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Reserve Bank Deputy Governor Michael Patra on Wednesday said the central bank's views about cryptocurrencies might have delayed the government's proposed legislation on crypto assets. Emphasising that the Central Bank Digital Currency (CBDC) will be introduced in FY23 as announced by Finance Minister Nirmala Sitharaman in the Budget speech, Patra said India will proceed very gradually on the subject as there are concerns on privacy, its impact on monetary policy formulation and energy intensity. The government had plans to introduce a bill on cryptocurrencies like Bitcoin during the Winter Session of Parliament in November-December 2021 but did not introduce it. "RBI's view is quite known on crypto. I think it is the one of the views that has actually delayed a bill on that subject but we will engage in a fair debate on that subject and will look at all sides of the debate," Patra said, speaking at an event organised by the Pune International Centre.

blockchain, whose introduction has changed the basic paradigms of the traditional sports industry. Blockchain technology can effectively assist sports teams in monetising their fan base and strengthening fan engagement effortlessly. Blockchain isn't a future technology. It is a 21st century technology that is needed and should be used to its full potential under the current circumstances. Prominent sports clubs (Manchester City, Barcelona, PSG) and leagues worldwide are already using blockchain technology in their digital strategies. Blockchain use-cases in sports allow teams to unlock new profitable income streams and develop new ways to engage with their fans. From fan tokens to fan event monitoring and loyalty networks, the overall sports ecosystem was never this transparent, seamless and easy going for either players or fans.

Mumbai: The advertising industry’s self-governing body has put out guidelines for the promotion and advertisement of crypto and non-fungible tokens (NFTs), amid growing concerns over their sustained targeting of retail investors. The Advertising Standards Council of India (ASCI) said on Wednesday that all virtual digital asset (VDA) products and services should carry the disclaimer: “Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.” It further said such disclaimers should be prominent and unmissable to an average consumer. ASCI also specified how the disclaimer should look in the print, video, and audio format as well as social media posts and stories.

NFT marketplace LTD.INC has roped in denim brand Wrangler to launch NFTs. The partnership also includes Grammy award winner Leon Bridges. The campaign is named 'Mr Wrangler'. Wrangler will launch 75 NFTs, crafted around a rare denim suit made exclusively for the singer-songwriter, according to a media release.

StablecoinsStablecoins are a much more appealing alternative for conservative investors who dislike the volatility of the cryptocurrency market. They represent the best of both fiat and digital currencies and are available on all popular exchange platforms likeCoinSwitch.

ASCI) has issued a set of guidelines for the advertisement and promotion of virtual digital assets (VDAs). ASCI in its order observed that advertising for VDAs, commonly referred to as crypto or NFT products, has been very aggressive over the past few months and said that several advertisements have failed to disclose risk associated. «We have extensively consulted with different stakeholders including government and the virtual digital asset industry to frame guidelines for VDA advertising,» it said in a release on Wednesday.

cryptocurrency market was trading higher on Wednesday while investors continued to monitor the escalating tensions on the Russia-Ukraine border. All the top digital tokens were in the green, with Terra rallying 10 per cent, followed by an 8 per cent rise in Avalanche. Cardano added 6 per cent and BNB 4 per cent. The global crypto market cap jumped about 3 per cent to $1.72 trillion. The total crypto market volume, meanwhile, jumped more than 18 per cent to $82.53 billion.

Jupiter Meta is all set to launch its NFT marketplace on February 23, 2021. It will be India’s first fully curated NFT marketplace. This marketplace will focus on verticals such as music, film, and gaming, creating singular experiences for each user and enabling everyone to maximize their time in the metaverse. Jupiter Meta is aiming to tap the growing Web 3.0 space, it said, adding that it looks to bring people into a more involved and personalized feel to their metaverse interactions.

The majority of stablecoins are pegged to the US Dollar but there is a demand to create more coins with alternative denominations. That said, a few stablecoins are pegged to currencies like Singapore Dollar, Indonesian Rupiah or Euro. Large currencies have volume, some established form of consistency and track record and tangible backing, and thereby make for a good standard in the virtual currency world, said Raj A Kapoor, Founder, India Blockchain Alliance.

Bitcoin miners are feeling the heat — and the pain's rippling downstream to pressure prices. The cryptocurrency's spectacular rally in 2021 drew thousands of entrants into mining, or producing new coin. As a result the hashrate, or combined computational power used by bitcoin miners globally, has roughly quadrupled over the past six months to blow past 200 million «terahashes» per second. But what's that got to do with the price of bitcoin?

decentralised finance (DeFi) or open finance innovation has been a pivotal moment in the history of finance. It rose to prominence in the summer of 2020 with yield farming, the rise of tokens such as Compound and Sushiswap promising attractive yields to crypto traders. According to DeFi Pulse, the total value locked in DeFi protocols is over $78 billion — a growth of 10x since May 2020. This represents the current value of all deposits locked in the form of cryptocurrencies for lending, staking, liquidity pool and so on. According to Dune Analytics, there are over 4 million unique addresses (proxy for users) using DeFi applications — a growth of over 40x in the last 2 years.

crypto assets, particularly Elon Musk's favorite Dogecoin. The top memecoin has tumbled sharply, about 10 per cent in the last 24 hours, slipping down to 12th position in the terms of market capitalization from 10th earlier. Not only memecoins, other major tokens and altcoins have fallen sharply in the last 24 hours, thanks to the rising geopolitical worries and inflationary concerns.

