Provision Allowing Cryptocurrency Payments in Foreign Trade Added to Russian Bill – Regulation Bitcoin News

Provision Allowing Cryptocurrency Payments in Foreign Trade Added to Russian Bill – Regulation Bitcoin News

A proposal to permit companies to use cryptocurrency in cross-border settlements has made its way to a draft law designed to regulate Russia’s crypto space this year. According to a press report, the finance ministry has introduced a number of revisions to the legislation it has been working on in the past few months.

Changes to Cryptocurrency Bill Can Make International Coin Payments Possible in Russia

The Russian Ministry of Finance has revised its draft law “On Digital Currency” to reflect various suggestions by other government departments and agencies, the business daily Vedomosti unveiled, quoting government sources. The amendments have been coordinated with the ministries of economy, digital development, internal affairs, the Federal Tax Service, and Russia’s financial watchdog, Rosfinmonitoring.

The one major institution missing from that list is the Central Bank of Russia, which remains opposed to any legalization of cryptocurrencies like bitcoin and respectively disagrees with the Minfin’s regulatory concept which aims to establish a legal market for digital assets. The ministry’s legislation was first submitted to the federal government in February.

There is a wider consensus among Russian authorities that cryptocurrency should not be accepted as legal tender in the country. The law “On Digital Currencies” bans the use of crypto assets as a means of payment but suggests recognizing them as an investment tool.

Nevertheless, a provision introduced with the latest revisions would allow Russian legal entities and individual entrepreneurs to use cryptocurrencies for payments with foreign counterparties, Vedomosti revealed. The news comes after the Interfax news agency reported earlier that the finance ministry is considering this option as Russia’s access to the traditional payment channels is limited by western sanctions imposed over the war in Ukraine.

Among the other proposals incorporated in the revised bill is a ban on the advertising of crypto trading platforms that are not licensed to operate in Russia. At the same time, authorized exchanges may be obliged to store information about cryptocurrency holders and their transactions for a period of three years and share the data with Russian law enforcement. Only customers that have passed identity verification will be able to buy and sell cryptocurrencies and only through Russian bank accounts.

Tags in this story
Crypto, crypto assets, crypto payments, Cryptocurrencies, Cryptocurrency, Digital Assets, Digital Currencies, Digital Currency, draft law, international, Law, legislation bill, Regulation, Regulations, Russia, russian, Settlements, trade

Do you expect Moscow to allow Russian companies to use cryptocurrencies in their foreign trade activities? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Free-to-Mint NFT Collection Goblintown Is Now Worth Over $50 Million – Blockchain Bitcoin News

Free-to-Mint NFT Collection Goblintown Is Now Worth Over $50 Million – Blockchain Bitcoin News

A non-fungible token (NFT) collection called Goblintown is capturing millions in sales, as the NFT project has recorded $22.85 million in sales this week surpassing Otherdeed’s $20.73 million. At the time of writing, Goblintown obtained $2.26 million in sales during the past 24 hours, and the collection’s floor value jumped 103.2% higher today, to a daily high of 2.79 ether.

Mysterious Free-to-Mint Goblintown NFT Collection Captures Millions

The latest NFT collection turning heads this week is a project called Goblintown, an NFT compilation consisting of 9,999 goblins. One reason the project getting noticed is because the NFTs were minted for free and then they gained significant real-world value over time.

Without any frills, major promotions, or commercial hype, by May 23, 2022, Goblintown’s floor value was 0.5 ethereum (ETH), and its increased 458% to 2.79 ETH by Sunday evening on May 28. The project officially launched on May 22 and the only way people heard about it was through word of mouth. By the time the word got around the crypto campfire, Goblintown NFTs were getting pricey.

Free-to-Mint NFT Collection Goblintown Is Now Worth Over $50 Million
Goblintown is this week’s leading NFT collection in terms of sales.

Goblintown’s Twitter account currently has 37,400 followers today and current metrics show 4,725 owners hold at least one Goblintown NFT. When a visitor arrives at the website called goblintown.wtf, there is a tab at the top of the page that says: “F***ing enter,” and after entering it says “sold out f***ers.”

