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In its attempt to relieve the pressure against the rupee, the Indian government announced on July 1 that it had hiked the duty on imported gold by five percentage points to 12.5%. However, there are fears the import duty hike will spur a resurgence in the smuggling of the commodity. India’s Worsening Trade Deficit Faced with a rising trade deficit and weakening local currency, the Indian government announced on July 1 that it was hiking the duty on imported gold from 7.5% to 12.5%. Immediately after the announcement, the precious metal’s price in India went up by 3%. According to a report, the latest data from the country shows that imports of the precious metal into India — the world’s second largest consumer of gold — grew by almost ten times in twelve months to $6 billion. During the same period (May 2021 to May 2022), India’s negative trade balance grew to $24.29 billion, up from the $6.53 billion that was recorded a year ago. Following the announcement, some Indian experts lauded the decision which they say will dampen demand for the precious metal. However, an unnamed dealer is quoted in the report suggesting that the hike will likely encourage the smuggling of the commodity. The dealer is quoted as saying: Gold smuggling was falling after the duty reduction and because of COVID-19 curbs on [the] movement of people. But now it could rise again. Rupee Decline Meanwhile, another expert, Somasundaram PR, a regional CEO of the World Gold Council’s Indian operations, concurred with experts who assert that the hike will help reduce demand for gold and thus ease the pressure on the rupee. Surendra Mehta, a secretary at India Bullion and Jewellers Association (IBJA), is quoted in the same report predicting that the demand for the precious metal will rebound. According to the report, the announcement by the Narendra Modi government came just as reports emerged that the Indian rupee had breached the 79 mark against the U.S. dollar for the first time. At the time of writing, the rupee-dollar exchange rate stands at 79.09. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Leading cryptocurrency lender Nexo has offered to buy distressed competitor Vauld, which halted operations in the face of financial difficulties. The proposal comes after the Singapore-based company said it was exploring restructuring options. Nexo Secures Exclusive Agreement to Explore Vauld’s Acquisition Singapore-based crypto lending and trading platform Vauld, which announced suspension of withdrawals and other transactions for customers, has been offered a way out of its troubles. On Tuesday, major crypto lender Nexo unveiled it had signed an indicative term sheet with Vauld that grants it a 60-day exploratory period for exclusive talks over the intended acquisition of the rival company. On Monday, Vauld’s management said it’s halting operations because of “financial challenges” due to “the volatile market conditions.” It also cited financial difficulties at its partners and blamed the current market climate for the withdrawal of almost $198 million by its customers in about three weeks. On the backdrop of this latest sign of stress in the industry, Nexo noted in a statement that it’s now up to “capable and well-capitalized entities to aid the sector.” In case of a satisfactory outcome of the initiated due diligence process, the lender plans to acquire up to 100% of Vauld, reorganize operations, and seek “deeper presence in Asia.” “We sympathize with all affected by the drastic market downturn. However, difficult times always teach us the importance of business model viability and prudent risk management. It is inevitable that the industry leaders will navigate out of the current crisis,” commented Tatiana Metodieva, Nexo’s head of Corporate Finance and Investments. Nexo assured it “aims to provide immediate assistance and alleviate withdrawal limitations put in place on Vauld’s platform,” which affected more than 800,000 customers. At the same time, the lender is planning for the future, including by exploring options to provide Vauld’s customers with a wider range of retail and institutional products and improved services. Vauld’s CEO Darshan Bathija was quoted as stating that “Operating under the Nexo umbrella puts us instantly in a position of strength to continue the execution of our fiduciary obligations to our customers and at the same time to execute upon both companies’ ambitious roadmaps, regardless of the market conditions.” The crypto lending sector saw significant growth over the past couple of years but was affected by the recent market slump and negative events such as the collapse of the terrausd (UST) stablecoin in May. In June, U.S. lender Celsius suspended withdrawals, again citing market conditions, followed by Voyager, which did the same a few days ago. Nexo had also offered to buy the assets of Celsius. Do you expect to see more consolidation in the crypto industry and the lending sector in particular? Tell us in the comments section below. View the full article

Citizens of Argentina are hedging their savings by using stablecoins amidst the recent climate of uncertainty created by the resignation of certain key members of the government. The minister of economy in the country resigned last weekend, alongside other personalities, creating the turmoil that prompted the price of stablecoins in the country to rise by 11% on some exchanges. Dollar-to-Peso Exchange Rate Plummets Due to Political Uncertainty in Argentina The rate that citizens in Argentina use to exchange the native fiat currency, the Argentinian peso, for dollars, has plummeted due to the climate of political and economic uncertainty the country is currently facing. The resignation of economy minister Martin Guzman caused shockwaves, as he was one of the biggest articulators of the deal the country inked with the International Monetary Fund (IMF) to restructure the debt that the country has with the organization. The resignation of Guzman also brought about demissions from other important officers of the ministry, including Ramiro Tosi, Roberto Arias, and Rodrigo Ruete. This made the exchange rate of pesos for U.S. dollars reach record numbers on different cryptocurrency exchanges. According to Bloomberg, the rate reached 257 Argentine pesos on the Binance exchange, a rise of 6.6%. On the Lemon Cash exchange, prices jumped 11% to 279 pesos. Inflation and Devaluation Driving Argentinians to Foreign Currencies and Crypto The situation has caused Argentinians to rush to exchange their pesos for foreign currencies like the U.S. dollar and also for dollar-pegged stablecoins like USDT. Even with the appointment of a new economy minister, Silvina Batakis, the market did not recover to its previous rates. According to local media, the exchange rate fell even lower to 280 pesos per dollar, even reaching the 300 pesos per dollar mark on some exchanges. Furthermore, the volumes of stablecoins traded increased significantly. Some operators reported increases of 500% in volumes traded during some hours of the weekend, with most traders trying to anticipate the rise in traditional markets to take advantage of the arbitrage opportunities. The exchange rate of the digital dollar went over the exchange rate of the physical dollar, showing that Argentinians prefer to purchase these variants due to the simplicity of trading them again for other goods and also for the different uses they afford compared to dollar bills. The movements are consistent with a survey conducted by Americas Markets Intelligence in April, which found that 12% of the population have invested in crypto, and 18% were interested in investing in crypto. What do you think about the recent rise in demand and price of several stablecoins in Argentina? Tell us in the comments section below. View the full article

The Monetary Authority of Singapore (MAS) has told Parliament that the central bank is considering imposing additional restrictions on cryptocurrency trading. They include “placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies.” MAS Considers New Restrictions on Crypto Trading Tharman Shanmugaratnam, the minister in charge of the Monetary Authority of Singapore (MAS), answered a parliamentary question about the regulation of cryptocurrency Monday. Murali Pillai, a member of the Singapore Parliament, asked whether the MAS “intends to implement further restrictions on cryptocurrency trading platforms with a view to protect unsophisticated persons from entering into such trades which are considered highly risky.” The minister in charge of the MAS explained that since 2017, the central bank “has consistently warned that cryptocurrencies are not suitable investments for the retail public.” He detailed that in January, the central bank restricted “the marketing and advertising of cryptocurrency services in public areas, and disallow cryptocurrency trading being portrayed in a manner that trivializes its risks.” Since then digital payment token (DPT) service providers in the country have taken actions to meet the central bank’s rules, including “removing cryptocurrency ATMs from public areas and taking down advertisements from public transport venues,” he noted. The minister further revealed: MAS has been carefully considering the introduction of additional consumer protection safeguards. These may include placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies. Minister Shanmugaratnam opined, “Given the borderless nature of cryptocurrency markets, however, there is a need for regulatory coordination and cooperation globally.” He elaborated, “These issues are being discussed at various international standard-setting bodies where MAS actively participates.” The MAS reiterated its crypto warning Monday: Cryptocurrencies are highly risky and are not suitable for the retail public. People can lose most of the money they have invested, or more if they borrow to purchase cryptocurrencies. What do you think about the comments by the minister in charge of the Monetary Authority of Singapore (MAS)? Let us know in the comments section below. View the full article

