Illinois is set to become the second state after Wyoming to facilitate the holding of cryptocurrency. A recent release stated that legislation overtures are in top gear to ensure that banks and other custodial services would be able to hold and operate cryptocurrency accounts.
The buzz around cryptocurrencies is not letting off. This has seen to it that even the most vocal critics are having a rethink on the sustainability of the asset class, once described by Warren Buffett as “delusional”.
Legislators in the Midwest state are considering a bill that would effectively provide a legal and regulatory framework that enables banks and other custodial services to hold digital assets for their clients. The essence is to create a special purpose trust enabling depository of crypto assets.
Special Trust For Digital Assets
Last April, the bill scaled the House hurdle, gaining unanimous support but couldn’t make it to the Senate before the recess. It is expected to be passed by the upper chamber this fall. If this happens, Illinois would be the second state to pass Cryptocurrency special trust depository law after Wyoming. Wyoming in 2020 approved a chartered banking license for the digital currency exchange company, Kraken, effectively making it the first cryptocurrency bank in the state.
Proponents of the bill are of the opinion that its passage would make Illinois the cryptocurrency hub of the Midwest, with the potential to attract blockchain startups to the state. They maintain that this will turn Chicago into a major crypto financial center in the US.
Providing Stability And Regulation for Crypto Businesses
According to Rep. Margaret Croke, (D- Chicago), who is the leading sponsor of the bill, the strategic objective is to signal businesses in the cryptocurrency space that Illinois is willing to create stability as well as the regulatory environment that would engender them to thrive.
“It’s not only just about the charter itself, but it’s also the signal to businesses who are dealing in this space that we will create a stable regulatory environment. This is the one time we could beat New York in financial services or in an emerging industry.” she said.
Flowing With The Trend
The Chicago area is already hosting a myriad of cryptocurrency themed businesses such as mining and cryptocurrency ATM companies. Sangha Systems is one of such mining companies that opened their Midwest branch in 2019. The New York based company set up its mining operation in a former steel mill at Hennepin, 160 km south-west of Chicago. The company is already planning to switch to solar power to address concerns about carbon emission.
The drive to give cryptocurrencies special status in the state of Illinois comes amid dissatisfaction with the high demand of electricity required to mine digital currencies such as Bitcoin. This has raised concern among environmentalists but has not deterred enthusiasts as adoption has continued to be widespread. This is directly responsible for the wild market tendencies that have seen the price of Bitcoin fluctuate widely. However, the coins have continued historically on the bullish trend.
Korbit charged for excessive customer data collection
Korbit, a well-known cryptocurrency exchange, has been charged and fined over “collecting excessive personal data” from at least one of its customers.
Korbit, a well-known South Korean Cryptocurrency exchange, has been charged and fined over “collecting excessive personal data” from at least one of its customers.
Korbit is a South Korean company that is heavily vested in the cryptocurrency market. The brand is owned and operated by Korbit Inc, a company located in Gangnam-gu, Seoul, South Korea. The brand commenced operations in 2014 after securing huge financing from several venture capitalists.
Korbit performs the following cryptocurrency-related services:
- Cryptocurrency trading for the local South Korean market.
- Fiat to cryptocurrency exchange services using the South Korean Won (KRW) as the fiat currency of choice.
South Korea has a large cryptocurrency trading market, largely populated by local players and companies who moved there when the Chinese ban on cryptocurrency trading came into effect. By providing the local and regional market the opportunity to use the local currency to purchase cryptocurrency tokens or secure cryptocurrencies for trading purposes, Korbit fulfills a large need.
So Korbit is a very well-known exchange, and they get fined for a matter like that has been a matter of talk between crypto experts.
A Small But Significant Fine
According to Yonhap, a news agency, “ They have been charged USD 4000 for this by a government watchdog for ordering a customer who had attempted to activate a dormant account on its platform to upload a photograph of their national ID card.”
The court took the case before the Personal Information Protection Committee. Then they met in a plenary session to rule on the case. The crypto exchange Korbit argued that it needed proof of a photo ID to prevent financial crimes such as voice phishing scams, adding that account users could begin trading immediately after activating dormant accounts.
But the committee overruled their argument and decided in favor of the user in question, claiming that none of Korbit’s other “big four” crypto exchange rivals (Upbit, Bithumb, and Coinone) required photo ID submission activate such accounts.
The committee ruled that mobile phone verification would have been sufficient in this instance. The exchange was guilty of violating the “principles of minimum personal information collection” specified in the Personal Information Protection Act, which was passed last year.
