“Corporate Investments in Crypto Startups is Soaring”
Major finance and tech firms are pouring money into startups building technology to develop the crypto market, even though they’re steering clear of the volatile currencies themselves. Venture capital investments in crypto and blockchain startups that included funds from corporates have raced to $850 million so far this year, data compiled by PitchBook for Reuters shows. The 13 deals put the flows on track for a second straight annual record.
“Chinese Renminbi to Became a Cryptocurrency?”
Donald Tapscott, executive chairman of the Blockchain Research Institute, stated that the official Chinese currency, the renminbi (RMB), will become a cryptocurrency, in an interview with Bloomberg on April 17. In the interview, Tapscott revealed that he had recently been at a meeting with the vice-chairman of the Communist Party in China, who recalled that President Xi Jinping thinks that blockchain is one of the most important technologies for the future of the country. When asked if decentralized exchanges can operate in China — which has previously banned initial coin offerings (ICOs) — Tapscott said that they could, although the government has a serious stance towards curtailing digital currencies.
“Belarus to Support Crypto Mining by Opening Data Centers”
Several recent reports suggest that the crypto mining industry is witnessing a massive meltdown, however, some countries still remain hopeful of its future. In what can be considered a populist move, the president of Belarus, Aleksandr Lukashenko, has decided to support the development of a giant data center dedicated to Bitcoin mining. Lukashenko recently held a meeting with the members of the Belarus IT sector to discuss the benefits of moving towards a digital economy. The president also discussed different possibilities and measures needed to be taken to achieve it.
“Indian Regulator Give a Cold Shoulder to Crypto Startups”
The Reserve Bank of India (RBI) has published its official document on a draft framework for fintech regulatory sandbox entitled “Draft Enabling Framework for Regulatory Sandbox.” The document explicitly excluded crypto assets like bitcoin, demonstrating a lack of intent to regulate the local crypto market. “The entities may not be suitable for RS (regulatory sandbox) if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner,” the document read, listing crypto assets, crypto trading, and ICOs as excluded areas.