A hacker claims to have stolen the personal data of a billion Chinese citizens from the Shanghai National Police (SHGA) and is selling it for 10 bitcoins. “This database contains many TB of data and information on billions of Chinese citizens.” 23 Terabytes of Data on a Billion Chinese Citizens on Sale for 10 Bitcoins An anonymous hacker has claimed to have stolen about 23 terabytes of data on a billion Chinese citizens from a Shanghai police database. Experts say that, if true, this would be one of the biggest data breaches in history. The data is being offered for sale for 10 bitcoins. At the time of writing, this sum amounts to about $197,806. On a hacker forum, an anonymous user using the handle “Chinadan” offered the data for sale on Thursday. The user claimed that the information was leaked from the Shanghai National Police (SHGA) database. “This database contains many TB of data and information on billions of Chinese citizens,” the post details. The leaked data includes names, addresses, birthplaces, national ID numbers, mobile numbers, as well as crime and case details. The user shared a sample of 750,000 records to allow interested buyers to verify that the data for sale is not fake. On Monday, Binance CEO Zhao Changpeng (CZ) tweeted: Our threat intelligence detected 1 billion resident records for sell in the dark web, including name, address, national id, mobile, police and medical records from one asian country. “Likely due to a bug in an Elastic Search deployment by a gov agency … It is important for all platforms to enhance their security measures in this area,” he continued, adding that “Binance has already stepped up verifications for users potentially affected.” The Binance chief further explained Monday: “Apparently, this exploit happened because the gov developer wrote a tech blog on CSDN [China’s Software Developer Network] and accidentally included the credentials. 1 billion records of private citizens’ data.” What do you think about this data leak? Let us know in the comments section below. View the full article

Meta, the company formerly known as Facebook, is preparing to face a strong market downturn. According to reports, Mark Zuckerberg, CEO of Meta, announced a change in the hiring policies of the company, lowering the number of engineers planned to be hired from 10K to 6-7K. Previously, Zuckerberg had warned about the metaverse pivot of the company and how it could make it lose money in the near future. Meta Preparing for a Difficult Future Meta, the social media and tech company that pivoted to metaverse tech, has announced a series of actions to help it face a market downturn in the future. According to reports, Mark Zuckerberg, founder and CEO of the organization, stated that the current economic situation would change the hiring plans of the company for this year. Zuckerberg stated that Meta will now only hire between 6,000 and 7,000 engineers this year, lowered from the estimated 10,000 planned before. This means that the company will effectively reduce hiring between 30% to 40%. Zuckerberg also declared the company will change its view on how workers must perform, hinting at higher standards in this area. About this, Zuckerberg stated: Part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might decide that this place isn’t for you. Zuckerberg also hinted at Meta executing some layoffs by declaring: Realistically, there are probably a bunch of people at the company who shouldn’t be here. Metaverse Losses Zuckerberg has previously recognized the focus the company now has on the metaverse will make it lose money for the foreseeable future. Meta has greatly increased the number of funds dedicated to R&D for its metaverse hardware division, which is in charge of creating more immersive hardware for people to have a better alternate reality experience. Still, Zuckerberg is a big believer in the metaverse and in what it can bring to the company in the future. He has previously stated that he believes the metaverse will be able to attract billions of people to Meta’s platform, and that monetization services will be scaled then. Monetization is still a work in progress for the metaverse prepared by the company, but recently, Meta launched a digital clothing boutique for its social media avatars, in order to monetize digital goods. What do you think about Meta’s reduced hiring estimates? Tell us in the comments section below. View the full article

During the past seven days, non-fungible token (NFT) sales have dropped 23.37% and 30-day statistics show NFT sales are down 63.10% from the month prior. While NFT interest has been waning, a recent study indicates that global regions like Singapore and Hong Kong lead the pack in terms of NFT interest. The research further suggests that “Poland is the most anti-NFT country.” The most searched NFT project worldwide, according to search volumes by country, is Axie Infinity, which commands 112 countries in terms of the top searches by collection. Singapore, Hong Kong, and Canada Have the Most NFT Interest — Poland, Nicaragua, and Belize Are the Most Anti-NFT Countries A new study published by cashnetusa.com, says researchers combed through NFT search data in every country in March 2022, and then calculated the number of monthly searches per 1,000,000 members of the population using the Ahrefs tool. Furthermore, cashnetusa.com researchers also leveraged the Twitter API and Snscrape tool to go through tweets matching the queries “NFT” and “NFTs.” From here they used the Cardiff University-developed Hugging Face tool to run a sentiment analysis on the data. Lastly, the team calculated the top 100 NFTs of all time on the Opensea marketplace, and scraped through those specific search volumes via the Ahrefs tool in every country as well. A number of interesting findings show how NFTs have affected each country and researchers highlight that Singapore is the “most hungry” for NFTs. “Singapore searches for NFTs more than any other country, with 18,717 searches per million inhabitants per month,” the study details. Researchers explain that currently, Montenegro is considered the most pro-NFT country worldwide as it captured “862 out of 1000 tweets proving positive.” The European country Poland is anti-NFT according to the research, with “227 of every 1,000 NFT-themed tweets found to be negative in sentiment.” NFTs From Axie Infinity and Decentraland Lead in Global Searches Cashnetusa.com’s report also shows that the blockchain NFT game Axie Infinity is the most popular NFT project in terms of countries worldwide. Axie Infinity has seen $4.23 billion in NFT sales among 2,115,063 traders, according to dappradar.com. The study indicates that Axie Infinity commands 112 countries in terms of the magnitude of searches. Decentraland is the second most searched in 43 countries and Bored Ape Yacht Club (BAYC) captures six countries. “As a limited-edition collection with a steep entry price, the Apes may be headline news — but they’re not at the fingertips of the average NFT enthusiast when Googling for new acquisitions,” the cashnetusa.com researchers detail. Cashnetusa.com’s research adds that NFTs involve a whole lot of “social, technical, and environmental weirdness,” and stresses that the subject can be controversial as well. “Where money and prestige lead, divided opinions follow. Wild investments, scams, environmental fears, and hard-to-fathom technology shroud NFTs in controversy — NFT commentators fall into two camps: evangelists and skeptics. And among NFT evangelists, everyone has their allegiance, be it to Bored Apes or Axie monsters,” the report’s author concludes. What do you think about cashnetusa.com’s recently published NFT research report? Let us know what you think about this subject in the comments section below. View the full article

