Bitcoin remained below $7,000 Tuesday morning, after a sharp slide on Monday apparently due to the sell-off as the April 17 tax filing deadline nears. A Chinese bitcoin mining equipment manufacturer is planning an initial public offer on foreign stock exchanges, including those in the U.S., in a bid to gain more mainstream acceptance for cryptocurrencies. And a cryptocurrency is facing a class action lawsuit in the U.S. for inadequate checking before listing at a troubled Italian exchange.
Here is a wrap up of the main news from the cryptocurrency and blockchain space.
Canaan Creative Plans IPO On Overseas Stock Exchange
Canaan Creative, which is among the country’s leading Bitcoin mining machine manufacturers, is planning to list its shares on an overseas stock exchange, including Hong Kong or the U.S., an executive said in an interview to Caixin. The company had earlier tried to list on Chinese exchanges but the government stepped up regulation of the cryptocurrency industry. Canaan said it still considers a secondary mainland listing by issue of depository receipts.
Denmark’s Danske Bank Not To Support Crypto Investments
Denmark’s Danske Bank announced that it does not wish to “support the investment environment surrounding cryptocurrencies.” The bank plans to phase out the possibility of its customers purchasing financial instruments that are directly related to cryptocurrency prices that are highly volatile, Danske said on its website.
Nano Team Faces Class Action Lawsuit
The cryptocurrency Nano and the team behind it are facing a class action lawsuit in the U.S. which alleges that the team behind the cryptocurrency violated rules and regulations while listing the coin on the troubled BitGrail exchange in Italy. BitGrail lost about $170 million worth of Nano coins following a hack in February. The action is filed by Alex Brola thorough the Silver Miller law firm.
Rising Demand for Blockchain, Crypto Classes in US Business Schools
With crypto frenzy gripping the world and the United States, a number of top ranked U.S. business schools are reportedly adding more classes on digital currency and its underlying technology to keep up with demand from students and their potential employers. Stanford Graduate School of Business, Wharton School of the University of Pennsylvania and Georgetown University’s McDonough School of Business are expanding classes in digital currency and blockchain, CNBC reported.
Cryptocurrency Operations Under Tight Scrutiny in India
A Special Investigation Team of the Government of India, which is targeting black money, has reportedly given direction to three top agencies to clamp down on cryptocurrency operation and circulation in the country and trace suspected connections to shady offshore transactions. In a meeting recently held in New Delhi, the SIT asked the Income Tax Department, the Enforcement Directorate (ED) and the Narcotics Control Bureau (NCB) to detect and stop crypto transactions being done over the Internet, including those with cross-border ramifications, PTI reported quoting official sources.
As of 7.31 am ET on Tuesday, Bitcoin was up 0.45 percent at $6,740 and Ethereum was lower by 0.72 percent at $395.76 on Coinbase.
by Jyotsna V