Category Archives: Cryptocurrency

Banksy's Trolley Hunters Courtesy of Sotheby's

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Live bids for Banksys artworks, Trolley Hunters and Love is In The Air (2006) atSothebys evening auction in New York on Nov. 18, will be announced in real-time in Ether cryptocurrency, marking the first time that a cryptocurrency will be used as the standard currency for bidding on physical artworks.

Trolley Hunters, depicting three prehistoric figures hunting a herd of empty supermarket trolleys, is a witty critique of consumerist societys obsession with processed and packaged food. Painted more than 15 years ago, it was unveiled in Banksys seminal exhibition Barely Legal in Los Angeles in 2006. It has a presale estimate between US$5 million and US$7 million at its debut auction.

Meanwhile, Love is in the Air depicts a subject at a civic unrest posed to hurl an object towards an unseen foe. Instead of a weapon, he was holding a bunch of flowers. The painting is expected to sell for between US$4 million and US$6 million.

While bidding increments for these two works, offered during Sothebys evening sale, titled The Now, will be fielded in Ether cryptocurrency, winning bidders can choose to pay in either fiat currency or in the three cryptocurrencies accepted by Sothebys: Ether, Bitcoin, and USD Coin, the auction house said.

Sothebys was also the first auction house to accept cryptocurrency as a payment option for a physical artwork. In May, when it offered a different work by Banksy also titled Love is in the Air (2005), the auction house said it would accept Bitcoin and Ethereum. The painting sold for US$12.9 million at its contemporary art evening auction, against a presale high estimate of US$5 million.

Choosing Banksys for new payment option and new bidding format is befitting, the auction house said, given the artists history as the preeminent disruptor of the art world paired with cryptocurrency as the leading disruptor in finance.

The live auction in New York on the evening of Nov. 18 will be livestreamed globally via Sothebys social media channels. The two Banksy artworks are on view virtually at Sothebys Discord channel and via Sothebys.com.

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Finance Minister Nirmala Sitharaman shared a crucial update about the governments new cryptocurrency bill on Tuesday. Speaking in Parliament, the finance minister said the government will be coming up with a completely new bill on cryptocurrencies once it gets cabinet clearance, adding that the previous bill has been reworked.

She also clarified that the description of the crypto bill listed in the Lok Sabha bulletin was old, adding that the reworked crypto bill will be presented before the cabinet for approval soon. The bill mentioned is an old bill and the new bill is being worked at and will be presented in front of Cabinet soon, Sitharaman said during the question hour in the Rajya Sabha.

Read | RBI submits proposal to amend act for launching its digital currency

"That bill has been reworked. So, the intent was to either approve the bill or come up with a proposal that is going to be far more recent. Now, we are coming out with a new one. The earlier attempt was also to come up with a bill. But, later a lot of things had to come into play, so we started working on a new bill. Once the Cabinet clears it, it'll come here in the House," the minister added, she added.

Her statement comes at a time when the entire cryptocurrency ecosystem in the country awaits anxiously, fearing that the new bill aims to prohibit private cryptocurrencies while paving the way for the RBI to come up with its version of a digital coin or currency.

The finance ministers fresh statement is likely to provide some relief to cryptocurrency firms and startups who were contemplating a move to exit the country if virtual coins are banned. It will also provide relief to panicked individuals who have invested heavily in cryptocurrencies.

It may be noted that the government is likely to introduce the Cryptocurrency and Regulation of Official Digital Currency, 2021, during the Winter Session of Parliament. The official description of the bill stated: The bill seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

Nirmala Sitharaman has now clarified that the description mentioned in the Lok Sabha bulletin was an old one and the government plans to introduce the reworked bill during the ongoing Winter Session. The bill will be introduced in Lok Sabha as soon as it gets clearance from the cabinet.

Also Read | No proposal to recognise Bitcoin as currency in India

"There were other dimensions and the bill had to be reworked and now we are trying to work on a new bill," she said.

