Bitcoin Daily: Bank of Thailand to Define ‘Red Lines’ for Crypto Industry; Beijing Court Finds Bitcoin Mining Contract Invalid

Idaho Central Credit Union, the biggest credit union in the state, will offer bitcoin services, a report from Bitcoin Magazine says. 

This will allow clients to buy, sell and hold BTC within their accounts. 

The feature was made possible from a partnership between the credit union’s digital banking solutions provider Alkami and the 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 purchasing and selling capabilities for the platform. 

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

“ICCU’s focus on member experience and on providing a diverse array of solutions has enabled it to build a reputation as one of the nation’s leading credit unions, and its decision to implement bitcoin services through NYDIG and the Alkami Platform can supercharge that growth,” Patrick Sells, chief innovation officer at NYDIG, said in a statement. 

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

This could signal that China doesn’t care to look into crypto cases in its judicial system. 

The Chaoyang District Peoples’ Court said on Wednesday that the contracts were invalid. 

Beijing Phonf Marketing Technology entered into three agreements 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 farms to consume excess hydro power. 

Finally, Thailand’s government is proposing a new regulatory framework for cryptocurrencies to help cut down on risks and boost investor protection, Cointelegraph writes. 

In January, the Bank of Thailand plans to debut a consultation paper putting “red lines” down for crypto companies. 

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