Regulatory Dynamics

1. ECB executives discuss Bitcoin and the digital Euro

The President of the European Central Bank stated that Bitcoin is a speculative asset that needs regulation. She believes that Bitcoin has facilitated some interesting business activities. Regarding the digital euro, the President hopes to launch it within five years. Previously, the Governing Council of the European Central Bank discussed whether to advance the digitalization of the euro, but no clear decision has been made yet. However, recent statements from the ECB leadership suggest that they are paying attention to the potential impact of the digital euro on the market.

2. IMF Report: Only 40 Countries Authorized to Issue Central Bank Digital Currencies

The International Monetary Fund (IMF) recently released a report stating that nearly 80% of central banks worldwide either have legal restrictions against issuing digital currencies or lack a clear legal framework. The IMF reviewed the central bank laws of 174 member countries and found that only about 40 member countries are legally permitted to issue digital currencies. The IMF emphasized that if a country issues a digital currency, all individuals in that country must have convenient access to that payment system, which could pose challenges to financial infrastructure.

3. Russia plans to authorize banks to freeze cryptocurrency-related accounts

Russia's new banking regulations will allow financial institutions to freeze accounts of individuals or companies suspected of being involved in cryptocurrency activities. The central bank stated that under the new regulations, cryptocurrency-related bank transactions typically exhibit "regular and one-way" characteristics and may be flagged as "suspicious transactions" involving "money laundering or terrorist financing." Unless there is government intervention, the amendment is likely to be issued in October this year.

Industry News

1. The BSN China website will launch an open permissioned chain.

The BSN Open Permissioned Chain will officially launch on its Chinese official website on January 31. BSN recently released its outlook for 2021, outlining the project roadmap: 1) plans to collaborate with multiple international banks and technology companies over the next five years to establish a universal digital payment network based on various countries' CBDCs; 2) will create more public city nodes, integrate more frameworks, and launch at least three new cross-chain protocols; 3) will promote private BSN and authorized platforms; 4) will continue to strengthen cooperation with cloud service providers, framework providers, and portal providers.

2. Bitcoin Core releases a new version

The Bitcoin Core client has released the official version 0.21.0 of its source code, nearly 6 months since the last major version release. The most significant change in the new version is the implementation of Schnorr signatures and the related Taproot proposals. The next major version will be renamed to "22.0" and is scheduled for release on August 1.

3. Mentougou creditors can claim compensation of up to 90% Bitcoin.

According to reports, creditors in Mentougou will be able to claim compensation of up to 90% of the remaining Bitcoin. Creditors do not have to accept compensation in advance and can wait for litigation and settlement. If a large amount of Bitcoin obtained from claims flows into the market, it may trigger price volatility.

4. Anchorage becomes the first federally chartered digital asset bank in the United States.

Cryptocurrency custodian Anchorage announced that the Office of the Comptroller of the Currency (OCC) has conditionally approved its application for a national trust charter, making it the first federally chartered digital asset bank in the United States. Anchorage applied for the charter from the OCC last November with the aim of becoming a digital asset bank.

5. The mayor of Miami is considering investing part of the reserves in Bitcoin.

Miami Mayor Francis Suarez is considering investing part of the city's treasury reserves in Bitcoin. He expressed a desire to make Miami one of the "most crypto-forward and tech-savvy cities in America" and is seeking to establish a regulatory framework to make it the "easiest place to conduct crypto business in the United States."

6. Osprey launches Bitcoin Trust Fund

Osprey Funds will launch the "Osprey Bitcoin Trust ( OBTC )" on the over-the-counter market, charging a management fee of 0.49%, which is about a quarter of the rate of its main competitor GBTC. Fidelity Digital Assets will provide custody services. The minimum purchase amount for qualified investors is $25,000, with a 1-year lock-up period before selling on the secondary market.

7. Biden plans to appoint Gary Gensler as SEC chairman

According to reports, Biden will appoint former CFTC Chairman Gary Gensler as the SEC Chairman. The nomination is expected to take place "in the coming days." Gensler is currently leading Biden's financial policy transition team and is said to be well-versed in the extensive applications of crypto technology.

8. Grayscale resumes subscriptions and dissolves the XRP trust for most crypto trusts.

Grayscale Investments has resumed subscription for cryptocurrency trust funds, excluding ETH and XRP. The minimum subscription amount for BTC is $50,000, while for most others it is $25,000. Meanwhile, Grayscale announced the liquidation and dissolution of the XRP trust, following the SEC's lawsuit against Ripple claiming that XRP is a security.

9. Grayscale Q4 fund inflows hit a record high

Grayscale's total capital inflow for Q4 reached $3.3 billion, averaging $250.7 million per week, setting a new historical high. Institutional investors accounted for 93%, reaching $3 billion, with over 87% flowing into Bitcoin Trust. In 2020, Grayscale's total capital inflow exceeded $5.7 billion, more than four times the cumulative inflow from 2013 to 2019.

10. Forbes Releases Cryptocurrency Billionaires List

Forbes has released its latest list of cryptocurrency billionaires, with Gemini founders the Winklevoss brothers topping the list with a net worth of $1.4 billion each. They are followed by Bloq co-founder Matthew Roszak with $1.12 billion, venture capitalist Tim Draper with $1.11 billion, and MicroStrategy CEO Michael Saylor with $1.6 billion, among others. This list only accounts for cryptocurrency investments and does not include company shares.

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