Bhutan partners Bitdeer for Bitcoin mining, French Senate paves way for crypto promotions and more

Bhutan’s state-owned investment entity, Druk Holding & Investments, is partnering with Nasdaq-listed Bitdeer Technologies Group to create a $500 million fund aimed at promoting sustainable cryptocurrency mining in the Himalayan country.
> The fundraising effort, which targets institutional investors, will commence at the end of May, with the objective of establishing carbon-neutral digital mining facilities powered by Bhutan’s plentiful hydroelectric resources, according to a joint announcement made on Wednesday.

> Druk Holding & Investments CEO Ujjwal Deep Dahal expressed in an interview that focusing on Bitcoin mining was the least risky approach for Bhutan to take advantage of the cryptocurrency market.

> Dahal emphasized the importance of exploring low-volume, high-value assets to position Bhutan as a competitive player in the global economy. Details here.

The French Senate’s Economics Committee has reached an agreement on a proposal that would permit social media influencers to promote products from registered cryptocurrency companies, such as Binance.

> This decision demonstrates a more lenient stance than the one taken by the National Assembly in Paris, which voted in March to effectively ban cryptocurrency advertisements by social media stars.

> The amendment, approved by the Committee and scheduled for discussion in the Senate plenary next week, would enable cryptocurrency companies to engage influencers for promotional purposes if they are registered with or have a license from regulatory authorities.

> According to an explanatory note by lead legislator Amel Gacquerre, a member of the Centrist Union party, this proposal aligns the bill with the existing French Consumer Code. Continue here.

UK Prime Minister Rishi Sunak has unveiled an extensive plan to combat fraud, with a particular focus on cold calls selling financial products, including cryptocurrencies.

> Fraud, which currently accounts for over 40% of crime in the country, costs the UK nearly £7 billion each year. The new measures aim to target scams and the criminals behind them, as well as the technologies they exploit.

> In an effort to prevent scams from reaching victims, the government is implementing a series of strategies. Among these is a ban on cold calls promoting financial products, such as cryptocurrencies and insurance schemes.

> This move will alert potential victims that any unsolicited calls regarding financial products are likely scams. More here.

The Algorand Foundation, in collaboration with the Disaster Services Corporation Society of St. Vincent de Paul USA (DSC SVDP-USA) and National Voluntary Organizations Active in Disaster (National VOAD), has announced the successful initial launch of the Kare Survivor Wallet.

> This blockchain-based platform, funded by the American Red Cross, aims to improve the efficiency, transparency, and speed of disaster aid distribution.

> The Kare Survivor Wallet facilitates the distribution of essential goods to families affected by recent disasters in Tennessee and Florida.

> By utilizing a mobile app, families can verify their identities, receive credits, and redeem them for critical supplies directly from Amazon within 24 hours.

> This process significantly reduces the traditional wait time of several months for relief supplies.

Sui, a highly-anticipated Layer 1 blockchain with a $2 billion valuation, launched its mainnet on Wednesday, competing against Facebook-spinoff Aptos and other major decentralized finance (DeFi) players.

> The token is currently trading at $1.33, a significant increase from the pre-sale price of $0.03 and the public sale price of $0.10. CoinGecko reports a market capitalization of $687 million.

> The blockchain, established by former Meta (META) employees, has over 200 projects in its directory and approximately 100 more projects seeking to build on its platform.

> Despite Sui developers promising fast transaction speeds, the blockchain’s explorer data shows an average speed of around four transactions per second (4tps) on Wednesday.

> In contrast, Aptos has a speed of 9tps.

Binance, the world’s largest cryptocurrency exchange, has faced global criticism and regulatory scrutiny over various issues, including allegedly servicing clients in Iran despite US sanctions.

> However, it appears that the company’s efforts to improve compliance may have led to the blocking of accounts of Iranian customers who should not have been affected.

> Chagri Poyraz, Binance’s Global Head of Sanctions, admitted that the company’s efforts to eliminate sanctioned clients from its database led to the blocking of some accounts that should not have been affected.

> While Binance has made significant strides in compliance since last year, the process of clearing the backlog took up to six months.

> Poyraz believes this issue has been largely resolved.

As the cryptocurrency industry faces increasing regulatory pressure, the Blockchain Association, a prominent crypto advocacy organization, has decided to leave New York and concentrate on federal policy.

> Kristin Smith, CEO of the Blockchain Association, stated through a spokesperson that the group is shifting resources out of New York State and expanding their full-time staff in Washington.

> Their mission remains the same: to advance the future of crypto in the United States.

> This relocation comes shortly after New York Governor Kathy Hochul signed a law prohibiting specific types of cryptocurrency mining in the state, making it the first in the country to do so.

Robert F. Kennedy Jr., the latest presidential candidate and a member of one of the most famous U.S. political families, has criticized President Biden’s proposed 30% tax on cryptocurrency mining, calling it a “bad idea” in a series of tweets.

> Kennedy believes that cryptocurrencies, led by bitcoin, serve as a significant innovation engine and that the U.S. government should not hinder the industry or drive innovation elsewhere.

> While acknowledging energy use concerns, Kennedy argues that bitcoin mining’s energy consumption is on par with that of video games, which face no such calls for bans or taxation.

> He suggests that the environmental argument is a selective pretext to suppress anything that threatens elite power structures, like bitcoin. More here.