The decision made was absolutely correct because there was no point for them to ask for full ID verification. Mobile verification was acceptable, and the demand for photo ID verification was completely useless.
Korbit Jumps Into NFT Craze
In the meantime, Korbit has also started selling these days popular non-fungible tokens (NFTs) for a hit South Korea drama series. Per EDaily, Korbit struck a partnership deal with the production company Studio Dragon, the creator of the drama Vincenzo, a mafia-themed series starring Song Joong-ki that aired on the cable network tvN earlier this year.
The deal will see the company sell 100 limited edition official pieces of art based on the show on a first-come-first-served basis on July 21.
Korbit stated that it plans to create more NFT items for “other popular dramas” produced by Studio Dragon.
The company also said and showcased one of the items it plans to sell – an NFT featuring an iconic lighter used by the main and titular character in the drama, also distributed by the streaming giant Netflix.
Details of the COPA complaint from Craig Wright
The whitepaper is the first Bitcoin specification that includes the goals and roadmap of this currency and was introduced to the world in 2008 by an unknown person named Satoshi Nakamoto. This whitepaper is one of the most prized assets of Bitcoin’s history. But the interesting thing is that Craig Wright claims that the real person behind the nickname, Satoshi Nakamoto. He considers himself the author of Bitcoin Whitepaper. But the COPA does not accept this claim and has filed a lawsuit against Craig Wright for bitcoin Whitepaper.
Who is Craig Wright?
Craig Wright is an Australian computer scientist and businessman who claims to be Satoshi Nakamoto. The man said that he and his friend Dave Kleiman (a computer security expert) were involved in creating Bitcoin. And only a small part of this large community accepted this claim. However, the Bitcoin community asked Craig Wright for conclusive evidence and a strong reason for this claim. For this reason, they do not consider him the creator of Bitcoin.
It should be stressed that we at NotATether reject his claim as well. Craig Wright is not Satoshi Nakamoto and neither is Dave Kleiman, who had passed away a couple of years ago. A bitcointalk user has compiled a list of people claiming to be Satoshi.
Last year, Wright was embroiled in a lawsuit with his brother, Ira Kleiman, over ownership of Satoshi’s mined bitcoins. Among other court cases, he attempted to sue Bitcoin developers to produce the private keys to Satoshi’s bitcoins, and sued the bitcoin.org owner Cobra for hosting the Bitcoin whitepaper.
COPA lawsuit against Craig Wright
The Cryptocurrency Open Patent Alliance (COPA), founded by Square, is led by Jack Dorsey. The union recently filed a lawsuit against Craig Wright. In this lawsuit, COPA has asked the UK Supreme Court not to recognize Craig Wright as the author of the Bitcoin Whitepaper. in fact, the union denies Craig Wright’s claim to be the creator of Bitcoin and does not recognize him.
The lawsuit alleges that Craig Wright is not the author of the Bitcoin Whitepaper and that he is not the copyright holder of this document. The lawsuit, filed in the UK High Court. could dispel allegations made by Craig Wright, who hid behind Satoshi’s face for years. The following image shows a tweet published by COPA:
According to this tweet, COPA supports bitcoin developers and stands in front of the many others who have been threatened for hosting the Whitepaper.
As a big fan of Bitcoin SV, Calvin Ayre commented on COPA’s move, expecting Craig to win the lawsuit, and is “very happy” about this. In another tweet, he called it a Christmas present for Craig Wright.
Lawyers challenge Square
In January, Craig Wright’s lawyers claimed that he, as a well-known figure in the BSV project, had made the decision. He wanted to legally acquire ownership of the original Bitcoin Roadmap. Square was also warned that it would sue them if their request was not answered within the next two weeks and the initial bitcoin map was not removed from the company’s website.
But COPA’s move to the warnings was interesting and did not respond to the warnings. On February 5, a tweet was issued by COPA asking Wright for more information on its patent claims about the Invention of the Bitcoin roadmap. The request asked Craig Wright: “Please explain, on what basis do you claim to be the mysterious Bitcoin inventor Satoshi and the author of the original blueprint for this cryptocurrency project?” “We don’t care who wrote the original bitcoin map”.
COPA will not just stand in front of Craig Wright
COPA will stand up to those who have falsely claimed ownership of Bitcoin. Given COPA’s legal action against Craig Wright, the union seems determined against this person and his complaint. It is clear that if Wright does not prove his claims, which he is unlikely to do, he will once again rejected by the Bitcoin community.
