Xbox Goes Crypto! Microsoft Console to Feature Cryptocurrency Wallet Integration
In a surprise development, leaked documents have revealed Microsoft’s ambitious plans to integrate cryptocurrency wallets into its Xbox platform. This move, if it comes to fruition, could have a major impact on both the gaming and cryptocurrency industries.
The Xbox Roadmap Leak
The details emerged from Microsoft’s May 2022 Xbox roadmap, which found its way onto the Resetera gaming forum due to a mishap during the legal dispute surrounding Microsoft’s ambitious $69 billion bid to acquire Activision Blizzard. This unexpected leak has exposed a new development: the potential integration of cryptocurrency wallets into Xbox platforms.
Phil Spencer, the head of Xbox at Microsoft, expressed his disappointment in a memo, emphasizing that while some of the leaked documents may be outdated, their plans have undergone significant revisions.
A Larger-Than-Life Vision
Microsoft’s future “ecosystem generation” is grand. Including everything from consoles, phones, and PCs to web browsers and the revolutionary “cloud console,” they’re truly looking at a next-gen setup. This promising vision pegged for a 2028 release, will also integrate cutting-edge artificial intelligence and machine learning. Spencer hints that plans may continue to evolve, suggesting that the best is yet to be unveiled.
Also Read: Top Reasons Why the Crypto Market Is Up Today
Crypto Market Impact
Merging the world of gaming with cryptocurrency has had substantial implications for the crypto market. But with a giant like Microsoft, the sky’s the limit. Firstly, it brings a volume of daily transactions, as millions of Xbox users might utilize digital currencies for in-game purchases. This could stimulate consistent demand, potentially increasing the stability and value of specific cryptocurrencies.
Moreover, the normalization of crypto transactions in gaming might drive other platforms to incorporate similar features, widening the acceptance and circulation of digital currencies. Additionally, by facilitating the trading of virtual gaming assets, an expansive, decentralized marketplace might emerge.
Such a marketplace could enhance the liquidity of crypto assets and pave the way for novel financial products and services tailored for the gaming community, causing prices to soar.
This Might Interest You: Bullish October Begins; Here are the Top Cryptos to Keep A Close Watch!
Microsoft Plans to Integrate Cryptocurrency Wallet into Xbox Gaming Console!
Leaked internal documents from Microsoft reveal plans to integrate a cryptocurrency wallet into the Xbox gaming console. According to reports, the unredacted documents were part of the Federal Trade Commission’s case against Microsoft, which is trying to block the company’s $69 billion acquisition of Activision Blizzard. Xbox chief Phil Spencer called the leak “disappointing”, adding that plans were more than a year old and had evolved since then. Michael Silberberg, head of investor relations at AltTabCapital, said integrating crypto could “supercharge” the $76 billion in-game transaction market and increase the number of global participants by 2.5 billion.
Lazarus Group Holds $47 Million Cryptocurrency in Bitcoin: Data
A North Korean hacking group, the Lazarus Group, holds around $47 million in cryptocurrency, primarily Bitcoin, according to data collated on Dune Analytics. Surprisingly, the group does not hold any privacy coins, which are much harder to trace. The group has been implicated in a number of attacks, including the Stake.com hack and the CoinEx attack, which resulted in the loss of at least $55 million. However, according to Chainalysis, North Korea-linked hackers will be responsible for 80% fewer crypto thefts in 2023 than in the previous year. US federal authorities recently warned of the “significant risk” of Lazarus Group attacking healthcare and public health sector entities.
Nigeria Leads Sub-Saharan Africa in Cryptocurrency Trading with $60 billion!
According to a recent report by Chainalysis, sub-Saharan Africa accounts for only 2.3% of the global cryptocurrency trading volume. However, Nigeria is the largest market in the region, with almost $60 billion in trading volume between July 2022 and June 2023. South Africa closely follows, with $20 billion in trading volume. Kenya, Mauritius, and Ghana ranked third, fourth, and fifth, respectively. The report also noted that, due to a lack of reliable financial infrastructure, many people in the region turn to cryptocurrency as an alternative way to store and transfer value.
Crypto vs. SEC: XRP Lawyer Accuses SEC of Fraud Amid Cryptocurrency Regulation Battle
In a recent interview held by Bloomberg, SEC chairperson Gary Gensler was found to disrespect the decision of the Court by advocating his view of applying security laws to cryptocurrencies. Stuart Alderoty, the Chief Legal Officer of Ripple, condemned his statements in a tweet.
Ripple has been fighting consistently to bring legislative clarity to cryptocurrency regulation. However, Gary Gensler, although a member of a 5-man committee, personally believes that applying security laws on cryptocurrency will protect the interest of the investing public.
Gensler says in his interview, “Investors still benefit from disclosure and get to choose based on that disclosure. Investors benefit from laws against fraud and manipulation and other conflicts in the market.”
A Fierce Clash of Opinions Broke Out Soon After
John Deaton, XRP lawyer, the public representative of 75,000 XRP holders, took to X and alleged SEC fraud and public manipulation. He states what investors need protection from is the SEC’s anti-crypto regulations.
According to Steven Nerayoff, an early Ethereum consultant, a $19.2 trillion loss in US household wealth occurred during the housing crisis owing to fraud and manipulation by regulated institutions.
Federal courts in the Grayscale trial branded the US SEC’s assertions “arbitrary and capricious,” while Judge Netburn in the Ripple trial described the SEC’s conflicting viewpoints as “hypocrisy.”
On September 2, XRP lawyer John E. Deaton stated that federal judges and both chambers of the US Congress are noting the hypocrisy of the US SEC. He finds it noteworthy that Coinbase chief legal officer Paul Grewal used the word “hypocrisy” in his remarks on Ripple’s filing of an interlocutory appeal with the SEC.
The SEC incorrectly argued with the “question of law” threshold for interlocutory appeal and neglected to confront its authority. According to Stuart Alderoty, the SEC’s interlocutory appeal filing is disingenuous and has no effect.
SEC Commissioner Hester Peirce Discusses Cryptocurrency Regulation, SPACs, and Money Market Fund Reform
In a recent interview, Securities and Exchange Commission (SEC) Commissioner Hester Peirce opened up about cryptocurrency regulation, special purpose acquisition companies (SPACs), and money market fund reform.
Commissioner Peirce acknowledged the challenges posed by the cryptocurrency industry in terms of transparency. She stressed the importance of balancing the need for transparency with the evolving nature of blockchain technology.
In a conversation with Blockworks Macro, Peirce suggested that while the SEC has a long history of being a disclosure regulator, it should also recognize the unique features of blockchain technology. She mentioned that some aspects of the crypto space, such as on-chain transparency, are new and different and should be leveraged.
“I think it is a very active time at the SEC. The number of rulemakings and the number of really big rulemakings that are going on is quite astounding. If they’re all adopted, we’ll fundamentally change how our markets work. So it’s an active time; there’s a lot to learn about and work on.”
