India’s crypto industry takes matters into its own hands.
Canaan offers service in Kazakhstan as miners flee China.
And a crypto thief in Seoul is busted.
We’ll have more on that story — and other news shaping the cryptocurrency and blockchain world — in this episode of The Daily Forkast, June 8.
Welcome to The Daily Forkast, June 8th, 2021. I’m Angie Lau. Let’s get you up to speed from Asia to the world.
In India, the crypto industry is taking matters into its own hands. Amid the ongoing feud between the central bank and the industry over regulation, key players in the blockchain sector have teamed up with the Internet and Mobile Association to create a self-regulatory code of conduct. Now, members of the newly established Blockchain and Crypto Assets Council include top exchanges Like CoinDCX and WazirX. They say it’s vital that the country moves swiftly and the industry needs to support with self-enforcement.
“If India doesn’t participate, we know very well that other countries are definitely going to. They’re not going to stop for India to come up with regulations. So there’s this competition that India is already into, whether it wants to be or not. And I think that is, again, driving regulations.”
With 15 million crypto investors in India already and the potential to add another 200-300 hundred million more, who are currently unbanked, to get onboard, Shetty says India is well aware of the rate of growth and adoption of blockchain as a competitive advantage for India globally.
Over in China, the fallout from the crypto mining clampdown is now affecting prices of mining equipment. Local media reports that orders for mining rigs are being canceled right now as a result of new regulations, and many customers are demanding refunds.
We’re also hearing that rig manufacturer Bitmain has responded by reducing the price of its gear by around 20% and is negotiating improved financing terms for its clients. And for those who have chosen to get out of China altogether, Nasdaq-listed Canaan.Inc offering safe passage, as it were. As we’ve reported, many miners are fleeing to Kazakhstan as an alternate base, and Canaan, which is one of the world’s largest crypto mining equipment manufacturers, is actually welcoming them there, after it quickly set up an after-sales service center in the country for its clients. The center, which is the company’s first outside of China, will be able to test, maintain and repair equipment under warranty.
Okay, onto prices. Bitcoin, watch your back — Ethereum is coming. Ethereum dominance is closing in at 20%, as Bitcoin continues flirting around the 40% mark of total crypto dominance. BTC trading down almost 9%, hovering around the US$33,000 mark as of 4:00 PM local Hong Kong time at the end of the Asian trading day.
And in the top ten for cryptocurrencies. It’s been a day of falls almost across the board, with Polkadot down over 13.5% And Dogecoin down almost 13%.
And finally today, an art heist in South Korea, with a crypto twist. You could say an enterprising maintenance worker at the Seoul Arts Center was caught using the building’s electricity supply to help mine Ethereum — stealing electricity to mine crypto.
So how did the Seoul Art Center find out about it? Well, a spokesperson told Forkast.News that the employee smuggled supplies into the building and started mining in November 2020. A couple of months later, a security patrol discovered what was going on and they now face disciplinary action.
So, if this Ethereum was mined using the art center electricity, does it mean it owns the crypto? So who does own the mined Ethereum? Well, the Seoul Center says it’s not them, but then again, so many questions. Where would crypto proceeds of electricity theft crime go? We’ll leave that for you to discuss in your next social media thread.
And that’s The Daily Forkast. I’m Angie Lau. Until next time.