Nirmala Sitharaman said the government is also monitoring the risk of cryptocurrencies going in the wrong hands. The risk of cryptocurrency and it going in the wrong hands is being monitored," she said.

The finance minister also highlighted that investors need to be cautious, citing warnings from the Reserve Bank of India and the market regulator Securities and Exchange Board of India. She reiterated her warning, underlining the fact that cryptocurrencies remain unregulated in the country and no data on such transactions is collected by the government.

Cryptocurrencies are rubbish and a ban may save many from future shock | OPINION

Responding to a question, Nirmala Sitharaman also said that the government has not yet taken any decision to ban advertisements related to cryptocurrencies in the country. "This is a risky area and not in a complete regulatory framework. No decision was taken on banning its advisement," Sitharaman said.

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There's no denying that Bitcoin (CRYPTO:BTC) is the rock star of the cryptocurrency food chain. It's the original gangster. It's a household name. It's also obviously not the only digital currency out there.

Should you stick to Bitcoin as the denomination that everybody knows? Are you better off buying every crypto outside of Bitcoin? Let's take a look at both sides of the argument.

Image source: Getty Images.

Jennifer Saibil: As cryptocurrency expands and some tokens border on exclusively speculative, it's helpful to remember that there is a token that has all the makings of a real, usable currency and has truly transformed digital currency. That, of course, is Bitcoin. Bitcoin's mission as a digital cryptocurrency is deceptively simple; there's none of the bells and whistles of some of the newer cryptos that aim to deliver every possible solution under the sun to end your financial, educational, and even medical woes. Bitcoin by its nature is a store of value, like the dollar, and like other global currencies that allow you to buy and sell what you need.

Certainly, Bitcoin's history gives it an edge in any comparison. It's been around the longest, with a first-mover's lead in the crypto space. With a market cap nearing $1 trillion, many people have poured money into the platform both for real usage and as an investment. That alone gives it stability, since any currency only has value in the value that users assign it.

That leads to the next advantage, which is probably the most compelling. And that's its acceptance in the real world. It's accepted as payment through coffee chain Starbucks (NASDAQ:SBUX) and throughout PayPal's (NASDAQ:PYPL) huge network, and not only can it can be traded on PayPal's app, but it's also the only cryptocurrency available to trade on Block's (NYSE:SQ) (formerly Square's) Cash App. Block's Jack Dorsey has come out as a huge Bitcoin enthusiast, seeing it as the potential for a native internet currency, and has bought up Bitcoin for Block while shunning any other crypto token.

Growth has slowed down, and Bitcoin's price is up about 150% this year. That trails many of the fastest-growing cryptocurrencies by a huge expanse, but the trade-off is decreased risk and real value. Investors may want to allocate a small amount of speculative contributions to benefit from other cryptocurrency's growth potential; after all, you only needed to invest about $2 last year to become a millionaire from Shiba Inu's (CRYPTO:SHIB) rise. But if you had to choose between Bitcoin and every other cryptocurrency, you're way more likely to come out on top by choosing Bitcoin.

Rick Munarriz: I think the future of Bitcoin is bright. I just believe the future of the entire cryptocurrency market is brighter. Let's start by exposing the flaws of Bitcoin. Critics argue that Bitcoin mining is an energy hog, given its eco-unfriendly proof-of-work protocols. It's expensive to move around with every transaction. Bitcoin has also been slow to evolve its blockchain technology, making it a late arrival to the smart-contracts party. For every knock on Bitcoin, you'll find another cryptocurrency that addresses the shortcomings of the top dog in digital currencies.

You can own Bitcoin, or you can own the basket of every other crypto that addresses the original digital currency's pressure points. That's a hard argument to counter. But what if Bitcoin was historically the better performer? Spoiler alert: It's not.

Bitcoin's nearly 150% gain over the past year is impressive, but let's size up just the next four most valuable cryptocurrencies over the past 365 days.