At the time of writing, weekly NFT sales metrics show that Goblintown recorded $22.85 million in sales volume since May 22, and Goblintown is currently the top-selling NFT project this week. While the project is the hottest today, no one is really sure where the compilation came from and who exactly is behind the new digital collectibles.

There’s been a slew of unfounded rumors that the American DJ Steve Aoki or Yuga Labs are behind the NFT collection. Because the project has gathered significant value in a week’s time, Goblintown sellers have profited a great deal.

One Goblintown trader during the past seven days profited by 5,039% and another trader made a 264% profit in five days. The most expensive NFT sold from the collection during the past seven days is Goblintown 8,995, which sold for 69.42 ether or $136K. Goblintown 5,948 sold for 26 ether or $51K and Goblintown 7,944 exchanged hands for 27 ether or $46K.

The Goblintown collection’s sales this week have been helpful to the NFT industry’s sales, in general, as the NFT economy has been dealing with its first crypto bear market.

Tags in this story
$50 Million, Digital Collectibles, digital collections, ETH, ether, Ethereum, Goblintown, Goblintown NFT, Goblintown NFTs, Goblintown Sales, nft, NFT collection, NFT compilation, NFT Economy, NFT Markets, NFT sales, NFT sales metrics, NFTs, Non-fungible Token, Steve Aoki, Yuga Labs

What do you think about the mysterious Goblintown NFT project that has been capturing a significant number of sales during the past seven days? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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DAI Takes the Reigns as the Leading Decentralized Stablecoin by Market Capitalization – Altcoins Bitcoin News

DAI Takes the Reigns as the Leading Decentralized Stablecoin by Market Capitalization – Altcoins Bitcoin News

Following the demise of the Terra-based stablecoin UST, the fiat-pegged token DAI has become the largest decentralized stablecoin in existence today. Moreover, Makerdao has regained the decentralized finance (defi) protocol’s position as the top defi protocol in terms of total value locked (TVL).

Makerdao’s DAI Regains the Top Decentralized Stablecoin Position

This month, it’s quite clear that the Terra LUNA and UST fallout has rippled across defi and the crypto ecosystem in general. Furthermore, the Terra implosion has allowed the stablecoin DAI to regain its position as the largest decentralized stablecoin in terms of market capitalization.

DAI is the fourth largest stablecoin but the top three (USDT, USDC, BUSD) are centralized stablecoin products. DAI is issued by the Makerdao (MKR) project and unlike an algorithmic stablecoin like UST, DAI leverages an overcollateralized loan and repayment process.

Today, DAI’s market valuation is $6.24 billion but the stablecoin’s market cap is down 27.3% over the last 30 days. While DAI remained stable, Terra’s implosion sent shockwaves through the crypto community which in turn cut the TVL in defi in half. More than $2.6 billion worth of DAI was removed from circulation since May 1, 2022.

On May 28, DAI’s largest trading pair is the U.S. dollar as it captures 30.96% of all DAI trades. Other large DAI trading pairs include USDC (21.18%), TUSD (17.71%), USDT (17.46%), WETH (8.17%), and EUR (2.31%).

DAI has seen $159,99 million in global trade volume during the past 24 hours and Kraken is the currently most active DAI exchange. DAI trade volume is also high on FTX, Okex, Bittrex, and Crypto.com.

While the stablecoins USDT, USDC, and BUSD are in the top ten in terms of market cap, DAI is ranked 16 today. Additionally, Makerdao has a native token called MKR which is exchanging hands for $1,178 per unit. MKR is the 58th largest cryptocurrency today in terms of market capitalization.

Defillama.com statistics show that Makerdao is the most dominant defi protocol as far as TVL is concerned. Makerdao has $9.38 billion total value locked which has a dominance rating of around 8.77% out of the aggregate $106 billion TVL in defi today. Despite being on top, Makerdao’s TVL has shed 28.59% during the past month. The defi protocol Makerdao has lost roughly 2.53% of the 28.59% during the last seven days.

