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Web3 takes over Japan & concerns over Worldcoin
The Dawning of Russia's Digital Currency, Binance's Legal Tussle Amid Wash Trading Allegations, and The Bitcoin Adventure of UK Retailer Flooring Hut.
Welcome to Daily Digest, where we surface trending news in crypto-based on conversations we found on Twitter, news publications, blog posts, and other social media, powered by the Coinfeeds platform.
Here are the trending news items over the last 24 hours. If you’d like to see it’s realtime updated version, head over to our website here
Japan's Embrace of Web3
Japan is actively embracing the Web3 sector, with Prime Minister Fumio Kishida reaffirming the country's commitment to the industry. Kishida described Web3 as a "new form of capitalism" and highlighted its potential to drive social change and foster innovation. Binance, a cryptocurrency exchange, also announced its plans to launch services on a new Japanese platform in August 2023. Japan is working on establishing a regulatory framework to protect investors and promote Web3 businesses.
Concerns Over Worldcoin's Biometric-Based Proof-of-Personhood System
Ethereum co-founder Vitalik Buterin has expressed concerns about Worldcoin's biometric-based proof-of-personhood system. Buterin outlined four major risks associated with the system, including privacy concerns, limited accessibility, centralization, and security vulnerabilities. He suggested combining social-graph and biometric techniques as a potential solution to mitigate these risks.
Dogecoin's Potential Role on Twitter's X Platform
Dogecoin experienced a 10% increase in value due to speculation that it will have a larger role on the newly-rebranded X platform. Analysts believe that Twitter, now known as X, may start accepting DOGE tokens in the future, following Elon Musk's interest in the meme coin.
Binance Faces Regulatory Challenges
Binance, the largest crypto exchange, is facing regulatory issues. The Wall Street Journal reported that Binance CEO Changpeng Zhao suggested the exchange's affiliates engaged in wash trading, artificially inflating transaction volumes. The US Securities and Exchange Commission (SEC) recently filed a lawsuit against Binance for violating securities law and manipulating volume. Binance has denied the allegations and is seeking to dismiss the CFTC complaint.
The Introduction of the Digital Ruble in Russia
Russian President Vladimir Putin has signed a law that paves the way for the introduction of a digital ruble, the country's central bank digital currency (CBDC). The law is set to take effect from August 1, 2023, and empowers the central bank to launch the first CBDC pilot with real consumers in August. The digital ruble will serve as a payment and money transfer method, and its use will be voluntary for Russian citizens.
Bitcoin Mining's Environmental Impact
Bitcoin mining's impact on energy systems and the environment is a topic of debate. However, some argue that bitcoin mining trends towards using the cheapest electricity in the world, leading to lower emissions in the future. Texas has become a global hub for Bitcoin mining due to the state's unique power grid and abundance of cheap renewable energy.
UK Carpet Retailer Embraces Bitcoin
UK carpet retailer Flooring Hut has added Bitcoin to its balance sheet, following in the footsteps of companies like Tesla and MicroStrategy. The company's decision to invest in Bitcoin was driven by the belief that it could deliver better returns than keeping cash reserves in a bank account.
Coinbase's Legal Challenges with the SEC
Coinbase CEO Brian Armstrong has stated that U.S. lawmakers are showing a renewed interest in regulatory clarity for the cryptocurrency industry. Armstrong met with lawmakers ahead of discussions on legislation related to digital assets. The SEC's lawsuit against Ripple and the recent filings for Bitcoin ETFs by major financial firms have driven urgency among lawmakers. Coinbase itself is facing a lawsuit from the SEC.
As always, stay tuned for more updates in crypto!
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