I can keep going, but the point here is that Bitcoin is the worst performer among the 10 most valuable cryptocurrencies, and it isn't even close. It may seem odd to call an investment a laggard after more than doubling over the past year, but that's exactly what we have here. There will be losers in the basket, but obviously you're getting more diversification with several denominations -- including the ones that have workarounds to what's keep Bitcoin back.

You can buy Bitcoin. You can buy anything but Bitcoin. There are plenty of ways to divvy up the money that you're comfortable deploying in the risky but promising realm of cryptocurrencies. Not everyone agrees on the right approach, but hearing from both sides isn't a bad thing as you chart your own course.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Better Buy: Bitcoin or Every Other Cryptocurrency? - Motley Fool

Interest in digital assets surged this year, with the next generation of investors at the forefront.

The value of the cryptocurrency marketbriefly surpassed $3 trillionin November, with top coins likebitcoinandetherhitting all-time highs. Other digital assets, like nonfungible tokens, or NFTs, jumped in value as well. In November, NFT marketplace OpenSea surpassed $10 billion in total volume.

Demand for NFTs of art, music and in-game assets, like digital plots of land in the metaverse, soared.

Now, during the holiday season, young investors are spending big on NFTs and other digital assets as gifts. Here's a look at what five people are planning to buy.

Cynthia Gentry plans to gift an NFT of a digital land lot for her sister and parents to share in the metaverse. It could cost thousands of dollars, depending on factors like metaverse game, demand and size.

The 23-year-old San Antonio resident sees NFTs as assets that will appreciate over time. "It's funny, I don't think I even have a budget," she says. "It doesn't feel like I'm spending money, [I'm] just storing my money in a different asset."

For her mom and sister, Gentry plans to buy collectible NFTs from projects like World of Women and Crypto Coven that aim to empower women. Though she's unsure how much she'll spend, each collection has a floor price, which is the lowestprice available.

Sisters Cynthia Gentry, 23, and Imani Gentry, 19, with their mom, Brenda Gentry.

Courtesy of Brenda Gentry

The World of Women collection, which consists of 10,000 generated works representing drawings of diverse women, has a current floor price of 1.95 ether, or $7,275. The Crypto Coven collection includes 9,999 different witches and has floor price of 0.19 ether, or about $709.

She also plans to buy NFTs from artists like Lana Denina, whose popular Mona Lana project has a floor price of 0.24 ether, or about $895.

For her dad, Gentry plans to get a Ledger Nano hardware wallet, which ranges from $59 to $119, or an NFT from a project with a "cool, interesting roadmap," Gentry says. She's also hoping to pay for an online course on blockchain coding for him, because "he likes gifts that can expand his expertise in some way."

Gentry's sister, Imani, also plans to buy everyone in her family NFTs for Christmas. She's budgeting at least 2.5 ether, or about $9,327, in total.

"Personally, I think sending digital gifts will be the norm and [part of the] future because of how accessible it is," the 19-year-old says. "I wish this was a thing sooner, honestly. It saves time and wrapping paper and it's cooler, in my opinion."

For her mom, Imani, who is also based in San Antonio, plans to buy a World of Women NFT, she says. "My mom sold hers back in January for me to attend college. I would like to return the favor."

San Francisco-based Anisha Sunkerneni is looking forward to gifting her close friends and family their first digital assets, including Ethereum Name Service (ENS) domains and NFTs.

"Even more than NFTs, I think an ENS domain has the potential to really be tied to your on-chain personality and profile," the 26-year-old says. "Getting the ones you want is pretty special."

Anisha Sunkerneni is looking forward to gifting her close friends and family their first digital assets for the holidays.

Courtesy of Anisha Sunkerneni

The ENS creates a domain, like ".com," for the Ethereum blockchain that represents an investor's cryptocurrency address. An ENS domain name appears as something like "YourName.eth," rather than the random string of letters and numbers that typically signifies your wallet.

