CoinMarketCap Newsletter: June 2

China is not creating a digital currency in order to spy on its citizens, the former head of the central bank’s digital yuan project said. "Helping the government see all transactions in real time was not the intention," of the People’s Bank of China’s digital currency institute, said Yao Qian, its first director. The comments came in response to comments by U.S. Federal Reserve Chairman Jerome Powell. Read about it here.

The Reserve Bank of India may be no fan of Bitcoin, but for once it’s not letting banks ban cryptocurrencies. The RBI told several major banks to stop using an old order thrown out by the Supreme Court to justify cutting off cryptocurrency buyers. The move comes as the government looks at regulation rather than a ban. Read more here.

Crypto miners may be getting thrown out of China, Iran, and maybe even New York, but their business is booming in Argentina thank to cheap, subsidized electricity. Extremely high inflation and limits on buying foreign currency have driven Argentinians to Bitcoin and stablecoins. Now it’s driving the crypto mining business—and it’s not just big farming firms reaping the rewards. See it here.

A senior official of the Irish Financial Services Regulatory Authority has warned cryptocurrency investors that they could lose everything. Calling the popularity of Bitcoin and other digital assets "of great concern," Derville Rowland joined the Bank of England’s Andrew Bailey and Bank of Japan Governor Haruhiko Kuroda, who also recently warned of the risks of cryptocurrency investing. The BoE recently banned crypto options and futures for consumers.