24 November

“The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, aims to create a framework that would facilitate the creation of a central bank digital currency (CBDC).

The Bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

Although the title and description of the draft bill look identical to the one looking to ban all private cryptocurrencies, there is a “high probability” that the contents had changed.

Singh cited India’s Finance Minister Nirmala Sitharaman’s recent statement that the government will not move forward with a blanket ban on crypto as an indication that the bill may have undergone some changes. The bill might focus more on restricting who is allowed to create or issue new cryptocurrencies with the aim of protecting investors.”

See Also: Nigerian Payments App Reportedly Suspending Operations Due to Government Crackdown on Crypto

“Decentralized finance (DeFi) is fast becoming a preferred avenue to hedge smaller cryptocurrencies beyond bitcoin (BTC) and ether (ETH).

The Singapore-based firm QCP now trades more than $1B of crypto options per month using decentralized financial applications, including $1 million worth of AAVE options recently with Ribbon Finance.

With Ribbon Finance, the covered call strategy is automated. Investors need to deposit their AAVE into the vault, which takes care of other complexities like selecting the appropriate strike level for selling the weekly option.

We see this as the real DeFi 2.0 wave.”

eToro announced it would delist Cardano (ADA) and Tron (TRX) for United States customers by the end of the year. In making the decision, eToro cited regulatory concerns surrounding both assets.

The move came as a surprise to some as ADA has not been traditionally associated with regulatory troubles. In context, tokens like Ripple (XRP), whose creators are currently engaged in an ongoing lawsuit with the Securities and Exchange Commission, or SEC, as well as Monero, which is a privacy coin that some fear is easily abused for illicit purposes, are facing the brunt of regulatory scrutiny in the cryptocurrency industry.”

Institutions are waiting for rules to be defined before increasing exposure to digital assets, and a ‘regulatory framework should incentivize payments companies to integrate blockchain technology and stablecoins into their platforms.

Oversight is needed for stablecoins, because they are now a “systemically important asset” with a market value of around $141 billion with a quarterly transaction volume of over $1 trillion in 2021, the bank said. Mastercard, Signature, Visa and Western Union could see an increase in market value from stablecoin regulation, Bank of America said. It has a buy rating on the stocks of those companies.”

See Also: Bank of England sees CBDCs as a revolution for the future of money

“South Korea’s Financial Services Commission, or FSC, announced Tuesday that nonfungible tokens, or NFTs, will be taxed starting next year. This tax law amendment would impose a 20% tax on income from virtual assets that exceed 2.5 million won ($2,102) as of Jan. 1, 2022.

The FSC’s vice chairman Doh Kyu-sang specified that only some NFTs would be categorized as virtual assets and therefore subject to “other income” taxes, referring to those used for investment or payment on a large scale.

See Also: Not All NFTs Are Securities (Recommended Read)
See Also: NFT Authenticator ORIGYN Raises $20M at $300M Valuation

According to the IMF, El Salvador’s public debt could escalate beyond 95% of its GDP by 2026 if the country does not implement “strong policy measures” to correct fiscal imbalance and ease constraints on growth. The debt figure did not include the bitcoin bond recently announced.

Although the IMF’s technical analysis did not include the bond announcement, the financial institution said El Salvador’s plans to buy more bitcoin following the bond issuance, along with increasing its bitcoin exposure, ‘will require a very careful analysis of implications for, and potential risks to, financial stability.'”

See Also: El Salvador Dollar-Denominated Bonds Crash as Country Launches Bitcoin Alternative

GIANT (Global Internet Access Network Token) is working to essentially tokenize spare bandwidth, turning cellular access into a digital asset and phone numbers into wallets that can pay to use networks anywhere.

We make it really easy for anyone from anywhere in the world to also get access to the internet in a very seamless, consistent and secure manner without being locked to any single provider.”