She explained that tokens are just one part of the picture in the digital asset world and don’t automatically count as securities. The United States has a broad definition of what qualifies as a security, which includes traditional assets like stocks and bonds, but it also encompasses things like investment contracts.
When it comes to applying this test to cryptocurrencies, it can be tricky. Sometimes, it’s not just the asset itself that matters but also any promises that come with it, whether clear or implied. It’s essential for regulators and industry players to be precise about assessing whether something qualifies as a security.
“I think we can all sit down and think about crypto and identify some things that labeled themselves as crypto that then really went to town and ripped people off and at the SEC one of the things that we do as a commission is we review these Enforcement cases,” she added.
$15 Million Cryptocurrency Hack via Google Authenticator Cloud Sync!
Retool, a cybersecurity firm, has revealed that approximately $15 million in cryptocurrency was stolen from Fortress Trust, along with 26 other cryptocurrency accounts, due to a hack. The attacker was able to gain control of the Google account, which gave them access to the Google Authenticator cloud sync function. This allowed the attacker to control the data stored on Google Authenticator, resulting in unauthorized access to the various cryptocurrency accounts. This highlights the vulnerability of cloud-based services, demonstrating the importance of taking appropriate security measures to protect sensitive data.
Boerse Stuttgart Digital to Launch Cryptocurrency Staking Service!
The post Boerse Stuttgart Digital to Launch Cryptocurrency Staking Service! appeared first on Coinpedia Fintech News
Boerse Stuttgart Digital, the crypto-focused subsidiary of the Stuttgart Stock Exchange, is set to introduce a new cryptocurrency staking service. The fully insured service will allow investors to earn rewards for holding cryptocurrencies and comes after the company obtained a digital asset custody license in Germany. Boerse Stuttgart Digital is already a leading provider of trading and investment solutions for cryptocurrencies, and the new staking service is expected to enhance its position in the market.
Reverie Launches $20m Cryptocurrency Venture Fund for Start-ups!
New York-based investment firm Reverie has launched a $20m cryptocurrency venture fund called Reverie Fund One. The fund aims to support pre-seed and seed-stage start-ups in the crypto sector, while also playing an advisory role in business model construction, marketing and community building. The firm is headed by former employees of Digital Currency Group, Blockchain Capital and Genesis Global Trading. “Our bet is the next generation of founders will change things by building truly useful products,” said Reverie co-founder Larry Sukernik.
G20 Summit 2023 : Major Decision on cryptocurrency, Agreement on Creating Global Regulatory Framework
The G20 leaders, in the Delhi Declaration, have backed the FSB’s recommendations for regulating cryptocurrencies. They also stressed their commitment to keeping a close eye on the risks of the fast-changing crypto world.
During a G20 meeting in New Delhi, leaders from many countries agreed to create a clear set of rules for cryptocurrencies. To make digital money more transparent, they also agreed to share information between countries.
A consensus declaration signed by G20 leaders read, “We call for the swift implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the CRS [Common Reporting Standard]. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions.”
Right before the G20 Summit in New Delhi, the IMF and FSB published a paper about cryptocurrencies. They said that it’s important to have clear rules and regulations for cryptocurrencies to prevent risks to the economy and financial stability.
The Delhi Declaration read, “We endorse the Financial Stability Board’s (FSB’s) high-level recommendations for the regulation, supervision and oversight of crypto-assets activities and markets and of global stablecoin arrangements.”
Many governments have tightened regulations for cryptocurrency transactions. The European Union agreed new legislation to implement the Common Reporting Standard (CRS) in May. According to these laws, persons must mention the name of the person to whom they are sending cryptocurrency, their cryptocurrency address, and their account number. This is done to increase the transparency of bitcoin transactions for tax purposes.
The G20 finance ministers and central bank governors will continue discussing these issues at their fourth meeting in Marrakech, Morocco, during the World Bank and IMF annual meetings from October 9th to 15th, 2023.
Current Cryptocurrency Regulations in India
Cryptocurrency made its debut in India in 2013, sparking enthusiasm among people from various social backgrounds who eagerly embraced it for investment and trading. During this initial period, the Indian Government did not provide clear regulations but instead issued cautionary advisories.
In this article, we will delve into India’s evolving relationship with cryptocurrency. From the outset, the Indian government displayed reservations toward cryptocurrencies. However, they demonstrated a keen interest in harnessing the underlying blockchain technology for government services. The Reserve Bank of India (RBI) expressed concerns regarding the functioning of cryptocurrencies and their inherent price volatility.
While the government has indeed made numerous attempts to regulate or ban cryptocurrency, as of now, there has been no strict and final resolution. However, there is a possibility of seeing some progress in the days following the G20 event. The G20 event may serve as a catalyst for further discussions and potential developments in India’s stance on cryptocurrencies.
Series of Notable Events in the advent of regulating Crypto in India.
15-06-2016: The First Official concern was recorded
The Financial Action Task Force (FATF), established by the Reserve Bank of India (RBI), issued regulations and guidelines pertaining to virtual currencies. Expressing concerns that these digital currencies had the potential for fraudulent activities and posed a risk of being utilized by terrorist organizations for illicit donations.
08-11-2016: Increased Bitcoin Adoption With Demonetization Announcement
After the Indian Prime Minister’s demonetization announcement, Bitcoin prices in India surged. Before this, they typically ranged from $800 to $900 per Bitcoin. However, within just 18 days of the announcement, Bitcoin prices on exchanges jumped to $1,020. In contrast, in the United States, where Bitcoin prices typically set the benchmark, they remained at $770 per Bitcoin. This difference in prices highlighted a clear premium on Indian Bitcoin exchanges during that time.
07-11-2017: First Announcement to Ban Crypto, by RBI
The Reserve Bank of India has declared its intention to prohibit the use of cryptocurrencies as a means of payment throughout the country.
During a conference in Mumbai on November 6, 2017, RBI’s executive director, S Ganesh Kumar, suggested that digital currencies like Bitcoin and Ethereum would not be permitted for legal transactions within India. He stated, “Our current stance on bitcoins is that we will not accept them for any payments and settlements, but the technology supporting cryptocurrencies will persist.“
01-02-2018: “No Support to crypto”, declarations by Finance Minister
In a parliamentary address, Mr. Arun Jaitley the then finance minister, categorically labeled virtual currencies as illegal forms of tender and emphasized that the government did not endorse their usage. However, he also expressed the government’s interest in exploring the potential of blockchain technology.
Following this, the State Bank of India (SBI) took a proactive role in facilitating collaboration between banks and technology firms. Major tech giants like IBM and Microsoft, alongside Skylark, KPMG, and ten commercial banks, came together to engage in this initiative.
