Weekly Blockchain News, January 24, 2022

Welcome back in the weekly summary of leading developments in the crypto/blockchain space, presented from Billon's point of view. Check what happened in the last days when it comes to CBDC and other enterprise uses of blockchain. Enjoy the read!

Bank of Russia calls for full ban on crypto.  Russia must ban cryptocurrencies, the country's central bank said in a report released Thursday. The report says cryptocurrencies are volatile and widely used in illegal activities such as fraud. By offering an outlet for people to take their money out of the national economy, they risk undermining it and making the regulator's job of maintaining optimal monetary policies harder, the report said. The bank, therefore, said Russia needs new laws and regulations to effectively ban crypto-related activities - but not the possession of crypto by private citizens.

Fed kicks off debate on issuing its own digital currency with new white paper. Creating an official digital version of the U.S. dollar could give Americans more, and speedier, payment options, but it would also present financial stability risks and privacy concerns, the U.S. Federal Reserve said in a long-awaited discussion paper released on Thursday. The paper made no policy recommendations and offered no clear signal on where the Fed stands on whether to launch CBDC - this would require "clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law."

China's central bank digital currency now has 261 million users,  according to an official of the central bank, the People’s Bank of China (PBOC). Furthermore, transactions worth 87.5 billion yuan ($13.78 billion) have been made using the digital yuan and more than 8 million merchants now accept e-CNY.

How Walmart Canada uses blockchain to solve supply-chain challenges. Walmart Canada applied blockchain to solve a common logistics nightmare: payment disputes with its 70 third-party freight carriers. To solve the problem it built a blockchain network. The system has not only virtually eliminated the payments problem; it also has led to significant operational efficiencies. This article offers five lessons on how to create a blockchain network for improving business processes.

NFT group buys copy of Dune for €2.66 million, believing it gives them copyright. A group of crypto enthusiasts has made an unusual purchase: a rare copy of Dune, by science fiction writer Frank Herbert, for a staggering €2.66 million. The buyers – a collective called SpiceDAO – appear to believe that owning an early copy of the hit sci-fi about space worms gives them the copyright to do with what they will. The problem? IP law does not work like that. 

Walmart is quietly preparing to enter the metaverse.  Walmart appears to be venturing into the metaverse with plans to create its own cryptocurrency and collection of NFTs. The big-box retailer filed several new trademarks late last month that indicate its intent to make and sell virtual goods. In a separate filing, Walmart said it would offer users a virtual currency, as well as non-fungible tokens, or NFTs.

Student accidentally becomes a millionaire after turning selfies into NFT as a joke.  An IT student in Indonesia has made a fortune after turning a collection of selfies into non-fungible tokens because he thought “it might be funny”. Sultan Gustaf Al Ghozali has now more than $1M in ETH and wants to invest the money into opening his own animation studio.

North Korea hacked nearly $400M in cryptocurrency last year.  North Korean hackers launched at least seven attacks on cryptocurrency platforms last year to steal almost $400 million worth of digital assets, according to a report by blockchain analysis firm Chainalysis. “From 2020 to 2021, the number of North Korean-linked hacks jumped from four to seven, and the value extracted from these hacks grew by 40%,” the report said. The attacks primarily targeted investment firms and centralized exchanges. 

Panic as Kosovo pulls the plug on its energy-guzzling bitcoin miners.  Speculators rush to sell off their kit as Balkan state announces a crypto clampdown to ease electricity crisis. The frenetic social media action follows an end-of-year announcement by Kosovo’s government of an immediate, albeit temporary, ban on all crypto mining activity as part of emergency measures to ease a crippling energy crisis.

India to celebrate 16th January as National Startup Day every year. Startups have their official holiday - at least in India. “Startups are going to be the backbone of new India,” announced PM Narendra Modi declaring January 16 as National Startup Day. Will the rest of the world follow?

And that's it for now. See you next week!