Many people have introduced themselves as Satoshi over the years, and if I were to list them, it would definitely be a long list. The real Satoshi silence during this period also means that he will probably not be heard from. However, all those who introduced themselves as Satoshi with baseless claims eventually showed their true faces to the Bitcoin community. People who were just looking for more popularity and fame and just wanted to be in the headlines of Bitcoin news for a while. But as long as Satoshi remains anonymous, all of us who work in the Bitcoin network is Satoshi.
In the interest of preserving the freedom of the distribution of the Bitcoin Whitepaper, we are hosting a copy of it at https://notatether.com/bitcoin.pdf.
Paraguay seeks to adopt bitcoin by introducing a bill next month
The president will introduce a bill to legalize bitcoin in Paraguay next month. Can it get 41 votes in Congress?
After the acceptance of Bitcoin by the President of El Salvador Nayib Bukele as the official currency of this country, we saw an increase in Bitcoin fans and also one of the best Bitcoin events in the history of the Bitcoin world. After this event, many reactions took place. The news spread on most social networks and Nayib Bukele became known as one of the leading figures in the world of digital currencies during this period. But it was after this news that the representative of the Congress of Paraguay, Carlitos Rejala, created a tweet. So announced important news for Bitcoin lovers in Paraguay. His photo with laser eyes went viral on social media.
Carlitos Rejala Tweet Details
He has said “as I said a long time ago, we must move forward with the new generation! The moment has come, our moment. This week we start with an important project to innovate Paraguay in front of the world! “
The generation that Carlitos Rejala refers to is the generation that recognizes digital currencies as their official currency. Therefore, given the legalization of bitcoin in El Salvador, we should see similar news in the world of bitcoin.
Congressman Carlitos Rejala plans to introduce a bitcoin bill next month, according to which digital currency and bitcoin mining companies and businesses operating in the world of digital currencies will be attracted to the country. The acquisition of companies and the legalization of their activities in Paraguay could be an important event in the digital history of Paraguay. so If the Bitcoin bill is passed, Paraguay will become the crypto hub of Latin America. Other countries in the world can be.
Details of the Bitcoin bill in Paraguay
The bill allows all companies operating in the world of digital currencies to operate in Paraguay. This activity allows them to legally invest and profit from their own shares in foreign countries; It also allows them to receive digital currency profits from a local bank in Paraguay. Doing so is enough for many countries to legalize and register their activities in Paraguay. As in the case of the Chinese company in Iran, which we talked about in the previous article. But this bill is more complete and comprehensive and allows more activity. Activists give the world of digital currencies in Paraguay.
Carlitos Rejala said, “We are embarking on an important project to modernize Paraguay before the eyes of the world. The real project to the moon”. Carlitos Rejala has been familiar with bitcoin since 2017 and knows what the true identity of bitcoin is. Having such people in the Paraguayan Congress can really make Paraguay the crypto hub of Latin America.
What is the next goal after the Bitcoin bill in Paraguay?
But Carlitos Rejala is not content with this bill and is considering a second bill if it is passed. In the second bill, bitcoin is supposed to start operating as legal tender in Paraguay. This is exactly what the country is doing. El Salvador did, Therefore if that happened in Paraguay, we could see an increase in such countries. “Countries where bitcoin is the legal currency.”
“We want to make Paraguay a good place for blockchain technology first,” said Carlitos Rejala. “Creating the right platform means creating the conditions for bitcoin to operate in the country. Operate in Paraguay, which means the country has the infrastructure to do so. One of these conditions is cheap electricity. Approximately $ 0.05 per kW/h can be a favorable condition for investment companies. In addition, almost 100% of the electricity produced in this country is supplied from water sources, which means that we can do without pollution and power shortages Let’s see bitcoin mining in Paraguay.
What do miner companies care about?
One of the first things these companies care about is having a constant electricity supply and renewable energy without pollution. In this case, they can continue their legal activities without causing environmental problems and power outages in Paraguay.
Paraguay has no problem in producing energy for miners!
“This country has no restrictions on the flow of foreign capital and dividends to other countries. We have a lot of energy that we give to Brazil and Argentina almost for free, because the CEO of a digital currency mining company in Paraguay said in an interview,” “It’s enough that we can sell it to our neighbors.” consequently having such a water resource for Paraguay can easily attract foreign investors and companies to this country.
Therefore Now we have to see if this bill of Carlitos Rejala can get 41 votes in Congress? After 41 votes in favor and existence, the Bitcoin bill will be sent to the Senate of this country. After that; We just have to wait for the approval of the President of Paraguay. If this plan is approved by the President, Paraguay can show itself in the world of Bitcoin and become one of the mining and active poles in the world of digital currencies in Latin America.
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