Digital Rouble Bill Passes Parliament In Russia
The lower chamber of the Russian parliament, Gosduma, passed the “digital rouble” bill in its third reading on July 11. The document must now be confirmed by the superior chamber and signed by the President. The law, whose draft was most recently revised at the end of June, establishes the legal definitions of “platform,” “participants,” […]
Celsius Network Files Lawsuit to Recover $150M from StakeHound
Insolvent cryptocurrency lender Celsius Network has filed a lawsuit against staking platform StakeHound for allegedly failing to return $150 million worth of Celsius’s tokens. Celsius placed 40 million Polygon (MATIC), 66,000 Polkadot (DOT), 25,000 staked native Ether, and 35,000 Ether (ETH), according to a court filing. Celsius emphasized that the total value of these tokens […]
China to Tighten Regulations Around Generative AI Development
In China, the government is contemplating new artificial intelligence (AI) development regulations which are being updated to include acquiring a license before releasing generative AI systems. The Cyberspace Administration of China (CAC) wishes to require local companies to obtain a license before releasing generative AI systems, according to a Financial Times report dated 11 July. […]
Research Shows Crypto Custody Market Reached $448B in 2022
According to recent research, in 2022, the custody part of the digital asset industry reached a height of $447.9 billion in valuation, citing a rise of interest in crypto staking and NFTs as the major cause for the increase. PricewaterhouseCoopers (PwC) and wealth technology platform Aspen Digital conducted a joint report on the condition of […]
Luxury Watch-backed NFT Serves as Collateral for DeFi Loan
A nonfungible token (NFT) collector described how a decentralized finance (DeFi) loan was secured by a luxury watch and facilitated by a nonfungible token (NFT) representing the asset. On July 11, fictitious DeFi project advisor CirrusNFT described how a user could borrow $35,000 from another user using an NFT representing a tangible item as collateral. […]