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Yellen on Bitcoin, NFTs Score Another Million + More News

By Linas Kmieliauskas
Yellen on Bitcoin, NFTs Score Another Million + More News 101
Janet Yellen. Source: A video screenshot, Youtube/Credit Suisse

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

  • Recently, US Treasury Secretary Janet Yellen made several statements relevant to the crypto industry:
    - Yellen called bitcoin “a high-risk, speculative investment” and confirmed that the top priority is to ensure that it is not used as a vehicle for illicit transactions and that investor protections are maintained.
    - Also, she stated that bitcoin is extremely inefficient at conducting transactions.

    - Yellen signaled the Biden administration supports research into the viability of a digital dollar.

  • India’s looming crypto crackdown is promising to extend to the private sector, with reports that “holding cryptocurrency may become a hindrance” for firms aiming to raise funds through initial public offerings (IPOs). The idea is the brainchild of the regulatory Securities and Exchange Board of India (Sebi), per the India Times’ Economic Times outlet. The report’s author claims that “several people with direct knowledge of the matter” have stated that promoters of companies looking to launch IPOs will be instructed to “sell off” their crypto holdings before raising funds. The media outlet stated that “merchant bankers, securities lawyers and even company executives involved with the IPO process” have already been informed of the decision.
  • The Central Bank of Nigeria and the Securities and Exchange Commission have agreed to collaborate and conduct research with a view to finding ways of regulating the cryptocurrency market, local media outlet Premium Times reported.
  • The Financial Supervisory Authority in Stockholm said it will take action against companies that sell the risky, complex crypto investment instruments to retail investors who don’t understand what they’re getting into, Bloomberg reported.

NFTs news

  • An anonymous buyer has spent around USD 1m worth of ethereum (ETH) on 34 non-fungible tokens (NFTs). The buyer snapped up a set of digital CryptoPunks collectibles, per data from the Larva Labs marketplace, for just under ETH 560. The collectibles are part of a set of 10,000, and have been traded for a collective value of some USD 95 million. Larva Labs describes them as the “first NFTs” and the “inspiration for the Ethereum ERC-721 standard that powers most digital art and collectibles.”

CBDCs news

  • Ant-backed MYbank’s service will soon be introduced to the People’s Bank of China’s digital yuan app, while Tencent-backed WeBank will also participate because the e-wallets from the two firms will have exactly the same functions as those from the six state-owned lenders in the trial, Bloomberg reported, citing undisclosed people familiar with the matter.

Mining news

  • Listed crypto mining company Argo Blockchain said it has signed a commercial agreement with ePIC Blockchain Technologies (ePIC), a supplier of ASIC mining machines, which will allow Argo priority access to these mining rigs. Argo will initially purchase USD 8m of ePIC’s mining rigs and have priority on all future production runs globally for 2021 and 2022, they added.
  • South Korean PC gaming rooms – known as “PC bang” are finding new uses in the age of the coronavirus pandemic: Their owners are using them to mine crypto. Per Chosun, enterprising PC bang operators are keen to use their banks of high-spec PCs, many equipped with state-of-the-art graphics cards, to mine tokens, with no indications so far on when PC bangs will be able to reopen their doors to the public. One PC bang owner was quoted as stating that they earned USD 2,700 worth of crypto by mining tokens in just two weeks during the iciest months of the nation’s recent cold snap.

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