Special funds allowed to invest up to 20% in crypto stocks: Germany’s Fund Location Act permits “Spezialfonds,” or special funds, to invest as much as 20% of their portfolios in crypto. Should every Spezialfond choose to allocate the full 20% in crypto, that would equate to €350 billion ($415 billion), based on the total assets under management of such funds in Germany. The figure was arrived at by Sven Hildebrandt, CEO of Distributed Ledger Consulting, and was cited in a report by financial newspaper Boersen Zeitung in April. Spezialfonds are the dominant institutional investment vehicle in Germany. A sizable allocation of this market toward crypto could have profound implications across Europe, because the country has the eurozone’s largest economy.
Crypto population doubled to over 200M users since January: Crypto.com has released its latest research report on the global market size of crypto users showing that the market more than doubled in the first half of 2021, to 221 million users. Crypto.com’s research methodology assesses on-chain data with additional blended parameters to estimate the number of global crypto owners. The latest report compiles data from the 24 largest crypto platforms worldwide, utilising an improved research methodology.
Illegal crypto mining in Warsaw police headquarters: Polish police have uncovered a secret crypto mining operation at their headquarters in Warsaw, local media reported. An IT specialist accused of minting digital coins on police computers has been dismissed and the case has been handed over to the Prosecutor’s Office. The mining operation was allegedly organized by an IT technician, a civilian employee of the law enforcement agency, tvn24.pl news portal reported quoting two independent sources.
German goalkeeper Manuel Neuer invests in blockchain start-up Votebase: National goalkeeper Manuel Neuer, Rose-Bikes CEO Marcus Diekmann and Shopware founder Stefan Hammann are investing in blockchain start-up Votebase. Each of the three now holds 10% of shares in the company. The start-up is developing a blockchain-based app for elections. The data is stored in a decentralized manner, which should offer greater protection against manipulation than conventional databases. However, the app will not just be used for elections, but also for voting in associations or companies.
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Organized crime: 50 cases related to crypto cell phones at Thuringia State Criminal Police Office it-daily.net
New coffee cryptocurrency: „CoffeeCoin“ performs well in first month n-tv.de
US Securities and Exchange Commission: SEC chief Gary Gensler wants more crypto oversight to protect investors bloomberg.com
Blockchain Research & Development Hub: Austria’s first unicorn Bitpanda invests ten million euros in digital blockchain hub trendingtopics.at
Increasing headwinds from regulators: Binance crypto exchange to wind down derivatives offerings in part of Europe wsj.com
NUMBER OF THE WEEK
78% of German companies are in favor of introducing a „digital euro“.
Blockchain is making little headway in the German economy despite existing interest: In a representative survey, the digital association Bitkom looked at the use of blockchain in the German economy. It became clear that most companies consider blockchain to be an important technology of the future. So far, however, only a minority of them has generally addressed the topic and the possible applications in their own operations. 59 percent of the companies surveyed stated that blockchain is one of the most important future technologies, but that it is severely underestimated. Only 25 percent considered blockchain to be overrated and unsuitable in practice. One in four companies said they were open to the topic. Basic knowledge of key blockchain terms has increased, according to Bitkom. For example, cryptocurrencies, distributed networks, smart contracts and identity management are known almost everywhere.
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El Salvador wants Bitcoin as legal tender: In June, El Salvador President Nayib Bukele announced in a recorded message played at a Bitcoin conference in Miami that he will send proposed legislation to the country’s congress that would make the cryptocurrency legal tender in the Central American nation. He characterized it as an idea that could help El Salvador move forward. Bukele later sweetened his offer, saying via Twitter that his government will give “immediate permanent residence to crypto entrepreneurs.” The US dollar is El Salvador’s official currency. About one quarter of El Salvador’s citizens live in the United States and last year, despite the pandemic, they sent home more than $6 billion in remittances. Bukele in subsequent messages on Twitter noted that Bitcoin could be “the fastest growing way to transfer six billion dollars a year in remittances.” He said that a big chunk of those money transfers were currently lost to intermediaries and with Bitcoin more than a million low-income families could benefit. He also said 70% of El Salvador’s population does not have a bank account and works in the informal economy. Bitcoin could improve financial inclusion, he said.
„We just don’t have enough investor protection in crypto. Frankly, at this time, it’s more like the Wild West.“
The Securities and Exchange Commission will regulate cryptocurrency markets to the maximum extent possible using its existing authority, Chairman Gary Gensler said Tuesday.
Crypto toilet: South Korean toilet turns feces into electricity: A South Korean university buys its students‘ and employees‘ excrement. A specially built toilet is used to transport the feces to a tank containing microorganisms, which then convert it into methane. The associated energy is used to power a building. A separate digital currency is used to remunerate toilet use.