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China investigating Yao Qian, the former head of the Digital Yuan project. Local media reports say Yao is under probe for “violations of discipline and law.” Yao Qian, a leading Chinese blockchain expert who previously spearheaded China ’s Digital Yuan program, is reportedly under government investigation . The Digital Yuan is a central bank digital currency (CBDC) project that sparked other countries towards similar efforts.  Local media reports say China ’s anti-graft agency is probing Yao for alleged “violations of discipline and law.” Ex-Digital Yuan boss under probe Yao led the Chinese central bank’s CBDC effort before exiting the PBOC in 2018 to join the Securities Regulatory Commission. On Friday, state-run news agency Shanghai Securities News, reported:   “ Yao Qian, Director of the Science and Technology Supervision Department and Director of the Information Center of the China Secu...

The U.S. government has announced a new initiative to keep tabs on the energy consumption of cryptocurrency mining operations. The Energy Information Administration (EIA) will soon embark on a data-gathering mission, engaging directly with commercial crypto miners to gather comprehensive details regarding their energy usage. Starting next week, this exercise aims to highlight the evolving energy patterns related to crypto mining , pinpoint areas of concentrated growth, and shed light on the energy sources underpinning this digital asset creation. Authorized under an urgent data collection directive by the White House Office of Management and Budget, this initiative stems from heightened attention to the environmental impacts of crypto mining. Joe DeCarolis, the EIA Administrator, emphasized the significance of this inquiry, stating that understanding how the energy demand for cryptocurrency mining is changing and identifying regions with rapid expansion will be amongst the agen...

Marcel Pechman explains the myth of excess cash in U.S. households and the lack of sufficient savings, and how a U.S. government shutdown could impact Bitcoin. On the latest episode of Macro Markets , analyst Marcel Pechman examines the current state of the American economy. He references a headline from Barron’s that highlights the disparity between people’s perception of the economy and the objective data. Pechman delves into the concept of excess savings, agreeing with Barron’s that a significant portion of the United States population lacks sufficient savings for retirement, potentially necessitating longer working years. He notes that household wealth in the U.S. has reached new heights, primarily due to surges in equities and real estate assets.  Shifting his focus, Pechman discusses rising concerns among U.S. consumers about increasing prices, particularly the cost of filling up their vehicles with gasoline. He connects this to the recent surge in U.S. crude futures, influenced...

Everledger was quietly placed into insolvency after it didn’t manage to materialize its planned funding round from an undisclosed investor. The Australian blockchain company Everledger has reportedly entered insolvency proceedings after failing to raise new funding from an undisclosed investor. Everledger, which uses blockchain to track the provenance of diamonds and other goods, failed to make its latest funding round happen, the AFR reported on May 8. Subsequently, Everledger was quietly placed into voluntary administration as the firm could not pay its debts. All Everledger employees were given layoff notices on March 31, with Vincents Chartered Accountants being appointed as administrators on April 24. The first meeting of creditors was scheduled for May 8. According to Everledger founder Leanne Kemp, the company’s management was forced to take this decision to protect the interests of shareholders. “The second tranche of funding due to Everledger did not materialize, and subse...