Bitcoin Daily: OK Bill Would Create Blockchain Body; Central Asia Steps Up Crypto Mining; Crypto, RBI Case Back In Court

Senator Nathan Dahm (R-OK) is sponsoring a bill that would establish a new state-chartered financial institution (FI) centered around blockchain technology, Cointelegraph reported on Saturday (Jan. 18). The new FI would be “the central depository for virtual currency used by governmental agencies in this state,” according to the bill. In addition, the bill would promote the growth of innovation, and thwart regulatory hindrance, while safeguarding people.

“Oklahoma is committing to partner with innovative technology, help develop next-generation financial products, and safely grow unique technical and financial sectors in this state,” the bill said.

In other crypto news, Chinese cryptocurrency miners are leaving Iran for Central Asia, due to rising tensions between the U.S. and Iran, Cointelegraph said on Saturday (Jan. 18). After crypto mining was legalized in Iran, the location became attractive to miners because of the subsidized electricity rates. Chinese bitcoin miners reportedly account for as much as 66 percent “of the global BTC hash rate.”

Other leading crypto mining locations include the U.S, Russia and Kazakhstan. On Jan. 13, Uzbekistan’s National Agency for Project Management launched a “cryptocurrency mining pool.”

The Supreme Court in India reconvened to confer about the Crypto v. RBI case. The court wants the Reserve Bank of India (RBI) to explain why it imposed a countrywide banking embargo on the crypto market, according to Cointelegraph on Sunday (Jan. 19).

Following the prohibition, public and industry led petitions said the RBI ban was against the law. The case was initiated by the Internet and Mobile Association of India (IAMAI), a not-for-profit institution that encourages the growth of the online and mobile sectors in India.

“We are of the firm belief that the judges will see reason in our arguments, and provide a judgment, which is fair and favorable,” said Sumit Gupta, CEO of the Indian cryptocurrency exchange CoinDCX.

The RBI is anticipated to wrap up its position by Tuesday (Jan. 21).