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Last Week Crypto News Today #36

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It has been yet another ‘gloomy week of 2020’ around the world.  Another blackman was killed, this time in Atlanta.  Protests are turning into riots across the US. A young actor in India took his own life. Corona cases are growing with experts warning that the US death toll might reach 200,000.  

Given how things are showing up, let us lighten the mood with something stupid.

A tweet has been circulating about Craig Wright claiming ownership of an address that houses stolen Bitcoin from Mt.Gox hack.  However, the screenshots showing the wallet address may have been forged to create news where none exist.  Nevertheless, given it is associated with Craig Wright, it created some sensation and much needed humor this week. 

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India wants to ban Crypto

India Bans CryptoIndia is looking for inspiration from Russia instead of the US, South Korea or Japan when it comes to crypto.  Given that the Reserve Bank of India has lifted the ban on cryptocurrency exchanges, the government of India is now looking to bring an overarching (and permanent) ban on cryptos in India.  The bill proposed Rs.25 Crore in fine and 10 years in jail.  For perspective, Rs.25 Crores translates to US$3.3 million.  Crypto enthusiasts in India have been frustrated with the changes in regulations. WazirX, which got backing from Binance, has started gaining traction after the RBI ban was lifted and now with this fresh FUD in play – we have to see what’s in store for India’s crypto future.

Wilshire Phoenix Funds files for Bitcoin Fund license with the SEC

An application for Bitcoin Commodity Trust to offer Bitcoin Commodity Trust Shares which represent a share of the Trust which will exclusively own bitcoin, was filed with the SEC.  The application filed with the agency reads “The Shares will provide investors with exposure to bitcoin in a manner that is accessible and cost-efficient without the uncertain and often complex requirements relating to acquiring or holding bitcoin.”  The Trust will follow the Chicago Mercantile Exchange Reference Rate for the price movement. 

Belarus looking to allow banks to issue tokens

Google translated news from Sputnik reads that “the National Bank [of Belarus] wants to evaluate the possibilities of the Belarusian banking system to engage in the process of digital transformation of the economy. Thus, the regulator will analyze the conditions and possibilities for attracting money by domestic banks (primarily remotely from non-residents) by placing its own tokens.”  While the proposal is being made for banks to be able to create tokens against the Belarusian Rubles and foreign currency received from non-residents, this does not mean that banks can accept cryptocurrencies.  

Coinbase is exploring 18 new coins to list

Coinbase effect seems to be still intact. When Coinbase announced that it is reviewing 18 tokens to list on its exchange soon they saw a sharp rise in their prices.  These 18 tokens include:  Aave, Aragon, Arweave, Bancor, COMP, DigiByte, Horizen, Livepeer, NuCypher, Numeraire, KEEP Network, Origin Protocol, Ren, Render Token, Siacoin*, SKALE Network, Synthetix, and VeChain, according to the blog post from Coinbase.  Obviously, this does not mean that all the 18 coins will be listed but it just shows that these projects have made the cut to qualify for the ‘review’.  Fans of these projects, especially VeChain, have been calling for its addition to the Coinbase for a long time.  

coins listing on coinbase

Source: Coinbase Blog

Microsoft to build Digital Identity over Bitcoin blockchain

Microsoft unveiled a project that aims to protect user identity on Bitcoin Blockchain. “ION is a public, permission-less, open network anyone can use to create DIDs and manage their Public Key Infrastructure (PKI) state. ION is designed to deliver the scale required for a world of DIDs, while inheriting and preserving the attributes of decentralization present in the Bitcoin blockchain,” announcement revealed.  To tackle the ‘speed’ issue of Bitcoin network, Microsoft wants to build a second layer on top of Bitcoin to support the ION project which could scale to tens of thousands of transactions per second (tps).  

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