05-03-2018:- Second Attempt to Ban Crypto, CBDT
The Central Board of Direct Taxes (CBDT) presented a proposal to the Department of Economic Affairs, advocating for the regulation of cryptocurrencies. Subsequently, during the G-20 summit on March 19th and 20th, Finance Ministers and Central Bank Governors from G-20 member nations recognized the potential benefits of crypto-assets in enhancing financial system efficiency and economic growth. However, they also expressed collective apprehensions regarding issues such as safeguarding consumers and investors, ensuring market integrity, preventing tax evasion, countering money laundering, and thwarting potential terrorist financing activities.
06-04-2018:- Ban and Lift Ban of Crypto
The RBI’s statement directed financial institutions and payment providers to cease virtual currency transactions and services to entities involved. On April 6, 2018, the RBI declared cryptocurrencies illegal in India, effective from June 6, 2018.
Cryptocurrency exchanges incurred losses due to suspended transactions and lack of banking access, leading to many closures and user losses. Exchanges challenged the ban in court, filing their first petition on May 1, 2018. The Supreme Court consolidated petitions opposing the ban and set a hearing for May 11, 2018.
On May 17, 2018, the Supreme Court allowed petitioners to submit a representation to the RBI. Zebpay ( The only major exchange at the time) suspended operations on July 4, 2018.
In January 2019, the Income-tax department issued notices to cryptocurrency investors, while some banks suspended services to exchanges, and others severed ties completely.
On July 23, 2018, SEBI objected to regulating crypto assets.
Then Exchanges formally requested the RBI to lift the ban, expressing willingness to undergo regulation.
Despite the crackdown, Unocoin launched a Bitcoin ATM in Bangalore on October 14, 2018, seized by cybercrime police a week later.
07-06-2019:- 3rd Attempt to Ban Crypto, presented in Parliament Bill
The Indian Government introduced a bill titled “Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019,” which aimed to prohibit all cryptocurrency-related activities. The bill proposed severe penalties for such activities, with the exception of cryptocurrency usage in experimentation, research, or education.
The bill specified a requirement to declare and dispose of any cryptocurrency holdings within 90 days of the act’s commencement. Individuals engaged in cryptocurrency activities could face a 10-year prison sentence, while exchanges could be penalized with up to 5 years of imprisonment. It’s important to note that this bill has been deferred indefinitely up to the present time.
05-12-2019:- Governor of RBI Said No to Crypto
The Governor of the Reserve Bank of India, during a press conference, unequivocally expressed the RBI’s strong opposition to cryptocurrencies and emphasized the need to thoroughly evaluate their functionality.
Reserve Bank of India is completely against private digital currency says RBI Governor @dasshaktikanta ,asserting the sovereign’s right over this function. pic.twitter.com/qUMJqx3Lvr
— IndiaBits (@indiabits21) December 5, 2019
28-01-2020:- Final arguments from both sides heard and concluded
Members of the Internet and Mobile Association of India (IMAI) gathered for the last round of arguments in the Supreme Court. During this session, the Reserve Bank of India (RBI) conceded that it lacked the authority to comment on the legality of cryptocurrencies and clarified that the RBI & Payment Settlement Act does not cover cryptocurrencies.
However, the RBI maintained that it possessed the authority to take measures if it determined that cryptocurrencies posed a threat to the payment system. Nevertheless, the RBI was requested to respond to the IMAI’s representation.
04-03-2020: Uplifting ban imposed by RBI on cryptocurrency.
Following a series of contentious disputes between IMAI and RBI, the Supreme Court issued a favorable verdict in support of IMAI, thereby overturning the cryptocurrency ban imposed by RBI. This landmark decision was celebrated worldwide within the cryptocurrency community.
Breaking:
Supreme Court of India has struck off Reserve Bank of India’s (RBI) banking ban against #Crypto. The Court held that RBI Circular dated 6th April 2018 is unconstitutional.— KoinX (@getkoinx) March 4, 2020
29-01- 2021: Government introducing a bill on cryptocurrency
After this, the government announced its intention to introduce a bill aimed at creating a sovereign digital currency while simultaneously banning all private cryptocurrencies. This move posed a significant challenge to the revived cryptocurrency industry in India. The proposed bill seeks to prohibit private cryptocurrencies but may make exceptions to promote the underlying cryptocurrency technology and its applications.
02-02-2022: Finally, Crypto in India Were Taxed to 30%
During the 2022 Union Budget session, Finance Minister Nirmala Sitharaman announced a significant development in India’s taxation policy regarding cryptocurrencies and digital assets.
She disclosed that a 30% tax would be imposed on income generated from these assets.
This decision entails placing earnings from cryptocurrencies and non-fungible tokens (NFTs) within India’s highest tax bracket. Additionally, it was stated that any losses incurred from the sale of these assets would not be eligible for offset against other sources of income, thus discouraging trading and investment in digital assets. The implementation of this tax rule was scheduled to begin on April 1st.
Furthermore, Minister Sitharaman also unveiled plans for the central bank to introduce a digital currency in the upcoming financial year, utilizing blockchain technology and other supporting technologies.
26-03-2022: By this time crypto turned out to be legal
Indian Finance Secretary, T.V. Somanathan, clarifies the terminology used in India regarding cryptocurrencies, referring to them as “crypto assets” instead. He emphasizes that the act of buying or selling crypto assets in India is not considered illegal. The government has established a tax framework specifically for crypto assets, categorizing them in a manner similar to winnings from activities like horse races or other speculative transactions. This distinction provides a legal framework for the taxation of crypto asset transactions in India.
28-08-2023- India opening international doors to discuss crypto
During the B20 Summit in India on August 28, 2023, Prime Minister Narendra Modi highlighted the urgent requirement for a comprehensive global framework for cryptocurrencies. He emphasized the significance of adapting to the ever-changing digital landscape and stressed the importance of utilizing transformative technologies like artificial intelligence (AI) to navigate this evolving terrain effectively.
05-09-2023- India Seeks Collaboration on Regulating Crypto as of G20 Summit
India’s Finance Minister, Nirmala Sitharaman, has disclosed that significant deliberations are currently taking place regarding the establishment of global regulations for crypto assets. She underscored the crucial need for international cooperation and collaboration among nations to address the various challenges associated with crypto assets effectively. in Mumbai, Sitharaman stated, “During India’s G20 presidency, we have put forth essential topics concerning the regulation and the recognition of the imperative for a framework to govern matters related to crypto assets.”
In the ever-evolving journey of India’s crypto regulations, the G20 Summit serves as a promising crossroads. As the nation opens its doors to global collaboration, the crypto landscape holds both uncertainty and opportunity, awaiting the dawn of a comprehensive and harmonious framework.
Government’s Stand on Cryptocurrencies
The Indian government is not so friendly with cryptocurrencies from the start but wants to encourage blockchain-related technologies in various government services. The Reserve Bank of India (RBI) wanted to ban the activities related to cryptocurrencies. The decentralized nature of cryptos and the constant fluctuation in the trading volumes had bought the RBI’s radar over them.