Having served his five-year prison sentence in France, Russian IT and crypto specialist Alexander Vinnik is now facing a return to Greece and possible extradition to the United States. A French cassation court has recently dismissed an appeal filed by his defense against the transfer. US Extradition Continues to Haunt BTC-e’s Alexander Vinnik The alleged operator of the infamous BTC-e exchange, Alexander Vinnik, is once again under threat of extradition to the United States. The Russian’s international defense team is still trying to secure his release but the French judiciary seems inclined to send him back to Greece, where he was arrested. In December 2020, Vinnik was sentenced to five years in prison for money laundering in France where he was extradited by Greece. In the summer of 2017, Vinnik was apprehended in the Greek city of Thessaloniki where he arrived on vacation with his family. The Russian national has served his French sentence in full, taking into account his pre-trial detention and parole rules. Formally, he can now be allowed to go to Russia, where authorities have also sought his extradition on separate charges. He has in the past expressed his will to return to his home country. However, France now intends to hand him over to Greece, after an appeal filed by his defense — comprising legal experts from Russia, France, and Greece — was rejected last month. Frederic Belot, the French lawyer representing Vinnik, told the Russian business daily Kommersant: On Tuesday, June 28, without any motive or justification, the Court of Cassation issued a decision dismissing the appeal. This was an unexpected and shocking decision. Alexander Vinnik is now likely to be transferred back to Greece and then to the United States, since Greek authorities have already granted the U.S. request for extradition before sending him to France. The lawyers managed to stop the immediate transfer with another appeal and have also sought help from the European Court of Human Rights. American prosecutors believe Vinnik has laundered at least $4 billion through the now defunct crypto exchange BTC-e. U.S. investigators also suspect Vinnik of collaborating with Russian intelligence, alleging that part of the digital money that passed through the crypto trading platform could’ve been used to finance Russia’s security forces. What do you think will be the fate of Alexander Vinnik? Share your thoughts on the case in the comments section below. View the full article

The euro has had a sluggish start to the second half of 2022 as the fiat currency slid to a 20-year low against the U.S. dollar. The drop adds to the fear that the global economy is in a recession and analysts believe that the risk of “parity is just a matter of time now.” Euro Nears Parity With US Dollar Policymakers at the European Central Bank (ECB) have been dealing with record inflation levels but have been much slower than the U.S. in terms of raising the benchmark interest rate. On June 27-29, members of the ECB met at the European Central Bank’s annual forum and ECB president Christine Lagarde said: “Monetary policy is at a difficult juncture.” During the forum meeting, Lagarde further mentioned that the European Union’s (EU) first rate hike this year would happen in July, with a quarter-point percentage increase. She also noted that a rate hike would likely take place in September but would be a larger hike than July’s increase. Frederik Ducrozet, the head of macroeconomic research at Pictet Wealth Management, believes that ECB members probably wish they raised the bank rate sooner. “With hindsight, I think many governing council members would have liked to hike rates already in June,” Ducrozet explained. “But it’s a very difficult situation because you know that we are heading into a slowdown,” the Pictet executive added. Inflation and issues tied to the war in Ukraine have put the EU in a financial pickle with fewer choices on the table. The dreary European economy has also put significant pressure on the euro, the region’s sovereign fiat currency that’s leveraged in 19 economies. The euro tapped a 20-year low on July 5, 2022, hitting $1.0281 per euro, which is the lowest value against the U.S. dollar since December 2002. Mizuho FX analyst Neil Jones told Bloomberg on Tuesday that parity with the U.S. dollar is “just a matter of time now.” Bloomberg’s options price models indicate that there’s a 60% chance the euro will reach parity with the U.S. dollar. Dominic Bunning, the head of European FX research at HSBC told Bloomberg that it’s “hard to find much positive to say about the EUR.” The analyst added: With ECB sticking to its line that we will only see a 25bp hike in July – at a time when others are hiking much faster – and waiting for September to deliver a faster tightening, there is also little support coming from higher yields. Pound Sterling Hits 2-Year Low Against the USD, Euro Expected to See More Volatility In addition to the ECB dealing with inflation and issues connected to the war, the United Kingdom is suffering as well. The Bank of England has detailed in a report that the U.K.’s economic outlook seems grim, and the central bank notes U.K. households are expected to have payment difficulties. In mid-June, the British pound sterling (GBP) faced the same issues as the euro, as the world’s oldest fiat currency dropped below $1.20 against the U.S. dollar. The GBP has not dropped that low against the dollar in two years since March 2020. Analysts expect the euro to see more volatility between fiat currencies like the U.S. dollar and the Swiss franc. “The FX market is not back up to full liquidity given the U.S. holiday,” Mizuho’s FX analyst concluded on Tuesday. “Any given size of trade is likely to have a greater impact on market movement.” What do you think about the euro nearing parity with the U.S. dollar? Do you think that it will hit parity in the near future? Let us know what you think about this subject in the comments section below. View the full article

ZOGI Labs Ltd. reveals shocking whitepaper detailing next-level blockchain gaming mechanics never seen before in the industry. Eliminating core industry issues like token inflation, the team has formulated proprietary formulas that algorithmically balance a sustainable gaming economy inside Legends of Bezogia. Featuring next generation graphics, a rich and deep storyline along with playable NFTs, Legends of Bezogia is set to take the industry by storm by giving crypto-enthusiastic gamers an MMORPG that truly looks and feels like a deeply immersive game. The Legends of Bezogia resembles a triple A game with showstopping gaming mechanics that will keep players keen for years to come. For full details on everything Bezoge, the whitepaper linked below reveals all. Click to learn more. https://bit.ly/3bBWM4b $Bezoge Becomes Fully Integrated with ZOGI Labs Working closely with ZOGI Labs, Bezoge token is the key peg for all products in the pipeline of the company. With many planned projects coming in the future with ZOGI Labs, Bezoge is set to benefit directly from the integration starting with The Legends of Bezogia. Bezoge Earth ($BEZOGE), an ERC20 utility token on the Ethereum network and the primary token in the ZOGI Labs decentralized ecosystem. $Bezoge will become the asset of choice for any holder looking to passively or actively participate in this ecosystem. $Bezoge is intended to be a utility, reward, access, and incentive token with the design to generate revenue (both active and dynamic) from all current and future products of the organization. Throughout game development, bi-weekly AMA’s and community updates, current $Bezoge holders have already been rewarded with reflections alongside many holders who were given the opportunity to be rewarded in-game items by a snapshot taken earlier last year. With massive updates and game development accelerating at a rapid pace, this is just the beginning for The Legends of Bezogia, which will set new standards in gameplay, graphics, and play-to-earn mechanics in the crypto gaming industry in 2022. Fully Utilized Staking Staking is fully implemented in The Legends of Bezogia, which is active in both dynamic rewards (revenue generated from the in-game economy) and Launchpad benefits, which works with early access in the form of discounts on new products and NFTs. The Legends of Bezogia is a game where users from all backgrounds, regardless of crypto ownership or knowledge can get involved and be rewarded for activity and loyalty. Set to be the best play-to-earn crypto MMORPG for non-crypto people, The game has stacks of content to get through for both serious and casual gamers alike. Introducing Magical Blocks Magical Blocks ($MBLK) is the main in-game token used throughout The Legends of Bezogia MMORPG and metaverse, along with all future titles and releases by Bezoge Earth. Magical Blocks will be the first-ever token offering in the industry to launch with over 30,000 holders of its native governance token $Bezoge, which is already maturing as a top-quality coin with over $3,000,000 in investment for development and over a year of marketing and community building. This token is specifically designed not to create inflation of in-game currencies by way of multiple utilizations including summoning Bezogi, Minting NFTs, and leveling up characters. The whitepaper published contains all proprietary formulas, which represents Bezoge Earth & ZOGI Labs’ contribution to decentralized gaming and a foundation for all future blockchain games to be developed upon. By making it public, the team expects to see improvements in this industry segment and hopes to encourage collaborations. $MLBK can be used for the following in-game scenarios Paying for NFT items, characters and skins in Bull/Bear Market (in-game NFT secondary marketplace) Summoning/Breeding more Bezogi NFT characters Minting weapons, armor and consumable items Entry to PVP arenas Buying XP boosts Following the launch of $MLBK, there will be a fundraising round taking place in Q3 2022 where institutional and accredited investors will be invited to participate. Exciting things are coming to the world of Bezogia. For more information on The Legends of Bezogia please visit https://bezoge.com Buy Bezoge: https://www.bezoge.com/bezoge-token/exchange-uniswap Press Contact For more information on The Legends of Bezogia please visit https://bezoge.com Press Contact press@bezoge.com / Carrie Shuffield About Bezoge Earth: Founded in 2021, Bezoge Earth, under the game title of The Legends of Bezogia is an emerging Crypto-based MMOPRG Play & Earn Blockchain Game, available in Alpha on PC & Android-based devices, with the full global release planned in Q3 2022. Bezoge Earth’s portfolio of products begins with Legends of Bezogia, alongside the $Bezoge token and Bezogi/Petzogi NFT’s. Bezoge Earth’s products are designed for maximum functionality working cross-chain with cutting-edge technology representing the future of the crypto gaming industry. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

