Yes24 Teams Up with KPC to Establish Digital Content Distribution Ecosystem

Bitmain Planning Mining Equipment Support For Aleo BlockchainBitmain, the leading Beijing-headquartered crypto mining rig manufacturer, is set to bolster the proof-of-work (PoW) blockchain network of Aleo with its upcoming Antminer release.The firm announced its intentions via a social media post which was published on WeChat on Monday. The move follows Bitmain’s recent introductions of Filecoin and Kaspa mining machines and its latest series of Bitcoin miners.Photo by RDNE Stock project on PexelsEnhanced privacy through zk proofsBitmain plans to unveil a miner compatible with the forthcoming Aleo blockchain network which is currently in testnet mode. Aleo’s PoW blockchain promises to bring enhanced privacy through zero-knowledge (zk) proofs while retaining programmability. Zk proofs represent a cryptographic advancement insofar as they can verify data while it remains encrypted and undisclosed to the verifying party. The blockchain network adopts a statically typed programming language inspired by Rust, known as Leo.Aleo has been gaining significant attention in the crypto space, much like other venture capital-backed layer 1 blockchains, including Solana, Aptos, and NEAR, before their respective debuts. In April 2021, Aleo’s team successfully secured $28 million in a Series A funding round, with Andreessen Horowitz (a16z) leading the way.Aleo’s journey reached new heights in February 2022 when its Series B funding round raised a substantial $200 million, pushing the project into unicorn status. This funding round was jointly led by Softbank Vision Fund 2 and Kora Management LP, with participation from a16z, Tiger Global, Sea Capital, Slow Ventures, and Samsung Next.Latest in series of product launchesBitmain’s announcement is part of a series of product launches in recent months. In July, the company unveiled a mining rig designed for Filecoin (FIL). The following month marked the shipment of Bitmain’s Kaspa (KAS) mining machines. Shortly after the Kaspa deliveries, Bitmain revealed plans for an August release of a Monero (XMR) mining rig. Most recently, Bitmain introduced two next-generation Bitcoin (BTC) miners from the S21 series.The Chinese crypto mining equipment manufacturer has faced financial challenges in recent times. In April, it emerged that the company had been fined by the Chinese authorities for tax irregularities.Earlier this month, reports suggested that the company was experiencing liquidity issues. It failed to pay some of its employees although it later resolved the matter. Reports of staff payment difficulties surfaced two weeks ago. Arising out of that episode, the company subsequently fired three employees for posting information about salary payment issues on social media.Nevertheless, the firm managed to secure two contracts with US-based mining operations following those reports. In these contracts, Bitmain sold a combined 5.8 exahash per second (EH/s) of its new S21 Antminers to Iris Energy and Cleanspark. In September, Bitmain finalized a deal with troubled crypto miner Core Scientific that will see the firm supply the restructured company with 27,000 Bitcoin miners.The company has been blighted by internal conflicts going back a number of years between co-founders Jihan Wu and Zhan Ketuan. Subsequently Wu went on to found Singapore-headquartered crypto cloud mining platform Bitdeer.

