India, the world’s second-largest economy, is on the verge of fully embracing and legalizing cryptocurrency, according to Yahoo Finance, cryptosrus.com and other news outlets. The news comes as Indian Finance Minister Nirmala Sitharaman declared a 30% tax on any revenue derived from the transfer of virtual digital assets, which is a first for the country....
Category: TRENDS IN CRYPTOS
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BIDEN ADVANCES PLAN TO REGULATE DIGITAL CURRENCIES
Some time in the next few weeks, president Joe Biden will issue an executive order directing federal agencies to assess the risks and opportunities that Bitcoin, cryptocurrencies, stablecoins, and NFTs present to their operations, according to Bloomberg. “This is designed to… bring order to the haphazard approach that the government is now using to regulate...
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MAJOR CRYPTO PLATFORM ACCEPTS NFTs AS COLLATERAL
Genesis Digital Assets, the world’s biggest trading platform for professional crypto traders, according to the Financial Times, now accepts NFTs as collateral for loans and derivative transactions, the company has announced. Genesis will allow traders to pledge NFTs to back a deal in the same way that someone taking a loan would pledge a government...
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BLOCKCHAIN BATTLES
NFT GROWTH HITS ALL-TIME HIGH IN JANUARY. While the crypto space overall wallowed in the doldrums, extending a downturn that encompassed the whole holiday season, there have been bright spots. Non-Fungible Tokens (NFTs), which can convey unique ownership of digital and real-world assets, experienced their best month to date in terms of trade volume. According...
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SPORTS GAMBLING IN NEW YORK EASIER THAN BUYING CRYPTOS
The ads are impossible to get away from: BetRivers, Draft Kings, FanDuel, BetMGM. The ads offer money and prize enticements, and make it sound like everyone’s a winner. The websites are just as aggressive. And they’re already doing a great job of sapping money away from New Yorkers, most of whom lose money on betting...
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U.K. REGULATORS TO TIGHTEN RULES ON CRYPTO
Soon to have the authority to oversee cryptocurrency advertising and promotion, the U.K.’s Financial Conduct Authority (FCA) plans to tighten rules on how crypto exchanges and promoters can present their products and services to the public, the Financial Times reported. The country’s treasury department will add the authority to the FCA’s portfolio, the department said...
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CRYPTOS ERASE $1 TRILLION IN VALUE IN THREE MONTHS
After peaking just below $67,600 on 8 November, Bitcoin has lost more than half its value and dipping below $33,570 on 24 January, wiping out more than $600 billion in value, according to Bloomberg. In the past three months crypto’s erased more than $1 trillion in digital wealth. The reason being sold on The Street...
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EU REGULATOR CALLS FOR BAN ON MAIN CRYPTO MINING METHOD
Cryptocurrency mining is taking such a large amount of renewable energy that it threatens to keep the European Union (EU) from meeting its Paris climate goals, Erik Thedeen, vice-chair of the European Securities and Markets Authority, said in a 20 January Financial Times interview. The EU should ban the most common form of mining, Thedeen...
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FED RELEASES DIGITAL DOLLAR REPORT: GOING CRYPTO?
On 20 January, the U.S. Federal Reserve issued its long-awaited study on the prospect of creating a digital dollar. The 40-page report took no position on creating a dollar stablecoin but called its report “the first step in a public discussion between the Federal Reserve and stakeholders about central bank digital currencies.” The paper noted...
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BLOCKCHAIN BATTLES
JOE BIDEN TO HANDLE U.S. CRYPTO DECISIONS. Who knew old Joe was knowledgeable enough about the world of cryptocurrencies to grab the reins of U.S. crypto policy? The White House is apparently preparing an executive order that would be a play at assuming control of a national crypto policy. It used to be that Presidents...