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Get your daily summary of cryptoasset and blockchain related news, investigating the stories flying under the crypto news radar today.
Mining news
- Today, Bitcoin (BTC) mining difficulty, which is the measure that shows how difficult it is to compete for mining rewards, has increased by 4.82%, reaching 17.6T, as more miners switched on their machines. increasing the speed with which a new block on the Bitcoin blockchain is found. The mining difficulty is adjusted every two weeks (i.e. every 2016 blocks) to maintain the normal block time of 10 minutes. For most of November it was less than 10 minutes. On November 3, the difficulty had its largest decline since 2011 and the second largest in the history of the network.
Regulation news
- Jay Clayton, president of the US Securities and Exchange Commission, confirmed today that after serving more than three and a half years, he will end his term at the end of this year. (To know more: Cryptoverse Might Face ‘More Aggressive’ SEC Under Biden)
- An expert warned that the Russian government may have difficulty monitoring encryption for tax enforcement purposes. As previously reported, Russian Ministry of Finance unveiled plans to crack down on those who don’t report their cryptocurrency earnings – with jail time on the cards for offenders. According to the Regnum media, Konstantin Ordov, the head of the Financial university under the government of the Russian Federation The Department of Corporate Finance and Governance at (FinU) said: “The tax system used in the past will not be able to keep pace with the pace of changes in the monetary sphere of the present and the future. […] It is very difficult to track transactions in the crypto world. “
- Legal experts in South Korea have warned that legal action is likely to follow if more cryptocurrency exchanges close next year. For Hanguk Kyungjae, a number of unnamed lawyers told the media that a new set of regulations that will soon force all cryptocurrency exchanges in the nation to use real-name verified bank accounts and will separate client funds from their own in banking transactions. many businesses go bankrupt – with clients who may have to go to court to reclaim their funds. The regulation will take effect in March 2021, although exchanges will have a six-month grace period in which to adjust to the new compliance rules.
CBDC News
- The central People’s Bank of China (PBoC) has signed a cooperation agreement with a domestic third-party payment provider ahead of the launch of the bank’s next digital yuan, a project that is currently in advanced testing. For Leiphone, Lakala he signed an agreement with the PBoC, which he described as a “strategic cooperation agreement”. The parties have not disclosed what the terms of the agreement will entail, but Lakala is the only major mobile payment platform besides WeChat Pay is Alipay having been listed on the Chinese stock exchange. Lakala also supplies point-of-sale devices and portable magnetic card readers.
DeFi News
- Decentralized Finance Protocol DeFi value said it had lost about $ 6 million to a “complex attack” last weekend. According to them, a hacker performed a flash loan exploit on the Value DeFi protocol MultiStables safe. The team has promised to create a compensation fund that will be funded by a combination of the dev fund, the insurance fund and a portion of the fees currently generated by the protocol.
M&A news
- Galaxy Digital Holdings Ltd. he said he acquired DrawBridge loan, a specialist in digital asset lending, structured loans and products, e Capital of blue fire, a proprietary trading firm specializing in market-making and bilateral liquidity for digital assets. No other details about the offers have been provided.
Career News
- Alex Solomon, who led the Azure Direct business as part of MicrosoftThe Western European Headquarters team has joined Enjin (ENJ) as Executive Director of Enterprise Platforms. Solomon said he will lead the development of a new Enterprise arm. “Ultimately, we aim to offer a complete service stack that allows businesses to quickly build powerful token projects through a model-driven experience,” he added.