Cryptocurrencies landed in India and started functioning in 2012 on a small scale and became very familiar among the people within a year. A few businessmen started accepting Bitcoin as payments. For example, a Pizzeria in Mumbai became the first restaurant to accept Bitcoin as payment in 2013.
What might have made RBI ban cryptocurrency activities in India?
- The primary reason might be that no individual or agency or organization is responsible for its value. It is pure speculation.
- There is no control over the crypto transaction or activities as it is decentralized.
- There is no third-party involvement like banks to regulate the transactions.
- Fear of losing the value of Fiat currency and banking system.
- Protect the interest of people so that they do not lose their money.
RBI had banned the banks to encourage activities related to cryptocurrencies in 2018, the Supreme court lifted the Cryptocurrency Ban in March 2020. But still, RBI wants the supreme court to rethink the judgment as they still do not have faith in them.
Historic Events and Announcements.
09-02-2021: Finance Minister Sitaraman said on February 9th, 2021 in Rajya Sabha, that all private cryptocurrencies, except any virtual currencies issued by the state, will be prohibited. Mr. Anurag Thakur, Minister of State for Finance also said about the government’s plan of bringing the bill on cryptocurrency. A senior government official told Reuters that cryptocurrencies must be banned and the one using cryptocurrency must be penalized for trading in the country or even just holding any such virtual assets.
To know more click on the document here.
29-11- 2021: Steps will be taken to create awareness about the risky area of cryptocurrency through SEBI and RBI. Speaking about the government introducing a bill on cryptocurrency, the Government won’t collect the data on Bitcoin, says Sitaraman on Lok Sabha.
To know more click on the document here.
29-1-2021: The government says it will introduce a bill to create a sovereign digital currency and simultaneously ban all private cryptocurrencies. The recently-revived industry realizes it faces a second existential threat. The bill seeks to prohibit all private cryptocurrencies in India. However, it would allow certain exceptions to promote the underlying technology of cryptocurrency and its uses.
18-03-2020: The government of India revealed to the lower house, ‘Lok Sabha’ about the inspection carried out by the Ministry of Corporate Affairs on specifically cryptocurrency companies, Zeb It Services Ltd and Unocoin Technologies Ltd.
05-03- 2020:- After a series of arguments between IMAI and RBI, the Supreme court delivered its verdict in favor of the IMAI uplifting ban imposed by RBI on cryptocurrency. The whole world of crypto hailed the judgment all over the globe.
29-01-2020:- The Indian Institute for Smart Government (NISG) has published a draft ‘National Strategy on Blockchain’. The document examines blockchain technology, its impact on society, challenges, the role of government and national strategy principles in addition to SWOT analysis.
The document also urges the Reserve Bank of India to issue regulated digital coins which would be decided soon.
You can go through the whole document HERE.
05-12-2019:– The Governor of the Reserve Bank of India, in a press meeting clearly said that the RBI is completely against cryptocurrencies and would ascertain its functionality.
28-01-2020:- Final arguments from both sides were heard and concluded. The judgment was kept reserved.
05-08-2019:- The exchanges which are the members of the Internet and Mobile Association of India(IMAI) assembled for the final round of arguments in the Supreme Court. During the course of the argument, RBI admitted that it did not have jurisdiction to speak on the legality of cryptocurrency and the RBI & Payment Settlement Act does not imply Cryptocurrency. But argued that it has the power to take action if found cryptocurrency is a threat to the payment system. Yet the RBI was asked to provide a reply to the representation done by IMAI.
07-06-2019:- The Indian Government drafted a bill to deal with cryptocurrencies called,” Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019”. It prohibited any activities dealing with cryptocurrencies and suggested equivalent punishment excluding the usage of cryptocurrency in experimenting, research or teaching.
It clearly mentioned to declare and dispose of any cryptocurrency under possession before 90 days from the commencement of the act. A person would be sentenced to 10 years of imprisonment if found guilty in the involvement of cryptocurrency activities and the exchanges would be punished for 5 years of imprisonment. This bill, however, got deferred till now.
The detailed bill can be accessed HERE.
25-10-2018:- All four petitions, two petitions for the ban and other two challenging the ban assembled for hearing. The Government of India informed the committee which was set up to research crypto assets. Hence the court adjourned to enable the committee to come up with their recommendations.
14-10- 2018:- Despite the RBI crackdown, one of the exchanges Unocoin launched a Bitcoin Atm in Bangalore for its customers. The user could deposit and withdraw money using the bitcoins in their wallets. Unfortunately, the cybercrime police seized the ATM only a week after its launch.
23-07- 2018:- SEBI sent its comments on the circular on the ban to the Department of Economic affairs. SEBI mentioned its objection to being part of the regulators of crypto assets and tokens.
In the meantime, exchanges requested the RBI in writing, to lift the ban as they were open to more scrutiny and ready to be regulated.
January 2019:-At the beginning of the year in January, the Income-tax department started issuing notices to all the investors. Banks suspended the withdrawal and deposit facilities of some exchanges. Some lenders disassociated with them completely.
17-05-2018:- Supreme court passed interim order allowing the petitioners to submit a representation to RBI.
Amid the circular from RBI, one of the popular exchanges Zebpay suspended its operation in India on 04 July 2018.
05-04-2018:- RBI released a statement that prevented all financial institutions and payment providers to stop dealing with virtual currency and stop services to all entities that deal with virtual currency. And finally, on 6th April 2018, releasing a circular, RBI banned Cryptocurrency in India declaring it an illegal entity which will come into effect from 6th June 2018.
The exchanges dealt with heavy losses as all the transactions were stopped and there was no bank access. All the people were forced to sell the currency before they lost access. Many exchanges closed down and many users too faced loss.
The exchanges were disappointed with the blanket ban, the exchanges decided to take this matter to the court filing its first petition on 01 May 2018 challenging the ban.
The supreme court clubbed up all the petitions against the ban and scheduled 11th May 2018 hearing.
05-03-2018:- Central Board Of Direct Taxes (CBDT) submitted a draft to the Department of Economic Affairs to ban cryptocurrencies. Later on March 19th and 20th, Finance Ministers and Central Bank Governors of G-20 member countries met for the G-20 summit. Here all acknowledge the fact that crypto-assets have the potential to improve the efficiency of the financial system and economy. But at the same time did raise concerns over consumer & investor protection, market integrity, tax evasion, money laundering, and terrorist financing.
01-02-2018:- During a speech in parliament, Honorable Finance Minister of India, Late Mr. Arun Jaitely mentioned virtual currencies as illegal tenders and the government does not support them. But mentioned that the government will look at the utilization of blockchain technology. Post to which SBI took the initiative to bring the banks and the tech firms together. Big tech firms IBM, Microsoft, Skylark, KPMG, and 10 commercial banks joined hands.