ATOM was fast approaching a one-month high during Tuesday’s session, as bullish momentum continued to rise following recent gains. This move comes as MATIC also climbed higher, hitting its highest level since June 29 in the process. Cosmos (ATOM) ATOM was trading higher on Tuesday, as prices rose to a multi-week high earlier in today’s session. The token rose to an intraday peak of $9.27 following yesterday’s July 4 celebrations, where prices hit a low of $8.14. Today’s peak sees ATOM/USD hit its highest point since June 9, as prices made their way down below the $10 mark. However, following recent gains, ATOM may be set to once again climb above $10, as bullish pressure continues to intensify. Although recent momentum has been higher, following today’s high, gains somewhat eased, with some opting to exit rather than push for further gains. This uncertainty came as prices hit a resistance point at $9.10, which hasn’t been broken in nearly four weeks. Polygon (MATIC) MATIC has once again made the news for being a notable mover, as prices continue to move away from last week’s low. Prices hit a bottom of $0.4218 on Friday, however, they surged to an intraday peak of $0.5325 earlier in today’s session. This is the highest point MATIC/USD has reached since June 29, and comes as the $0.4375 support point has stabilized. Looking at the chart, today’s surge also comes following a breakout of the 45.50 ceiling on the 14-day RSI. As of writing, the Relative Strength Index is tracking at 47.40, which is its highest reading in the last seven days. Should this uptrend continue, MATIC could soon be colliding with yet another ceiling, this time at the $0.5557 point. Will MATIC sell off once this resistance point is hit? Let us know your thoughts in the comments. View the full article

Cryptocurrency trading volumes across exchanges in India have plunged after the country’s 1% tax deducted at source (TDS) went into effect at the beginning of the month. Some major crypto exchanges saw volumes dropping by about 80%. Crypto Trading Volumes Fall Across India The trading volumes across crypto exchanges in India have fallen sharply after the new TDS (tax deducted at source) went into effect on July 1. Trading volumes on major Indian crypto exchanges Wazirx, Coindcx, Zebpay, and Bitbns plunged about 83%, 70%, 76%, and over 18%, respectively, from Thursday to Sunday, the Mint reported Monday, citing data from research firm Crebaco. The controversial 1% TDS on crypto transactions exceeding 10,000 rupees is now in effect. The TDS is in addition to the 30% gains tax on crypto which went into effect in April. Crebaco founder Sidharth Sogani told the publication that the substantial drops in crypto trading volumes also resulted from the global financial market sentiments. In addition, liquidity providers have backed out in India, he noted. Coindcx CEO Sumit Gupta warned: With 1% TDS, trading frequency is likely to drop in just 7 months. And volumes are expected to go down in 10 months. Some traders are confused about whether the 1% TDS applies when using foreign cryptocurrency exchanges. Wazirx founder Nischal Shetty clarified: There has been misinformation spread by some that trading on foreign exchange does not attract TDS. That is incorrect. He explained that using exchanges that do not deduct TDS means traders are responsible for paying TDS directly to the country’s Income Tax Department. “Please be aware of this as you will end up having a huge TDS amount pending for payment if you trade on foreign exchanges and do not pay TDS,” the executive cautioned. What do you think about India’s 1% TDS? Let us know in the comments section below. View the full article

BTC briefly rose back above $20,000 on Tuesday, as U.S. markets reopened following yesterday’s Independence Day holiday. Prices of ETH also surged, climbing over its $1,100 resistance level. Overall, the crypto market cap is trading 0.63% higher. Bitcoin On Tuesday, bitcoin rallied back above $20,000, as traders returned from the U.S. Independence Day celebrations. In what has been a highly volatile trading session, BTC/USD rose to an intraday peak of $20,405.12 earlier in the day. However, these gains were not sustained, with prices since moving to a low of $19,438.48, as bulls likely liquidated their positions. As of writing, prices are now trading at $19,447.73, which is roughly around 1.13% lower than today’s high. Looking at the chart, the drop comes as prices approached a short-term resistance point of $20,500. Overall, volatility continues to be high, with bearish pressure remaining present, and bears likely looking to take price below $19,000 in upcoming sessions. Ethereum ETH was also trading through turbulence on Tuesday, as prices moved above and below $1,100 over the course of the day. After trading below $1,100 for the past few days, ETH/USD rose to a peak of $1,165.68 earlier in today’s session. Unlike BTC, the world’s second largest token was mainly able to stay above this point, following previous highs. Although earlier gains have somewhat eased, ETH is currently still trading above $1,100, with bulls looking to move past a key resistance level. This ceiling is the $1,150 point, where some bulls exited, however with the 10-day moving average on the cusp of an upward cross with the 25-day MA, bullish sentiment remains. Should this cross take place, the pressure will likely increase, sending prices not only above the resistance, but potentially over $1,200. Do you expect ETH to go on a bull run this week? Leave your thoughts in the comments below. View the full article

