BitDigest – Monday September 13, 2021

  • PBoC formally completes crypto crackdown
  • US Treasury Officials ready to begin formal investigation on impact of stablecoins on financial markets
  • Chinese state-owned media is calling NFTs a ‘bubble’
Thanks for your patience. Following a 2-month COVID hiatus BitDigest is back under its regular weekday schedule. Unfortunately, the links to my pricing charts have been revised (again) so crypto pricing will return shortly.
The Headlines
PBoC Completes Crypto CrackdownAccording to it’s just released Financial Stability Report, the People’s Bank of China has completed its formal crackdown on digital currencies and will now plan to ‘routinely’ regulate the crypto
US Ready to Review Whether Stablecoins Threaten Market StabilityFederal agencies are nearing a decision on whether or not to launch a formal examination by the Financial Stability Oversight Council into the impact of stablecoins on financial
Chinese Media Calling NFT BubbleChinese state-run media is warning of a “huge bubble” forming across NFT markets suggesting that “Once market enthusiasm wanes and the hype cools, the value of these many strange NFTs will greatly decrease.”
Hong Kong Looking to Increase Crypto Trading RegulationsHong Kong’s Securities and Futures Commission wants to increase regulatory activities over crypto trading to better protect
Central Banks Must ‘Act Now’ and Establish CBDCsBenoit Coeure, head of the BIS Innovation Hub, is calling on central banks “to act now” and develop their own CBDCs to maintain market
ESMA Issues Crypto WarningAn annual report by the European Securities and Market Authority (ESMA) on Trends, Risks and Vulnerabilities warns that crypto assets are undergoing “increased risk-taking behavior and possible market exuberance.”
Foreign Investors in El Salvador to be Exempt from Tax on Bitcoin IncomeIn an effort to increase bitcoin trading activity among foreigners in El Salvador, representatives of President Nayib Bukele’s government announced that foreigners will be except from taxes on bitcoin
IRS Declares Guidance on Virtual Currency a ‘Priority’The Internal Revenue Service released its Priority Guidance for the coming fiscal year highlighting the need for “guidance concerning virtual currency” and “Regulations regarding information reporting on virtual currency” as key
British Post Office App to Offer Crypto VouchersBritain’s national postal service will allow citizens to purchase digital currencies on the Post Office’s identity verification app, Easy
HIVE to Add 40 MW of Miners Through 2022HIVE Blockchain Technologies (Nasdaq: HVBT) plans to add 20MW of mining equipment to its New Brunswick, Canada operation in 2021 with another 20MW to be added in 2022.
DBS Expects to Increase Exchange ClientsSingapore’s DBS Group is looking the double the number of clients on its new crypto trading platform to 1,000 by the end of December and increase this number by 20 – 30% annually by
ARK Opens Door to Canadian Listed Crypto ETFsARK Invest revised the prospectus of its Next Generation Internet ETF (NYSEARCA: ARKW) to allow the fund to allocate capital to “pooled investment vehicles” for digital currencies – specifically Canadian listed crypto
Grayscale’s BCHG, ETCG, and LTCN Become SEC Reporting CompaniesGrayscale Investments has announced that its Bitcoin Cash Trust (BCHG), Ethereum Classic Trust (ETCG) and Litecoin Trust (LTCN) have become SEC-reporting companies shorten in the holding period for private placements of these shares from 12 to 6 months; ETCG is currently closed and unavailable to new
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