The chinese crack down on a huge illegal mining operation, and the newest appointee to the federal reserve bank is pro crypto, let’s start the show. Welcome back to crypto global news, please make sure you like share and subscribe the show. Enjoy today’s episode. In the past week the Chinese police arrested a gang of Bitcoin miners that stole electricity worth approximately $3 million for their crypto mining setup. Around 4,000 mining devices were being used in the illegal operation. With electricity cost having dramatic impact on profitability, it means that those who are mining at zero energy cost are breaking even at much lower prices than $8,000 – which is already much lower than the global Bitcoin price. With this huge mining operation taken out of the game, will we see further rise in the value of Bitcoin? The Republic of Georgia has exempted cryptocurrencies from value-added tax , more commonly known as VAT. Georgia’s finance minister Nodar Khaduri recently signed a bill aimed at regulating the taxation of entities that trade or mine cryptocurrencies. The definition of decentralized currency that the bill puts forward is reportedly the following: “Cryptocurrencies are digital assets that are exchanged electronically and based on a decentralized network. Their exchange does not require a reliable intermediary and they are managed using distributed ledger technology.” Could crypto friendly policies like this spread to other countries? Days after the U.S. Conference of Mayors passed a resolution opposing the payment of ransoms by cities following a ransomware attack La Porte County’s government has done the opposite after its files were encrypted. The La Porte in Indiana municipality has paid a Bitcoin ransom worth approximately $130,000 to cyber attackers who encrypted its files. What will this do to crypto regulations in indiana moving forward? Binance has just finished its 8th quarterly “burn” of BNB. They do this because the exchange is committed to reduce the total token supply periodically. However, with the scheduled token burn, Binance CEO Changpeng Zhao announced that his company would give up its entire BNB allocation in an effort to promote the growth of the ecosystem. “Today, on behalf of the Binance team, I am announcing that we will give up all of our BNB allocations and contribute towards our commitment to burning a total of 100 million BNB. This commitment starts during today’s quarterly burn, during which 808,888 BNB (currently worth US$23,838,000) is being burned.” Will this bring more stability to Binance? White House economic adviser Judy Shelton has been nominated to the Federal Reserve Board of Governors by President Trump. Many people in the press and and the finance community were surprised to learn Ms. Shelton is a “gold bug.” She is in favor of returning the U.S. Dollar to the “gold standard.” And, what is perhaps the most exciting part, is she is a big time cryptocurrency advocate. Trump did send out a tweet last week speaking negatively about cryptocurrency, but what will the continued influence of Ms. Shelton be from here on out? Many thanks for tuning into today’s episode, please make sure you like share and subscribe, For crypto global news I’m Edward, until next time you take it easy.