Prices for ENS domains vary. One with five characters or more costs $5 in ether per year, while a four-character one costs $160 in ether per year and a three-character one costs $640 in ether per year, according to the ENS domains website. Three- and four-character ENS domain names cost more due to the smaller number available.

Sunkerneni got into crypto just this year, but "I see how important and big of a space it's transforming into, and I want to bring those I care about into the fold," she says. "Giving crypto and NFTs as gifts sounded like a natural option."

Allison Reichel is planning to send her family and friends the equivalent amount she'd usually spend on gifts or gift cards in cryptocurrency, but only if they are interested in receiving it.

"I believe that digital assets like bitcoin are something extremely valuable and represent many elements of both free markets and free choice, which means it's important that individuals choose to participate in these markets and don't feel pressured to," the 24-year-old says.

Reichel, who is based in Austin, Texas, plans to gift a mix of bitcoin, Ethereum and Solana. Currently, bitcoin is trading at around $46,953, according to Coin Metrics, but it's possible to buy fractional units called satoshis. Ether is trading at around $3,731, and SOL at $160.

"I like to try to stick with assets that I believe will be around for a while and hold their value, so while meme coins are fun, not really looking there," says Reichel.

Allison Reichel, 24, plans to give digital assets like bitcoin as a holiday gift for her friends and family.

Courtesy of Allison Reichel

Los Angeles-based Cooper Turley plans to spend about $10,000 on NFTs as gifts. The 26-year-old is also excited to gift ENS domains as a way to "welcome them into Web3," which is the decentralized iteration of the internet that powers blockchain-based applications like NFTs.

"I've bought a few music NFTs and have been going shopping on [platform] Nifty Gateway for old NFTs from prominent creators that could make as good gifts," he says.

Cooper Turley, 26, plans to spend about $10,000 on NFTs as holiday gifts this year.

Courtesy of Cooper Turley

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Millennials and Gen Z are planning to spend thousands on cryptocurrency, NFTs and metaverse land as holiday gifts - CNBC

Cryptocurrency may be the gift that keeps on giving.

If you're looking for a gift that's both different and practical, cryptocurrency could be a great option. Over 14% of Americans already own cryptocurrency and digital currencies edged even further toward mainstream adoption in 2021.

However, it won't be the right gift for everybody. Before we get into how to buy crypto as a gift, let's first consider some of the pros and cons of gifting digital currencies.

If you've weighed the pros and cons and are sure you want to go ahead with a crypto gift, follow these steps to make it happen.

There are thousands of different cryptocurrencies on the market. But it makes sense to stick to the better known coins like Bitcoin, Ethereum (ETH), Cardano (ADA), or even Solana (SOL) as a gift. You might also consider a stablecoin -- a crypto that's pegged to a commodity like the U.S. dollar -- which has lower transaction fees.

The cryptocurrency market is relatively new and untested, and there's a good chance only a limited number of tokens will survive in the long term. Given that the lucky recipient of your crypto gift may not want to actively trade it, a more-established coin or stablecoin is a better bet.

There are a few different ways to gift crypto -- just as there would be if you were giving someone cash. You'll need to buy the cryptocurrency before you gift it:

If the lucky recipient of your crypto gift doesn't yet know their blockchain from their supply chain, you might have some explaining to do. The most important thing is to make sure your recipient understands how to securely store their crypto gift -- and where they can learn more if your present has got them interested.

Cryptocurrency gifts won't be right for everybody. But if you're an enthusiast who wants to put some crypto under the Christmas tree, the steps above will help you do it.

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How to Give Bitcoin or Another Cryptocurrency as a Gift - Motley Fool

Cybercriminals are now taking advantage of the ongoing craze around cryptocurrencies to trick potential victims and steal their digital money. In a recent report, research firm Chainalysis revealed that scammers mooched off over $7.7 billion ( Rs 58,698 crore approx.) worth of cryptocurrency from victims in 2021.

