Here’s what happened in crypto today
Today in crypto, French authorities have suspended judicial restrictions on Telegram founder Pavel Durov until April 7. South Korea’s central bank has confirmed it has not discussed or reviewed the possibility of a Bitcoin reserve. Meanwhile, Jameson Lopp says quantum computers should not be used to restore lost Bitcoin.
Pavel Durov legal restrictions suspended until April 7: Report
Media platform TASS reported that French authorities have suspended judicial control of Durov for three weeks. Citing sources in the French prosecutor’s office, media outlet TASS reported that the agency’s interlocutor said judicial control in relation to Durov was suspended from March 15 to April 7.
Parallely, the Telegram founder posted an update on the messaging application, saying he was already back in Dubai after spending months in France. Durov said the process is still ongoing but added that it “feels great to be home.”
Pavel Durov shared a post on Telegram after returning to Dubai. Source: Pavel Durov
In his post, Durov thanked the judges for allowing him to return to Dubai.
Bank of Korea to take ‘cautious approach’ to Bitcoin reserve
The Bank of Korea says it is taking a “cautious approach” to potentially including Bitcoin as a foreign exchange reserve.
Officials from the Korean central bank said in a March 16 response to a written inquiry that they have not looked into a potential Bitcoin (BTC) reserve, citing high volatility.
Responding to a question from Representative Cha Gyu-geun of the National Assembly’s Planning and Finance Committee, central bankers said that they have “neither discussed nor reviewed the possible inclusion of Bitcoin in foreign exchange reserves, adding that “a cautious approach is needed,” according to the Korea Herald.
“Bitcoin’s price volatility is very high,” the central bank noted, before adding that “in the case of cryptocurrency market instability, transaction costs to cash out Bitcoins could rise drastically.”
Jameson Lopp says we shouldn’t allow quantum computers to restore lost BTC
Jameson Lopp, chief security officer at Bitcoin (BTC) custody company Casa, recently argued that Quantum computers should not be used to restore lost BTC.
According to a March 16 article from Lopp, allowing quantum computers to restore Bitcoin that was previously thought to be lost would violate the core value propositions of the network, including censorship resistance, transaction immutability, and conservatism. Lopp added:
“Does quantum recovery help anyone? I have yet to come across an argument that it is a net positive in any way. It certainly doesn’t add any security to the network.”
“If anything, it greatly decreases the security of the network by allowing funds to be claimed by those who did not earn them,” the executive continued.
The cypherpunk and industry executive added to the ongoing debate about the potential for quantum computers to restore lost BTC after Tether CEO Paolo Ardoino pitched the idea in February.