Indian Crypto Regulation Is Planned for February: Report
The Indian government is planning to introduce crypto regulation in February next year, local news outlet Business Today reported, elaborating:
The Budget 2022-23 is expected to be presented on February 1 during the first half of the parliament’s Budget session, which usually begins in the last week of January.
Furthermore, the news outlet conveyed that the government is likely to regulate cryptocurrencies as an asset class, similar to how commodities are regulated, with appropriate taxation on transactions and gains. Indian crypto regulation is planned for February. In June, the government reportedly said that the Securities and Exchange Board of India (SEBI) would oversee regulations for the cryptocurrency sector after crypto is classified as an asset class.
Another official told the publication that officials from the Finance Ministry and the Reserve Bank of India (RBI) are fine-tuning the regulatory framework for crypto. However, the central bank recently said it still has “serious concerns” about cryptocurrency.
Will Shiba Inu turn the numero uno meme coin despite Musk’s cold shoulder?
Despite a cold shoulder from Elon Musk, the richest person on the planet, meme cryptocurrency Shiba Inu continues to thrive higher with a spectacular rally.
The meme token has soared over 35% in the last 24 hours and has doubled investors’ wealth in the last week. The recent run of Shiba Inu has crowned it as the 11th largest cryptocurrency as per Coinmarketcap.com.
The Last run in Shiba Inu is more mind-boggling for the crypto enthusiast as Tesla boss Musk had snubbed the meme token. The mercurial technocrat said that he doesn’t own any Shiba Inu Tokens.
Bitcoin Dives Below $60K, Why Bulls Could Struggle In Short-Term.
Bitcoin price failed to stay above the key $62,000 and $60,000 support levels. As a result, there was a crucial downside break below $60,000.
The price even settled below the $60,000 level and the 100 hourly simple moving average. A low has formed near $58,140, and the price is now consolidating losses. Immediate resistance on the upside is near the $59,500 level.
It is near the recent drop’s 23.6% Fib retracement level from the $63,700 swing high to $58,140 low. The first major resistance is near the $60,000 level. The main breakout zone is now forming near the $61,000 level and the 100 hourly SMA.
Nifty News: Wolf snaps up Punk, Disney NFTs, Economist mag cover fetches $422K
The real-life Wolf of Wall Street Jordan Belfort has vowed that he is “not leaving” NFTs, The Economist raised $422,000 for charity via NFT auction, and the WWE is dropping NFTs.
Erstwhile crypto skeptic Jordan Belfort has bravely outed himself as an NFT proponent amid the booming growth of the sector in 2021.
Belfort is known for his dodgy antics while working as a stockbroker on Wall Street; with his story being captured in “The Wolf of Wall Street” film starring Leonardo DiCaprio.
The 59-year-old has slammed crypto on multiple occasions; and in 2018 he even compared Bitcoin to the level of fraud that; his firm Stratton Oakmont engaged in before he was indicted for securities fraud and; money laundering in 1999.
XRP Builds Momentum With 7% Increase As Ripple Launches New ODL Partnership
Ripple (XRP) has been soaring in the monthly chart with a 7.2% profit as Ripple expands its corridors worldwide. The seventh crypto by market cap trades at $1,01 and; records a 10.3% correction in the daily chart as press time.
XRP seems to be reacting to the general trend in the market as Bitcoin; Ethereum, and other cryptocurrencies in the top 10 by market cap trend to the downside. As NewsBTC has reported, the derivatives sector has been heating up due to the recent rise in the aforementioned coins.
Historically, this has taken a toll on the bullish momentum built by the bulls. In the case of XRP; it’s a positive sign that it has been able to sustain gains in higher time frames.