto Trading to Anti-Money Laundering and Terror Funding Laws

Just weeks ago, almost anyone with $6,000 could establish a crypto trading platform, which led to the flooding of the cryptocurrency industry in the country with scammers and financially unreliable organizations. Now, Turkey wants to regulate cryptocurrency trading with anti-money laundering and terrorism funding rules.

Early on Saturday the president of Turkey published a decree that expanded rules governing cryptocurrency transactions. From now on, 'crypto-asset service providers' will be regulated in accordance with anti-money laundering and terrorism funding laws, reports Reuters. The new rules have already been published in the Official Gazette, so they are effective immediately.

Chia is a storage-based cryptocurrency designed by BitTorrent creator Bram Cohen. It uses "proof of space and time" instead of "proof of work":

Proof of space can be thought of as a way to prove that you are keeping some storage unused on your hard-disk drive. Users of the Chia blockchain will "seed" unused space on their hard-disk drive by installing software which stores a collection of cryptographic numbers on the disk into "plots." These users are called "farmers." When the blockchain broadcasts a challenge for the next block, farmers can scan their plots to see if they have the hash that is closest to the challenge. A farmer's probability of winning a block is the percentage of the total space that a farmer has compared to the entire network.

The Chia network has already reached 1 exabyte (1 million terabytes) and may lead to increases in the prices of HDDs and SSDs:

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