Cryptocurrency, time and again has captured the attention of investors and traders. Though since the beginning of the year, the crypto market suffered around 20%, this has gradually shown improvement over time. Recently, maricoin, touted as the world’s first LGBT+ cryptocurrency has involved itself in a major controversy. Apart from this, a lot more movement was witnessed recently, which grabbed attention.
Here’s the brief of those:
1) Cryptocurrency prices today: Market trading in green; Bitcoin, Ethereum rise
The global cryptocurrency market capitalisation surged by 4.66% to stand at $1.75 trillion over the last 24 hours while the trading volumes increased by 15.08% to $63.86 billion. Bitcoin, in the morning, was trading at $38,340.42 with dominance dipping by 0.32% to 41.52%. In rupees, Bitcoin was trading at Rs 30,39,615 with a 1.85% rise while Ethereum increased by 4.2% to Rs 2,13,849.6.
Union Budget 2022-2023: Digital currency to be issued by RBI says FM Sitharaman
To boost the Indian economy, the Reserve Bank of India (RBI) will be issuing a digital rupee using blockchain and other technologies in the FY 2022-2023, said Finance Minister, Nirmala Sitharaman in the budget session today. “Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy,” she said.
2) Cryptoization poses risks for emerging markets: IMF Counsellor
With the world dealing with El Salvador’s Bitcoin experiment, a senior official at the International Monetary Fund (IMF) has warned that cryptos pose “acute risks” for the stability of the financial system. Tobias Adrian, the IMF’s financial counsellor coins the term “cryptoization” to describe the process of replacing existing established currencies by digital assets said, “capital flow management measures will need to be fine-tuned.”
3) Kanye West: “Stop asking me to do NFTs…Ask me later”
Kanye West, the rapper and fashion designer took to Instagram on Monday evening to post a hand-written letter which that ended with, “Do not ask me to do a fucking NFT.” His caption read, “STOP ASKING ME TO DO NFT’s… FOR NOW I’M NOT ON THAT WAVE I MAKE MUSIC AND PRODUCTS IN THE REAL WORLD.”
4) Crypto going mainstream raises need for ‘Child Safeguards’: UNICEF
UNICEF, a United Nation agency that serves humanitarian and developmental aid purposes to children all around the world stated that mainstreaming of digital currencies creates a need for new safeguards for the protection of children. “Unregulated cryptocurrencies pose a threat to the stability of financial systems, government revenues on which many child services depend,” read the Prospects for Children 2022 report.
