• Sun. Aug 14th, 2022

Today in Crypto: Bitcoin Sales Drive Crypto Crisis

ByHazel R. Lang

Jul 21, 2022

As the crypto market cools, Finland has sold its confiscated bitcoin hoard.

Over the summer, Customs liquidated 1,889.1 bitcoins through two brokers. It raised $47.5 million, according to a Bloomberg report Thursday, July 21, which is less than the country thought it would raise.

The exhibits were from seizures related to drug seizures and had been legally forfeited to the state through court orders.

Meanwhile, Indonesia’s central bank said it plans to issue its digital currency for banks to use, and the bank is exploring how to make it tradable across borders.

Bank Indonesia plans to release a concept design of the digital rupee by the end of 2022, Governor Perry Warjiyo said Thursday.

“The principle of digital rupiah will be the same as that of paper money which is to be the only legal tender for digital transactions in Indonesia,” he said, according to Bloomberg.

Additionally, the CEO of SoftBank-backed Mercado Bitcoin recently stated that the exchange plans to enter the Mexican market this year.

Speaking to Reuters, Reinaldo Rabelo said the expansion would take place “in the second half of the year”. Regulatory approval has yet to be granted, although the company said it is in the final stages.

The move to Mexico would be through an acquisition, similar to how Mercado Bitcoin holding company 2TM entered Portugal earlier in the year.

In other crypto news, bitcoin and other major cryptocurrencies slipped in Thursday morning trading, Seeking Alpha reported.

It comes as speculators grappled with Tesla’s decision to sell nearly $1 billion worth of bitcoin, or 75% of what it had. Over the past 24 hours, bitcoin has fallen 7.2% to $22,400. However, it is still high by 9.5% over the past week.

Finally, Coinbase said in a company blog post on Thursday that it had filed a petition for the Securities and Exchange Commission to develop a “workable regulatory framework” for digital assets.

Coinbase wrote that there was a need for an “updated rulebook to help guide safe and effective practices.” The company also said that as securities laws have evolved, new rules are needed to address other concerns.

Some issues listed in the post include a lack of regulation for crypto assets that are securities, numerous stages and intermediaries preventing real-time trade settlement, and making it difficult for investors to trade directly without a broker.

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