At least 36 per cent of the victims lost over $2.8 billion (Rs 280 crores approx.) to rug pull cases. A rug pull is a malicious maneuver in the cryptocurrency industry where crypto developers abandon a project and run away with investors funds. In total, crypto scams rose by 81 percent this year from 2020 led by rug pulls, the company said in a blog post.

It should be noted that in 2020, rug pulls accounted for just 1 per cent of the under $5 billion in total illicit revenue.

However, the number of deposits to scam addresses fell from just under 10.7 million to 4.1 million, meaning that there were fewer individual scam victims. But this also tells us that the average amount taken from each victim increased.

The company noted that scammers money laundering strategies, havent changed all that much. As was the case in previous years, most cryptocurrency sent from scam addresses ended up at mainstream exchanges.

Cryptocurrency exchange Thodex accounted for a majority of the lost funds on the list after its founders went missing with over $2 billion in client funds in April 2021. This was followed by Dogecoin-inspired AnubisDAO at $58 million, and Binance Smart Chain-based exchange Uranium Finance at $50 million.

Earlier, in November, millions of dollars vanished in a matter of minutes after investors piled into a new cryptocurrency inspired by Squid Game, the popular Netflix survival series, only to watch its value plunge to nearly zero in a few short hours. Then Squid went on a roller-coaster ride. In a 10-minute span later on Monday, the tokens value grew from $628.33 to $2,856.65, according to CoinMarketCap, a crypto data tracking website. Then, five minutes later, it traded at $0.0007.

Meanwhile, US Federal Bureau of Investigation (FBI) had issued a warning in November, against cybercriminals that are using Bitcoin ATMs and QR codes to defraud unsuspecting individuals. The FBI in a recently released Public Service Announcement (PSA), said that it has witnessed an increase in scammers directing victims to use physical cryptocurrency ATMs and digital QR codes to complete payment transactions.

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Rug pull cryptocurrency scam costed investors over $7.7 billion in 2021: Chainalysis - The Indian Express

The new generation of digitally-savvy investors, who will be responsible for the wealth transfer in the next decade, are likely to increase their wealth by investing in the growing digital assets space, the chairman of open-source blockchain platform Tezos Foundation said.

The shift of wealth from family offices to the younger generation would happen in the next five to 10 years, and these people those aged 20 to 30 are not expected to invest in gold or other traditional assets, opting for cryptocurrencies because of their familiarity with the digital dynamics involved and having grown up in the age of the internet, Hubertus Thonhauser said.

"We are seeing a generational shift: for millennials who were not able to participate in the upswing of equity markets that were available for older generations, cryptocurrencies are the only real upside they have in the wealth generation and wealth shift we are seeing right now," Mr Thonhauser told The National in an interview on the sidelines of the TiE Global Summit at Expo 2020 Dubai Exhibition Centre.

The cryptocurrency market continues to maintain its strength, expanding in popularity as it gains more acceptance among investors and with more players entering the sector, which creates competition.

As of Thursday, cryptocurrencies' market capitalisation is more than $2.268 trillion, according to CoinMarketCap. Bitcoin and Ethereum continue to be the largest, enjoying market shares of 40.6 per cent and 21.4 per cent, respectively.

Bitcoin, the world's first and most popular cryptocurrency, was trading at $48,621.83 on Thursday evening, up almost 3 per cent in the past 24 hours, CoinMarketCap data showed. It hit a record high on November 9, blowing past $68,000, but has since lost a third of its value.

Cryptocurrency advocates are pushing for mainstream adoption, which Mr Thonhauser believes will happen within a decade, perhaps as soon as a "couple of years".

Although digital assets are still in their "very early stages", it might not take decades for mainstream adoption, Changpeng Zhao, chief executive of the world's largest cryptocurrency exchange, Binance, told The National in October. However, the implementation of full-fledged regulatory frameworks for digital assets could take decades to realise.

