Weekend Recap: Asia gets bullish on blockchain

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While it may appear FUD-like sentiments were rampant over the weekend, Asia’s crypto and blockchain industries still gave us plenty to cheer about. Could Thailand be leading the pack with forward-thinking crypto regulation? Could South Korea outpace the rest with massive investment in blockchain technology? Let’s find out.

 

South Korea’s gives blockchain the nod (and cash)

 

South Korea’s Ministry of Science and Technology has announced plans to invest 450 billion won (~$382 million) in blockchain research and development

 

Anonymous government officials have said the goal of the initiative is to utilise blockchain technology to create a foundation of data economy.

 

"The data trust problem must be solved in order for the data economy to become active. A blockchain can create a trust base for data sharing," a government official familiar with the plan, was quoted as saying in the report.”

 

Thai SEC revisit crypto regulation

 

It’s no secret that Asian countries such as China and South Korea are blazing a trail in the fast-moving crypto and blockchain space, taking a progressive and innovative approach in terms of investment and regulation. Another country leading the way to less fanfare is Thailand.

 

It was reported earlier today that Thailand’s Securities and Exchange Commission plans to amend its digital assets business regulations in the upcoming year. The move is part of an effort to avoid any hurdles that would hinder Thailand from staying ahead of the game, as well as protect consumers from dishonest practitioners.

 

Secretary-general of the SEC, Ruenvadee Suwanmongkol explained: “Laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market. We need to explore any possible obstacles.” Kudos to the progressive views!

 

Siberian Bitcoin mining farm is Russia’s largest

 

And the best part? It runs on excess hydroelectric power! BitRiver, Russia’s newest mining farm might not be as impressive (in size) as some of those in China, but according to a Bloomberg report, it’s already attracting large-scale clients from the US, Japan and China.

 

“The mining farm is built in partnership with local energy company En+ and uses local sources of hydroelectric power,” Bloomberg reported. "BitRiver itself is not a dedicated miner or a bitcoin mining pool. Instead, the company just hires out support services, as well as providing reliable access to cheap electricity. En+ supplies up to 100 megawatts per year to the Bratsk aluminium plant, allowing for BTC mining to happen on an industrial scale.”

 

The Russian government has been vocal in warning Bitcoin miners that using residential electricity or operating outside of the law won’t bode well for them, so it’s interesting to see the commercialisation of the Russian mining industry in this way. Is Russia going to be Asia’s newest Bitcoin mining hub?

 

CZ vs The Block

 

Binance’s CEO, Changpeng Zhao, popularly known as “CZ”, has threatened to sue crypto media outlet, The Block over publishing a story which he’s claimed to be false.

 

The original headline, which has since been edited, read “Binance's Shanghai office shut down following visit by authorities, sources say.” The problem arose when CZ claimed Binance doesn’t have any offices in Shanghai. He demanded the publication apologise for their reckless actions, to which The Block responded by publishing another article defending their stance.

 

 

Although The Block changed the headline to indicate Binance’s “Shanghai office” was visited by authorities, instead of a “police raid”, it appears some facts have still been left by the wayside. What do you make of the matter? Who’s in the right? Let us know on Twitter.

 

Bitcoin whale moves $315 million for $0.32

 

Well, someone had a great weekend. Moving 44,000 BTC for $0.32 is almost certainly the lowest transaction fee ever paid to transfer such a large sum.

 

 

If you needed a break from the FUD, this is it. Bitcoin’s permissionless and decentralised nature really is a one-of-a-kind financial system.

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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @lunomoney.

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