Digest

• India introduces a bill to prohibit all private crypto, market declines in response
• Block Size Increased by 12.5%. eToro will Delist ADA By End 2021
• The most expensive land in Decentraland sells for $2.4 million
• U.S. Regulators Are Planning Crypto Guidance to Banks for 2022
• Elon Musk trades barbs with Binance CEO to win over Glitch

India introduces a bill to prohibit all private crypto, market declines in response

The Indian crypto regulation landscape has been a gray one. In 2020, the Supreme Court overturned the blanket RBI ban in 2017. A proposed bill has left crypto investors more confused than ever since the beginning of 2021.

On Tuesday, November 23, the Indian parliament passed a new bill that “seeks to prohibit all private cryptocurrencies in India.” The move comes a week after Prime Minister Narendra Modi warned that crypto could be detrimental if it ends up “in the wrong hands.”

The bill will also see India promote cryptocurrency’s underlying technology as it plans to launch a CBDC. Along with 25 other bills, the bill will be read on November 29.

As panic selling began, crypto markets in India fell after the announcement. The price of BTC dropped from ₹4,600,000 ($61,820.73) to ₹3,917,659 ($52,650.55) on the Indian exchange WazirX.

Pricing chart. Source: WazirX

has now consolidated around ₹4,161,708 ($56,000). Price drops were widespread. Yearn Finance lost 26.95% and Yearn Finance fell 29.74%. Yearn Finance dropped by 30.5%.

Flipsider:

• It Reserve Bank of AustraliaIt continues to be pro-crypto as it contemplates the launch of a CBDC to allow large transactions to be settled instantly by banks.

What You Need to Care About

India’s new bill could prohibit the use of cryptocurrencies, which may affect the market like it did with China’s crackdown.

Cardano increases the block size by 12.5%. eToro is to delist ADA by 2021

Cardano is one of the most popular cryptocurrencies. It has increased its block size by 12.5%, so that each block can be 72KB. A greater block size allows for more transactions to fit in single blocks.

Additionally, transactions will be processed more quickly if there is a larger block size. The network will also be able achieve higher data throughput which means it can provide greater capacity to its users.

Flipsider:

• In a stunning move, eToro, an Israeli cryptocurrency exchange was launched. It has declared that Cardano will be removed from the ADA.For U.S. Customers by the End of the Year, with withdrawals starting after Q1 2022
• Due to regulatory concerns, the exchange delisted TRX and ADA.

What You Need to Care About

Cardano developers have a greater need for dApps to test and deploy on Cardano. This has resulted in an increase of demand.

The most expensive land in Decentraland sells for $2.4 million

Decentraland is a patch of virtual land that was sold at a record price of $2.4million. This land is the largest purchase in Decentraland and was made by Tokens.com’s subsidiary, the Metaverse Group.

There are 116 parts to the land, each 52.5 sq. feet. This makes it 6,090 virtual acres. The land is located in the “Fashion Street” area of Decentraland’s map.

Tokens.com says the land can be used to hold digital fashion events, and to sell avatar clothing. Decentraland has experienced a rise in its price since Meta (NASDAQ) was introduced to Facebook.

Flipsider:

• Megacorporations work on creating a metaverse that doesn’t use blockchain and cryptocurrencies like Decentraland.

What You Need to Care About

Since Facebook’s rebrand, we have seen increasing interest in metaverse platforms, leading to an increase in their value.

U.S. Regulators Are Planning Crypto Guidance to Banks for 2022

In the United States, cryptocurrencies operate largely in anonymity. But, U.S regulators finally want to put an end to the confusion and issue guidance about the role of traditional bank in handling cryptos beginning in 2022.

In a joint statement, the Federal Reserve Board of Governors, the FDIC, and the OCC explained that they conducted interagency “policy sprints” focused on digital asset activities related to banks.

A portion of the statement is as follows:

“Throughout the year 2022, agencies intend to clarify whether certain activities that are related to crypto assets conducted by bank organizations are permitted. This will also help to meet consumer protection expectations and ensure compliance with current laws.
These guidelines include crypto custody and sales of crypto assets. They also cover loans secured by crypto assets.

Flipsider:

• Although there isn’t much regulatory clarity in the United States, banks of major importance have maintained their ability to offer banking services. Services related to crypto

What You Need to Care About

Regulators in America will decide what types of activities can be done with digital assets.

Elon Musk deals Barbs With Binance CEO Over Dogecoin Gloitch

Earlier in the month, we reported that Dogecoin users were caught in a technical glitch on Binance as the exchange attempted the DOGE Network’s Dogecoin Core 1.14.5 version update.

Binance suspended DOGE withdrawals immediately after the glitch was discovered. Elon Musk is a well-known DOGE advocate and has now spoken out on the matter. Musk tweeted, “Hey @cz_binance, what’s going on with your doge customers? Sounds shady.” He added that Dogecoin users should be “protected from errors that are not their fault.”

The official Binance handle responded to the tweet by saying that it was more annoying than suspicious. CZ responded to the tweet with a link to an article about Tesla’s (NASDAQ:) recall of nearly 12,000 vehicles due to a software error.

CZ finally tweeted after all the back-and-forth.

I still consider him my hero. He tweets funny sometimes.

— CZ Binance (@cz_binance) November 23, 2021

Flipsider:

• Another meme-themed coin, Floki, has signed a sponsorship deal with the Italian football team, SCC Napoli, and the Floki Inu logo will be featured at the back of the team’s jersey

What You Need to Care About

While back and forths like these are common in the crypto space, CZ explained that “we are all in one team.”

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