Between June 13 and June 27, or roughly two weeks, Tron’s stablecoin USDD dropped lower than the $1 parity and slipped to a low of $0.928 per unit on June 19. During the past seven days, USDD has managed to jump back to the $0.98 to $0.99 region while reaching $1 on July 3. Tron’s USDD Stablecoin Climbs Back Above $0.98 per Unit The stablecoin USDD, issued on top of the Tron network, saw its value slip below the typical $1 parity it held prior to June 13. Prior to that day, the stablecoin’s chart looked similar to an electrocardiogram flatline holding a stable value of around $0.994 to $1. Between June 13th to the 15th, however, USDD’s fiat value slipped to a low of $0.964 per unit. At that time, the Tron Reserve DAO collateralized the stablecoin with crypto assets such as tron (TRX) and usd coin (USDC). During that time, bitcoin (BTC) and a number of other top crypto assets slid significantly in value. On June 18, the crypto economy shuddered and around 2 p.m. (ET), BTC hit a 2022 low at $17,593 per unit. The following day, Tron’s USDD hit the stablecoin’s all-time low at $0.928 per unit. Eight days later, on June 27, USDD managed to get back to the $0.98 to $0.99 range, and it’s been trading for that price ever since, with one brief spike to $1 per unit on July 3. While the stablecoin had a two-week run below the normal rate, the Tron Reserve DAO continued to add more collateral to the project. At the time of writing, the project’s reserve page notes that there’s 723.32 million USDD in circulation. The web page details that USDD is overcollateralized by 313.5% at the time of writing, with four different crypto assets backing the project. Assets include 10.874 billion tron, 14,040.6 bitcoin, 140 million tether, and 990 million usd coin. When USDD saw a lower price value than usual for two weeks during the crypto market downturn, a couple of other stablecoins also dropped to lower values than usual. Top 9 Stablecoins by Market Cap Remain Stable Bitcoin.com News reported on Abracadabra’s stablecoin MIM slipping to $0.91 and the Waves stablecoin neutrino usd (USDN) sliding to $0.931 per unit. While USDD has held a stable price range over the last week, USDN is exchanging hands for $0.987 while MIM is swapping for $0.993. The Tron Reserve DAO has continued to bolster the stablecoin’s backing with reserves and it’s been purchasing back USDD with assets as well. Stablecoins have all seen instances where the value of the coin is below the expected $1 parity. However, stablecoins like nubits, empty set dollar, titan, and basis cash have all failed and the recent terrausd (UST) implosion has caused a lot of concern and worries about the possibility of more stablecoin failures. The concern has been directed at some of the largest stablecoins in the industry and many of the smaller stablecoin capitalizations with less liquidity. Meanwhile, the top nine stablecoins in terms of market valuation, have been stable this week trading for $0.98 to $1 per token. What do you think about USDD climbing back to the $0.98 to $0.99 region? Let us know what you think about this subject in the comments section below. View the full article

The Ghanaian government has reportedly changed its mind and will now seek a financial rescue package from the International Monetary Fund (IMF). The decision comes just a few days after residents took to the streets to protest the spiraling inflation and growing economic hardships. Ghana’s Growing Balance of Payments Deficit After initially refusing to seek the International Monetary Fund (IMF)’s support, the Ghanaian government has said it will now hold formal talks with the financial institution, a report has said. According to the report, the government’s decision followed a conversation between President Nana Akufo-Addo and the IMF’s managing director, Kristalina Georgieva. As per the report, the government’s about-face comes after Ghana’s inflation rate, which topped 27.6% in May, as well as the deteriorating economic situation, helped spark street protests across the country in late June. Ghana’s apparent volte-face also came less than two months after the central bank hiked main interest rates by 200 basis points to 19%. In addition to the spiraling inflation rate, Ghana has to contend with a negative balance of payments position which grew to $934.5 million in the first quarter of 2022. In the first quarter of 2021, the country’s balance of payments deficit was $429.9 million. Decision Almost Inevitable Meanwhile, the analyst quoted in the report praised Ghana’s decision, which they believe will help its economy. Commenting on the government’s decision to seek a bailout package from the IMF, Razia Khan of Standard Chartered said this was “positive news.” Another analyst, Leslie Dwight Mensah from the Accra-based Institute for Fiscal Studies, said: This decision was almost inevitable, given the worsening economic situation and the threat of a balance of payments crisis due to the deteriorating external environment. Mensah also hinted that talks with the IMF could potentially boost investors’ confidence in the country’s ability to meet its obligations. In the meantime, another report quotes an IMF spokesperson who pledges the institution’s readiness to help “Ghana to restore macroeconomics stability; safeguard debt sustainability, promote inclusive and sustainable growth and address the impact of the war in Ukraine and the lingering pandemic.” Ghana, which is West Africa’s second largest economy and one of the continent’s biggest producers of gold, has been reeling from the effects of the global pandemic and is reportedly close to a debt crisis. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The British Army’s official Youtube and Twitter accounts were compromised Sunday and hackers used them to promote crypto, including bitcoin and ether giveaway scams featuring Tesla CEO Elon Musk. British Army’s Social Media Accounts Used to Promote Bitcoin, Crypto, NFT Scams The British Army confirmed Sunday that its official Youtube and Twitter accounts were breached. The army’s verified Twitter handle with nearly 363K followers retweeted a number of posts promoting non-fungible token (NFT) scams before they were removed by Twitter. During the breach, the account name, profile picture, and banner image were changed to resemble NFT collections. Meanwhile, the army’s Youtube account, which has 177K subscribers, was renamed “Ark Invest” and four live videos promoting bitcoin and ether giveaway scams were uploaded to the account. The scammers advertised that for every bitcoin or ether sent to them, you will receive twice the amount back. The videos featured Tesla CEO Elon Musk, former Twitter CEO Jack Dorsey, and Ark Invest CEO Cathie Wood. Scammers often use public figures and celebrities to promote their cryptocurrency scams, particularly bitcoin and ether giveaways. Besides Musk, Dorsey, and Wood, other well-known people who have been featured in crypto giveaway scams include Microsoft co-founder Bill Gates, Berkshire Hathaway’s Warren Buffett, and Apple co-founder Steve Wozniak. In June, the U.S. Federal Trade Commission (FTC) revealed that more than 46,000 people reported losing over $1 billion in cryptocurrency to scams since the beginning of last year. The spokesperson for the British Army was quoted by Reuters as saying: “We take information security extremely seriously and are resolving the issue. Until the investigation is complete it would be inappropriate to comment further.” What do you think about hackers taking over the British Army’s social media accounts to promote crypto scams? Let us know in the comments section below. View the full article

