Bitcoin Daily: Crypto Phone Coming Soon, South Korean Lawmakers Draft Crypto Rules

The government of India is not looking to ban crypto assets, despite recent central bank policy that has told banks to not service accounts of coin market operators, Cryptovest reported. The person who spoke to Quartz, on the condition of anonymity, said that the issue “is about regulating the trade and we need to know where the money is coming from.” However, by allowing crypto assets as commodities, the country may be able to “better regulate trade … so that is being looked at,” the official said.

In other news, Pundi X Labs is encouraging people to pay with crypto at four restaurants in Hong Kong by preloading X PASS cards with BTC (Pundi X’s NPXS token and ADI). Those who are attending a tech conference in Hong Kong will receive the cards at no charge. They can be used with Pundi X point-of-sale (POS) terminals at the Hong Kong restaurants: Locofama, SUPAFOOD, SOHOFAMA, and the Hive Café.

MonetaryUnit has acquired the rights to Flubit‘s online marketplace, according to an announcement from the companies. With the change, MonetaryUnit will lead the future operations and growth of Flubit — and will focus on integrating its asset-transaction technology to allow consumers to pay for goods with cryptocurrencies.

On another note, a $1.75 million home in Delaware was purchased with bitcoin, Bitconist reported. The house features luxury amenities, such a theater room and wine cellar. Beyond Delaware, the popular cryptocurrency has been payment for homes in other areas of the U.S., as well as the U.K. and Dubai.

In other news, TenX Co-founder Dr. Julian Hosp believes that bitcoin can be worth significantly more than it is today, CNBC wrote. Hosp is “still quite confident” that bitcoin can hit $60,000. (He had also predicted that bitcoin would reach $5,000, which it almost has.) Bitcoin was trading at $6,366.12 as of 5:35 p.m., according to CoinDesk.

A new report contends that mass adoption may be ahead for cryptos, but there are some challenges to overcome, cited in The Next Web. William Knottenbelt and Dr. Zeynep Gurguc of the Imperial College London claim that crypto already works as a store of value — a criteria of fiat currency. However, it still faces challenge in being a medium for exchange and a measure of value. For crypto to attain that, issues surrounding scalability, design and regulation have to be worked out.

Sirin Labs is gearing up to roll out a crypto smartphone dubbed the Finney, according to Engadget. The phone — its name pays homage to an innovator in the bitcoin space — contains a secondary “Safe Screen” for transactions involving digital currencies. Firmware comes with the screen that allows phone users to see where their crypto is about to be sent prior to making a payment.

The Korea Times reported that lawmakers in South Korea are rushing to draft regulations for crypto, blockchain and initial coin offerings (ICOs). The bills are said to be submitted for an upcoming extraordinary session, starting on July 13.