Dec 2017:- RBI and Minister of Finance held a joint press meeting and declared Cryptocurrency as ‘Ponzi Schemes’ and they are not currency or coins.
07-11-2017:- The Reserve Bank of India announced its plan to ban cryptocurrencies as a form of payment across the country but has shown support for the blockchain.
At a conference held in Mumbai, India on Nov. 6, 2017, RBI executive director, S Ganesh Kumar, has hinted that digital currencies such as Bitcoin and Ethereum will not be allowed to be legally used across the country.
“Our current position on bitcoins is that we will not be using it for any payments and settlements…though the technology underlying cryptocurrencies will not end.”
08-11-2016:-The major boost for the crypto market led when the Prime Minister of India, declared Rs 500 and Rs 1000 had been demonetized with immediate effect. These denominations were about to 86% of the country’s paper currency. The people with large cash holdings were looking out for more options to exchange the money as the time was limited. Investment in gold was also tracked by the government, and hence the people tried investing in Bitcoin.
This increased the bitcoin volume by nearly double and the investors summed up nearly 1,30,000. In India, the price of a bitcoin reached $1020 but in the U.S. it remained at $770.
15-06-2016:- The Financial Action Task Force, set up by RBI in 1994, came up with guidance for a risk-based approach to virtual currency. As mentioned in the guidelines, the possibility of fraud as cryptocurrency transactions can be carried out for anonymous accounts internationally. It also raised concern over virtual currency being operated by terrorist organizations to promote bitcoin donation.
Subhash Chandra Garg Committee
The Indian Government Constituted a Committee under the leadership of Finance Secretary, Subash Chandra Garg in 2017. The members of the committee were top officials of the
- Securities and Exchange Board of India(SEBI)
- Central Board of Excise and Customs (CBEC)
- Income Tax department
- Financial Intelligence Unit
- RBI
The purpose of the committee was to study issues related to virtual currencies and propose possible actions that could be taken.
The committee has held a series of meetings with inter-ministerial meetings with representatives of the Ministry of Corporate Affairs, the Central Board of Direct Taxes, and MeitY.
The committee briefed the FDSC council about the report on 31-10-2018.
The Committee Concerns
- The customers could be misled and subjected to fraud or Ponzi schemes due to the non-official nature of the virtual currency.
- Virtual currencies cannot be controlled by any authority. This lack of control could lead to excessive volatility which could affect the economy at a larger pace.
- The excessive use of energy resources which could result in environmental disaster as Bitcoin mining requires humongous processing power. This, in turn, requires crippling levels of the energy system which is difficult in a country with a huge population.
- RBI could lose control over the monetary policy by allowing private cryptocurrencies to function as it cannot keep the track of the transactions or any other activities.
- The decentralized nature of cryptocurrencies could lead to their usage of them in illegal activities like money laundering or terror funding etc.
- In this technology, once the transactions are done, they cannot be reversed, which could be difficult sometimes.
The Committee Recommendations
The panel made a clear distinction between the private cryptocurrencies and the official ones that the government could issue in the future. It also specifies the benefits of Digital Ledger Technology (DLT). The recommendations:-
The committee headed by Subash Chandra Garg has made the following recommendations:-
- Cryptocurrencies should be banned by enforcing the law and imposing fines & penalties for those who deal with cryptocurrencies.
- The committee has proposed a draft bill called ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’. According to this, the individuals who hold the currencies need to declare their holdings within 90 days of law enforcement. The individuals found guilty under the law will be fined with imprisonment and heavy penalties.
- The committee has recommended the government be proactive and progressive towards the launch of official digital currency.
- The committee has also proposed setting up a standing committee to revisit the addressed issues in the report as and when required.
- The committee has suggested implementing distributed ledger technology or blockchain technology in the banking sector and other financial services like loan-issuance tracking, collateral management, fraud detection, and claims management in insurance and reconciliation systems in the securities market.
- The committee also identified the potential use of blockchain technology in various areas such as payments systems, data identity management, or KYC requirements.
Is India Confused with Cryptocurrency Adoption?
The government has always had bifurcated opinions on cryptocurrencies and the technology behind them. On one hand, it stated cryptocurrencies as ‘Ponzi Schemes’ and also banned the banks to deal with them, and on the other hand, it has expressed its desire to bring possible government services on the blockchain technology starting with the banking industry.
For several years, it had a very passive approach to the crypto industry and allowed it to grow without any hindrance. It issued only warnings and guidelines and when the customer base grew and exchanges started to flourish it stopped its activity.
It would be very exciting to witness the further course of action, as India is a big market for cryptocurrencies that have not yet been explored.
Concluding Note
Cryptocurrency is now legal in India. Many developments are yet to be observed in the coming days. It would be a great deal if the government would initiate steps towards the regulation of cryptocurrencies.
The new laws need to be framed and taxes need to be thought of as of now. We will hope for a good future for cryptocurrencies in India and expect a positive approach from the government.
Unveiling the Power of Cryptocurrency Cloud Mining: TopHash
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2. Choose Your Plan: Select a plan that suits your investment goals and budget.
3. Deposit: Make your deposit to activate the purchased package.
4. Receive Payout Every Day: Watch your profits grow as TopHash processes payouts every 24 hours.
Choosing Your TopHash Plan
TopHash offers an array of plans to cater to various investment preferences. Here’s a glimpse of some of their offerings:
– Experience Project Cloud Mining: Contract Term – 1 Day, Daily Return – $1.00, Package Price – $50.00
– ETH Cloud Mining: Contract Term – 3 Days, Daily Return – $3.60, Package Price – $200.00
– LTC Cloud Mining: Contract Term – 5 Days, Daily Return – $11.70, Package Price – $600.00
– DOGE Cloud Mining: Contract Term – 7 Days, Daily Return – $24.00, Package Price – $1,200.00
– BTC Cloud Mining: Contract Term – 15 Days, Daily Return – $79.20, Package Price – $3,600.00
– BCH Cloud Mining: Contract Term – 18 Days, Daily Return – $188.00, Package Price – $8,000.00
– Bitcoin Cloud Mining: Contract Term – 20 Days, Daily Return – $410.80, Package Price – $15,800.00
– Bitcoin Cloud Mining Pro: Contract Term – 25 Days, Daily Return – $894.00, Package Price – $29,800.00
Why Choose TopHash?
TopHash doesn’t just offer a range of plans; it also provides several compelling reasons why you should choose their platform for cloud mining:
1. Newest Hardware: TopHash employs the latest ASIC miners and GPU rigs, ensuring optimal mining performance.
2. Automated Earning: TopHash’s system automatically initiates the mining process once you place an order, with payouts processed every 24 hours.
3. 100% Money Security: Most funds are securely stored in offline, cold wallets, and the platform boasts robust security measures, including McAfee® SECURE and Cloudflare® SECURE protection.
4. Expert Team: TopHash’s mining team comprises professionals from the blockchain industry and IT engineers, guaranteeing they possess the expertise to meet your needs.
