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New Rumors On Indian Crypto Ban, Bonds on Blockchain + More News

By Linas Kmieliauskas
New Rumors On Indian Crypto Ban, Bonds on Blockchain + More News 101
Source: Adobe/Patange_R

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

Regulation news

  • India plans to introduce a new law banning trade in cryptocurrencies and the bill is expected to be discussed shortly by the federal cabinet before it is sent to parliament, Bloomberg reported, citing undisclosed people familiar with the development. The federal government will encourage blockchain but is not keen on cryptocurrency trading, the report added, without providing any other details about the possible ban. (Learn more: OKEx CEO Says Indian Crypto Ban 'Unlikely', Has 3 Scenarios in Mind)
  • Money transmitters and cryptocurrency firms will be able to more easily expand across the United States, after 48 state regulators agreed to a single set of supervisory rules that should reduce their compliance costs, Reuters reported. The new regulatory regime will be unveiled by the Conference of State Bank Supervisors on Tuesday, it added.

Blockchain news

  • Thailand’s central Bank of Thailand (BOT]) said it has sold some USD 1.6bn worth of government savings bonds within a week on a blockchain-powered platform. Per a press release, the BOT stated that its platform allows for more secure and efficient bond issuance, with lower operating costs. The BOT also added that a “next phase” will follow, with its platform set to “expand to support all government bonds, both retail and wholesale, to fully serve demand from all stakeholders.
  • A Russian pop musician has made a digital rights transfer for a pop song using a platform built on the government-backed IPChain blockchain network. Per VC.ru, the head of the copyright platform studio Soyuz successfully agreed on terms and concluded a licensing agreement with Russian music service Fonmix that will allow companies such as stores, restaurants, and gyms to use Oleg Kenzov’s smash-hit song “Po Kaifu” for marketing purposes. Artists using the platform receive payment “immediately” – and the entire process takes just 10 minutes, Soyuz claimed.
  • Major crypto exchange OKEx has announced that OKChain, the commercial public chain developed by OKEx, has been officially renamed as OKExChain. The trading-centric OKExChain aims to bring "the enablement of large-scale applications with high performance based on blockchain technology," it said in an emailed press release.

Mining news

  • The long-running tug-of-war between the founders of crypto mining hardware maker Bitmain continues to rumble on, with Jihan Wu apparently gaining the upper hand over his former business partner Micree Zhan. Zhan appeared to have wrestled control back from Wu earlier this year, but per an official Bitmain WeChat post, Wu has stolen a march on his rival, becoming the company’s CEO once again. The author added that “normal working order” has been resumed at the firm – although the post’s author was careful to note that “our deepest respect for Mr. Zhan remains unchanged.”

Career news

  • BitPay, a US-headquartered major provider of crypto payment services, announced a permanent work-from-home policy today. An internal survey showed that 85% of employees preferred to work from home and felt they were more productive, the company that employs 80 people across three offices including Atlanta, Amsterdam, and Buenos Aires, said.
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