Hyperithm invests in Japanese yen stablecoin issuer JPYC Inc.

Bhutan’s Gelephu Mindfulness City (GMC), a special administrative region (SAR) within the Kingdom of Bhutan, plans to establish a strategic cryptocurrency reserve.Photo by Ameya Sawant on UnsplashBitcoin, Ether & BNBThat’s according to an announcement published by the new administrative region on Jan. 8. In that statement the GMC SAR outlined that it has the intention to “recognise digital assets such as Bitcoin (BTC), Ether (ETH) and BNB as part of its strategic reserves.” The SAR acknowledged that the move would result in it becoming one of the first jurisdictions to officially put in place the holding of digital assets as part of strategic reserves. While it cited Bitcoin, Ether and BNB, the SAR outlined that it has the intention to recognize digital assets with large market capitalizations and deep liquidity. That requirement has been set out so that it can easily trade in and out of these assets without impacting asset prices on the open market. The Kingdom of Bhutan is no stranger to cryptocurrency. It emerged in 2023, through court filings in the bankruptcies of crypto lenders Celsius and BlockFi, that Bhutan had cryptocurrency holdings managed by Druk Holding and Investments, the commercial arm of the Royal Government of Bhutan.  An evolution of Bitcoin mining activityShortly afterwards, it was revealed that Bhutan had been mining Bitcoin since it was priced at $5,000. Crypto mining was deemed to be a good fit for the Kingdom, given its considerable hydroelectric resources. Bhutan has entered into partnerships with Singapore-headquartered crypto mining firm Bitdeer to jointly develop green digital asset mining operations. Given this background, the SAR stated that adding crypto as part of a strategic reserve would be “an evolution of the jurisdiction’s involvement in bitcoin mining.” Crypto rather than Bitcoin-onlyTaking to the X social media platform, the BNB network project described the move as “a major milestone for blockchain adoption.” It added that the SAR’s inclusion of BNB suggests the existence of global trust in the BNB Chain ecosystem and belief in its utility. Binance founder Changpeng Zhao (CZ) also chimed in, pointing out that the Bhutan GMC SAR isn’t just considering a Bitcoin reserve but one which includes crypto more broadly. CZ added that this demonstrates that Bhutan is open-minded and open to the consideration of cryptocurrencies beyond Bitcoin. The Binance founder said that this development “opens the door for BNB (and other crypto) to be included in other countries' National Strategic Reserves.” He believes that this will be the first of many strategic crypto reserves to be established. “This is a smart move by the country to attract crypto companies, investments, and innovation,” he added. The GMC SAR covers an area of 1,000 square kilometers, making it larger geographically than the city-state of Singapore. Its objective is to become a global leader in sustainable development, with a specific emphasis on holistic living, mindfulness and economic development.  The Bhutanese authorities intend for GMC to become a gateway for tourists visiting the area and Bhutan more broadly. It’s also seen as an initiative which can garner further foreign direct investment. According to data published by on-chain analytics firm Arkham Intelligence, the Kingdom of Bhutan holds 11,688 BTC ($1.1 billion) and 656 ETH ($2.18 million). 