"Decades are way too long. It underestimates the fact that this is a technology that grows with network effects and grows exponentially," Mr Thonhauser said.

Both, though, agree that the rapid pace of adoption will accelerate the process.

Hubertus Thonhauser, chairman of the Tezos Foundation. Photo: Tezos

"We are seeing more adoption because of use cases and price action, as more people are involved and get comfortable with using digital assets as an investment vehicle," Mr Thonhauser said.

Cryptocurrencies' volatility Bitcoin's, most notoriously is turning off potential investors, but this can be addressed by spreading its allocation and transparency, he said.

"One issue with Bitcoin is that you still have a pretty large number of individual holders that basically control the overall supply; 70 per cent of all Bitcoin are treasuries held by a very small number of people or institutions," Mr Thonhauser said.

"Second, we need more transparency, numerous tools and transparent information of on-chain analytics of Bitcoin, so you can really see and anticipate its movements."

On central bank digital currencies (CBDCs), Mr Thonhauser said more of a political will is needed than a technological will to provide the technology that offers more transparency. In theory, enforcing this could also leapfrog traditional banks.

CBDCs are digital versions of fiat currencies. China was the first to implement a "digital yuan", with other major economies such as the EU also progressing with the development of their own versions.

"If you want to send payments to citizens, instead of printing money, giving it to banks and channelling it down to end consumers, with CBDCs you can push it down directly to the wallet of the end users," he said, alluding to removing middlemen that are slowing down the services in the financial industry.

With interest rates near zero or negative, gold trading sideways and stock market shares highly valued, he says that cryptocurrencies are a safe bet, despite the volatility, which is normal for an asset class.

Cryptocurrencies are the only digital asset in the market that is really gaining institutional acceptance with exchange-traded funds. You shouldn't be worried about fluctuations that happen on a month-to-month basis because it's a long-term asset

Hubertus Thonhauser, chairman of the Tezos Foundation

"Cryptocurrencies are the only digital asset in the market that is really gaining institutional acceptance with exchange-traded funds. You shouldn't be worried about fluctuations that happen on a month-to-month basis because it's a long-term asset," Mr Thonhauser said.

The first Bitcoin ETF in the US, ProShares, began trading on the Chicago Mercantile Exchange in October. Some financial analysts believe this is going to be a big deal that will drive its price higher by giving institutional investors the confidence and security to invest in Bitcoin.

He also cautioned against allocating a huge part of portfolios to digital assets, advising investors to define a threshold that is in proportion with their other assets.

"Also, don't listen to all the YouTube hype videos telling you what to buy. Very often, the good coins are those that aren't hyped; they're sleeping giants and these are the ones you should probably consider."

Updated: December 17th 2021, 11:35 AM

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Next generation ultra-rich to increase wealth through cryptocurrency investments - The National

India is preparing to clamp down on its booming cryptocurrency trade with a new law likely to be introduced in parliament this month.

Details of the legislation remain unclear, but the government wants to ban all private digital currencies, with some exceptions.

India hopes that a ban would pave the way for the Reserve Bank of India the country's central bank to gain control over digital money, despite concerns over the lack of advanced data protection laws.

The central bank has repeatedly warned cryptocurrency could pose "serious concerns on macroeconomic and financial stability," while Prime Minister Narendra Modi in November said cryptocurrencies could "spoil our youth."

The government has also warned that unregulated crypto markets could become avenues for money laundering, fraud and terror financing.

At least eight cases of cryptocurrency-related frauds are under investigation by the Directorate of Enforcement, India's agency tasked with fighting financial crime.

But despite warnings from the government and details of the planned bill still in the shadows, many cryptocurrency investors are hoping they will still be able to trade.

"Even if there are restrictions imposed by the government, I hold multiple trading accounts in domestic, as well as foreign exchanges," Pritha Sengupta, a 25-year-old entrepreneur, told DW.