5. Easy Mining: No hardware is required; TopHash provides the hash power, and the platform takes care of the mining process, allowing you to relax and await rewarding profits.
In a world where cryptocurrency opportunities are abundant, TopHash stands out as a reliable and user-friendly platform for cloud mining. Whether you’re new to cryptocurrencies or a seasoned investor, TopHash’s commitment to accessibility, security, and expertise makes it a promising option to explore. So, why wait? Start your journey into the world of cryptocurrency cloud mining with TopHash today!
Ripple Acquires Fortress Trust for Expansion of Cryptocurrency Offerings!
Cryptocurrency firm Ripple has acquired chartered trust company Fortress Trust, which specializes in virtual currencies. The purchase price has not been disclosed, although it is reported to be less than the $250 million Ripple paid for custody company Metaco earlier this year. The acquisition has given Ripple a trust license in the state of Nevada, adding to the money transfer licenses it holds in 30 US states, including the New York BitLicense.
PetaByteCapital Accused of Scamming in the Cryptocurrency Industry!
The post PetaByteCapital Accused of Scamming in the Cryptocurrency Industry! appeared first on Coinpedia Fintech News
PetaByteCapital, a self-proclaimed FLOKI co-founder, has been accused of shilling scams within the cryptocurrency community. Allegations against PetaByteCapital claim that the individual has no real affiliation with FLOKI while promoting cryptocurrency scams on social media platforms. The cryptocurrency community has issued a warning to others, urging caution when presented with claims of insider knowledge. A call for transparency within the industry to minimize fraudulent activities has also been made.
FASB Approves New Cryptocurrency Accounting Rules for Greater Transparency
In a unanimous decision, the Financial Accounting Standards Board (FASB) has given its approval to long-awaited accounting rules for cryptocurrency. These rules mark a significant shift in the way companies will report their cryptocurrency holdings, aiming to provide a more accurate reflection of their assets’ values.
Key Highlights:
Fair Value Measurement: One of the central aspects of these new rules is the requirement for companies to report the fair value of their cryptocurrency holdings. This entails accounting for both the highs and lows of cryptocurrency values, offering a more comprehensive assessment of their worth. The objective is to capture the most up-to-date value of a cryptocurrency asset, even in the face of price volatility and fluctuations.
Publication Date: These groundbreaking rules are expected to be officially published by the end of the year. This development is warmly welcomed by companies and accountants who have been advocating for greater transparency and accuracy in cryptocurrency reporting.
Enhanced Reporting: Under the previous accounting method, Bitcoin was classified as an intangible asset. This approach meant that if Bitcoin’s price fell below the purchase price, companies had to record an impairment charge, even if they didn’t sell it. Conversely, if the price increased, they couldn’t reflect any benefit on their books unless they sold it.
Benefits of Fair Value Accounting: With the adoption of fair value accounting, companies can now report unrealized gains and losses regularly, typically on a quarterly basis. This enables them to accurately represent the actual increase in the asset’s value on their balance sheets, even if they haven’t sold it.
In summary, these new accounting rules are poised to usher in a new era of transparency and accuracy in cryptocurrency reporting. Companies will be better equipped to provide a real-time snapshot of their cryptocurrency holdings, ultimately benefiting investors and stakeholders. The official publication of these rules by the end of the year is highly anticipated by the financial industry.
Google Updated New NFT Cryptocurrency Rules!
Google has announced an update to its Cryptocurrencies and related products policy, enabling advertisers to promote NFT games that don’t promote gambling content starting September 15, 2023. However, advertisers need to meet certain requirements to be certified by Google. The updated policy is designed to increase transparency and make it easier for advertisers to promote their products and services. Google had previously banned all cryptocurrency-related ads, but it has since loosened its restrictions, allowing certain types of crypto ads to be run on its platform.
South Korea Prepares Bill to Halt North Korea’s Cryptocurrency Assets
In a dynamic landscape where innovation and financial freedom intersect with the rise of cryptocurrencies, there exists a darker side marred by the alarming misuse of cutting-edge technology by nations like North Korea. In a recent development, the South Korean government is gearing up to introduce a comprehensive master plan through a bill designed to expose North Korea’s exploitation of cryptocurrencies and virtual assets to fund illicit weapons programs. This initiative forms a crucial part of South Korea’s overarching cybersecurity strategy, reflecting a notable commitment to combat cybercrime.
So, what does the latest version of this bill entail?
According to local media reports, the updated bill introduces innovative methods to “track and neutralize” cryptocurrencies and digital assets pilfered by North Korea through hacking and other illicit means. Interestingly, the initial proposal of this bill, presented by the National Intelligence Service in November 2022, did not incorporate such provisions.
Moreover, South Korea is set to establish a national cybersecurity committee, operating directly under the purview of the nation’s president, aimed at fortifying defenses against foreign cyber intrusion attempts. This committee will be helmed by the Chief of the National Security Office and will feature the Director of the National Intelligence Service.
North Korea’s Dark Cryptocurrency Hacking Chronicles:
This is far from the first instance of North Korean hackers perpetrating cybercrimes. Over the years, they have been responsible for siphoning substantial sums of digital assets through a range of exploits, resulting in an estimated loss of $2 billion to North Korean cyberattacks since 2018.
In the year 2023 alone, North Korea is suspected of pilfering cryptocurrencies valued at $200 million, constituting a staggering 20% of all illicitly obtained funds this year. Notably, the FBI has been vigilant in tracking state-backed North Korean hackers and has identified six Bitcoin wallets associated with the North Korean hacking collective known as Lazarus, holding approximately 1,580 Bitcoins worth approximately $40 million.
The Lazarus hacker group has been linked to numerous cryptocurrency attacks and breaches, with an estimated $3 billion in stolen funds attributed to North Korea over the past five years. South Korean intelligence reports indicate that a staggering $1.7 billion in cryptocurrencies were purloined in 2022 alone, primarily in Bitcoin and Ethereum. These cyberattacks have coincided with North Korea’s escalated missile testing activities.
The introduction of this bill heralds a potential shift in the system, and it is hoped that other nations will take cues from South Korea’s proactive stance in addressing this pressing issue.
Gala Games in Legal Battle Over Alleged Misuse of Cryptocurrency Funds!
Gala Games, a blockchain-based gaming platform, is facing a legal controversy between its CEO and co-founder. Eric Schiermeyer and Wright Thurston have filed lawsuits against each other, with Schiermeyer accusing Thurston of illegally obtaining and selling $130 million in GALA tokens. Meanwhile, Thurston accused Schiermeyer of wasting the company’s assets and engaging in fraudulent practices that harmed the platform. In response, Gala Games released a statement endorsing a commitment to protecting users and team members from harm and adding that the company’s growth and success remained a priority.
