Read in the Digest
- India Introduces Bill to Prohibit All Private Crypto, Market Declines in Response
- Cardano Increases Block Size by 12.5%, eToro to Delist ADA by End of 2021
- Most Expensive Land in Decentraland Sells for $2.4 Million
- U.S. Regulators Planning Crypto Guidance for Banks in 2022
- Elon Musk Trades Barbs with Binance CEO over Dogecoin Glitch
India Introduces Bill to Prohibit All Private Crypto, Market Declines in Response
Crypto regulation in India has been in the gray area, with the supreme court in 2020 overturning the 2017 blanket ban placed by the RBI. Since the start of 2021, crypto investors have been left more unsettled following a proposed bill.
On Tuesday, November 23, the Indian parliament passed a new bill that “seeks to prohibit all private cryptocurrencies in India.” The move comes a week after Prime Minister Narendra Modi warned that crypto could be detrimental if it ends up “in the wrong hands.”
The bill will also see India promote cryptocurrency’s underlying technology as it plans to launch a CBDC. The reading of the bill, along with 25 others, will begin on November 29.
The announcement sent the crypto prices in India tumbling as panic selling hit the market. The price of BTC dropped from ₹4,600,000 ($61,820.73) to ₹3,917,659 ($52,650.55) on the Indian exchange WazirX.
BTC/INR Price chart. Source: WazirX
Bitcoin has now consolidated around ₹4,161,708 ($56,000). The price drop was across the board, with Ethereum losing as much as 26.95%, Yearn Finance falling 29.74%, and Filecoin dropping by 30.5%
Flipsider:
- The Reserve Bank of Australia continues to take on a pro-crypto stance, as it considers launching a CBDC that would allow banks to settle large transactions instantly
Why You Should Care
India’s new bill could prohibit the use of cryptocurrencies, which may affect the market like it did with China’s crackdown.
Cardano Increases Block Size by 12.5%, eToro to Delist ADA by End of 2021
Cardano, one of the leading cryptocurrencies, has announced a 12.5% increase in its block size, making each block on the network 72KB. The greater block size will create room for more transactions to be fitted into single blocks.
Having a bigger block size will also mean more transactions can now be processed per second. In addition, the network will be able to achieve greater data throughput, providing greater capacity for its users.
Flipsider:
- In a shocking move, Israeli cryptocurrency exchange eToro has announced that it would delist Cardano (ADA) for U.S. customers by the end of the year, with withdrawals after Q1 2022
- The exchange announced it would be delisting ADA and TRX due to regulatory concerns
Why You Should Care
The increase in demand comes due to greater demand from developers as they test and deploy their dApps on Cardano.
Most Expensive Land in Decentraland Sells for $2.4 Million
A patch of virtual real estate in the metaverse platform, Decentraland, has been sold for a record $2.4 million. The land, which is now the most expensive purchase on Decentraland, was purchased by the Metaverse Group, a subsidiary of Tokens.com.
The land comprises 116 smaller portions, measuring 52.5 square feet each, making the land 6,090 virtual square feet in size. The land is located in the “Fashion Street” area of Decentraland’s map.
According to Tokens.com, the land will be used to host digital fashion events and sell virtual clothing for avatars. Decentraland (MANA) has enjoyed a price boost since Facebook (NASDAQ:FB) rebranded as Meta, introducing its metaverse concept.
Flipsider:
- Megacorporations are working on building a metaverse without cryptocurrencies and blockchain, like Decentraland
Why You Should Care
Since Facebook’s rebrand, we have seen increasing interest in metaverse platforms, leading to an increase in their value.
U.S. Regulators Planning Crypto Guidance for Banks in 2022
Cryptocurrencies have largely operated in the United States without regulatory clarity. However, U.S. regulators are finally looking to end the uncertainty by issuing guidance on the role of traditional banks in dealing with cryptos starting in 2022.
In a joint statement, the Federal Reserve Board of Governors, the FDIC, and the OCC explained that they conducted interagency “policy sprints” focused on digital asset activities related to banks.
An excerpt from the statement states;
"Throughout 2022, the agencies plan to provide greater clarity on whether certain activities related to crypto-assets conducted by banking organizations are legally permissible, and expectations for safety and soundness, consumer protection, and compliance with existing laws." The guidelines will include crypto custody, sales of crypto assets, loans collateralized by crypto assets, holding these on their balance sheets, and stablecoins.
Flipsider:
- Despite the lack of regulatory clarity, major U.S. banks have continued to offer crypto-related services
Why You Should Care
This move by regulators in the United States will define what sorts of digital asset activities are permissible.
Elon Musk Trades Barbs With Binance CEO over Dogecoin Glitch
Earlier in the month, we reported that Dogecoin users were caught in a technical glitch on Binance as the exchange attempted the DOGE Network’s Dogecoin Core 1.14.5 version update.
After the glitch was reported, Binance suspended DOGE withdrawals. Now, famous DOGE supporter, Elon Musk, has lent his voice to the lingering issue. Musk tweeted, “Hey @cz_binance, what’s going on with your doge customers? Sounds shady.” He added that Dogecoin users should be “protected from errors that are not their fault.”
Replying to the tweet, the official Binance handle explained that the issue is more frustrating than shady. However, the CEO, CZ, hit back with a link to a story on Tesla (NASDAQ:TSLA) recalling nearly 12,000 cars due to a software glitch.
After the back and forth, CZ tweeted;
He's still my idol. Just sometimes, he tweet funny.— CZ Binance (@cz_binance) November 23, 2021
Flipsider:
- Another meme-themed coin, Floki, has signed a sponsorship deal with the Italian football team, SCC Napoli, and the Floki Inu logo will be featured at the back of the team’s jersey
Why You Should Care
While back and forths like these are common in the crypto space, CZ explained that “we are all in one team.”
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