"Some of my trades have resulted in very attractive returns... almost over 500 times and bank deposits hardly give us less than 7% in a year," Pritha added.

Also unfazed by government warnings, graduate Manisha Singh insists the crypto market is a "great way to build up wealth" in India.

"The best part is that it helps us invest in small amounts. I have sold bitcoins at a profit," Singh told DW.

India has become one of the biggest markets in Asia for cryptocurrencies and one of the fastest growing in the world. The country has 15 homegrown cryptocurrency exchange platforms.

Between 15 and 20 million people in India are estimated to own cryptocurrencies, with holdings totaling approximately $6 billion (5.31 billion), industry figures indicate.

The market for cryptocurrency and blockchain technology has surged significantly in recent years, especially during the COVID-19 pandemic lockdowns, when much of the country's population was forced to stay at home.

The localcryptomarket exploded when the Supreme Court overturned a previous ban last year, growing 641% between July 2020 and June 2021, according to cryptocurrency research firm Chainalysis.

Bitcoin saw an average return on investment of 66% in November and along with cryptocurrencies Mana, Dogecoin and Ethereum traded the most in volume during the festive season of Diwali in early November.

Film and cricket stars have also endorsed homegrown crypto exchanges by fronting advertising campaigns for platforms like CoinSwitch Kuber and CoinDCX, both of which have upped their social media campaigns.

Indians are set to invest more than $10 billion in the cryptocurrency market by 2030, according to a report by trade association Nasscom.

But when speculation around the proposed cryptocurrency legislation began last month, prices of some of the most popular digital currencies like Bitcoin, Ethereum and Tether nosedived by as much as 25% momentarily.

Lekha Chakraborty, professor at the National Institute of Public Finance and Policy, maintains that cryptocurrency plays an important role in a globalized, post-pandemic world.

"I am not worried about the political economy of crypto, because those can be tackled through efficient monetary and fiscal coordination. However, the concern is about the regulatory framework, which needs to be strengthened, especially in the cross-border transactions," Chakraborty told DW.

"Fear of crypto is overplayed. There is no retreat of globalization in the post-pandemic world. In a globalized world, digital currency can ease the transactions," she said.

A proposed clause in the new law, which is still being debated, wouldallow forthe possession of cryptocurrency as an asset and ban its use as currency or payment.

Finance Minister Nirmala Sitharaman said the new law was being reworked to take into account the rapid changes in the industry, without offering details of the changes to the original draft.

Speculation continues to abound about whether the law will prohibit cyptocurrencies or merely attempt to regulate them.

"Even keeping crypto as an asset is so speculative and volatile at this point, that it could dangerously see-saw the asset ownership landscape and impact the real economy," economist Indira Rajaraman told DW.

Edited by: Sou-Jie van Brunnersum

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Why is the Indian government cracking down on cryptocurrency? - DW (English)

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In one tweet, El Salvadors president summed up how cryptocurrency can help lift the developing world out of poverty.

The rapid adoption of Chivo proves that digital currencies including (but not limited to) Bitcoin, can help bring financial services to all. For those who dont know Chivo is the mobile wallet that Salvadorans use to buy, sell and store Bitcoin.

Now, almost one-third of this modestly-sized Latin American countrys population is actively using it.

For context, thats more users than any single Salvadoran bank.

Given the wallet is barely a few months old, theres every reason to believe that its user base will surpass that of all the countrys banks combined soon enough.

To recognize the elephant in the room yes,this is a state-issued wallet, but the fact that the majority of a countrys population is willing to embrace a decentralized digital currency albeit through a centralized wallet,is still a watershed moment.

As more people actively send and receive Bitcoin payments, confidence will grow in cryptocurrency as a viable currency on the whole.

Thats great news for the developing world. Heres why.