Borroe ($ROE) Dominates as Cryptocurrency Markets Struggle
The bears currently dominate the cryptocurrency market. But, Hedera (HBAR) and Dogecoin (DOGE) seem to be preparing to surge after developments in their respective markets. As these coins wait to gain, Borroe ($ROE) is already delivering huge profits for early investors in its presale stage and is set to continue surging. Will Hedera and Dogecoin catch up?
Let’s find out!
Hedera’s (HBAR) Dropp Added As A Service Provider By The Fed
Hedera (HBAR) has made an unexpected alliance with the US Federal Reserve in a massive move suggesting blockchain’s mass adoption in finance. The Fed added Hedera’s (HBAR) Dropp, a micropayments platform, as a service provider to its newly developed FedNow.
This news was enough for Hedera’s (HBAR) bulls to rejoin the market, pushing the price up from $0.056 to $0.076. However, Hedera (HBAR) has erased those profits because of the flash of crypto market crash on August 18, 2023. Hedera (HBAR) dropped to lows of $0.052 in this bear market.
Despite that, Hedera (HBAR) is still a distinct project with its patented Hashgraph technology. The performance of Hedera (HBAR) in recent months was adequate to exceed most price estimates for 2023. Analysts are highly bullish about Hedera (HBAR), suggesting that it could reach $0.105 by the end of 2023.
Dogecoin (DOGE) lead developer Mishaboar is highly skeptical about potentially moving to a Proof of Stake (PoS) blockchain consensus. He insisted in a Twitter post that transitioning into a PoS consensus does not support Dogecoin’s (DOGE) futuristic objectives.
Mishaboar believes that the benefits of PoS consensus can be readily achieved in Dogecoin’s (DOGE) network with alternative solutions such as incorporating numerous payment channels.
Elsewhere, Elon Musk electrified Dogecoin’s (DOGE) market with a tweet on August 23, 2023, which seemed to endorse using the memecoin on X.com (formerly Twitter). The effect was immediate and explosive.
In one minute, the Binance exchange recorded a staggering 81,300% surge in Dogecoin’s (DOGE) trading volume against USDT. Up to 40.379 million Dogecoin (DOGE) coins exchanged hands.
Dogecoin (DOGE) has recovered moderately from the August 18 crypto market price crash. Analysts expect Dogecoin (DOGE) to continue recovering to trade above $0.07255 by the end of 2023, powered by increased investor demand, making it a good crypto to buy in 2023.
Borroe ($ROE) Dominates as Cryptocurrency Markets Struggle
Borroe ($ROE) functions as an innovative funding platform powered by artificial intelligence (AI). Its offering content creators and Web3 users a distinct strategy to generate needed funds swiftly. Through Borroe ($ROE), individuals can sell their forthcoming earnings from royalties, subscriptions, and invoices to their supportive communities.
In contrast to traditional funding models struggling with integrating Web3 principles, Borroe ($ROE) seamlessly embraces this new technological shift. Borroe ($ROE) presents a massive platform for enterprises to secure funds using NFTs representing upcoming or pending invoices.
Creating and trading these discounted invoice NFTs on Borroe ($ROE) give rise to a peer-to-peer environment that enhances accessibility within secondary markets. By incorporating AI risk evaluation, blockchain technology, and effective payment mechanisms, Borroe ($ROE) guarantees a streamlined and secure fundraising procedure.
Having achieved an impressive 25% increase from its initial Beta Stage price of $0.010 to $0.0125 in Stage 1, Borroe ($ROE) presents an immensely exciting value trajectory. Looking ahead, the set value for Borroe ($ROE) indicates that the token will reach $0.015 in Stage 2 of its presale.
Moreover, Borroe ($ROE) assures a substantial 300% gain from its starting price, reaching $0.040 by the end of the presale phase. Given its remarkable growth potential, Borroe ($ROE) unquestionably emerges as the best crypto investment.
Learn more about Borroe ($ROE) here: Visit Borroe Presale | Join The Telegram Group | Follow Borroe on Twitter
Binance Australia GM Optimistic About Cryptocurrency Regulations in Australia!
Binance Australia’s General Manager, Ben Rose, remains optimistic that Australian authorities will eventually enact appropriate laws governing digital assets. Rose expressed his confidence during a virtual panel discussion, stressing the need for clear and consistent regulatory frameworks to improve investor confidence and support broader economic development. Despite regulatory challenges, Rose remains positive about the future of cryptocurrencies in Australia.
Mark Yusko Says ‘Fud’ in Cryptocurrency Markets Are a Chance to Make ‘Good Moves’
Mark Yusko, the founder, Chief Investment Officer, and Managing Director of Morgan Creek Capital, sheds light on the behavioral tendencies of investors, the cyclical nature of crypto price movements, and the opportunities hidden within market downturns.
Yusko starts by talking about how investing is different from shopping. Normally, when stores have sales, people rush to buy things. But when investment prices go down, people get scared and avoid buying, which is not a good strategy.
He also showed the performance gap between average investors and traditional passive strategies by citing JPMorgan’s numbers. Over a 20-year period, the average stock index yields around nine percent, bonds about six percent, while the average investor barely achieves a two-and-a-half percent return. He attributes this to human behavior, pointing out that investors tend to chase rising prices.
Yusko discusses why he considers the current drops in Bitcoin’s price as a chance rather than a setback. His main idea is that when things look scary and uncertain in the investment world, it’s actually a chance to make good moves. He believes that the best time to invest is when others are worried and unsure. He warns against investing when you’re really excited, as that usually doesn’t end well. So, when there’s fear, it might be a good time to act.
“We have this four-year cycle and we’re in what I refer to as crypto summer right now. Crypto summer is that time where the market has a generally upward drift. It’s not dramatic but slowly upward, higher highs, higher lows, just kind of like a roller coaster moving its way up the track.”
The price of Bitcoin went up by about 7% earlier this week. This happened because a court told the SEC to reconsider rejecting the idea of turning the Grayscale Bitcoin Trust into an exchange-traded fund. Traders are now feeling hopeful. At the time of writing, Bitcoin is trading above the $27k mark.
HashKey Launches Hong Kong’s First Licensed Cryptocurrency Exchange!
HashKey, the licensed retail cryptocurrency exchange, has launched in Hong Kong, becoming the first of its kind to operate legally in the city. With the growth of the Web3 industry anticipated in the special administrative region, this launch could open the door for more cryptocurrency exchanges to follow suit. HashKey has expressed confidence in Hong Kong’s ability to embrace the digital economy and hopes to play a role in supporting the region’s growth in this area. As cryptocurrencies continue to gain popularity and recognition worldwide, this move is a significant step towards establishing Hong Kong as a hub for emerging digital technology.
SEC’s Impact on Cryptocurrency Expansion: Expert Reveals U.S. Regulatory Challenges
In a recent interview with Thinking Crypto, Paolo Tasca, co-founder and chairman of the DLT Science Foundation, author, and professor, has shed light on the longstanding oversight of the cryptocurrency markets by U.S. regulatory authorities. Tasca pointed out the detrimental impact of the lack of transparency and regulatory certainty on the industry’s growth and development.