Peter Schiff-owned Euro Pacific Bank has been suspended by Puerto Rico’s financial regulator. Schiff claims that there’s “no evidence of crimes,” warning that “accounts are frozen and customers may lose money.” Puerto Rico’s Regulator Suspends Peter Schiff’s Bank Euro Pacific Bank, owned by notorious bitcoin skeptic and gold bug Peter Schiff, has been suspended by the Office of the Commissioner of Financial Institutions of Puerto Rico, also known as Oficina del Comisionado de Instituciones Financieras (OCIF). Insisting that there is no evidence of crime at the bank, Schiff tweeted Sunday: Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues … As a result accounts are frozen and customers may lose money. The Puerto Rican financial regulator announced on June 30 that it has issued a “Complaint and Cease and Desist Order” and a “Temporary Order Designating Trustee” against Euro Pacific Intl. Bank Inc. “The order mandates the suspension of Euro Pacific’s operations … due to its crass noncompliance with the minimum capital requirements,” the OCIF detailed. “Further, the order imposes on Euro Pacific administrative fines totaling $765,000.00 for various violations to the laws and regulations administered by OCIF.” The regulator elaborated: Euro Pacific’s serious insolvency situation constitutes sufficient legal justification for OCIF to undertake the administrative action announced today. Euro Pacific Bank has posted a notice on its website, stating: “We are complying by pausing transactions until at least July 7, 2022, in order to review their request.” Lack of Compliance, Schiff Claims He Has a Buyer for Euro Pacific Bank Schiff has been trying to sell Euro Pacific Bank but he claims that the OCIF has blocked the sale. “I have a buyer for the bank. But regulators won’t let me sell it,” Schiff tweeted, claiming that the buyer is “highly qualified” and has promised to “inject capital far in excess of regulatory minimums.” The bitcoin skeptic opined: “They want to liquidate it so the media, the IRS, and the J5 can pretend it’s being shut down for tax evasion and money laundering, even though there was no evidence of either at the bank.” In another tweet, Schiff admitted that his bank is not in compliance with the Puerto Rican minimum capital requirements. He explained: My team didn’t understand the rules. We were new to PR [Puerto Rico]. We were required to keep more capital than we thought. “I was prepared to put the extra in, but the Commissioner of OCIF told me I did not have to as the deficiency would be cured per the terms of the sale,” he claimed. Replying to a question on Twitter about how much the shortfall was and how long the capital requirements had been an issue, Schiff said: “It was several million.” Euro Pacific Bank was under investigation by tax authorities in five countries in 2020. Schiff admitted he was accused of tax evasion but stressed that the allegations were false and no charges were filed. What do you think about Peter Schiff’s Euro Pacific Bank’s situation? Let us know in the comments section below. View the full article

Quik.com, a portal to the web3-optimized metaverse, is bringing firsthand knowledge of the .metaverse, .vr, .web3, and many other top-level domains to the web3 race. These domains on Quik.com are minted on blockchain technology and are featured to be stored as an asset in the user’s digital wallet and held, sold, or even exchanged if the owner wishes to. These features separate them from traditional domains as they are not under centralized control. This allows them to reject third-party interference and secure privacy over data ownership. Users must link their digital wallets to the Quik ecosystem to obtain these domains, offering multiple top-level domains. Minting can be easily done through Quik.com, but it also requires in-depth market research and futuristic beneficial components to be considered. While the race is still young, many are trying to develop on the web3. Recognize that you are already on your way to a significant profit if your newly generated domain has exceptional qualities that can be in demand. Web3 domains are widely available on Quik.com. Another important characteristic of these domains is that they enable you to host a decentralized website on the web and provide numerous benefits in addition to technological improvements in the sector. Do decentralized domains vary in any way from conventional domains? Traditional domains are built on centralized networks operated by the user and owned by a third party. Even though you may have admin rights and access keys to the website, the data is controlled by the third company managing the centralized web. Traditional domains differ a lot from decentralized domains. A traditional domain utilizes a centralized dispute resolution. The Internet Corporation for Assigned Names and Numbers (ICANN) manages all the traditional domains. It offers uniform domain names, centralized dispute resolution mechanisms, and dispute resolution policies for curating traditional websites. Decentralized domains allow the user to host a decentralized website. It also allows you to control and manage the website without third-party interference. To vandalize ICANN’s dependency and regulations. The security measures possessed by decentralized websites are high as they acclaim blockchain technology. The web is evolving toward web3 with a decentralized twist focusing on user authority and rights. The market is still in its infancy. While many attempts to secure premium domains to host a decentralized website on the web3, Now is the ideal time for investors to grow their portfolios and start enterprises on the web. Quik.com offers TLDs with extensions like metaverse, virtual reality, web3, and many others that are quickly acquiring renown and notoriety and will soon take over the web due to rising demand. Quik.com The domains on Quik.com offer their users sole ownership of any digital asset paired with the domain. Domains such as .metaverse and .vr are top-level domains on the Ethereum Blockchain and are available on Quik.com to obtain early access. These domains’ distinctive nature and prominent features prevent them from being cloned or copied once registered. These decentralized domains can also be used to curate decentralized websites to entice users to use web3. The Quik ecosystem has been developing quickly, and for quik.com customers who own web3 domains, there is still a tonne of things to be discovered and introduced. The user is also given access to the web and the developing metaverse. The metaverse and the web3 are linked. The extensions metaverse domains, VR domains, web3 domains, chain domains, and many others are available on Quik.com. Due to the early stages of web3, few users are yet aware of the profitable nature these domains possess. Perks of minting domain on Quik.com Business and technical organizations are obtaining domains to host decentralized websites. Obtaining a web3 domain gets you an advantage in the competition while other entities are battling to acquire domains on the other side of what you already own. Tech organizations are vying for the most distinctive domain names to establish themselves on the web with a decentralized domain and dominate the market. You can publish material on the web if you construct a decentralized website using a metaverse domain. Users can quickly find your content because your domain is connected to a TLD and is an extension of the metaverse, the internet of the future, where the content is released. Top-Level Domains on Quik.com .metaverse .vr .web3 .chain .i .address .bored .shib You can host your decentralized website on the web3 using these names, or you can use them to access the metaverse. Each domain has a distinctive quality, so every tech investor needs to be familiar with the 9 TLDs offered on Quik.com. They are eager to expand their portfolio by investing in these domains as assets because of their knowledge and experience in the rapidly expanding technical field. Once you own a domain, you are entitled to a 5%-7% fee on all sales made using your domain. Although there are differences in how your domain is used across the Quik ecosystem and its developing technology. How to mint a domain on Quik.com? Before minting your domain, you must first connect your digital wallet to the Quik ecosystem. Once your digital wallet is connected, it will allow you to curate transactions and mint your domain. Check Quik.com for the domain you want to buy. You can confirm and mint the transaction through your digital wallet if the domain is available. However, if the specific domain you’re trying to register is not available, it means another user has already acquired it. By negotiating with the user on the Quick P2P marketplace, you can buy the domain from them. The domain you obtain can be used to create a decentralized website or can also be stored as an asset. Investing in the domain on Quik.com indicated an investment in web3, the internet’s future, and the metaverse. With many untapped potentials and hidden gems, this investment is full of potential. Visit Quik.com Now Join Quik’s telegraph group – https://t.me/quikcom Follow Quik on CMC – https://coinmarketcap.com/currencies/quik Learn more about NFT domains – ​​https://metatelegraph.com/metaverse-domains-how-to-buy-faq/ Follow Quik on Instagram – https://www.instagram.com/quikdotcom/ Follow Quik on Twitter – https://twitter.com/quikdotcom This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

