India Open to Blockchain Technology but Believes Currencies Should Be Monitored by Government or Central Bank
India's Finance Minister, Nirmala Sitharaman, has stated that the country is not opposed to blockchain technology, but believes that currencies must be monitored by either the government or the central bank. The Reserve Bank of India has launched pilot trials for retail and wholesale central bank digital currencies in an effort to improve cross-border and bulk payments. India is also seeking a global consensus on the regulation of crypto assets and plans to introduce cryptocurrency and artificial intelligence topics into certain school curriculums from the next academic year. The country has taken a cautious approach to digital assets, having imposed a 30% flat tax on crypto income and a 1% tax deducted at source on crypto trades above INR10,000 ($122).
Syrian Crypto Dealer Freed From Kidnappers Who Demanded Ransom of Over $1.1 Million
Spanish law enforcement recently rescued a Syrian cryptocurrency dealer from three kidnappers who demanded a ransom of $1.12 million. The kidnappers, who were the victim's party friends, were found to possess weapons and fake identity documents when arrested. The Syrian crypto dealer, whose company is based in Dubai, was told to access applications he uses to manage his crypto business and contact the intended recipient of the ransom money while in captivity. He managed to take a photo through the window and send it to a colleague, who contacted law enforcement and led to the raid on a luxury villa in Benalmádena.
DeFund Announces Its Launch on Arbitrum and Support for GMX, Providing Superior Trading Experience for On-Chain Investors
DeFund announces its launch on Arbitrum and support for GMX, not only supports spot trading, but also doing long/short and leverage.
Crypto Startups Raise Approx $52 Million in the Past Week
Last week, crypto startups raised approximately $52 million, with Fedi raising $17 million and zkLink raising $10 million. Fedi is a developer of financial data technology that allows users to create federations for payments between friends and family using Bitcoin. Meanwhile, zkLink plans to provide crypto traders with uninterrupted multichain exposure. Fare Protocol, which raised $6.2 million, offers a probability smart contract ecosystem that allows users to mint and burn FARE tokens with clarity and verifiably random results. Other fundraisers include Vibe, Entendre Finance, Nolus, and Portals, which raised $4 million, $4 million, $2.5 million, and $2 million, respectively.
Market Byte: Highlights from Consensus 2023
Even in the midst of a bear market, the crypto ecosystem continues to forge ahead, making strides in innovation and collaboration.
China Drafts Proposal for Crypto-Related Financial Trial Protocols
Chinese officials have drafted a proposal on how to handle crypto-related financial trials, expressing concern about the risks of cryptocurrencies. The proposal relates to the validity of legal acts related to cryptocurrencies, stating that crypto assets have some attributes of network virtual property and if used to settle debts, would be recognized as valid. However, investment contracts entered after Sept. 4, 2017, and any related contracts after the mining ban would be recognized as invalid. Meanwhile, Hong Kong is working to become more accommodating to crypto businesses and aims to become an "international virtual asset center." Despite China's ban on crypto, businesses have found ways to operate, and officials are optimistic about the potential of the metaverse industry.
Crypto Advocate Shares Scary Warning About Memecoins
Crypto advocate Chris Blec made a tweet about the possible harm of investing in memecoins, including PEPE which he hinted could be a potential scam. He explained to his 48k Twitter followers that the memecoin may eventually cost people their lives if they are not careful.
New York AG Seeks Landmark Crypto Law, Cites ‘Dysfunction’
New York Attorney General Letitia James proposed a state law to tighten rules over cryptocurrency companies in her latest swing at an industry she claims is suffering from “rampant fraud and dysfunction.”
TruthGPT, Elon Musk AI Crypto Tokens Draw the Ire of State Regulators
The promoter of cryptocurrencies dubbed TruthGPT Coin and Elon Musk AI Token is being issued cease-and-desist orders from several state regulators, including Texas, seeking to crack down on scams looking to capitalize on the growing discourse around artificial intelligence.
