BitDigest - Monday January 8, 2021
Crypto pricing continues upward momentum as ETH tries to regain Friday’s all-time-high
India may fast-track crypto regulations
Nigeria issues reminder that cryptocurrency activity is prohibited
The Headlines
Government May Use Ordinance to Pass Crypto Laws
The Modi government is looking to fast track its new crypto regulations by following an ordinance route to pass the cryptocurrency and regulation of official digital currency bill.
Under Indian law, an ordinance is a law promulgated by the President of the country on the recommendation of his/her cabinet with the same effect as an Act of Parliament; they are meant to allow the government to take immediate legislative action during a period where Parliament is not in session.
Nigeria Issues a Reminder that Crypto Activity is Prohibited
The Central Bank of Nigeria (CBN) issued a letter to all banks and non-deposit financial institutions stating that “dealing in cryptocurrencies or facilitating payments for cryptocurrencies is prohibited.”
🅱️ It should be noted that this is not new news, the CBN previously banned digital currencies in 2017 and, in response to all the international press this new letter received, issued an update over the weekend reminding the public that that the recent policy pronouncement was not a new restriction and that the CBN’s statements are not unique among central banks.
Beijing to Issue $1.5 Million Digital Yuan Over Lunar New Year
The municipal government of Beijing plans to provide 200 digital yuan ($30) to 50,000 applicants totaling $1.5 million in a trial of the central banks digital currency during the upcoming Lunar New Year holiday.
Offline Hardware Wallet for Digital Yuan Completed
The Agricultural Bank of China announced it has completed the development of the first hardware wallet for the digital yuan supporting offline payments without the use of an internet connection or mobile phone.
OCC Approves Conversion of Protego Trust Bank
The Office of the Comptroller of the Currency (OCC) has granted the Washing state-chartered Protego Trust Company approval to become a national trust bank.
BitFinex Repays and Cancels Tether Loan Facility
Bitfinex announced that the digital exchange recently wired a payment to Tether repaying $550,000,000 , the remaining balance of the outstanding revolving loan facility; “t he loan has now been repaid early and in full and the line of credit has been cancelled.”
ETH Futures Start Trading on CME
🐦The CME used the occasion of the Super Bowl to tweet that ether (ETH) futures were ‘kicking off’ last night providing investors with exposure in the second largest digital currency by marketcap.
Miller to Invest Up to 15% of Assets into GBTC
The Miller Value Fund run by former Chairman and CIO of Legg Mason Capital Management Bill Miller has filed documentation with the Securities and Exchange Commission stating “the Fund may seek investment exposure to bitcoin [of up to 15% of its assets at time of investment] indirectly by investing in the Grayscale Bitcoin Trust (OTCQX: GBTC).
Ricardo Salinas Pliego Adds #Bitcoin to Twitter Bio
🐦Mexico’s Ricardo Salinas Pliego, a member of the 2020 Forbes Billionaires List (ranked 106th with a fortune totaling $11.4 billion), is no stranger to bitcoin having previously recommended Saidedean Ammous’ the Bitcoin Standard to his Twitter followers and has now taken inspiration from fellow billionaire Elon Musk to add ‘#bitcoin’ to his Twitter profile which now reads Empresario Mexicano #bitcoin’ (Mexican entrepreneur #bitcoin).
Exchange, Custody and Product News
FTX Launches Foundation to Make the World the 'Best Place'
FTX has started the FTX Foundation, to support the mission of not just making the world a better place, but the “best place.” The Hong Kong based-digital currency exchange has already provided $10 million to charities and will now povide 1% of all net fees earned on the exchange to the Foundation. As of this morning, $3,273 has been earned so far.
Thoughts on the Ecosystem
Cuban Would Prefer Dogecoin Over a Lottery Ticket
🐦Billionaire technology investor Mark Cuban who previously said he would “rather have bananas than bitcoin” is jumping full speed onto the crypto bandwagon and now says given the choice, he would prefer buying dodgecoin (DOGE) instead of a lottery ticket.
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BitDigest is a weekday news update on digital currencies and blockchain technology for friends and partners of Parsons & Whittemore, a single family office based in Rye Brook, New York. Receipt of BitDigest is by approval of the Author. The commentary, analysis, opinions and recommendations in this newsletter represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in this newsletter is obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. Neither the Author nor any of the Author's affiliates make any guarantee or other promise as to any results that may be obtained from reading this newsletter. While past performance may be analyzed in this newsletter, past performance should not be considered indicative of future performance. No reader should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence. The Author is not making a solicitation or offer to buy or sell any securities of any kind.