On July 4, the crypto lending company Vauld announced it suspended withdrawals, trading, and deposits after disclosing the firm is “facing challenges.” While not naming any specific companies, the Singapore-based cryptocurrency lending platform and exchange mentioned “financial difficulties” stemming from “key business partners.” Vauld Suspends Withdrawals Over ‘Financial Difficulties’ During the last 30 days, a number of cryptocurrency lending platforms have revealed that their finances are not very sound. For instance, the crypto lender Celsius paused “all withdrawals, swaps, and transfers between accounts,” on June 12, 2022. Furthermore, on July 1, Voyager announced the crypto company was “temporarily suspending trading, deposits, withdrawals and loyalty rewards.” Vauld revealed it was doing the same on Monday, July 4, when the company tweeted: “We are facing challenges despite our best efforts. This is due to a combination of circumstances such as the volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate,” Vauld’s founder Darshan Bathija wrote. The Singapore-based crypto startup added: This has resulted in significant customer withdrawals in excess of $197.7 million since June 12, 2022, when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab’s UST stablecoin, Celsius Network pausing withdrawals, and 3AC defaulting on loans. Vauld continued by highlighting that the startup is currently working with financial and legal advisors in India and Singapore. The firm also mentioned the company is talking about restructuring options with the advisors and methods that would “best protect the interests of Vauld’s stakeholders.” Vauld intends to apply with the Singapore courts to protect the firm from any proceedings and ask for time so Vauld can have “breathing space to carry out the proposed restructuring exercise.” Vauld’s Twitter announcement continued: In the meantime, we have made the difficult decision to suspend all withdrawals, trading, and deposits on the Vauld platform [effective immediately]. Bathija says that the company believes the suspension will help Vauld explore potential restructuring options. While Vauld mentioned a massive number of withdrawals took place on June 12, the same day Celsius paused operations, Blockfi’s co-founder Zac Prince noted that his company witnessed a significant “uptick in client withdrawals” that day as well. Following Vauld’s announcement, customers were not pleased with the operations freeze. “Please confirm if user funds are safe or not?” one individual replied to Vauld’s Twitter thread. “I thought Vauld has $100 [million] insurance,” another person asked. “That [insurance] protected from hacks, not bankruptcy,” a random individual said responding to the insurance question. Vauld is backed by well known firms like Pantera Capital, Valar Ventures, and Coinbase Ventures. The company also reduced its staff by 30% on June 21 over “uncertain” market conditions, according to an announcement from the startup’s founder, Bathija. To date, the crypto lender Vauld has raised $27.5 million from investors. Nick Saponaro, founder and CEO of crypto payment platform Divi Labs, commented on the Vauld situation in a note sent to Bitcoin.com News. “In recent weeks Celsius, Voyager and now Vauld, a Singapore-based exchange have all suspended trading on their platforms. There has never been a more important time to ensure people understand the risks of using centralized exchanges.” Saponaro further stressed that centralized finance (cefi) and exchanges are antithetical to the crypto movement. The Divi Labs executive added: Centralized exchanges and cefi services are not crypto, or even blockchain companies. They are essentially banks with less regulation, oversight, and most importantly, responsibility to the consumers they serve — To take back control, it’s vital that we move to self-custodial products and services that put us in full control of our digital assets and financial futures. What do you think about Vauld’s announcement on Monday? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin continues to hover below $20,000 to start the week, as U.S. markets were mainly closed due to the Independence Day celebrations. This past weekend’s volatility carried forward into Monday’s session, with ETH remaining close to a breakout below $1,000. Bitcoin Bitcoin started the week in the red, as the world’s largest crypto token continues to hover below $20,000. Following a volatile weekend of trading activity, BTC/USD dropped to an intraday low of $18,971.81 on Monday. As a result of this move, bitcoin continued to trade close to its support point of $18,800, with bears still targeting further lows. Looking at the chart, there is currently a lower floor at $17,700, which may be the next destination for prices, should momentum continue on its downward trend. However, there is one notable obstacle in the way of this move, that being of the 14-day RSI which is currently tracking at a support of its own. This is at the 28.60 level, and it is a support that has held firm for the past two weeks. Should this eventually give way, however, then more bears will likely enter the market. Ethereum In addition the BTC, ethereum was also in the red to start the week, with price once again tracking close to a support level at $1,050. Overall, ETH/USD has now been in this current downtrend for the past ten sessions, with today’s low seeing it hit a floor of $1,044.01. Like BTC, there seems to be a lower low ahead for the world’s second largest cryptocurrency, with bears firmly set on heading below $1,000. The target here could be as low as $885, which is a point that was last hit on June 18, following a then nine-day losing streak. Despite this current run of lows from ETH, the 10-day and 25-day moving averages are at their closest proximity since they last crossed over in an upward trend on March 22. So although we could see further lows, there is also the possibility of a bounce in prices, once a firm floor is finally found. Could we see ETH break below $1,000 this week? Leave your thoughts in the comments below. View the full article

The government of Colombia announced a new system that will allow it to use the Ripple Ledger to store and authenticate property titles. The system, which was developed by a third-party company called Peersyst Technology, aims to allow the National Land Agency to issue a record number of land adjudications for citizens. Colombia to Register Land Titles on the Ripple Ledger While the main uses of blockchain technology are currently linked to assets with transactional value, like cryptocurrencies, there are companies and governments leveraging it for other uses. The government of Colombia will use the underlying blockchain of the XRP asset, the Ripple Ledger, to assist in the issuance of land titles in the country. The announcement was made by Peersyst Technology, a third-party company that worked with Ripple to complete the digital implementation of the National Land Registry. The company stated: The solution has been implemented for AgenciaTierras is based on xrpstamp which allows to register digital assets on XRPL and verify their authenticity with QRCode. This means that the new system will allow for the issuance of land-related documents and verification of their authenticity without requiring third parties for the process. Goals and Related Projects The project includes the Ripple-based solution to help normalize the status of many land owners that still don’t have papers to certify their ownership over the land they inhabit. In this sense, Peersyst Technology announced that this solution aims to certify more than 100,000 land adjudications in a short term, to guarantee confidence in the solution adopted by Colombia. There are other, similar projects in Latam, seeking to leverage the use of blockchain for various government goals. The Brazilian Blockchain Network, a project that seeks to build a common infrastructure for institutions to build apps on, aims to improve the transparency of the government function by using blockchain to record each interaction. Similarly, a cryptocurrency bill approved by the Panamanian National Assembly, which was partially vetoed by president Laurentino Cortizo due to money laundering concerns, included an initiative to create a blockchain-based ID system to facilitate access of ID-related services for a broader audience in the country. Colombia has also recently taken the first steps to regulate cryptocurrency exchanges with a bill being approved in its first discussion by the Columbian Congress. What do you think about using the Ripple Ledger to register land in Colombia? Tell us in the comments section below. View the full article

Eric Schmidt, who was CEO of Google, has declared that there is confusion about the concept of the metaverse and what it means for people. Schmidt stated that, even with a company like the former Facebook pivoting its operations to occupy the metaverse market, there is still not a clear definition of the concept and how it will affect people’s lives. Metaverse Still Not Defined, According to Google’s Former CEO Eric Schmidt While there has been a considerable number of companies and firms that are already putting funds into and betting on the growth of the concept of the metaverse, not everyone is so convinced about the subject. Eric Schmidt, an entrepreneur that was formerly CEO of tech giant Google from 2001 to 2011, is in this latter group. Schmidt has expressed a degree of skepticism when it comes to the importance and adoption that this new tech may take on in the future. This week, at an event in Colorado, Schmidt expressed his thoughts about the metaverse. He declared: There’s not an agreement on what the metaverse is, even though one company has changed its name in anticipation of defining it. Schmidt was ostensibly referencing the step that Meta, formerly known as Facebook, took while pivoting to include metaverse tech as one of the pillars of its operation. Last year, the entrepreneur also took another dig at Facebook, stating that he didn’t think Meta would be the company to shape the metaverse, even if the form it will take is yet undetermined. Metaverse Land and Investments However, companies and even countries are already very invested in the metaverse, a technology that is currently associated with VR and AR (augmented reality) technologies, and apps that use them. One of the first countries that has considered the metaverse as a key tech for the future is South Korea, which announced in May it would allocate $177 million directly to metaverse platforms, with the idea of kickstarting national companies with an interest in the technology. Real estate in the metaverse has also been considered a controversial subject by Schmidt. On the issue, he stated: I’m not worried about buying large swaths of private real estate in the metaverse myself. It’s not a concern I have every day. However, according to Metametric Solutions, a metaverse analytics company, sales of real estate properties in the metaverse are expected to reach $1 billion this year. What do you think of the opinion of Former Google CEO Eric Schmidt on the metaverse? Tell us in the comments section below. View the full article