The Lack of Clarity and its Consequences
Paolo Tasca discussed the prevailing confusion and frustration stemming from the U.S. Securities and Exchange Commission (SEC)’s legal actions against major players like Coinbase and Ripple, as well as the recent ruling in the Grayscale case. According to Tasca, the cryptocurrency industry urgently requires a clear regulatory framework to thrive. However, the enforcement-centric approach taken by regulatory bodies is inhibiting the industry’s progress.
Tasca emphasized that the key to fostering growth lies in providing transparent guidelines and certainty. He expressed concern about the lack of clarity in categorizing cryptocurrencies as securities, a factor that significantly impacts investor confidence and innovation.
The Unique Complexity of the U.S. Crypto Scene
Reflecting on the current state of affairs, Tasca noted the uniqueness and complexity of the situation. He recalled his previous support for establishing clear and equitable regulations for the cryptocurrency industry. He cited a common regulatory trend where emerging markets are initially overlooked, then subjected to regulation attempts, and eventually abandoned if those attempts fail.
Analyzing the U.S. crypto landscape, Tasca observed a remarkable 14-year period during which the burgeoning market was largely neglected since the inception of Bitcoin. This neglect, he argued, has resulted in a deficiency of essential rules that could benefit investors, users, and pioneers in the industry.
Concerns Over SEC’s Approach
Tasca raised concerns about the SEC’s approach and its potential consequences for the market’s expansion. He specifically criticized the lack of proactive measures taken by U.S. agencies to address the evolving cryptocurrency space.
“I see that in the U.S., we have been ignoring this market for so many years. It’s been about 14 years since Bitcoin was introduced, and very little has been accomplished from a practical standpoint to support investors, end users, and innovators. We appear to be in the second phase now, but unfortunately, the U.S. regulatory agencies are not,” Tasca remarked.
FTX CEO’s Bail Revoked in Cryptocurrency Fraud Case!
Sam Bankman-Fried, has had his bail revoked by a judge after suspicions of witness tampering surfaced. Bankman-Fried is the CEO of FTX, a cryptocurrency exchange, and was recently the target of major disclosures that have led to the arrest of one of his key associates, Ian Ellison, who has pleaded guilty to fraud. Two other members of Bankman-Fried’s inner circle are also expected to testify against him. The case continues to unfold, casting a spotlight on the cryptocurrency industry’s ongoing struggle with fraud and manipulation.
Cheongju Authorities to Seize Cryptocurrency Assets of Tax Delinquent Citizens!
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The city of Cheongju in South Korea is planning to seize the cryptocurrency holdings of local tax evaders. The authorities are calling in trading platforms such as Upbit and Bithumb to look into the crypto assets of around 8,500 users who owe at least KRW 1 million ($750) in local taxes. The move has been triggered by concerns that cryptocurrencies are being used to hide assets from the tax authorities. This latest campaign is aimed at holding South Korean citizens accountable for tax avoidance.
New Cryptocurrency Mining Center Launched in Oman!
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Oman has opened a cryptocurrency mining center in the Salalah Free Zone, the country’s second such facility in ten months. The center is being operated by Exahertz International in conjunction with Moonwalk International and is the latest development in the Gulf region’s embrace of cryptocurrencies. Fifteen thousand machines are to be installed by October 2023, with 2,000 units already online in the pilot phase. The facility reportedly cost $370 million to construct and is expected to benefit from the Free Zone’s low corporate taxes.
CAIZcoin Launches on Major Cryptocurrency Exchanges Worldwide!
CAIZcoin, a blockchain and cryptocurrency pioneer, has made its official debut on major cryptocurrency exchanges worldwide, marking a significant milestone for the groundbreaking blockchain and cryptocurrency platform. This move is part of the company’s vision to transform how individuals access and interact with digital assets, and its arrival on major exchanges opens up new opportunities for investors looking to participate in this innovative financial ecosystem. CAIZcoin is now available on major exchanges, including Binance, Bitfinex, Huobi, and OKEx.
Over 23% of Australians Hold Cryptocurrency, Survey Suggests!
Cryptocurrency adoption in Australia is on the rise, with over 23% of Australians reportedly holding some form of digital asset, according to a recent survey. Bitcoin remains the most popular cryptocurrency, but other digital assets like Ethereum, Dogecoin, and Binance Coin are also seeing demand from Australian investors. The pandemic has played a significant role in driving cryptocurrency adoption, as people seek alternative investments that offer better returns. Additionally, the increased acceptance of cryptocurrencies by big-name companies like Tesla and PayPal has helped boost their credibility. The future of cryptocurrencies in Australia looks bright.
Cryptocurrency Market Witnesses Bearish Trend as Bitcoin Dips Below $29K, Dragging Altcoins Down
The price of bitcoin (BTC) faced a challenging start on Wednesday as it struggled to retain the $29,000 level, highlighting the impact of the ongoing summer lull in trading activity on the digital asset market. The largest cryptocurrency by market capitalization witnessed a drop to as low as $29,028, marking its weakest level since August 7.
This decline of approximately 1.3% from the previous day’s value of $29,400 has prompted market observers to closely monitor the direction in which Bitcoin’s price will move. As of press time, bitcoin’s price slightly recovered to just above $29,100.
Ether Joins the Downward Trend, While Bullish Predictions Emerge
In tandem with Bitcoin’s bearish movement, Ether (ETH) also experienced a slump, trading around $1,820 and registering a 0.8% loss over the past 24 hours. The overall crypto market displayed a decline of 1.7%, reflecting the challenges faced by digital assets across the board. Amidst this downturn, notable cryptocurrency figure Tom Lee of Fundstrat Global Advisors shared an optimistic forecast on CNBC.
Lee suggested that the approval of a spot bitcoin exchange-traded fund (ETF) could potentially trigger a more than five-fold surge in the bitcoin price from its current levels. He stated that the demand for Bitcoin might outpace its daily supply, projecting a potential clearing price exceeding $150,000 and possibly reaching $180,000.
Altcoins Witness Sharp Declines
While the overall cryptocurrency market experienced a decline of 1.7%, according to the CMI, major alternative cryptocurrencies (altcoins) faced even more significant losses. Solana’s SOL, Dogecoin (DOGE), and Polygon’s MATIC were among the hardest hit, with each coin suffering declines between 5% and 7% over the past 24 hours.
Ripple’s XRP, the fifth largest digital asset by market capitalization, also saw its value drop below 60 cents for the first time since its mid-July rally prompted by a court ruling. XRP has endured a 4.7% decline over the past 24 hours and a 19% drop in the last month.
The cryptocurrency market’s current state underscores the complex interplay between market sentiment, regulatory developments, and technical factors, influencing the price trajectories of various digital assets.