Bank of Thailand to define crypto ‘red lines’

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Idaho Central Credit Union, the state’s largest credit union, will offer bitcoin services, according to a report by Bitcoin Magazine.

This will allow customers to buy, sell and hold BTC in their accounts.

The feature was made possible through a partnership between the credit union’s digital banking solutions provider, Alkami, and bitcoin broker NYDIG.

Alkami’s services offer cloud-based banking solutions. The company added NYDIG to its Gold Partner program to allow institutional clients to add bitcoin buying and selling capabilities to the platform.

NYDIG, meanwhile, will provide bitcoin trading and custody services.

“ICCU’s focus on member experience and providing a wide range of solutions has allowed it to build a reputation as one of the country’s leading credit unions, and its decision to implement implementing bitcoin services through NYDIG and the Alkami platform can drive that growth, ”Patrick Sells, chief innovation officer at NYDIG, said in a statement.

Meanwhile, a Beijing court has dismissed a lawsuit against a blockchain company after a client failed to make money on bitcoin mining, a South China Morning Post report says. .

This could indicate that China doesn’t care to review crypto cases in its court system.

The Chaoyang District People’s Court ruled on Wednesday that the contracts were invalid.

Beijing Phonf Marketing Technology made three deals with Zyzc Blockchain Technology in May 2019, when bitcoin mining was still tolerated.

Some local governments then offered incentives to companies to encourage energy-intensive mining operations to consume excess hydropower.

Finally, the Thai government is proposing a new regulatory framework for cryptocurrencies to reduce risk and strengthen investor protection, writes Cointelegraph.

In January, the Bank of Thailand plans to launch a consultation paper setting up “red lines” for crypto companies.

The bank’s governor, Sethaput Suthiwartnarueput, said in an interview that the bank wants to strike a balance between financial innovation and risk management.

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