Bitcoin dropped to a more than two-week low as fears of a possible Russian invasion of Ukraine prompted some analysts to predict the largest cryptocurrency could slide toward the key $30,000 level. Bitcoin dropped for a sixth straight day, touching a low of $36,372 on Tuesday after Russian President Vladimir Putin said he’s recognizing two self-proclaimed separatist republics in eastern Ukraine and ordering troops there. Other cryptocurrencies also declined, with Ether off as much as 2.9% and XRP down as much as 6.7%. Bitcoin dipped below $40,000 level over the weekend and kept weakening as the Ukraine crisis deepened, undermining the argument that cryptocurrencies are a haven in times of geopolitical turmoil. At the same time, gold has reached its highest level since June.

Dogecoin and Shiba Inu dropped 10 per cent each. Bitcoin and Ethereum fell 5 per cent each. The global crypto market cap tumbled as much as 6 per cent to $1.67 trillion mark. On the contrary, the total crypto market volume jumped rallied more than 43 per cent to $101.33 billion.What's Cooking in India?The prime architect of India’s biometrics-based unique identity programme, Nandan Nilekani, feels that the proposed digital rupee should remain 'anonymous'. In a conversation with ET, the Infosys co-founder said concerns about surveillance will arise if all payment transactions are recorded and are visible. He adds that stablecoins can easily become un-stablecoins if there is a run on that currency.

Ethereum prices have been hit hard by the ongoing volatility in the crypto market. The second-largest cryptocurrency was last seen trading at $2,700 levels after hitting a low of $2,585 earlier today. It has lost about 5 per cent in the last one week. Regulatory action, geopolitical worries and inflationary concerns have kept the crypto market under pressure lately. Sharat Chandra, VP- Research & Strategy, EarthID, who anticipates a further fall in prices, expects Ethereum prices to move further south.

Asgard, a decentralized currency reserve protocol, has announced the launch of Decentralized autonomous organization (DAO) that will attempt to bring metaverse, DeFi and NFTs under one roof. A decentralized autonomous organization or DAO is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government. Asgard is focusing on providing a holistic platform to the users where they can have access to all the elements of metaverse at once with ease.

Barring Solana and Terra, all other top digital tokens were trading in lower. Avalanche tanked about 5 per cent, whereas Bitcoin dropped 2 per cent to below $40,000. Among gainers, Solana zoomed about 5 per cent. The global crypto market cap dropped about 2 per cent to $1.78 trillion mark. On the contrary, the total crypto market volume jumped more than 31 per cent to $70.68 billion.

Mumbai: Cryptocurrencies crashed as the threat of Russia invading Ukraine escalated amid border skirmishes, resulting in the crypto investor community offloading their risky digital assets to protect portfolios against further price drops. On Friday, US President Joe Biden said that Russian President Vladimir Putin had decided to invade Ukraine, and that a military strike could happen in days. On Saturday and Sunday, there were reports of shelling and multiple explosions in Donetsk, eastern Ukraine, further driving fear into the crypto markets.

investments, crypto platforms are introducing new products. They are looking to earn interest on their crypto deposits or draw loans against cryptocurrencies, without attracting the new tax. The Budget proposed a 30% tax on returns from digital currencies and a 1% Tax Deducted at Source (TDS) on digital assets. The government has not used the term «cryptocurrency» in the budget, but rather «virtual digital assets». This means there will not be any tax on crypto-based products, investors said. «The way the regulations are today, investors who invest in crypto-based products should not be covered either under the 1% TDS, or 30% tax on income. However, we have sought clarity on this from the government and will be approaching them in this regard,» said Darshan Bathija, cofounder of Vauld, a Singapore-based cryptocurrency exchange. Crypto platform executives say if there is no tax incidence on crypto-based products, it could lead to greater demand from investors. «It (tax) will increase our operations as people will prefer to take out a loan on their crypto holding, instead of selling it to avoid the tax implications,» said Kumar Gaurav, founder and CEO of Cashaa.

By Analytics Team, Giottus Crypto ExchangeBitcoin (BTC) dropped 6% last week as the standoff between Russia and Ukraine continues to spook investors globally. BTC briefly traded above $44,500 mid-week before escalating geo-political tensions affected financial markets. BTC is now trading just below the psychological level of $40,000 with the overall crypto market cap at $1.81 trillion. Ethereum (ETH) continues to be affected by BTC’s price movements and has shed nearly 7% this week to trade around $2,700 level. All the top 20 cryptocurrencies are in the red on a weekly timeframe except Avalanche (AVAX) with a 3% increase.

The Bank of Russia has proposed banning cryptocurrency trading and mining due to the threat digital currencies pose to financial stability. The finance ministry disagrees and President Vladimir Putin has called on authorities to find a consensus. Finance Minister Anton Siluanov told state TV channel Rossiya-24 on Friday that he hoped disagreements could be ironed out and a bill regulating cryptocurrencies passed by the end of the year. He said the government would take the final decision.