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India to ban private cryptocurrencies

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The Indian government have made a bold move to move ahead and ban cryptocurrencies

The Indian government is preparing to impose a full ban on private cryptocurrencies, following a recent block made by China on the digital sector.

The ban would relate to all private cryptocurrencies with certain exceptions to allow the promotion of the underlying technology and its uses.

Cryptocurrency prices dropped on Indian exchanges after the decision on the bill’s future was announced.

The proposals made by India were flagged in a parliamentary bulletin listing upcoming legislation which included one paragraph on “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”.

But despite the imposed ban, the accompanying description of the bill appeared to leave some room for using cryptocurrencies.

“To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India,” it read.

“The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

The Prime Minister’s response:

India’s prime minister, Narendra Modi, stated last week that cryptocurrencies could “spoil our youth” and the country’s central bank has repeatedly warned, in line with other central banks, they could pose “serious concerns on macroeconomic and financial stability”

A new service from PayPal allows its customers to buy, hold and sell cryptocurrency directly from their PayPal account.

Despite bans imposed by China and now India – other economies around the world are embracing digitalised currencies

In September, El Salvador became the first country to accept a cryptocurrency, bitcoin, as legal tender.

But major economies have generally been wary of digital currencies, with the deputy governor of the Bank of England, Sir Jon Cunliffe, warning that they could cause financial meltdown.

Nonetheless, the BoE and the Treasury are to launch a formal consultation into a UK central bank digital currency next year.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Crypto

Blockchain carbon credits facing crypto rout

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Like all thing crypto right now, it’s also been a tough time for blockchain based carbon credit protocols during the last quarter.

They have been subject to the same market pressure as the rest of the industry, which is struggling to regain its footing since the collapse of Terra.

The sector is also facing ongoing questions about the quality of the credits being traded inside the base carbon tokens.

In April, researchers at Carbon Plan found that 28% of the Verified Carbon Units traded in on the Toucan Protocol were from “zombie projects.”

The sector is also facing structural issues around retired credits

The Paris Agreement prohibits the trading of credits from carbon offset projects registered before 2013. But these older projects are being traded on the Toucan protocol as recently as November last year.

The sector is also facing structural issues around retired credits too.

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El Salvador’s President promotes digital coins

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As the key Alliance for Financial Inclusion meeting kicks off, El Salvador’s President is using his address to promote crypto adoption. 

32 central banks and 12 financial officials, all representing emerging economies are attending the event. 

The President’s address will cover financial inclusion and the digital economy, and how El Salvador has benefited from being the first country in the world to adopt bitcoin as legal tender back in 2021.

Other countries attending include Paraguay, Haiti, Costa Rica and Ecuador in Latin America, plus Palestine and Pakistan in Asia.

The AFI has just resumed its in-person meetings following two years of Covid disruptions. 

The event’s policy director says El Salvador has successfully harnessed digital financial services as the nation attempts to promote bitcoin among developing countries.

“It is a watershed moment in the country’s efforts to increase unbanked people’s access to, usage of, and quality of financial services.”

AFI Policy Programs & Implementation Director Eliki Boletawa

On Twitter, the President says “Bitcoin is good for developing countries (and for humanity).”

El Salvador joined AFI in 2012 to improve digital financial services for individuals and small businesses.

Talks will continue for another two days.

Meanwhile, in the US, MiamiCoin has lost 88 per cent of its value in less than a year .

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eBay enters the NFT world – so what does this mean for shoppers?

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eBay is the latest company to enter the NFT game, with a new collection in partnership with the web3 platform, OneOf

The company’s “Genesis” collection will feature 3D and animated interpretations of athletes depicted on Sports Illustrated covers.

There will be plenty of big names to be on the NFT collection including Former Canadian Hockey player, Wayne Gretzky.

eBay says the surge in the collectibles market is what led to its first-ever collaboration in this space.

The collection includes 13 limited-edition collectibles, which fall under green, gold, platinum and diamond-tiers.

They start at $10 and include some of the athletes making their own signature moves.

The company says it is part of its commitment to deliver “high-passion, high-value items” to eBay’s global community.

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