The European Council has banned all transactions within the European Union (EU) involving the Russian Ruble-backed stablecoin A7A5, according to a press release published Oct. 23. The prohibition targets the stablecoin itself, its developer, its Kyrgyzstan-based issuer, and the operator of a platform that facilitates major A7A5 trades. The package also takes aim at Russian crypto exchanges.Photo by Christian Lue on UnsplashAdditional banking restrictionsThis measure is part of a broader set of economic sanctions against sectors the EU stated assist the Russian invasion of Ukraine, including energy, finance, and defense industries. As part of this financial clampdown, the EU will also impose a ban on five additional Russian lenders starting Nov. 12. One of those lenders, Alfa-Bank, recently began offering Bitcoin buying and selling services, according to an X post by journalist Pete Rizzo. The European body said the new crypto measures address Russia’s increasing use of digital assets to circumvent existing sanctions. Russian banks were cut off from the SWIFT international payment system in early 2022, following the onset of the Russo-Ukrainian war. Reports of Russia using cryptocurrency to finance malign activities have surfaced previously. Earlier this month, Sławomir Cenckiewicz, the head of the Polish National Security Bureau (BBN), told the Financial Times that Russia has employed crypto to finance attacks on EU countries. Cenckiewicz said that a network of agents recruited by Russia’s GRU military intelligence agency and uncovered in Poland in 2023 had been substantially funded with cryptocurrency. Reflecting this concern, lawmakers in Poland’s lower house approved a bill in September to strengthen national crypto oversight, a move also expected to help curb Russian funding channels. Cenckiewicz noted that Polish intelligence agencies are closely monitoring the legislation to prevent loopholes that allow foreign actors to support agents using digital assets. Russia’s evolving crypto policyThe EU’s action comes as Russia itself is attempting to refine its own cryptocurrency rules. According to the Moscow Times, Russia's central bank wants to limit cryptocurrency use strictly to cross-border payments within an experimental legal regime (ELR). The institution continues to reject recognition of cryptocurrency as a legal means of payment and has advocated banning its use for domestic payments and retail investment, while permitting trading only for high-net-worth individuals through licensed platforms. Russia’s finance ministry has expressed a more flexible view, pointing to the scale of crypto adoption among the public. Earlier this year, the central bank estimated that domestic crypto transactions exceeded 1 trillion rubles (about $12.4 billion) per month, and that as of March, wallets linked to Russian users held roughly 827 billion rubles (about $10.2 billion). The finance ministry and the central bank have agreed to tighten supervision of the crypto market, with officials expecting to finalize the new framework before the end of the year. 

Hyundai Motor Harnesses Blockchain to Double Down on Climate Change EffortsSouth Korean auto giant Hyundai Motor Group is taking significant strides in tackling global climate change concerns by harnessing the power of blockchain technology.Photo by Chris Liverani on UnsplashTracking carbon emissionsToday, Hyundai Motor and Kia, two affiliates of the group, have introduced the Supplier CO2 Emission Monitoring System (SCEMS), a carbon emission tracking solution based on blockchain technology. This system marks a pivotal step towards intensifying their efforts to reduce carbon emissions across their extensive supply chain.The SCEMS is designed to record and manage carbon footprints at every stage of the manufacturing process, starting from the extraction of raw materials to the production and delivery of parts and vehicles. This comprehensive approach allows Hyundai and Kia to gain better control over their carbon reduction initiatives.The urgency of addressing climate change has made it essential for organizations of all sizes to manage and decrease their carbon emissions. However, calculating carbon footprints requires an understanding of complex standards and intricate mathematical processes.Supply chainTo address these challenges, Hyundai Motor and Kia are providing the SCEMS to hundreds of their suppliers free of charge, offering them the necessary tools to effectively curb carbon emissions. The SCEMS employs artificial intelligence modeling, which automatically computes carbon emissions and predicts future projections as suppliers from various industries input their data into the system.Previously, these suppliers had to rely on external experts to perform such calculations. By adopting Hyundai’s new system, suppliers can now independently set their carbon reduction goals and efficiently manage their activities, thereby cutting costs and enhancing their competencies.Incorporating blockchainMoreover, Hyundai Motor and Kia anticipate that the incorporation of blockchain technology into their operations will bolster the reliability of their data, increasing their credibility among global evaluators of environmental, social, and governance (ESG) management.A Hyundai official emphasized that the scope of eco-friendly products now encompasses their entire lifecycles and supply chains. The company aims to lead the charge in building a sustainable and green supply chain.In line with this commitment, Hyundai Motor and Kia in February joined the Carbon Disclosure Project’s (CDP) Supply Chain Program, a nonprofit organization that oversees a global disclosure system for investors, companies, and regions to manage their environmental impacts. As part of this initiative, the Hyundai affiliates have also provided education to their suppliers to aid them in achieving carbon neutrality.Under the CDP’s Supply Chain Program, Hyundai affiliates’ suppliers need to submit data on energy consumption and greenhouse gas emissions, along with carbon neutrality strategies, sustainability objectives, and renewable energy transition plans to the nonprofit organization.