CoinQuest

2023-01-30 16:01:31 ​India's Central Bank Plans to Launch Digital Rupee CBDC.

The Reserve Bank of India (RBI) will soon launch pilot tests for its upcoming digital rupee in a bid to increase awareness around its Central Bank Digital Currency (CBDC).

The country's central bank announced the news on Friday, detailing that the digital rupee will be available for specific use cases during the pilot. In a statement, the RBI said the pilot program will help create awareness around the planned features of the digital rupee.

“It explains the objectives, choices, benefits, and risks of issuing a CBDC in India. The note also seeks to explain the Reserve Bank’s approach towards the introduction of the CBDC,” the central bank reportedly said.

The RBI has also released a concept note for the digital rupee, which talks about key aspects of the CBDC, including its technology and design, potential use cases of the digital rupee, issuance mechanisms, and more. In addition, it explores how the introduction of a CBDC would impact the banking system, monetary policy, financial stability, and privacy issues.

“As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e₹, from time to time,” the RBI said.

The country's Finance Minister Nirmala Sitharaman had previously announced the launch of the digital rupee in her 2022-23 budget speech earlier this year. The announcement marked another clear indication that the Indian government is determined to launch a CBDC. Open / Comment

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2023-01-17 12:00:18 ​Bithumb ordered to pay outage damages to investors by South Korean court.

A ruling from local courts has Bithumb liable to pay just over $200,000 in damages to the 132 investors which filed against the cryptocurrency exchange.

The ongoing saga of the South Korean cryptocurrency exchange Bithumb continues, this time with ruling from local courts.

On Jan. 13 the South Korean Supreme Court finalized its ruling that the exchange must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017. According to a local news source, the damages are equivalent to $202, 400 - or 251.4 million in the regional currency won.

Initially, a district ruled against the investors, though it was later overturned. The finalized ruling from the Supreme Court ordered damages to be paid ranging from as little as $6 to around $6,400 to the 132 investors involved. Open / Comment

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2023-01-12 20:00:13 ​Oregon Weighing Crypto Miner Carbon Crackdown

Cryptocurrency miners and related entities could soon be required to adhere to an uncommonly stringent set of restrictions around their energy usage.

The measures — largely an outlier in the US — stem from a bill submitted to Oregon’s legislature on Wednesday. New York has been one of a handful of other states to impose strict standards on miners of bitcoin and other proof-of-work cryptoassets.

Sponsored by Rep. Pam Marsh, Sen. Michael Dembrow and Rep. Mark Gamba, House Bill 2816 aims to curb the carbon output of such “high energy use” facilities — with the goal of tamping down emissions by 60% below their baseline current levels by 2027.

The proposed new baseline is set at 0.428 metric tons of carbon dioxide equivalent per megawatt-hour. It would mandate those crypto companies to cut their emissions according to the following timeline: 80% by 2030; 90% by 2035; and 100% five years after that.

Failure to comply, each step of the way, would result in civil penalties of some $12,000 per megawatt-hour for each successive day not in compliance.

House Bill 2816 is meant to work in conjunction with another bill passed two years ago in Oregeon’s legislature, House Bill 2021. That bill also establishes clean energy targets toward 100% renewable energy by 2040, while bolstering existing guidelines.

“This is a bill that aims to bring the very largest of our energy and consumptive operations including crypto miners and data centers in line with the Senate and House Bill 2021,” Marsh told Blockworks. Open / Comment

2023-01-10 11:00:13 ​Bitcoin Can Be Super Collateral If Lenders Understand Its Value

This is an opinion editorial by Max Keidun, the CEO of peer-to-peer bitcoin exchange Hodl Hodl.

The bitcoin lending space has suffered from several major issues in recent months and years, from the fallout of the Terra/Luna crash, impacting Celsius and BlockFi, and now FTX as well, to liquidity crunches given the sustained price drawdown, varying accusations of market manipulation and more.

All of these have led to significant losses, bankruptcies and a complete reshaping of the lending market. Many users have lost faith in bitcoin-based lending products and the market appears to be at its historical bottom, both in terms of volumes and public confidence.

