BitDigest – Monday September 20, 2021

  • US Treasury Department expected to impose sanctions on companies that enable hackers to profit off of ransomeware attacks
  • The Bank of Russia acknowledges it is delaying the transfer of funds to digital currency exchanges to dissuade crypto trading
  • Regulators targeting Celsius for un-registered lending practices
Henry Ford, A Man Ahead of His TimesCointelegraph is reporting that in 1921, US automobile-pioneer Henry Ford proposed creating an “energy currency” that would form the basis of a new monetary system by replacing gold. “Under the energy currency system the standard would be a certain amount of energy exerted for one hour that would be equal to one dollar.“ Ford believed this new currency could help break the banking elites grip on global wealth and stop wars. Sound familiar?
The Headlines
US to Impose Sanctions on Companies Involved in Payments to Cyber-HackersThe Biden Administration has instructed the Treasury Department to impose sanctions, including fines and other penalties, allowing hackers to use digital currencies for ransomware
Parliament Launching Inquiry into Use of CBDCsParliament’s Economic Affairs Committee has launched an inquiry seeking comments into the issuance of central bank digital currencies ahead of activities taken by HM Treasury and the Bank of England on the same
President Erdoğan Declares War on CryptocurrenciesPresident Recep Erdoğan said that Turkey was “at war” with cryptocurrencies supporting his central bank’s Spring ban on transacting in unregulated digital
Laos Approves Companies to Trade and Mine CryptoThe government of Laos has authorized six companies to temporarily mine and trade digital currencies as the South Asian nation’s government works on establishing a regulatory framework for
Bank of Russia Intentionally Delaying Money Sent to Digital ExchangesThe Central Bank of Russia is working with commercial banks to “slow down” payments sent to digital asset exchanges in a move to limit “emotional” crypto transactions by “unqualified,” unaccredited
El Salvador Adds to BTC ReservesEl Salvadorian President Nayib Bukele tweeted that “we just bought the dip” buying 150 more bitcoin and bring the Central American nation’s total BTC in treasury to 700 coins with an estimated value of $31.5
Shanghai to Trial Conflux BlockchainShanghai’s municipal government announced a trial of payments on a blockchain using the locally based Conflux blockchain which operates at a speed of 3,000 transactions a second and confirmations every 23
Canaan to Join the FTSE Russell IndexesChinese mining equipment manufacturer Canaan (NASDAQ: CAN) has been added to the FTSE Global Equity Index Series (“GEIS”) China Regional Index as of September 17,
VIH Investors Approved to Vote on Bakkt MergerVPC Impact Acquisition Holdings (NADAQ: VIH) and Bakkt, the digital marketplace and wallet founded by the Intercontinental Exchange (NYSE: ICE), announced that the SEC has declared its registration form effective allowing VIH investors to vote to approve the $2.6 billion SPAC merger by October 14, 2021. The combined company will trade under the Bakkt Holdings
State Regulators Targeting Celsius’ Lending PracticesThree states: AlabamaTexas and New Jersey have filed regulatory actions against the unregulated lending practices of Celsius Networks.In response, Celsius CEO Alex Mashinsky tweeted that “We are disappointed these actions have been filed and wholeheartedly disagree with the allegations being made that Celsius has not complied with the law. We always have, and will continue to, work with regulators in the US and globally to operate in full compliance with the law. Given our commitment to regulatory adherence, we look forward to addressing this matter quickly. As of now [September 17th], no changes in our services to any of our clients. We will keep our community updated with any
CFTC Extends Probe into BinanceBloomberg is reporting that the Commodity Futures Trading Commission (CFTC) has started an investigation into insider trading and market manipulation by Binance. This comes after the CFTC previously launched a probe into whether the exchange illegally allowed US citizen to buy and sell derivates linked to digital
Market Data
20% of Salvadorans Joined Chivo Platform in Less than 2 WeeksEl Salvador President Nayib Bukele reported that 1.1 million citizens or almost 17% of his population (20% if you exclude the 1 million nationals who are under 10 years old) are already using the Chivo digital currency wallet.This is a major feat when you factor in that took less than 2 weeks to reach this milestone and 40 years for 30% of Salvadorians to get a bank account
California Most “Crypto-Ready” StateA report by the CryptoHead website identifies the top US states as prepared for a crypto economy. California, New Jersey, Texas, Florida and New York received the top scores based on crypto-related Google searches, the increase in searches, number of crypto ATMs, and the number of crypto-related bills passed by the state’s
Exchange, Custody and Product News Platform Surpasses $1 Trillion in Crypto, the “world’s oldest” crypto platform, has surpassed the $1 trillion in crypto transactions on its wallet accounting for nearly a third of al transactions on the public bitcoin
Daily Cartoon
Note: The coin in the cartoon is Zilliqa (ZIL)Note: The coin in the cartoon is Zilliqa (ZIL)