Indian PM Narendra Modi Calls for Global Crypto Regulatory FrameworkAmid the rising tide of emerging technologies like cryptocurrency and artificial intelligence, Indian Prime Minister Narendra Modi has emphasized the urgent need for a worldwide regulatory framework to ensure user safety and ethical utilization.His remarks were delivered at the G20 Summit India 2023, where he stressed the importance of cohesive global efforts in shaping the future of technological advancements.Photo by Shubham Dhage on UnsplashG20 PresidencyIndia, currently holding the G20 Presidency for 2023, has taken a strong stance in advocating for the establishment of a comprehensive global regulatory framework for cryptocurrencies. Earlier this month, the country released a presidency note outlining its insights into the proposed framework.These recommendations are closely aligned with the guidelines set forth by authoritative bodies such as the Financial Stability Board (FSB), the Financial Action Task Force (FATF), and the International Monetary Fund (IMF).Notably, India’s presidency note extended its considerations beyond established economies to include provisions for developing nations relative to crypto. At the time, it was revealed that a collaborative “synthesis paper” was in the works, jointly crafted by the IMF and the FSB. This paper, set to be unveiled by the end of August, will delve into the global macro implications stemming from the adoption and growth of cryptocurrency. The timing of this release is particularly significant, coinciding with the upcoming G20 Summit scheduled for September 9.Establishing a global frameworkAddressing the G20 Summit, Prime Minister Modi articulated his vision for a world unified under a comprehensive regulatory framework not only for cryptocurrencies but also for the ethical utilization of emerging technologies like artificial intelligence. In an interview with media platform Business Today, he emphasized the reality of rapid technological progress sweeping across the globe. Instead of dismissing or wishing away these advancements, Modi underscored the need for proactive adoption, democratization, and a unified global approach.Modi’s perspective underscores his support for a harmonized global strategy when it comes to formulating regulatory frameworks for emerging technologies. Drawing a parallel with the aviation industry, he highlighted how air traffic control and air security are governed by common global rules and regulations, illustrating the effectiveness of a consensus-based model.Expanding on the implications of India’s G20 presidency, Modi shed light on the deliberations centered around cryptocurrency’s potential impact within broader macroeconomic contexts, particularly within emerging and developing economies.Regulatory needs at a national levelWithin India, various stakeholders have been struggling with the regulation of cryptocurrencies themselves. In July, the Indian Supreme Court criticized the government for its failure to establish clear crypto-related regulations. The country’s central bank, the Royal Bank of India (RBI), has been less enthusiastic about decentralized cryptocurrency, warning of the risks extended by stablecoins more recently. Instead, it has proven to be far more interested in advancing the use of permissioned blockchain networks and a central bank digital currency (CBDC).The proposition of a globally accepted set of guidelines for cryptocurrency regulation has garnered substantial support from authorities worldwide as they begin to understand the difficulty that decentralized technology presents in terms of controlling it. If Modi’s vision translates into reality, it could mark a significant step toward standardizing the governance of cryptocurrencies on an international scale.

Crypto Features in India-UK Markets DialogueAccording to a press release published by HM Treasury, the 2nd India-UK Financial Markets Dialogue meeting held on Wednesday featured six key themes with crypto featuring among them.©Pexels/SkitterphotoThe event brought officials from both nations together in the first in-person financial dialogue since 2017. While the meeting considered banking, insurance and reinsurance, capital markets, asset management and sustainable finance, it also allotted time to discuss payments and crypto-assets.CBDC knowledge sharingBoth sets of officials discussed the scope for augmenting knowledge on Central Bank Digital Currencies (CBDC) by way of mutual learning. The officials agreed on the importance of robust global approaches relative to the emergence and development of crypto-assets internationally. The joint statement issued following the meeting revealed that progress relative to the G20 roadmap for enhancing cross-border payments was a matter which was discussed. It’s an item that could have major implications for the use of cryptocurrency in cross border transactions.Global collaborationThe meeting marks another move towards greater global collaboration on policy and regulation relative to digital payment systems and crypto assets. Earlier this month, India’s Finance Minister Nirmala Sitharaman said that the introduction of any new regulations on digital assets needs to be coordinated on a global basis. “The G20 and its members agree that it’s not going to be possible to have an independent, standalone country dealing with crypto assets”, Sitharaman stated at a news conference following a meeting of central bank governors and G20 finance ministers.There’s a growing recognition among politicians, government and central bank officials that decentralized money doesn’t end at a territory’s borders due to its inherently decentralized properties.Taking steps to regulate cryptoWhile on the one hand strategizing as to how digital assets can be best controlled on a global level, India is also taking its own individual steps towards national regulatory action. Recently, it expanded its Prevention of Money Laundering Act (PMLA) to include consideration of digital assets. The newly amended PMLA will now deal with the exchange of digital assets for fiat money and vice versa. It also considers safekeeping, transfer and administration relative to cryptocurrency. Furthermore, its broadened scope deals with financial services offered related to virtual or digital assets.Rajagopal Menon, the VP of India’s leading cryptocurrency exchange WazirX, has said that “regulations levied by India have been baby steps toward institutional participation in the crypto exchange.” While market participants in the digital assets space are apprehensive about the regulatory measures that governments and state regulators choose to adopt, so long as the objective isn’t to regulate the innovation out of existence, such developments can have a profoundly positive effect on the digital assets market.There’s no doubt that in line with Menon’s point relative to the Indian context, the same scenario can play out in all digital markets given the application of the right regulatory approach. Institutional investment for the most part has eluded crypto despite many already heralding its arrival in recent years. Institutions move slowly and the only way in which they will be comfortable in working with digital assets is with complete regulatory clarity having been set out.So while some in crypto may be concerned at the mention of global regulatory coordination in respect of digital assets, so long as it doesn’t go too far, greater work towards improved regulatory clarity in the digital assets market can be a catalyst for further adoption and growth in India, the UK and further afield.