The Central Bank of Russia would agree to the legalization of cryptocurrency mining, provided the proceeds from the activity are converted to fiat outside of Russia. The regulator’s latest position on the matter comes after it softened its stance on the possible use of cryptocurrencies for payments, even if only internationally. Central Bank of Russia to Accept Legalization of Cryptocurrency Mining The monetary authority in Moscow is now ready to back the legalization of crypto mining under the condition that Russian miners are obliged to sell the coins they obtain in the process outside the country. That’s according to a recent statement by Kirill Pronin, head of Bank of Russia’s Financial Technologies Department. The central bank has been the hardline voice in the ongoing discussions on the future of cryptocurrencies in Russia, proposing a blanket ban on most related activities earlier this year, including mining. However, facing opposition from other government institutions and having to deal with financial restrictions imposed over the war in Ukraine, its position has started to change. Governor Elvira Nabiullina indicated last month that crypto payments can be permitted if they don’t “penetrate” the Russian financial system. At the same time, she insisted that digital currencies like bitcoin should not be traded on Russian platforms because these assets are too volatile and risky for potential investors. Speaking during the St. Petersburg International Legal Forum this week, Pronin noted that while mining would not fall under the responsibility of the Central Bank of Russia (CBR), it is one of the ways to acquire cryptocurrency, in the form of fees for the validation of crypto transactions performed by miners. “The legalization of mining can be discussed, but a number of conditions, in our opinion, must be met in this regard,” he was quoted as saying by Interfax. Ivan Chebeskov, director of the finance ministry’s Financial Policy Department, pointed out that some large crypto mining companies based in the Russian Federation have been also forced to deal with foreign restrictions when withdrawing funds. He suggested that Russia may have to create its own exchange infrastructure to provide liquidity to the industry. Kirill Pronin reiterated, however, that according to the CBR, the cryptocurrency minted by the miners in Russia should be sold outside its borders and not allowed to accumulate within the country. The point is to avoid creating incentives for its subsequent use in domestic payments. Besides the new bill “On Digital Currency,” expected to comprehensively regulate Russia’s crypto space, a dedicated draft law “On Mining in the Russian Federation” was submitted to the State Duma in April. Members of the lower house of Russian parliament propose to recognize crypto mining as a business activity using Russian information infrastructure and equipment located in the country. Do you expect Russia to legalize cryptocurrency mining this year? Tell us in the comments section below. View the full article

India’s central bank, the Reserve Bank of India (RBI), sees cryptocurrencies as “a clear danger.” However, the financial stability risks posed by crypto assets currently appear to be “limited.” RBI on Crypto’s Danger and Financial Stability Risks The Reserve Bank of India (RBI) released the 25th issue of its Financial Stability Report (FSR) Thursday. RBI Governor Shaktikanta Das wrote: Cryptocurrencies are a clear danger. Anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. The RBI chief further opined: “While technology has supported the reach of the financial sector and its benefits must be fully harnessed, its potential to disrupt financial stability has to be guarded against.” The Indian central bank’s report explores financial stability risks posed by crypto assets, citing various studies, including the work by the Financial Stability Board (FSB). The report states: The risks from cryptoassets to financial stability appear to be currently limited as the overall size is small (0.4 per cent of global financial assets). In addition, it notes that crypto’s “interconnectedness with the traditional financial system is restricted.” Nonetheless, the report adds: The associated risks are, however, likely to grow as these assets and the ecosystem supporting their growth are evolving. The report also discusses stablecoins and central bank digital currencies (CBDCs). The RBI noted: “The risks from stablecoins that claim to maintain a stable value against existing fiat currencies require close monitoring, in particular.” The RBI statement on financial stability and crypto echoes the comments on the subject by Christine Lagarde, the president of the European Central Bank (ECB). “Crypto assets and decentralized finance (defi) have the potential to pose real risks to financial stability,” she said in June. “This would be particularly the case if the rapid growth of crypto-asset markets and services continue … and the interconnectedness with both the traditional financial sector and the broader economy is intensified.” What do you think about the comments by the Indian central bank? Let us know in the comments section below. View the full article

The host of Mad Money, Jim Cramer, claims that “With the immolation of crypto, the Fed’s job is almost complete.” He stressed that “one front in the war on inflation that’s been an outstanding total victory for the Fed” is the battle against financial speculation. Jim Cramer on Fed’s Policy, Inflation, Crypto Jim Cramer discussed crypto and the Federal Reserve’s fight against inflation on CNBC’s Mad Money show Thursday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He began by stating, “crypto does not hedge you against anything — at all,” including stock prices, noting that it has recently performed even worse than the stock market. The Mad Money host called cryptocurrency “the last bastion of rampant speculation,” noting that it is something “the Federal Reserve is trying to wipe out in order to tame inflation.” While acknowledging the Fed’s efforts against inflation, he said, “we’ve still got lots of inflation out there.” He named housing, retail, commodities, transport, wage, and financial inflation — noting that the latter is also known as speculation. The Mad Money host believes the Fed has won against all the inflation types he mentioned, except wage inflation. “I think the Fed is starting to make real progress in fighting inflation, and I salute them,” Cramer said. “There is one front in the war on inflation that’s been an outstanding total victory for the Fed, and that’s the battle against financial speculation,” he asserted, elaborating: With the immolation of crypto, the Fed’s job is almost complete, but they don’t seem to know it yet. Cramer pointed out that the crypto sector has suffered major blows in recent weeks, citing that some major crypto companies are facing solvency crises while some are laying off employees. He cautioned investors about crypto lenders that offer “outrageous” returns. The Mad Money host opined: I know miserable stock owners love company, but this crypto decline is the mother of all miseries, and I think it’s a fitting coda to a horrendous quarter. “Cryptocurrencies of all kinds are still cascading with no real bottom in sight,” Cramer claimed, noting that crypto “is the opposite of a stable storehold of value.” He recently said that he expects bitcoin to fall to $12K. Noting that wage inflation is the remaining battleground for the Fed, Cramer concluded: “The stock market now reflects a lot of bad news … but the Fed’s still dismantling the good and they’ll keep doing it until the unemployment rate starts to surge, which I suspect will happen after one large, maybe 100-basis-point rate hike.” What do you think about the comments by Mad Money host Jim Cramer? Let us know in the comments section below. View the full article