Daily Crypto News | July 23rd, 2022


Welcome to Barmy’s Daily Crypto News – July 23rd, 2022

1. US Withdraws Request To Extradite BTC-e’s Vinnik From France

According to Frederic Belot, who is representing Alexander Vinnik in French courts, the United States abandoned a 2020 request to extradite him from France. The Russian IT expert was sentenced to five years in prison in the nation after being found guilty of money laundering.

Vinnik’s international defense team has been working to secure his release, but France is more likely to return him to Greece, where he was detained in the summer of 2017 in response to a warrant issued by American authorities accusing him of laundering at least $4 billion through the notorious cryptocurrency exchange BTC-e.

This week, Belot informed RBC Crypto that in order to stop the Russian from being released, the French prosecutor’s office has restarted the procedure on the U.S. extradition request on July 1, 2022. He thinks the withdrawal was a “deceitful maneuver” to keep Vinnik in jail until he was sent back to Greece.

2. Social Media Derides China’s Use of Military Tanks Against Bank Customers

Social media users have mocked the Chinese government’s alleged decision to station tanks near the central bank’s offices in Henan, where bank clients have been protesting the freezing of their savings. Tanks have been sent out in response to claims that the Henan Province central bank informed protesting customers that their savings were now investment items and that they could no longer withdraw them.

Military tanks are shown moving through some of the footage, which have since gone popular on Twitter, and surrounding what is thought to be the Bank of China’s premises. The deployment of the tanks comes less than two weeks after irate bank clients were reported by Bitcoin.com News to have fought with security personnel guarding the Bank of China’s facilities.

3. Elon Musk Is Against Working From Home

The CEO of Tesla and SpaceX, Elon Musk, is not a fan of working remotely. Musk warned Tesla employees in a leaked document that remote work was no longer acceptable and that failing to spend 40+ hours per week on company business will result in termination. Even other companies that permit remote work were slammed by Musk, who claimed they had not recently released an exceptional product.

Recent information suggests that Musk’s worries are not unwarranted. A Qatalog and GitLab investigation reveals that “digital presenteeism” is becoming a concern. The term refers to a collection of tasks that remote workers complete in addition to their regular tasks to demonstrate to their managers and coworkers that they are actively working during the day. According to the report, remote workers complete these duties for an average of 67 minutes per day, or more than 5.5 hours per week.

4. Chinese Tencent Shuts Down NFT Platform Due To Trading Bans

According to a claim by Chinese media source Jiemian, which was cited by the South China Morning Post, Tencent, a technological company with its headquarters in Shenzhen, is getting ready to shut down its NFT platform as soon as this week. The decision was made in response to limitations on NFT secondary trading in the People’s Republic, which are alleged to have harmed the platform’s commercial viability.

Tencent declined to make an official remark on the situation, according to unnamed sources cited by Jiemian. The blockchain-based digital collectibles company Huanhe was only introduced a year ago.

Users can still visit augmented reality art shows even when all NFTs on the app are already tagged as “sold out.” Trading was suspended in early July in preparation of a crackdown, according to another story from the state-owned media Yicai Global that cites a different Tencent source.

5. Bank Indonesia About To Present Digital Rupiah

The national fiat will soon be issued in digital form by Indonesia’s monetary authority for use in wholesale transactions. According to Governor Perry Warjiyo, who provided a briefing on the topic on Thursday, it intends to publish the conceptual design of the new digital rupiah by the end of 2022. He elaborated as Bloomberg reported: ‘The principle of digital rupiah will be the same as paper money which is to be the only legal currency for digital transactions in Indonesia.”

Since last year, Bank Indonesia has been researching the potential rollout of its central bank digital currency (CBDC). According to the paper, its major goal is to foresee the widespread use of cryptocurrencies as a form of payment.

The central banks of Australia and the Philippines, two other countries in the area, have been investigating wholesale digital currencies as part of their considerations for using blockchain technology to facilitate transfers and settlements.

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