Top 5 Crypto News - RBI Establishes A Department To Supervise Cryptocurrency Exchanges

Top 5 Crypto News – RBI Establishes A Department To Supervise Cryptocurrency Exchanges

RBI Establishes A Department To Supervise Cryptocurrency Exchanges & Develop CBDCs

According to a Coindesk story, the Reserve Bank of India (RBI), the central body controlling banking in India, has established a special fintech department to supervise draught laws for Bitcoin and its planned central bank digital currency (CBDC).

According to the article, the bank is working on two types of CBDCs: wholesale and retail; and the new department will be in charge of managing their growth. Ajay Kumar Choudhary, the current chief general manager of the RBI, will be in the department’s order.

For the better part of a year, India has been working on legislation to govern cryptocurrencies. The bill in question was previously scheduled to be tabled during the Parliament’s budget session in January 2021; however it was not.

Finance Minister Nirmala Sitharaman and other ministers have also hinted at what the bill would include, and it was also on the agenda of the Parliament’s just concluded Winter Session.

The RBI’s decision may be excellent news for the sector, calling for crypto rules for quite some time.

Virender Sehwag Jumps On The NFT Bandwagon, Collaborates With Rario

Former Indian opening batsman and World Cup winner Virender Sehwag have signed up with renowned cricket NFT platform Rario, becoming the latest cricketing great to get on the NFT bandwagon

Fans may purchase and exchange NFTs of their favorite players and international leagues on Rario, the world’s first legally sanctioned cricket digital collectibles marketplace. Rario will have the sole ability to exploit the renowned batsman’s finest cricketing moments in the form of NFTs due to the relationship.

Virender Sehwag spoke regarding the collaboration, During my playing days, I always tried to think out of the box and come up with innovative solutions to improve my performance on the field and engage with my fans; this is why I am thrilled to join this journey with Rario, which is set to change the way fans interact with cricket. 

Until a few years ago; one couldn’t have imagined it would be possible for fans to do more than watch the game from the stands or on television. With NFTs, they can participate and own historical moments in cricket, which is incredible. I believe this is a great step for me to be closer to my fans.”

These NFTs; based on blockchain technology; allow fans to claim ownership of their favorite pieces of cricket history in a concrete and verifiable way.

Rario joined a group of prominent cricketers in 2021; including Zaheer Khan, Rishabh Pant, Smriti Mandhana, Shafali Verma, AB De Villiers, Shakib Al Hassan, and Faf du Plessis.

Alien Shiba Inu Hits A Bull Run From ₹1 Lakh to ₹26 Lakh In A Day

Now and then, a rising star in the world of cryptocurrencies breaks all records for value spike; regardless of how the rest of the market is behaving.

A new crypto token based on the popularity of Shiba Inu, for example, surged to new highs on Sunday; despite a gloomy crypto market that saw all other cryptocurrencies, including Bitcoin and Ethereum, collapse.

Alien Shiba Inu, or ASHIB; is the new talk of the town after a surge of demand pushed the crypto coin’s worth up to more than 26 times its initial value. 

In terms of statistics, this means that a ₹1 lakh investment in Alien Shiba Inu on Saturday would have yielded a return of more than ₹26 lakh by Sunday midday.

As the name suggests, the coin is a gimmick that capitalises on Shiba Inu’s popularity. The producers of Alien Shiba Inu appear to want to provide investors who lost out on Shiba Inu’s bull run another chance.

The current price of Alien Shiba Inu is $0.002287, with a 24-hour trading volume of $758,059. In the last 24 hours, Alien Shiba Inu has dropped 45.78 per cent. CoinMarketCap currently ranks #338, with a live market cap of not provided. A circulating supply of 100,000,000 ASHIB coins is available, with an entire collection of 100,000,000 ASHIB coins.

Cardano Foundation Achieves Planting One Million Trees

Cardano (ADA) has achieved its first objective of planting one million trees; “of various species endemic to places throughout diverse portions of Madagascar, Indonesia, Nepal, Kenya, Senegal, and Haiti.”

Frederik Gregaard, CEO of the Cardano Foundation, a non-profit organization that supervises advancements on the Cardano network, was the first to call out the milestone. Gregaard announced on Twitter that the project is entirely financed.

The CEO stated in a Twitter thread that the reforestation project will “help local ecosystem development operations in Mombasa, Kenya.”

Every tree planted; he says, it will be “recorded on the Cardano blockchain for greater transparency and to serve as public verification of land restoration actions.”

The initiative results from a collaboration between the Cardano Foundation and the cryptocurrency firm Veritree; which utilizes blockchain technology to record the supply chain of tree plantings for its consumers, making them traceable and readily trackable.

Former US SEC Commission: Digital Assets Will Change The World’s Financial Infrastructure

Former US Securities and Exchange Commission (SEC) Chairman Jay Clayton said that digital assets would overhaul the global financial infrastructure. Still, he did not specify which sorts of purchases would be most transformational.

“I see digital assets, whether…a tokenized traditional security, a stablecoin or a new type of asset; being part of our global infrastructure,” in an interview with Blockworks; he stated.

Exactly what form those digital assets will take is yet to be determined. “You need to distinguish tokenization and crypto technology from cryptocurrencies,” 

Clayton stated.  “If you look at the prospects for the combination of tokenization and smart contracts in our financial infrastructure, two things stand out;” he noted. The first is efficiency gains that are available in the existing infrastructure and the second is the opportunity that efficiency brings to reach additional markets and create new ones; he added.

Clayton believes that the influence of crypto technology on cross-border payments can serve as a roadmap for future developments. 

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