BitDigest - Monday June 21, 2021
Crypto prices fall on more negative reports (not new news) from China
The PBoC stated it has told domestic banks to stop facilitating crypto activities for its customers
ECB executive pledges central bank will not monetize user data, but fails to say how the data could be used
The Headlines
PBoC Tells Banks to Crack Down on Crypto Activity
The People’s Bank of China formally announced that it has instructed domestic banks and payment institutions to crack down on payment channels for crypto trading and not provide other crypto-related financial services.
Bank of France Conducts CBDC Pilot
The Bank of France successfully conducted a CBDC pilot with Switerland’s SEBA Bank to simulate the settlement of listed securities on a public blockchain.
Malta's Blockchain Island Accused of ‘Lax Oversight’
Last week, the Financial Action Task Force held meetings to discuss whether Malta should be added to a list of countries that are not doing enough to stop major financial crime following claims that its efforts to open the Mediterranean “blockchain island” to global companies and entrepreneurs resulted in ‘lax oversight.’
FCA Crypto Registration Delays Necessary to Assess Businesses
Conservative PM John Glen explained that the delays the Financial Conduct Authority has been taken to efforts to assess “firms’ business models holistically, and it has been necessary, in many cases, for [the FCA] to request additional information from the applicant firm” to prove it “meets the required standard.”
questions-statements.parliament.uk
Bank Of Uganda Launches Financial Sandbox
The Bank of Uganda has launched a Regulatory Sandbox Framework allowing innovative financial solutions to be tested in a live, controlled environment with government oversight in the East African nation.
Bank of Portugal Registers First Virtual Asset Service Providers
The Central Bank of Portugal reported that it has registered its first two virtual asset service providers, two exchanges: Mind the Coin and Criptoloja.
Iran Bans Domestic Blockchain Association
Iran’s Interior Minister has suspended the Iran Blockchain Association, a nonprofit and self-governing body of entrepreneurs, experts, specialists and activists involved in developing the technology for allegedly operating in violation of its articles of association.
HIVE Adds Swedish Mining Capacity
HIVE Blockchain (TSX.V:HIVE) announced the expansion of its crypto mining in Sweden by 4.6 MW bringing its total capacity in the Nordic country to 33MW and 133 MW worldwide.
Galaxy to Provide Liquidity for Goldman Sachs' BTC Futures Trades
Galaxy Digital (TSX: GLXY) announced that it will serve as Goldman Sachs’ liquidity provider for its bitcoin futures block trades on the CME derivatives exchange.
AgBank to Close Accounts of Crypto Traders
Agriculture Bank of China, the nation’s third largest lender of assets, announced plans to follow central bank guidance and will “immediately” close the account of any customers found to be involved in crypto trading.
BBVA Switzerland Opens Crypto Trading and Custody for Private Bank Customers
Spanish multinational bank BBVA, a subsidiary of PNC Financial Services (NYSE: PNC) announced plans to open crypto-asset trading and custody to all private banking clients based in Switzerland.
BItmain Introduces New Rigs for LTC and DOGE
Chinese mining rig manufacturer Bitmain has released a new litecoin (LTC) and dogecoin (DOGE) mining machine with a hashrate of 9500 MHash/s, approximately 4x faster than any currently available unit.
Market Data
Bitcoin Hashrate Falls ≈40% Since May
Following the Chinese mining crackdown, bitcoin’s hashrate has dropped from a recent high of 171.3 Ehash/s (5/13/21) to a 8-month low of 105.2 Ehash/s.
In the last 24 hours, Foundry USA 🇺🇸 is the only major #Bitcoin mining pool that's increased in hashrate. https://t.co/WLbE7hA4Ml
Thoughts on the Ecosystem
Digital Euro will Increase Consumer Privacy
Fabio Panetta, an executive board member at the European Central Bank and Deputy Governor of the Bank of Italy, says the introduction of a digital euro will boost consumers’ privacy saying the ECB has “no commercial interest in storing, managing or monetizing the data of users.”
In order to unsubscribe, click here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Created with Revue by Twitter.
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.