Regulatory Dynamics

1. European Central Bank President's Attitude Towards Bitcoin: Speculative Assets Need Regulation

ECB President Lagarde recently stated that Bitcoin is a speculative asset, which, while promoting some interesting business activities, requires regulation. She also revealed a hope to launch a digital euro within five years. Previously, the ECB Governing Council had discussed whether to advance the digitalization of the euro, and although no clear decision has been made, the latest statement from the ECB leadership suggests that the institution is paying attention to the potential impact of this move on the market.

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

The latest report from the International Monetary Fund indicates that approximately 80% of central banks worldwide are unable to issue digital currencies either due to current legal restrictions or because of unclear legal frameworks. 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 report also emphasizes that if a country issues a digital currency, everyone within that jurisdiction must be able to conveniently use that payment system, which may pose challenges to financial infrastructure.

3. Russia plans to authorize banks to freeze accounts involved in confidential transactions.

The Bank of Russia is pushing for new banking regulations that will allow financial institutions to freeze accounts of individuals or companies deemed to be related to cryptocurrency activities. The new regulations state that if signs of "digital currency circulation" are detected, commercial banks may intervene to block access to the accounts. The Central Bank of Russia indicated that cryptocurrency-related bank transactions often possess "routine and one-way" characteristics and may be flagged as "suspicious transactions" involving money laundering or terrorist financing. Unless the government intervenes, this amendment is likely to be issued in October this year.

Industry News

1. The open license chain is about to go live.

A certain blockchain service platform plans to officially launch an open permissioned blockchain on its Chinese official website on January 31. The platform recently released its outlook for 2021, outlining a project roadmap for the next five years, which includes: collaborating with multiple international banks and technology companies to establish a universal digital payment network; creating more public city nodes and integrating more frameworks; promoting private and authorized platforms; and strengthening cooperation with cloud service providers.

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2. The Bitcoin Core Client has released a new version.

The Bitcoin Core client has released the official version 0.21.0 source code, nearly 6 months since the last major version release. The new version has integrated Schnorr signatures and features related to the Taproot proposal. The next major version will change the version numbering scheme and is scheduled for release on August 1.

3. Creditors of a certain exchange may require a high proportion of BTC compensation.

According to reports, creditors will be able to request that an exchange compensates them with up to 90% of the remaining BTC. Investors do not have to accept this payment in advance and can wait for a settlement regarding the exchange's lawsuit. If a large amount of BTC obtained from claims flows into the market, it may trigger price fluctuations.

4. The first federally chartered digital asset bank in the United States is born.

Cryptocurrency custodian Anchorage has received conditional approval for a national trust charter from the Office of the Comptroller of the Currency, becoming the first federally chartered digital asset bank in the United States. Anchorage provides "end-to-end" insurance solutions for digital asset storage for institutions and investors.

5. Miami's mayor considers investing in Bitcoin

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

6. New Bitcoin Trust Fund Launched with Lower Fees than Competitors

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

7. Biden may appoint former CFTC chairman to oversee the SEC

Biden may soon appoint former Chairman of the Commodity Futures Trading Commission, Gary Gensler, as Chairman of the Securities and Exchange Commission. Gensler has an in-depth understanding of the application of cryptocurrency technology and is currently leading Biden's financial policy transition team.

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8. An investment company resumes partial subscriptions for trust funds and dissolves the XRP trust.

A digital asset investment company has resumed the subscription of crypto trust funds, excluding ETH and XRP. The company also announced the formal liquidation and dissolution of its XRP trust, a move related to the SEC's lawsuit against Ripple.

9. Institutional investors continue to flood into the cryptocurrency market.

A digital asset management company saw a total fund inflow of 3.3 billion USD across all products in the fourth quarter of 2020, setting a new historical high. Institutional investors accounted for 93%, reaching 3 billion USD. More than 87% of institutional funds flowed into Bitcoin trusts. The company's total fund inflow for the entire year of 2020 exceeded 5.7 billion USD, more than four times the cumulative inflow from 2013 to 2019.

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10. Cryptocurrency Billionaires List Updated

A financial media outlet has released the latest billionaire list for cryptocurrency. Those ranked at the top include co-founders of a certain exchange, founders of blockchain companies, Bitcoin supporters, and more. This list only accounts for individual cryptocurrency investments and does not include the value of company shares.

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