IMF Wants Crypto Mining Answers from Georgia + More News

Adoption Blockchain Mining Regulation

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Tim Alper

Author

Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 26, 2023 06:53 EDT

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Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Mining news

• The International Monetary Fund (IMF) has called on Georgia to report on its crypto mining industry. The country is home to several large cryptocurrency mining centers, with big domestic and international players active across the nation. Per LetKnowNews, the IMF says it is “working in Georgia and other areas on the issue of improving statistics.” The IMF also says it is “actively discussing the possibility of introducing accountancy guidelines for cryptocurrency mining.”

Exchanges news

• Cryptocurrency exchange Binance has begun offering Ethereum futures contracts with up to x50 leverage. In an official announcement, the platform stated that “users will be able to select between 1-50x leverage.” The exchange offers Ethereum futures trading against USD-pegged stablecoin Tether.

Business news

• Galaxy Digital has accrued USD 58.4 million in net income in Q1, Q2 and Q3 of 2019, making for a 133% rise from this time last year. But per highlights from the company’s Q3 financial report, Galaxy Digital actually made losses of USD 68.2 million in Q3, with over-the-counter (OTC) trading making the biggest losses for the company (USD 43.3 million).

Adoption news

• South Korea’s Shinhan Bank has teamed up with Kakao’s Ground X subsidiary on an initiative that will see them launch a blockchain-powered solar power trading platform. Paxnet reports that the companies want to create a solution that logs power information from solar power plants on a blockchain platform, allowing users to check power generation and usage data in real-time.
• Blockchain-powered ride-hailing app operator MVL has raised USD 4.7m in a Series A investment, reports Venture Square. MVL is aiming to corner the ride-hailing market for taxis, tuk-tuks and electric vehicles in Singapore, Cambodia and Vietnam. Backers include the likes of auto company Central and VC company SV Investment.
• South Korean blockchain developer Terra and mobile payment provider Chai are planning to team up with card operator BC Card. Together, the parties hope to bring their blockchain-powered in-store payment platform to BC’s network, reports Fn News. BC says it has partnerships with 40 million merchants in South Korea and some 200 other countries. Chai and Terra are also planning to launch domestic blockchain-powered payment operations at over 14,000 CU convenience stores before this month is out.

Regulation news

• The South African Reserve Bank (Sarb) is reportedly planning to introduce new rules regarding the use of digital currencies, or cryptocurrencies, in a bid to stop them from being used to evade currency controls, BusinessReport reported, citing unspecified reports. Sarb did not comment on the story. In either case, local banks such as FNB have already started clamping down on virtual currency companies and last week closed all business banking accounts for companies dealing in crypto, the report said.

Career news

• The CEO of Bitcoin futures offering operator Bakkt could win a seat in the United States Senate, per media outlet The Atlanta Journal-Constitution. The media outlet reports that Bakkt chief Kelly Loeffler will be named as the Republican pick for a vacant senatorial seat in the state of Georgia. Georgia Governor Brian Kemp wil reportedlyl make the appointment official sometime this week.