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“The return comes from hashrate, not from pixie dust, ponzi schemes, or rehypothecation,” a Luxor Technology executive stressed. An upcoming Bitcoin (BTC) hashrate-backed product that could offer 10% to 13% returns shouldn’t be compared to failed products by BlockFi or Celsius as its returns come from proof-of-work, not “ponzi schemes,” claims the product’s creator Bitcoin mining firm Luxor Technology. The legitimacy of Luxor’s hashrate-backed product was highlighted in an Oct. 17 What Bitcoin Did podcast. Host Peter McCormack expressed concern at Luxor's upcoming offering and discussed what a worst-case-scenario for Luxor’s product would look like. Luxor’s Head of Derivatives Matt Williams told Cointelegraph that its hashrate-backed product isn’t a repeat of products from BlockFi or Celsius because it's backed by economic production. “There is actual proof-of-work and demonstrable economic activity happening [here].” Williams said. “The return comes from miners giving up some...

The Central Bank of Iran is considering developing a stablecoin with the Russian Federation as a means of payment in international commercial transactions. The development was revealed by Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain. Russia and Iran are both on the list of countries sanctioned by western powers. Brazhnikov suggested that the currency will be pegged to gold. The prospective currency would function in Astrakhan’s special economic zone, where Russia has started to allow Iran ian goods. Duma deputy Anton Tkachev acknowledged the existence of the talks. Moreover, Tkachev is a member of The Committee on Information Policy, Information Technology, and Communications. However, Tkachev said the discussion would enter the state level when the crypto industry is fully regulated. The regulation of cryptocurrencies should see the light of day in 2023. Russia and Iran join hands in crypto Russia does not...