US House to Discuss Digital Dollar Stimulus; Blockchain in Russia National Election; Microsoft ION Decentralized ID Goes Beta

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. US House to discuss digital dollar to deliver stimulus money. Russia to debut blockchain system for constitutional vote. Microsoft ION ID released in public beta. LBRY platform publication numbers soar to 200,000 per week. Galaxy Digital partners with Bakkt to target VIP institutional investors, and Coinbase experiences important BTC withdrawals after outage.

US House to Discuss Digital Dollar


The US House, via its Financial Services Committee’s Task Force on Financial Technology, will examine how fintech tools can help to deliver stimulus money in a more efficient way. The hearing, called “Inclusive Banking During a Pandemic: Using FedAccounts and Digital Tools to Improve Delivery of Stimulus Payments,” will discuss the use of a digital representation of the dollar, and also the use of Fed accounts to distribute payments. Christopher Giancarlo, of the Digital Dollar Project, is listed as a witness in the hearing.

Russia to Use Blockchain Voting to Amend Its Constitution


Russia will use blockchain tools to help residents in Moscow to decide if they want to amend the constitution to let Vladimir Putin have the opportunity of being president for another term, according to the Moscow’s Department of Information Technologies. The system will use an enterprise blockchain called Exonum to record votes, whose technology is owned by Bitfury. The solution was created by Kaspersky Labs, the popular antivirus provider. The election in the rest of the country will be carried out with paper ballots.

Microsoft ION Decentralized ID Launches in Public Beta


Microsoft ION, a decentralized ID system that uses Bitcoin for some of its functions, has been launched in a public beta version, according to a blog post of Pamela Dingle, Director of Identity Standards. The ION system is now available for everyone to test, as Microsoft designed it as a “decentralized network designed to operate independently of centralized parties and trusted intermediaries, including Microsoft.” However, this timely release could be related to its possible utility as a coronavirus passport of sorts in the near future.

LBRY Publishing Numbers Soar to Near 200,000 a Week

LBRY, the decentralized, blockchain-based alternative to platforms like YouTube, seems to be gaining support from publishers, according to the latest company numbers. Videos published on the LBRY platform weekly is approaching 200,000 a week, a milestone for the service. Giving it a closer look, the statistics of the platform shows it started to get more attention and content creators since YouTube removed and deplatformed cryptocurrency-based channels last December.

Galaxy Digital Partners Bakkt to Target VIP Institutional Customers

Galaxy Digital, Mike Novogratz’ crypto investment company, partnered with bitcoin derivatives exchange Bakkt to offer preferential services to big institutional customers. According to John Conneely, head of custody business at Bakkt, the demand for this kind of service by institutional investors has grown immensely during the last three months. “These sort of participants expect someone 24 hours a day in a Bloomberg chat, or real phones to ring, and they expect someone to pick up,” Tim Plakas, head of sales at Galaxy Digital, stressed.

Coinbase Experiences Important BTC Withdrawals After Outages

Coinbase, the popular US-based crypto exchange, is experiencing a significant number of BTC being withdrawn from user accounts. On June 7, the exchange registered a negative BTC flow of 22,000, meaning users withdrew 22,000 BTC more than deposited. This is rather uncommon and could be interpreted as retaliation for recent outages and the news about Coinbase selling blockchain tracking software to the IRS and DEA. Despite this, Coinbase still holds more BTC than any exchange in the world.

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