As usual, the mainstream media blamed these crises on Bitcoin itself. But is any of this Bitcoin’s fault? Does it make Bitcoin any less attractive? Does it even mean that we shouldn’t consider bitcoin as lending collateral? No! Open / Comment

2023-01-08 17:00:08 ​Telegram set to build crypto exchange in response to FTX collapse

Telegram founder Pavel Durov has announced plans by the messaging platform to unveil decentralized cryptocurrency products, including a crypto exchange and non-custodial wallets.

According to Durov, the new venture seeks to rectify the existing centralization of cryptocurrency entities, a factor he noted has let down millions of users with reference to the FTX exchange collapse, the CEO said in his official Telegram channel on November 30.

“Telegram’s next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies. This way we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users,” he said.

Durov further pointed out that the current blockchain ecosystem has deviated from its founding principle of promoting decentralization. Open / Comment

2023-01-06 15:00:07 ​Huobi Global Trading Volume Tanks After Rumors of Meltdown

The global trading volume of the Huobi exchange plummeted in the past day amid rumors of internal turmoil. The Huobi Token (HT) and TRON (TRX) tokens are also down sharply.

Huobi Global is experiencing a sharp drop in trading volumes after reports are emerging of a meltdown. The exchange’s 24-hour trading volume tanked by over 22%, going down from roughly $1.6 billion to $1.23 billion at press time.

Net flow on Ethereum has also been sharply negative, with seven-day net flow amounting to -$34.9 million. Most of the Huobi portfolio consists of the HT token, which amounts to $908 million in balance. The total Ethereum portfolio balance is $2.1 billion. The Huobi balance across all chains is $2.9 billion.

Huobi advisor Justin Sun, a well-known and sometimes controversial figure in the crypto industry, tweeted about the company’s business state on Jan. 5.

“…recent business development momentum is good, core indicators have maintained rapid growth, and the average daily growth rate of new registered users and capital inflows exceeds the peak in 2022,” he said.

He went on to say that the infrastructure is secure and Huobi would focus on global compliance. Some were skeptical of these claims, saying that the exchange and USDD were imploding. Open / Comment

2023-01-04 14:00:13 ​Indian Government Launching Crypto Awareness Campaign

The government of India is launching a crypto awareness campaign that will educate investors about the legality of cryptocurrencies in the country while highlighting the risks of investing in crypto assets.

Indian Government’s Cryptocurrency Awareness Campaign
The Indian government is reportedly launching a first-of-its-kind crypto awareness campaign. It will be conducted by the Investor Protection and Education Fund Authority, a government body controlled by the Ministry of Corporate Affairs.

A government official was quoted by ET as saying:
The campaign will highlight that cryptocurrencies are not legal in India and there are also deep risks involved in such assets. Any investment where the people are being promised lucrative and assured returns, there is an element of high risk.

The government of India has been working on a crypto policy since 2019 but nothing has been finalized. Indian Finance Minister Nirmala Sitharaman said the government plans to discuss crypto regulations with the G20 members.

The Indian central bank, the Reserve Bank of India (RBI), has long recommended a complete ban on all cryptocurrencies like bitcoin and ether, warning of their potential to destabilize the country’s monetary and fiscal stability. RBI Governor Shaktikanta Das recently said the next financial crisis will come from cryptocurrencies if they are not prohibited. However, Sitharaman said both banning and regulating require international collaboration to be effective. Open / Comment

2023-01-02 13:00:10 ​Huobi plans mass layoffs and pay cuts

The news was shared by Chinese reporter Colin Wu. A month ago, the company said rumors of impending layoffs were untrue. But, according to Wu, people familiar with the inner workings of the exchange said the company was proceeding with the plan.

The exchange is expected to reduce its team from 1,200 to 600-800 employees and cancel the annual bonuses introduced this month. Bonuses in the form of different cryptocurrencies were to be received by users who actively participated in the Huobi community.

Now the exchange intends to cancel the program as the crisis in the market strengthens, journalists assure. Like many other cryptocurrency companies that hired a large number of employees in calmer times and spent on advertising, Huobi is forced to cut costs, including its employees.

It was previously reported that Octopus Network, a decentralized application network, will lay off about 40% of its employees to adapt the company to market conditions. Open / Comment