India's Warren Buffett Is Against Bitcoin Too, ECB Aims At Diem + More News
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
Indian billionaire investor Rakesh Jhunjhunwala, sometimes referred to as India’s Warren Buffett, told CNBC that the country’s regulators should ban cryptocurrencies such as bitcoin (BTC). “I think it’s speculation of the highest order. I don’t want to join every party in town. I think the hangover is much worse,” he said.
- The European Central Bank wants veto power on the launch of stablecoins such as Facebook’s Diem in the eurozone and a greater role in their supervision, it has told European Union lawmakers, as reported by Reuters. The ECB said issuers of stablecoins should be subject to “rigorous liquidity requirements” similar to those applied to money market funds, including significant cash reserves, to help them withstand large client outflows, it added.
- In Thailand, retail investors will probably be required to show their income or assets before opening trading accounts with the nation’s six licensed crypto exchanges, Bloomberg reported, citing Ruenvadee Suwanmongkol, Secretary-General of the Securities & Exchange Commission. Anyone who isn’t allowed to trade crypto via their own accounts can invest through licensed fund managers or financial advisers, she added.
- Northern Data, an operator of major Bitcoin mine, is working with Credit Suisse Group on plans for a US listing that could raise as much as USD 500m, Bloomberg reported, citing undisclosed people familiar with the matter. The sale of new shares could go ahead later this year, the report added.
- Bottlepay, a London-based startup building a Venmo-like app for cryptocurrencies, said it had raised GBP 11m (USD 15.5m) in seed funding from backers including Alan Howard, the billionaire co-founder of hedge fund Brevan Howard, Yahoo Finance reported. The company, valued at GBP 51m, said the money also came from "present and former Goldman Sachs partners" but declined to name them, the report added.
- The South Korean blockchain incubator Hashed has invested USD 1.8m in a cloud-based mobile point-of-sale (POS) startup. Per Maeil Kyungjae, Hashed has invested in PayHere, a firm that was founded in 2019 and already has deals in place with some 1,000 domestic merchants. The startup said that it makes use of a smartphone app that has “no maintenance fees” and does away with “monthly membership fees” and commission – granting it advantages over traditional PC-based POS solutions. Hashed said that the payment industry could “create synergy” with blockchain and stablecoin ventures.
Crypto adoption news
- The Spanish real estate platform Idealista has listed its first-ever property for sale in BTC, in what it said will be a “100% online” deal. In an official release, the Madrid-based firm said that the property in question was an apartment in central Barcelona. The company, which was bought out by the global investment group EQT for around USD 1.6bn last year, said that it has partnership deals in place with some 40,000 real estate agents, with 38 million unique monthly visitors from across Southern Europe. The seller’s asking price, per the listing, is around USD 181,000 (BTC 3.7).
Crypto tax news
- The South Korean government has finalized its plans to introduce a 20% rate of crypto tax in 2022. Per News1, the measure will come into force on January 1 next year, and anyone earning more than USD 2,245 in trading profits will be required to fill in a tax declaration before surrendering a fifth of their earnings to the state under new tax laws.
- The US Federal Reserve Bank of Richmond said it has appointed Sunayna Tuteja as the chief innovation officer, a new role in which she will lead efforts to identify, research, enable and advocate for new technologies while fostering a culture of innovation, collaboration, and experimentation. Tuteja, who will be a senior vice president, joins the bank from TD Ameritrade, where she served most recently as head of digital assets.
- State Bank of India has tied up with JPMorgan to use the US bank’s blockchain technology, Liink, to speed up overseas transactions, BSFI.com reported, citing Venkat Nageswar, Deputy Managing Director at the Indian bank. The tie-up is expected to reduce its customers’ transaction costs and time taken for payments, the report added.