Tags in this story
Altcoins, DAI, Dai Stablecoin, DAI trade volume, Decentralized Stablecoin, Exchange rate, fiat pegged token, LUNA, Maker, makerdao, MKR, overcollateralization, Stablecoins, Terra, Terra’s implosion, tusd, USD, USDC, USDT, UST

What do you think about DAI regaining its position as the top decentralized stablecoin asset today? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Desperate LUNA Investor Arrested, New Terra Network Announced, Davos Blockchain Talk, and More — Bitcoin.com News Week in Review – The Weekly Bitcoin News

Desperate LUNA Investor Arrested, New Terra Network Announced, Davos Blockchain Talk, and More — Bitcoin.com News Week in Review – The Weekly Bitcoin News

From a desperate investor’s ill-advised visit to Terra co-founder Do Kwon’s house resulting in an arrest, the announcement of a new Terra network, and blockchain talk at Davos, to predictions of U.S. economic collapse if inflation isn’t reigned in quickly, there’s no shortage of action-packed crypto stories this past week. Without further ado, this is the Bitcoin.com News Week in Review.

LUNA Investor Arrested for Knocking on Do Kwon's Door After Losing $2.4 Million in Terra Crash

LUNA Investor Arrested for Knocking on Do Kwon’s Door After Losing $2.4 Million in Terra Crash

A crypto investor has been arrested after knocking on Do Kwon’s door following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). He lost about $2.4 million and is now under investigation by the South Korean police. “I felt like I was going to die,” he said about losing his investments.

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A New Terra Network Is Coming With Support From Major Exchanges, LUNA and UST Holders Eligible for Airdropped Tokens

A New Terra Network Is Coming With Support From Major Exchanges, LUNA and UST Holders Eligible for Airdropped Tokens

According to a recent announcement from the Terra blockchain team, the community voted and passed a proposal that plans to launch a new genesis version of the Terra blockchain without an algorithmic stablecoin. The governance proposal called “Terra Ecosystem Revival Plan 2” has been amended and the final release of the new Terra Core codebase has been released to prepare for the new network.

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Billionaire Ray Dalio Speaks in Davos — Says 'Blockchain Is Great, but Let’s Call It a Digital Gold'

Billionaire Ray Dalio Speaks in Davos — Says ‘Blockchain Is Great, but Let’s Call It Digital Gold’

This week the world has been talking about the World Economic Forum (WEF) meeting in Davos, Switzerland, which started on May 22 and ends on May 26. At the event, Bridgewater Associates founder Ray Dalio spoke about today’s economy, the Federal Reserve, cash, and cryptocurrencies. Dalio noted at the WEF conference that he believes blockchain is great, but says “let’s call it a digital gold.”

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Billionaire Investor Bill Ackman Says Unless the Fed Aggressively Hikes Rates, Stock Market Could Crash, ‘Catalyzing an Economic Collapse’

Billionaire hedge fund manager and founder of Pershing Square Capital Management, Bill Ackman, believes “inflation is out of control.” The investor thinks that if the Federal Reserve “doesn’t do its job” by applying “aggressive monetary tightening,” the U.S. economy could collapse.

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Tags in this story
Arrest, Bill Ackman, Blockchain, Davos, digital gold, do kwon, economic collapse, Fed, inflation, Investor, LUNA, network, Pershing Square Capital Management, Ray Dalio, Terra, UST, Week in Review, WEF

What are your thoughts on this week’s hottest crypto stories from Bitcoin.com News? Let us know in the comments section below.

Bitcoin.com

Bitcoin.com is your premier source for everything Bitcoin-related. We can help you buy bitcoins and choose a bitcoin wallet. You can also read the latest news, or engage with the community on our Bitcoin Forum. Please keep in mind that this is a commercial website that lists wallets, exchanges and other Bitcoin-related companies.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Chinese Crypto Regulations Force NFT Gaming App Stepn to Block Mainland Users – Metaverse Bitcoin News

Chinese Crypto Regulations Force NFT Gaming App Stepn to Block Mainland Users – Metaverse Bitcoin News

China’s anti-crypto regulations have reportedly forced the non-fungible token (NFT) game, Stepn, to exclude users from the mainland starting on July 15. Shortly after the announcement, Stepn’s in-game cryptocurrency is reported to have briefly dropped by 38%.

Stepn Adheres to Local Regulations

China mainland users of the NFT gaming app Stepn will not be able to access the app starting on July 15, the developers have said. The blockade on users from this region is set to become effective when Stepn stops providing GPS and IP location services.

