Gaming company buys $100 million of Bitcoin, Central Banks Iran and Turkey ‘embrace’ Bitcoin
Another company buys Bitcoin: $100 million
South Korean-Japanese game publisher Nexon has become the latest publicly traded company to add Bitcoin to its balance sheet.
As the firm announced on Wednesday, it has bought $100 million worth of bitcoin, which represents less than 2% of its total cash and cash equivalents. This makes Nexon the first Japan-listed company to hold bitcoin.
With its purchase, Nexon joins the ranks of a growing number of companies that have converted part of their holdings to Bitcoin. Nexon President and CEO Owen Mahoney explained the firm’s decision to buy bitcoin with its objective to protect “shareholder value and [maintain] the purchasing power of our cash assets.”
In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.
Source: BTCTimes
Iran Central Bank to allow Banks to pay for imports with Bitcoin
Iran’s central bank is reportedly allowing the country’s financial institutions to use cryptocurrency, derived from sanctioned miners, to pay for imports.
According to a report by the Financial Tribune on Saturday, the Central Bank of Iran (CBI) has notified money changers and banks of its amended regulatory framework for crypto payments.
The amendment means those institutions will now be able to pay for goods and services from other countries in a bid to circumvent U.S. economic sanctions. Some say the local crypto mining industry could generate as much as $2 million a day in revenue.
Source: Coindesk
Turkey to regulate Bitcoin exchanges after fiascos
The Turkish government plans to create a central bank for cryptocurrency custody after two prominent exchanges locked customers out last week.
According to a report from Bloomberg today, authorities may also require exchanges to keep a certain amount of cash on hand and introduce credential requirements for exchange executives. The moves are aimed at limiting the risks to Turkish cryptocurrency investors when exchanges can’t meet their obligations.
Last week, Bitcoin exchange Thodex suddenly stopped trading and prevented customers from making withdrawals. Not long after, rival exchange Vebitcoin also stopped trading and locked users out, claiming “intense” transactions had put the company in a “financially difficult position.”
Source: Decrypt
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