Digital Currency

Indian Minister Inaugurates Blockchain Center of Excellence in Bengaluru

</header> <strong>A Centre of Excellence in Blockchain Technology has been inaugurated by Indian Union Minister Ravi Shankar Prasad in Bengaluru. It will facilitate various government departments in their blockchain work, leading to large scale deployment of blockchain applications.</strong> Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia New ‘Centre of Excellence …

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Maduro Opens Crypto Casino in Venezuela

</header> <strong>Venezuela’s President Nicolas Maduro has authorized the opening of a casino at a luxury hotel in Caracas where bets must be placed in petros, the country’s national oil-backed digital currency. Several cryptocurrencies and fiat currencies can be exchanged into petros to wager in the casino. The proceeds are expected to be used for healthcare …

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New Bill in Oklahoma Proposes Depository for Cryptocurrencies Used by Government

</header> <strong>A bill has been introduced in the U.S. state of Oklahoma to establish a new type of state-chartered financial institution that will be “the central depository for virtual currency used by governmental agencies in this state.” The new establishment aims to provide financial and technical services to crypto innovators and developers.</strong> Also read: Regulatory …

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Malaysia Announces Digital Asset Guidelines

</header> <strong>The Securities Commission Malaysia has published the country’s guidelines on digital assets which set out the regulatory framework for token sales. All token offerings must now be carried out only through platforms approved by the commission. The guidelines also detail the obligations of approved platforms as well as the requirements token issuers must meet.</strong> …

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Crypto Experts Join OECD ‘High Level’ Advisory Board

</header> <strong>The Organisation for Economic Cooperation and Development, an intergovernmental body with 36 member countries, has formed “a high-level expert group” which includes executives from the crypto industry. They will provide advice in helping develop international blockchain policy principles.</strong> Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia ‘High-Level Expert Group’ …

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FATF Holds Global Forum to Discuss Crypto Supervision

</header> <strong>The Financial Action Task Force (FATF) and over 50 delegations involved in crypto supervision recently gathered to discuss how to regulate crypto assets and related service providers. While examining three key areas, they stressed the importance of international cooperation, citing that cryptocurrencies are global products.</strong> Also read: Regulation Roundup: EU-Wide Crypto Regulations, New Rules …

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Crypto vs RBI: 3 Days of Intense Supreme Court Hearings

</header> <strong>India’s supreme court heard the crypto case in detail over three consecutive days this week. In addition to intense arguments against the central bank having the power to ban crypto, the judges learned how other countries regulate this new sector, the amended EU directive, the FATF guidance, and less invasive crypto measures.</strong> Also read: …

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Crypto Exchange Bithumb Takes Korean Tax Authority to Court Over $69 Million ‘Groundless’ Tax

</header> <strong>Bithumb, a major crypto exchange in South Korea, has taken the country’s tax authority to court over a “groundless” tax imposed on the exchange. Experts explain that currently there are no grounds to tax crypto transactions in South Korea and existing tax laws do not apply to crypto transactions.</strong> Also read: Regulatory Roundup: EU-Wide …

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Silvergate Bank and Bitstamp Launch Bitcoin Collateralized Loans

</header> <strong>U.S.-based Silvergate Bank has launched a bitcoin collateralized loan product with Bitstamp as its launch partner. The crypto exchange will act as the bank’s agent to manage and provide custody for bitcoin collateral. The product utilizes Silvergate Bank’s Exchange Network to fund loans and process repayments in real time.</strong> Also read: Regulatory Roundup: EU-Wide …

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Indian Supreme Court Hears In-Depth Arguments Against RBI Ban

</header> <strong>India’s supreme court spent all day hearing arguments against the crypto banking ban by the Reserve Bank of India (RBI) on Wednesday. The counsel for the Internet and Mobile Association of India presented extensive arguments to convince the court that the central bank acted outside its jurisdiction and power in placing a banking restriction …

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