Kazakhstan runs short of power due to crypto mining
Kazakhstan, a country with a large number of leading crypto miners, is facing a massive power outage. The country is currently importing electricity from Russia at a higher tariff. The government had earlier commented on mining a few weeks earlier saying there is no revenue generation despite being a leading miner.
India will not recognise Bitcoin as a currency
Finance Minister Nirmala Sitharaman reiterated that there is no proposal to accept Bitcoin as a payment method. She added that the government does not collect data on Bitcoin transactions.
Bombay HC directs Centre to inform it about the introduction of the bill on cryptocurrency
Bombay High Court directed the government to update with the crypto bill. The court was hearing a Public Interest Litigation (PIL) filed by advocate Aditya Kadam, seeking directions to the central government to formulate laws to govern the use and trade of cryptocurrency within the country.
Coinstore begins operation in India
Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the government is preparing legislation to effectively bar most private cryptocurrencies. Coinstore plans to recruit about 100 employees in India and spend $20 million for marketing, hiring, and development of crypto-related products and services for the Indian market.
Thailand to use crypto to revive the economy
The Tourism Authority of Thailand plans to collaborate with local cryptocurrency exchanges and companies to develop infrastructure for accepting crypto as a medium of exchange for tourism. The country’s tourism was hit badly due to COVID.