Ripple, which is one of the top five cryptocurrencies, fell sharply on Tuesday after a court denied its request for a home-court hearing in a litigation against a former partner. China continues to talk tough on cryptocurrencies, though the country’s central bank governor signaled favor for blockchain. In Finland, banks have blocked accounts of a popular crypto exchange over money laundering fears.
Here is a wrap up of the main news from the cryptocurrency and blockchain space over the last 24 hours.
Ripple Down As Court Denies Hearing Request
The value of Ripple, one of the most popular cryptocurrencies, declined below $0.80 after a San Francisco state appeals court denied Ripple Labs Inc.’s request for a home-court hearing in its litigation against former partner R3 Holdco. Ripple, the San Francisco-based blockchain developer behind cryptocurrency XRP, is engaged in a legal dispute with software company R3 over ownership of 5 billion XRP that was once worth more than $16 billion. Bloomberg reported that a New York court will now probably be the sole decider in the litigation against R3, and that according to Ripple, it would face “irreparable injury” if it has to battle on R3’s home turf in Manhattan.
China Still Tough On Cryptocurrencies, But Positive On Blockchain
The apex bank in China continues to retain a tough stance on dealing with cryptocurrencies in China. People’s Bank of China (PBoC) Governor Zhou Xiaochuan said the cryptocurrency market has become highly speculative and misleading for investors, according to reports. The central bank is “carefully watching bitcoin like financial products and strengthening consumer and investor protection and education.” China is strictly against recognizing cryptocurrencies as legal tender. However, Zhou said “China recognizes that digital currency is inevitable and is likely to eventually replace paper money and coins. It is in no hurry to regulate cryptocurrencies.”
Finnish Banks Block Accounts Of Major Crypto Exchange Prasos OY
Banks in Finland blocked bank accounts of major cryptocurrency exchange Prasos OY amid fears of aiding money laundering due to the anonymity associated with digital currencies, according to reports. Four of the five Finland banks it has accounts with have blocked transactions to Prasos customers who use it to convert their cryptocurrencies into euros. The issue of anonymity of cryptocurrency funds is against the European Union’s (EU) anti-money laundering regulations, which have been recently amended to include digital currencies.
Japan’s Third Largest Electric Provider Explores Cryptocurrency Payments
Chubu Electric Power, which is ranked third among Japan’s electric utilities providers, is exploring cryptocurrencies as a payment option. The company has entered a proof-of-concept with a local startup Nayuta to explore making bitcoin payments via the Lightning Network, which promises scalable and instant Bitcoin/blockchain transactions, blockchain news website Coindesk reported Tuesday. Earlier this month, the Japanese daily Chunichi Shimbun reported that Chubu Electric was developing a mobile payment app for virtual currencies. The company started testing it in-house allowing employees to purchase coffee using cryptocurrencies.
Binance Offers $250000 Bounty To Catch Hackers
In the wake of last week’s attempted hacking incident on Binance, the cryptocurrency exchange has announced a $250,000 Bounty for anyone who provides information that leads to the arrest of those responsible for the attack. The reward would be paid out in the exchange’s native BNB token. “The first person to supply substantial information and evidence that leads to the legal arrest of the hackers, in any jurisdiction, will receive the equivalent of $250,000 USD in BNB. The exchange rate will be determined at time of transfer,” Binance said in a blogpost. On March 7, a number of Binance accounts were phished, and attackers pumped the price of viacoin using them.
Crypto Exchange Founder Grows ‘Cryptomatoes’ Utilizing Heat From Mining
Kamil Brejcha, the co-founder of Czech cryptocurrency exchange Nakamoto X, announced the cultivation of “cryptomatoes”, which are tomatoes grown using excess heat from cryptocurrency mining. In a Twitter post, Brejcha showed a photo of tomato plants growing in a greenhouse, noting that the first batch of cryptomatoes is ready to be harvested. According to him, the team developed a system called Cointainer, which is placed in the basement and the heat is blown into the greenhouses, which are around 5 acres.
Goldman Sachs Notice To India-based Crypto Exchange For Trademark Violation
Goldman Sachs has sent a legal notice to Indian cryptocurrency exchange Bitsachs over trademark and intellectual property infringement. Bitman Sachs LLP, registered in the western Indian city of Jaipur, has similarity in name to the New-York based Goldman Sachs. It operates a website called Bitsachs.com. In the notice, the banking giant accuses Bitman Sachs of “infringing mark,” and accuses its website of “infringing domain.”
As of 6.28 am ET Friday, Bitcoin was down 6.97 percent at $9,167.08 and Ethereum was lower by 4.57 percent at $700.71 on Coinbase.