Federal Ministry of Finance demands insight into crypto transactions; China Takes More Restrictive Action Against Bitcoin Mining; Coinshares Sees Institutional Inflow In Cardano; Apple is looking for crypto specialists and GameStop is developing NFT platform.
Another exciting week in the crypto space is drawing to a close. The most important events around Bitcoin and Co. at a glance.
Federal Ministry of Finance requires insight into crypto transactions
A draft law by the Federal Ministry of Finance caused a stir in the German crypto community this week. With the “Crypto Value Transfer Ordinance”, the ministry demands a stricter duty of care from all parties involved in the transaction. Specifically, it is about the transmission of information “about client and beneficiary” – that is, from sender and recipient. The reason is that they want to put a stop to financial crime. If the law is passed, financial service providers have an obligation to deliver. The providers must then ensure that the names and addresses of those involved in the transaction are correctly identified and stored.
In addition, Federal Finance Minister Olaf Scholz and his French counterpart Bruno Le Maire caused a stir this week when both politicians called for a pilot project for the digital euro. Scholz emphasized that the e-euro could strengthen the international role of the currency and at the same time act as a counterweight to private-sector crypto currencies. Either way, Europe must be the leader when it comes to digitization, said the SPD candidate for chancellor.
In addition, the Handelsblatt according to the e-euro behind closed doors, more and more concrete forms. It shouldn’t be called E-Euro, but “Digital Euro”. The blockchain technology, which had repeatedly been associated with the prestige project, did not play a role. Rather, build on the Italian real-time transfer system “TIPS”. However, this must be upgraded again for the digital euro.
China is more restrictive against crypto miners
After China already regulated crypto service providers last week, this week restrictions against Inner Mongolia followed in order to declare war on climate-damaging Bitcoin miners. According to a Chinese report, the provincial development and reform commission allegedly proposed blacklisting miners who violate the provincial new regulations from the country’s social credit system. Bitcoin miners are threatened with sanctions such as travel restrictions, restricted access to the financial market, throttling of the internet speed or even higher tax levies. As a result, several large crypto service providers announced that they would put the business in China on hold for the time being.
In addition to Inner Mongolia and Xinjiang, the Sichuan region is also one of the country’s most important mining hotspots. According to media reports, the Chinese energy regulator would like to discuss the situation there on June 2nd. However, since Sichuan has enormous hydrogen capacities, miners in the region are now hoping for leniency.
Coinshares sees institutional inflow in Cardano
Cardano (ADA) suffered just like much of the crypto space from the flash crash of last week. Now the British investment company “CoinShares” observed an institutional inflow of 10 million US dollars into the cryptocurrency this week, while Bitcoin and Ethereum, for example, recorded outflows of 111 million and 12.6 million US dollars, respectively. The report justifies the increase in investment in Cardano with the fact that more and more institutional investors tend to invest in proof-of-stake-based projects due to environmental decisions. This phenomenon is also evident in other altcoins, such as polkadot. Altcoin inflows total $ 27 million, says CoinShares.
Apple is looking for crypto specialists
Tech giant Apple is looking for a business development manager with experience in the cryptocurrency industry. That comes from a job advertisement from Wednesday. The person is expected to lead the “Alternative Payments” partnership program. Therefore, five or more years of professional experience in or with alternative payment providers are required as a condition. According to the tender, these include wallets, BNPL (buy now pay later) applications, fast payments and cryptocurrencies.
Meanwhile, there is criticism from Epic Games. The developer studio of the gaming hit “Fortnite” is currently suing Apple about a possible violation of antitrust law. The background to this is the long-time desire of the game makers to accept Bitcoin or other crypto-coins, the conditions of the AppStore have consistently prevented this so far.
GameStop develops NFT platform
Speaking of gaming. The games company GameStop, which became known from the short sale spectacle, now wants to enter the NFT business. GameStop is apparently planning its own platform for non-fungible tokens (NFT) under the title “Change the Game”. You are currently building a team. Anyone who feels addressed can join the team. The indirect job offer only gives an idea of what stage the development is at.
A link to the Smart Contract Code on the website provides a little more information. According to Etherscan, the platform is likely to be based on Ethereum’s ERC 721 standard. A dedicated GME token is also displayed. When the platform will be launched and what options it will offer is still completely open at this point in time. An official announcement has so far not been made.