Pubinno, a San Francisco-based technology firm that creates the "Internet of Beer" with artificial intelligence, robotics and cloud computing platforms, has now integrated a Bitcoin (BTC) payment infrastructure into its system.
Pubinno accepted BTC payments using the Lightning Network at the #LightningHackdaysIST held from Feb. 25 to 27. By using their Lightning Network-supporting wallets, participants could receive their own beer, poured just seconds after scanning a QR code to complete the transaction.
According to Pubinno CEO Can Algul, the Smart Tap system was created in 2016 and employs blockchain technology to link the future of draft beer with the future of transactions. Cointelegraph had a chance to chat with Algul about the Smart Tap system.
Less than two weeks after the Central Bank of Russia, or CBR, reiterated its position proposing to ban the issuance, mining and circulation of cryptocurrencies in Russia, it appears to have reevaluated its policy. In a press release published on Thursday, the CBR added the country’s biggest lender, Sberbank, to its register of information system operators for digital financial assets. As reported by local news outlet Tass, the CBR stated:
“Inclusion in the registry allows companies to issue digital financial assets and exchange them between users within their platforms.”
Sberbank’s blockchain platform is based on a distributed ledger technology, which can, theoretically, protect against information tampering. Legal entities on Sberbank will soon be able to issue digital financial statements certifying monetary claims, acquire digital assets allocated in Sberbank’s system and conduct crypto transactions. Sergey Popov, director of Sberbank’s transactional business division, gave the following remarks regarding the development:
“While we are still at the beginning of working with digital assets, we realize that further development is necessary to adapt to the existing regulatory framework. We are ready to work closely with the regulator and executive authorities regarding this direction.”
As a state-owned bank, Sberbank has been targeted by sanctions, such as those imposed by the United States Treasury, since the start of the Russia–Ukraine War. Earlier this month, Sberbank exited almost all European markets due to sanctions imposed by the European Union. Simultaneously, its foreign depository shares have plummeted by over 99% on the London Stock Exchange, with trading halted and its last quoted price being $0.05 apiece.
The devastating sanctions imposed on Sberbank alongside the CBR’s apparent policy reversal on crypto have led to speculation that digital currencies may represent a “lifeline” for the troubled bank. However, experts don’t believe that sanctioned financial institutions can use crypto to evade sanctions.
Three individuals who bought cryptocurrency through Coinbase filed a proposed class action March 11 in the Southern District Court of New York alleging that Coinbase is operating as an unregistered securities exchange. The lawsuit lists 79 tokens that it claims are securities Coinbase is selling in violation of state and federal law, and the buyers were not warned of the risks involved in their purchases.
The plaintiffs, Christopher Underwood, Louis Oberlander and Henry Rodriguez, represented by Connecticut law firm Silver Golub & Teitell, filed the amended complaint naming Coinbase Global, Coinbase and CEO Brian Armstrong as defendants. The 255-page document argues separately for each token in question that it qualifies as a security under the Howey test as "investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others."
In addition, the suit says Coinbase is the “actual seller” when an exchange takes place, crediting and debiting the parties involved in the transaction in its accounts, rather than facilitating a direct exchange between those parties.
Philip Moustakis, counsel at Seward & Kissel, said, “The case is not much of a surprise. After all, the SEC has signaled that it intends to pursue investigations or actions against crypto-exchanges.”
This Daily Dose was brought to you by Cointelegraph.