Despite revealing the plans to stop serving users from the mainland, the dev team insisted in a tweet that they had not engaged in any business with players from the region. The team tweeted:

We apologize for the inconvenience and thank you for your understanding. STEPN has not engaged in any business in mainland China since its establishment and has not provided download channels. STEPN has always attached great importance to compliance obligations and always strictly abides by the relevant requirements of local regulatory agencies.

In addition to the May 26 announcement, the Stepn team said they will still inform users of any new details relating to the blockade via social media, email, and in-app alerts.

The In-Game Cryptocurrency’s Plunge

Meanwhile, a report in the South China Morning Post said Stepn’s in-game cryptocurrency had plunged by 38% following the announcement. The report also said that shortly after the announcement was made, Stepn had become the top trending search term on Weibo, China’s social media platform.

Described as the “move-to-earn” game, Stepn enables users to trade the so-called NFT trainers as well as the in-game cryptocurrency (GMT) by either walking or running in the real world. The in-game cryptocurrency earnings are either converted to cash or other crypto assets, the report added.

Nevertheless, China’s ongoing crackdown against crypto-related businesses appears to have forced the dev team to take steps that ensure Stepn complies with the country’s regulations.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














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Bank of Russia Steps Up Efforts to Issue Digital Ruble Due to Sanctions – Finance Bitcoin News

Bank of Russia Steps Up Efforts to Issue Digital Ruble Due to Sanctions – Finance Bitcoin News

The Central Bank of Russia (CBR) has accelerated the development of its digital ruble in response to Western sanctions. The monetary authority now intends to pilot transactions with the new version of the national fiat in early 2023 instead of 2024, as originally planned.

CBR to Launch Transactions, Smart Contracts With Digital Ruble as Early as Next Year

Sanctions imposed over Moscow’s invasion of Ukraine have convinced the Bank of Russia to speed up the development of the digital version of the ruble, the Russian-language edition of Forbes reported, quoting CBR’s First Deputy Chairman Olga Skorobogatova. She revealed this during a meeting organized by the Association of Banks of Russia.

The high-ranking official remarked that Russia’s central bank had initially scheduled the digital ruble pilot with real transactions and users for 2024 but it has been decided to launch the project in April 2023. At the same time, the regulator also wants to start implementing smart contracts based on the digital ruble infrastructure.

Last spring, the Central Bank of Russia announced that the digital ruble’s prototype will be ready by the end of 2021 and devoted 2022 to trials with the participation of commercial banks. It started testing the platform in February of this year and announced the first successful transfers between individual wallets later that month.

The users were able to open digital ruble wallets through mobile apps, exchange regular electronic money from their bank accounts for digital rubles, and then transfer the coins between themselves, the CBR detailed. At the time, Skorobogatova assured that the digital currency transactions will be free of charge for all Russians and available in every region of the country.

A dozen Russian banks have so far applied to join the pilot group for the project and three of them have already connected their systems to the central bank digital currency (CBDC) platform. Two of the financial institutions have successfully completed a full cycle of digital ruble transfers between clients, the CBR revealed in its announcement.

Bank of Russia started testing the digital ruble amid disagreements with the Ministry of Finance over the future of cryptocurrencies in Russia. While the ministry wants them legalized and regulated, the monetary authority proposed a blanket ban on crypto-related activities. Discussions on the matter continue in Moscow but the central bank maintains its hardline stance, insisting the legalization of their circulation brings risks for the country’s financial stability and its citizens.

Forbes quotes Fitch analysts who expect the CBR to continue to advocate a prohibition of decentralized cryptocurrencies in order to make room for the development of its own digital currency. They also suggest that the emergence of a digital ruble could lead to an outflow of funds from deposits in the banking system, increased competition in the financial market, and rising interest rates.

Tags in this story
Bank of Russia, CBDC, CBR, Central Bank, Crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, digital ruble, invasion, pilot, pilot project, Regulation, Regulations, Russia, russian, Sanctions, Testing, trials, Ukraine, War

Do you think Bank of Russia will manage to issue the digital ruble by April 2023? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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SpaceX to follow Tesla in accepting DOGE payments for merch: Elon Musk

SpaceX to follow Tesla in accepting DOGE payments for merch: Elon Musk

Just four months after EV manufacturer Tesla started accepting Dogecoin (DOGE) for merchandise purchases, Elon Musk announced his plan to extend the payment option for his space exploration company, SpaceX. 

