Coming crypto crackdown delve
on this subject tends to focus on the crackdown of the Inquisition on heretics, but it fails to delve into the subsequent fate of the victims. Is A Worldwide Crypto Crackdown Coming? It appears the crackdown has already started. The price of bitcoin has plummeted in part due to. As the CCA Surpasses Supporters, Energy Web & RMI Announce Next Wave of China cracking down on bitcoin mining and Elon Musk suspending Tesla's. MINING ETHEREUM GPU TEMPERATURE
One could imagine the level of financial inclusion that India can attain once cryptocurrency regulations are in place. There are almost 4x as many cryptocurrency investors in India as there are equity investors. This is because equity investment is a long, cumbersome process, while crypto investment takes less than an hour, thanks to trusted platforms like WazirX.
Many of the investors have shifted from real estate to crypto recently. This creates barriers to exchange and friction in cross-border payments. Moreover, in the case of a CBDC, the central bank would become the sole authority controlling finance in the country with no public-private digital currency collaborations.
Also, crowding out cryptocurrencies or private tokens would only stifle innovation and might cripple access to digital payments. All over the world, in markets including India, blockchain tech is being adopted as go-betweens for public-private collaborations within national economies and international public-to-public interactions.
Decentralization in the digital space is steadily transforming global payment systems where end-users demand greater control over their money. Then there are NFTs, Defi, gaming, Metaverse, auctions, and every real-world possibility taking place on the blockchain, all backed by the blossoming crypto economy. A recent PwC survey held that India could be the world leader in crypto adoption over the next five years if the appropriate degree of business and government engagement is ensured. Cryptocurrencies are already changing the existing fintech landscape in India.
Homegrown cryptos are gaining worldwide traction, like Matic Network, one of the top competitors for Ethereum. The winds of change have arrived. It is for the country to decide whether to develop the decentralized route or close the doors for the opportunity that would forever change the face of the Indian economy. Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility.
The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice. Momentum behind the move built up at breakneck speed. Bitcoin: El Salvador makes cryptocurrency legal tender in a world first. What does it mean? From the Rio Grande in Mexico to the tip of Patagonia, crypto has become a lifeline for millions.
Is El Salvador the first domino to fall? Following the vote in the Salvadoran assembly, politicians in Argentina, Paraguay, Brazil and Panama took to social media to endorse the decision. One man in particular is leading the charge; a 36 year-old Paraguayan congressman called Carlos Rejala.
Having vociferously expressed his support for Bukele on social media, Rejala alluded on Monday to an "important project" which would "innovate Paraguay in front of the world". The moment has come, our moment," he tweeted. While specific details of the project are yet to emerge, speculation is rife that it will involve both Bitcoin and Paypal. According to Coindesk, Rejala first began following the Bitcoin trend in before eventually becoming a crypto trader himself in Following the vote in El Salvador, he shared a photo of himself embellished with the red "laser eyes" now synonymous with proponents of Bitcoin.
He is not alone in his admiration for Bukele - or Bitcoin. In Panama, too, lawmakers are mobilising to put forward plans for new crypto-friendly laws. If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies," he posted. But what is it in particular that makes Central and South American countries such fertile grounds for this crypto boom?
What is 'green' cryptocurrency Chia and just how eco-friendly is it? Inflation, hyperinflation and deflation As in many countries in the developing world, nations in Latin America are intermittently beset by political and economic crises and the crippling hardships caused by them.
In the face of soaring inflation, and in the absence of traditional banking services for large swathes of the population, Bitcoin and other cryptos have become part of the way of life.
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Needless to say, it is worth considering this craze through a regulatory lens, because with every craze comes a crash, followed by the inevitable regulatory crackdown. Like a ledger, blockchain keeps a record of digital, peer-to-peer transactions. Some vendors accepting payments include Overstock. Last year, the Commodity Futures Trading Commission approved bitcoin futures and exchanges quickly went live.
JP Morgan Chase CEO Jamie Dimon regrets calling bitcoin and other cryptocurrencies a fraud, and has continued to express his belief in the power of blockchain technology, which can be used to transfer non-crypto currencies and disrupt how banking is done. In addition, Goldman Sachs is setting up a cryptocurrency trading desk and making a bet that it can be a portfolio asset comparable to gold. Crypto firms and exchanges bringing on ex-officials One especially high-profile attorney who left the government and dove into the world of crypto is Jay Clayton, who headed up the SEC from May until December First came his March appointment to a regulatory advisory council for One River Digital Asset Management, a crypto-focused institutional asset manager, followed by his appointment in August to an advisory board for crypto custodian Fireblocks.
A major player who has gone from crypto to government and back again is former acting head of the Office of the Comptroller of the Currency Brian Brooks. Brooks, who ran the banking regulator from April until January , had worked for Coinbase before he got there.
He took that job after spending just four months as the CEO of the U. The exchange also has former senator Max Baucus as a senior policy advisor, who not only served as chair of the U. With exchanges likely to see more heat from regulators, Binance is not the only one that has brought in ex-regulators.
The exchange most recently hired Thaya Knight, who had been counsel to an SEC commissioner Elad Roisman until he stepped down, to be its senior public policy manager. Meanwhile, another exchange, FTX. US, boasts Ryne Miller as its general counsel.
To help make sure those investments pay off, a16z has bolstered its ranks with ex-government lawyers who are lobbying to help shape future crypto legislation and regulation. Haun, who also sits on the boards of Coinbase and OpenSea, two companies in which the firm is a major investor, is well known for prosecuting corrupt government agents who stole Bitcoin from Silk Road during the course of the investigation into the dark-web marketplace.
In December, Haun announced that she plans to move on from the VC firm early this year to start her own venture capital firm. In another big score for the firm, lawyer Brian Quintenz joined the team at Andreessen Horowitz as an advisory partner just days after leaving his post as a CFTC commissioner. His tenure at the CFTC included helping to craft comprehensive briefings on crypto and overseeing the debut of crypto futures contracts on derivative exchanges.
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