Daily Digest - 30th May 2023

Headlines

▌U.S. Representative Confirms Bitcoin Mining Excise Tax Plan Has Been Canceled

U.S. Rep. Warren Davidson of Ohio shared the text of a newly proposed debt-ceiling agreement on Sunday that would completely suspend the debt ceiling until Jan. 1, 2025. On the other hand, it will implement several spending cuts, including limiting non-defense spending and cutting funding for the IRS. Responding to Davidson, Pierre Rochard, vice president of research at bitcoin mining firm Riot Platforms, noted that the bill makes no mention of the government's previously proposed Digital Asset Mining Energy (DAME) tax. Davidson confirmed that the proposal had been dropped and that one of the Republicans' negotiating wins was blocking the Democrats' proposed tax.

Policies

▌Russia abandons plans to create a national cryptocurrency exchange

Russia is no longer moving ahead with plans to create a national cryptocurrency exchange. Instead, it will focus on creating rules that would allow private companies to set up such exchanges.

On May 29, Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, revealed that these exchanges will be regulated by local regulations, as they can be used to bypass sanctions. The report suggested that the exchanges would be regulated by the Russian Central Bank, which is due to introduce new regulations by the end of the year.

It was previously reported in November 2022 that Russian lawmakers were working on a draft amendment that would allow the country to launch a national cryptocurrency exchange.

▌Laos prioritises blockchain technology for digital transformation

On May 26, the Lao government held the first Blockchain 4.0 Digital Transformation Ministerial Conference in Vientiane.

The meeting, chaired by Lao Prime Minister Sonexay Siphandone, was attended by blockchain experts and various leaders from the country’s major economic sectors.

According to a report by Singapore-based software company MetaBank, the main focus of the conference revolved around leveraging digital technologies to accelerate Laos' digital transformation. Notably, it introduces the concept of Blockchain 4.0, emphasises the importance of open collaboration, and positions Laos as a catalyst and beneficiary of the emerging global digital landscape.

Blockchain application

▌Venezuela Petro Blockchain Faces Operational Difficulties, Hundreds of Petro Wallets Are Allegedly Deleted or Disabled

The blockchain of petro, Venezuela's official cryptocurrency asset, has been facing difficulties. It previously stopped producing blocks on May 24, but restarted block production on May 27 (only four blocks were dug out), but in Stopping again on May 28, the local cryptocurrency association Asonacrip also revealed that hundreds of petro wallets were deleted or disabled, most of which belonged to active members of the community, but no explanation has been given so far. Joselit Ramirez, head of Venezuela’s cryptocurrency regulator Sunacrip, was previously arrested for alleged involvement in a multibillion-dollar crypto-corruption scheme that is currently managed on an interim basis by an intervening committee.

Cryptocurrency

▌Korean Court Sentences Civil Servant to Jail for Misappropriating Public Funds to Buy Cryptocurrencies

A South Korean court has given a suspended sentence to a public servant who stole thousands of dollars worth of public funds to pay for cryptocurrency investments. The public official was sentenced to one year of probation and two years of probation. The official did not give his name for legal reasons.