Musk, the CEO of SpaceX and Tesla, has been a staunch supporter of the DOGE ecosystem since 2019 and has since publicly revealed interest in accepting meme coin payments across his multibillion-dollar enterprises.

Historically, Musk’s pro-Dogecoin tweets have had an immediate and positive impact on DOGE’s market prices as investors try to cash in on the hype. However, the recent revelation about SpaceX’s plan to accept DOGE payments for merchandise had no significant effect on the price amid a bearish crypto market.

Moreover, data from Cointelegraph Markets Pro and TradingView show that DOGE lost over 55% in value between the 8th and 12th of May and trades at $0.08077 at the time of writing.

Dogecoin price 1-day chart. Source: TradingView

In December 2021, DOGE gained 25% after Musk confirmed that Tesla will accept DOGE for merchandise. Along similar timelines, the entrepreneur revealed his belief about DOGE being a better everyday payment option as compared to Bitcoin (BTC).

If things work out just as planned by the world’s richest man, Musk might eventually start allowing DOGE payments for Starlink subscriptions. 

Related: ‘Yikes!’ Elon Musk warns users against latest deepfake crypto scam

Musk recently issued a public warning against an ongoing scam wherein attackers have been found to use deepfake technology to impersonate the entrepreneur and promote fabricated crypto-shilling videos.

Originally shared on Twitter, the deepfake video of Musk promoted a cryptocurrency platform boasting 30% returns on crypto deposits.



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India’s Central Bank RBI to Adopt a ‘Graded Approach’ to Digital Currency Launch – Regulation Bitcoin News

India’s Central Bank RBI to Adopt a ‘Graded Approach’ to Digital Currency Launch – Regulation Bitcoin News

India’s central bank, the Reserve Bank of India (RBI), has proposed to adopt a “graded approach” to launching the country’s central bank digital currency (CBDC). The RBI also said it is exploring the pros and cons of introducing a digital rupee in India.

RBI on the Upcoming Digital Rupee Launch

The Reserve Bank of India released its annual report for 2021-22 Friday. India’s central bank digital currency (CBDC) is among the many topics discussed in the report.

“The design of CBDC needs to be in conformity monetary policy, financial stability and efficient operations of currency and payment systems,” the report details, elaborating:

The Reserve Bank proposes to adopt a graded approach to introduction of CBDC, going step by step through stages of proof of concept, pilots and the launch.

In addition, the report reveals that the central bank “has been exploring the pros and cons of [the] introduction of CBDC in India.”

The RBI further detailed that “the appropriate design elements of CBDCs that could be implemented with little, or no disruption are under examination.”

India’s Finance Minister Nirmala Sitharaman announced the central bank’s plan to launch a digital currency in February while presenting the Union Budget 2022-23.

The RBI report concludes:

An appropriate amendment to the RBI Act, 1934 has been included in the Finance Bill, 2022. The Finance Bill, 2022 has been enacted, providing a legal framework for the launch of CBDC.

In April, RBI Deputy Governor T. Rabi Sankar said central banks would go about launching a CBDC “in a very calibrated, graduated manner, assessing impact all along the line.”

Meanwhile, the RBI has maintained an anti-crypto stance. Governor Shaktikanta Das warned last week about investing in the crypto market after the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).

In February, the central bank said that cryptocurrency is a big threat to India’s macroeconomic and financial stability. The bank’s deputy governor also stated that banning cryptocurrency is “most advisable” for India and that regulation is “futile.”

Nonetheless, the Indian government has not decided on the country’s crypto policy but crypto income is currently taxed at 30%. Moreover, a 1% tax deducted at source (TDS) will soon go into effect in India.

What do you think about how the RBI plans to launch its digital currency? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Ethereum Slips, What Are The Next Vital Trading Levels For The Coin?

Ethereum Slips, What Are The Next Vital Trading Levels For The Coin?

Ethereum has slid on its charts again at the time of writing. Over the last week, the coin lost about 10% of its value. The bears have strengthened in the market because the buyers have left the market.

Technical outlook of the coin remained bearish and selling pressure mounted. The coin would continue to remain so over the next trading sessions.

