Day: February 20, 2023

South Koreaโ€™s Kimchi premium turns to discount

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South Koreaโ€™s “Kimchi premium” has flipped to a discount again, meaning cryptocurrencies such as Bitcoin are now cheaper to buy on South Korean exchanges. The phenomenon is named after the Korean dish kimchi. The Kimchi premium refers to when the price of Bitcoin (BTC) trades higher on South Korean exchanges than in other markets. According to data from blockchain analytics provider CryptoQuant, the Korea Premium index has been shifting between the -0.24 and 0.01 range between Feb 17 and 19. The Korea Premium index has been shifting between the -0.24…

‘Unworkable’ bill to ban blockchain immutability is introduced in Illinois

A recently introduced Illinois Senate Bill has been ridiculed by the crypto community over its “unworkable” plans to force blockchain miners and validators to do “impossible things” โ€” such as reversing transactions if ordered to do so by a state court. The Senate Bill was quietly introduced into the Illinois legislature on Feb. 9 by Illinois Senator Robert Peters but appears to have been only recently noticed by Florida-based lawyer Drew Hinkes who discussed the bill in a Twitter post on Feb. 19. The bill titled the โ€œDigital Property Protection…

Bank of Russia to Start Testing Digital Ruble With Real Users on April 1 โ€“ Finance Bitcoin News

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The Central Bank of Russia plans to launch test operations with digital ruble transactions between real customers at the beginning of April. More than a dozen banks will join the upcoming stage of the pilot project, a high-ranking representative of the bank announced to Russian media. Russiaโ€™s Monetary Authority to Trial Actual Settlements With Digital Ruble The Central Bank of the Russian Federation (CBR) is going to proceed to the next phase of the digital ruble pilot project on the first day of April. Testing will involve real transactions with…

Yield platform Stablegains sued for promoting UST as a โ€˜safeโ€™ investment

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Decentralized finance yield platform Stablegains has been sued in a Californian court for allegedly misleading investors and failing to comply with securities laws. On Feb. 18, plaintiffs Alec and Artin Ohanian filed a complaint in the U.S. District Court for the central district of California,ย allegingย that the shutteredDeFi platform diverted all of its customer funds to the Anchor Protocol without their knowledge or consent. Anchor Protocol offered yields of up to 20% on the Terraform Labs algorithmic stablecoin, Terra USD (UST). โ€œAs an early supporter of and investor in TFL [Terraform…

Yield platform Stablegains sued for promoting UST as a ‘safe’ investment

Decentralized finance yield platform Stablegains has been sued in a Californian court for allegedly misleading investors and failing to comply with securities laws. On Feb. 18, plaintiffs Alec and Artin Ohanian filed a complaint in the U.S. District Court for the central district of California. In it they alleged that Stablegains, a DeFi platform launched in August 2021, diverted all of its customer funds to the Anchor Protocol without their knowledge or consent. Anchor Protocol offered yields of up to 20% on the Terraform Labs algorithmic stablecoin, Terra USD (UST).…

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Southeast Asia’s Largest Bank DBS Sees 80% Increase in Bitcoin Trading Volume on Its Crypto Exchange โ€“ Featured Bitcoin News

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The largest bank in Southeast Asia, DBS, has revealed that bitcoin trading volume on its cryptocurrency exchange jumped 80% in 2022 while ether trading volume surged 65%. โ€œWe believe that the market has decisively shifted its focus towards trust and stability, especially in the wake of multiple scandals that have rocked the industry,โ€ a DBS executive described. DBS Sees Record Trading Volumes for Bitcoin and Ether DBS, the largest bank in Southeast Asia, announced last week that its digital asset exchange saw record trading volumes for bitcoin and ether in…