The world’s first blockchain smartphone, as it is labeled by the manufacturer Finney, will soon be available to the new market in Bangladesh, sources say. As a report shared in the latest cryptocurrency news by a local newspaper named The Daily Star on September 9, the Bangladesh Telecommunication Regulatory Commission approved the phone for import in August and set the date for it to appear on the Bangladeshi market in October this year.
The launch of Finney, dubbed ‘the first blockchain smartphone in the world’ comes in a trend of growing smartphone ownership in the country. As a report in the altcoin news from 2018 made by the global research firm GSMA Intelligence noted, even 75% of the population by year 2025 (138 million) will have smartphones. The report also shows that 41% of the population (73 million) will be mobile Internet subscribers.
According to reports by GSMA, the urbanized population is what is leading to a world full of smartphones. Many best cryptocurrency news sites have reported on the topic of the first blockchain smartphone earlier. Therefore, Finney’s price is more comparable with high-end phones available in Bangladesh. For those of you who don’t know, Finney debuted last year with a cost of $999 while the Samsung Galaxy S10 is right now available on the local phone market in Bangladesh for around 74,900 taka ($894).
The Swiss-based Sirin Labs is another company rivaling the ‘world’s first blockchain phone’ – developing a phone that follows one of the five largest initial coin offerings of 2017 ($157.8 million). Their phone features a built-in cold storage wallet, secured communications as well as a decentralized application ecosystem.
The Sirin Labs co-founder and co-CEO named Moshe Hogeg unveiled that Finney – which is manufactured by the electronics giant Foxconn Technology Group – brings a lot of new facets of blockchain and crypto in one device. His statement was featured in the altcoin news for praising the world’s first blockchain phone, stating:
“Before the Finney, you needed a ledger, you needed a computer, you needed wallet software and then you needed to go to an exchange, and then you could convert. The Finney does all of this in one phone.”
All of this means good press for the first blockchain phone in the world, as Finney labels itself.
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“The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country.”Additionally, he also noted that the cryptocurrency mining industry has the potential to generate another $8.5 billion to the economy of the Islamic Republic of Iran, according to a certain new government study. But there are certain obstacles in achieving the goal, with the biggest being the high electricity costs that are facing miners in the country. As is wildly known a lot of computing power and electricity is needed for cryptocurrency mining. This is a huge obstacle and challenge for crypto miners in the Islamic Republic of Iran because only big firms can have the luxury to work, while smaller enterprises are forced to close.
“High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.”Besides this the official from the ICT Guild Organization, Amir Hossein Saeedj Naeini noted that more discussions will be held in order favorable conditions are found for the cryptocurrency mining industry.
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