The coin also witnessed a sustained sell-off over the last 48 hours. Ethereum fell below its long standing support line of $1900.Over the last 24 hours the coin tried to recover itself but the bearish price action is still strong at the time of writing. The bears might be exerting pressure to push the coins below the price mark of $1700.

A fall below the $1700 price mark will cause ETH to tumble further by another 19%. For the bulls to take a breather, ETH needs to trade above the $1900 price mark again.

Ethereum Price Analysis: One Day Chart

Ethereum was priced at $1700 on the one day chart | Source: ETHUSD on TradingView

The altcoin was priced at $1793 at the time of writing. The altcoin has not traded near this price level in almost in one year now. The altcoin’s overhead resistance stood at $1900, for bearish pressure to be invalidated the coin has to attempt trading above the $2200.

Local support for the coin was at $1700 which the coin can trade below if the bears continue to drive the price action. The volume of the coin traded decreased and was seen in green. This indicated positiveness on the chart.

Technical Analysis

Ethereum
Ethereum registered an uptick in buying strength on the one day chart | Source: ETHUSD on TradingView

Ethereum was trading very close to the immediate support level. The coin was trading below the 20-SMA line which meant that selling momentum was active and strong. This reading meant sellers were in charge of the price momentum.

In correspondence with the same, the Relative Strength Index was below the half-line. This meant that the buying strength was less in the market. However, it can be noted that, there is an uptick on the RSI which could be a sign that buying strength is picking up momentum.

Chance of a reversal cannot be ruled out because there is a bullish divergence on the chart (yellow). A bullish divergence is related to a trend reversal.

Related Reading | Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close?

Ethereum
Ethereum continued to flash sell signals on the one day chart | Source: ETHUSD on TradingView

The Awesome Oscillator was still negative on the one day chart. The indicator is supposed to depict the price momentum, the red histograms show negative price action. The red histograms also depict a sell signal on the chart.

The Directional Movement Index also decides the overall price movement, and it showed that -DI was above the +DI level. The Average Directional Index (Red) was above the 40 mark, which meant that the current market trend was strong and the bearishness might continue over the next trading sessions.

Related Reading | Ethereum Profitability Dumps To 2-Year Low As Price Corrects Below $2,000



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We’re Approaching a Recession but It’s ‘Actually a Good Thing’ – Economics Bitcoin News

We’re Approaching a Recession but It’s ‘Actually a Good Thing’ – Economics Bitcoin News

Tesla CEO Elon Musk believes the U.S. economy is approaching a recession but he explained why it is “actually a good thing.” Musk has estimated that the upcoming recession will last 12 to 18 months.

Elon Musk Discusses U.S. Recession

Tesla and Spacex CEO Elon Musk shared his thoughts on the U.S. economy and the upcoming recession in a series of tweets Thursday.

Responding to a question about whether “we’re approaching a recession,” he answered: “Yes.” However, Musk noted, “this is actually a good thing.”

The Tesla boss explained that “It has been raining money on fools for too long,” stressing that “some bankruptcies need to happen.” He elaborated: “All the Covid stay-at-home stuff has tricked people into thinking that you don’t actually need to work hard. Rude awakening inbound!”

His recession tweet followed a statement he made last week, stating that the U.S. economy is “probably” in a recession. He warned that things “will get worse,” and estimated that the recession could last 12 to 18 months.

“The honest reason for inflation is that the government printed a zillion more money than it had,” Musk further commented.

A growing number of investment banks have warned about a recession. Goldman Sachs Senior Chairman and former CEO Lloyd Blankfein recently said we are heading towards a recession, advising companies and individuals to prepare for it.

In addition, Blackrock, the world’s largest asset manager, cautioned in a research note this week that the Federal Reserve’s efforts to increase interest rates to offset record inflation may trigger a recession. “If they hike interest rates too much, they risk triggering a recession. If they tighten not enough, the risk becomes runaway inflation. It’s tough to see a perfect outcome,” Blackrock detailed.

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Blackrock, BlackRock recession, Elon Musk, elon musk inflation, Elon Musk predictions, elon musk recession, elon Musk recession prediction, Goldman Sachs, Goldman Sachs recession, SpaceX recession, Tesla recession

Do you agree with Elon Musk that a recession is a good thing? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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