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Crypto Stories

Ten of the Biggest Crypto Stories Last Week: India’s Crypto indecision, Dorsey’s exchange Whitepaper, Russia’s CBDC levy, El Salvador’s Bitcoin City, and more

We present ten of the hottest crypto stories that grabbed the headlines this past week.

India will ban Crypto as a Payment option but support trading of digital assets

The government of India is planning to outlaw crypto as a payment option but will continue to regulate and support the trading of digital assets. This further highlights the government’s indecision about the crypto marketplace.

Newsbsc reported last month that India’s crypto regulation bill is currently in the works and due to be integrated next February. Read more.

Jack Dorsey publish Whitepaper for his Bitcoin Exchange

Square and Twitter co-founder and CEO Jack Dorsey issued a policy document revealing plans for Square’s decentralised Bitcoin (BTC) exchange tbDEX on Friday. tbDEX, unlike most decentralised exchanges, will not use a fully decentralized paradigm and so will not have its own governance token. Instead, it’s a communication protocol that makes it easier to build credibility without depending on a federation to manage access.

Russia will charge transaction fees for CBDC

The Russian central bank is reportedly preparing to demand charges for digital ruble transactions as it continues to reveal more details about its planned digital currency.

According to reports, the rates for Russia’s central bank digital currency (CBDC) operations will be cheaper than those for bank transfers, according to Kirill Pronin, director of the Bank of Russia’s financial technologies department.

Bitcoin miner Bitdeer Tech Holding will go public on Nasdaq after $4 billion SPAC merger

Bitdeer Technologies Holding Company, a Bitcoin (BTC) mining company based in Singapore, has group has entered into a new merger partnership with Blue Safari Group Acquisition Corp.

The two companies will merge and be rebranded to be known as Bitdeer Technologies Group, with the NASDAQ stock market listing remaining intact, according to the reports.

Binance.US is expecting huge investment

Binance CEO Changpeng Zhao, popularly known as “CZ,” announced that its US division (Binance.US) will complete a fundraising round to generate a “couple hundred million dollars” soon.

Kazakhstan President laments lack of “financial return” from Crypto Mining

Kazakhstan President Kassym-Jomart Tokayev has expressed his disappointment at the failure of his administration to generate substantial income from crypto mining activities.

Mr. Tokayev made this known during a meeting with stakeholders within the financial industry stakeholders at the country’s capital Almaty. Read more here.

El Salvador announce plan to construct tax-free Bitcoin City

El Salvador’s crypto-loving President Nayib Bukele is once again driving the growth of the local industry as he unveiled a proposal to build a volcano-powered Bitcoin City, where citizens won’t be required to pay income and property taxes. Read more.

Mark Cuban and Dr. Pepper offering “Bitcoin Toss” College Tuition Grant

Billionaire investor Mark Cuban and carbonated soft drink company Dr. Pepper will provide a college tuition grant for a student through the #IDeserveTuition TikTok challenge.

A live “Bitcoin Toss” will be conducted on Saturday, where one student will get to win $23,000 worth of bitcoin. Read more.

Norway may support Bitcoin mining ban in Europe

Norway is expected to back and adopt a blanket Bitcoin mining ban across Europe, in line with the “solutions” suggested by two Swedish regulators.

According to Bjrn Arild Gram, a Norwegian minister of local government and regional development, the country is investigating the environmental concerns posed by crypto mining as well as potential mitigation measures. Read more.

Acala emerge as winner in Polkadot’s inaugural parachain auction

Ethereum-friendly decentralized finance platform Acala has won the first-ever Polkadot parachain auction. Acala is a blockchain company that focuses on developing infrastructure for scalable blockchains.

The much-anticipated auction was keenly contested between Acala and Moonbeam, but the latter emerged with the prize, gathering 32.5M DOT tokens from worth $1.3 billion from 81,000 wallets. Read more.

Other Notable Crypto Stories

Twitter CFO says there is no plan to hold Crypto Assets in its Balance Sheet

Twitter Chief Financial Officer (CFO)  Ned Segal believes the social media giant will not immediately invest in crypto assets, stating that it “doesn’t make sense now.”

“We [would] have to change our investment policy and choose to own assets that are more volatile,” Mr. Segal said, suggesting that the microblogging platform would rather hold nonvolatile assets on its balance sheet. Read more.

Xiongan New District in China raise alarm on Digital Yuan Fraud

The local government and Central Bank branch of the Xiongan New District, China, have issued a stern warning to residents about cybercriminals using the digital yuan.

In an official statement released on Thursday, local authorities told residents to be alert and take caution when needed. Read more.

Thanks for reading through our Top ten biggest crypto stories for last week. We hope you enjoyed it. Kindly join our Telegram channel to get notified every time we publish a new story.

 

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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