The unbanked can finally escape poverty

In high-income economies, 94% of adults have a bank account. In the developing world, that number drops to just 63%.

Interestingly, nearly half of this unbanked population lives in just seven countries Bangladesh, China, India, Indonesia, Mexico, Nigeria and Pakistan struggle with some of the most financially underserved people worldwide. The challenge is if you dont have a bank account, youll struggle to escape poverty.

Thats because if you dont have a bank account, you have to rely on cash and cash simply isnt safe.

Cash is both hard to manage and easy to manipulate, with fraud more prevalent in cash-first societies. Case in point when India replaced cash-based pension payments with biometric smart cards, missing funds dropped by an astonishing 47%.

These kinds of outcomes signal how bank accounts arent just a cornerstone of economic development. They are integral to an individuals financial security. As a result, people can only ever escape poverty if they have a secure way to store their money.

As El Salvador has shown, a digital currency wallet offers just that.

Were already halfway there

While many in the developing world struggle to open a bank account, nearly everyone can find an internet connection.

Almost nine in 10 people over the age of 15 are online, with 93% of internet users going online via mobile phone. That means a mobile-first crypto wallet (like Chivo) offers a viable way for these kinds of people to manage their money securely.

Once they have this level of security, anything is possible. Lets look to Kenya for another powerful example.

When 185,000 Kenyan women were given access to mobile money services, many of them could finally start a business. In doing so, these women were able to leave farming behind, which in turn helped them reduce extreme poverty by 25%.

Thats why as the developed world watches El Salvadors Bitcoin experiment with interest, the developing world isnt watching.

Instead, theyre jumping straight into the digital currency pool.

Crypto adoption is skyrocketing in the developing world

Vietnam has one of the highest crypto adoption rates in the world. While the authorities have outlawed trading Bitcoin and Ethereum, the government still plans to pilot a national digital currency.

The 2021 Global Crypto Adoption Index also shows how India, Pakistan, Ukraine and Kenya are just as eager to venture into crypto which goes to show that in regions where financial services are less available, crypto is all the more appealing.

That said, theres one major barrier to adoption.

A lack of clear regulation remains a significant hurdle because no matter where you live, youll be reluctant to put your money into a currency that could become illegal overnight (look no further than China to understand the risk).

Still, El Salvadors initiative will force more of the world to clarify the regulatory landscape. Then as more money flows into Bitcoin, the coins value will inevitably rise.

When it does, the developing worlds crypto adoption could well pay off.

Raoul Milhado is an entrepreneur with deep roots within the crypto and blockchain industry since 2015. As the CEO of Elitium and NFT marketplace NFT BAZL, he has been building businesses from the ground up for over the last 10 years and has been working hard on building a brand that lays the foundation of capitalizing on the ever-growing crypto industry by introducing new-age investment possibilities that would let clients explore a life of luxury they never thought possible. He is actively working on expanding the new digital economy to help others live a life of independence, value and growth.

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According to predictions, Ripple could even touch US$2 by the end of 2022

Blockchain technology acts as the underlying power behind many famous cryptocurrencies. It stores transaction data in blocks and loops it for security. Unlike the top cryptocurrencies that are powered by blockchain technology, Ripple functions on a disruptive model called hash tree. Similar to blockchain technology, XRP uses this futuristic method to record transactions. However, Ripple has been on a downward trend since last month. After hitting a record high of US$1.33 in November, XRP has encountered a steady slide. Therefore, we explore if Ripple has the potential to emerge as the best cryptocurrency investment in 2022.

In the modern digital ecosystem, cryptocurrencies have evolved to become the epicenter of financial dealings. As digital tokens gain popularity, more people are initiating to try their hand at the decentralized model. While blockchain is the biggest player in the ground, do investors take a moment to look at other underlying models? Yes, they did. That is how Ripple became the best cryptocurrency investment in the digital sphere. Ripple runs its platform, RippleNet, which allows anyone to send and exchange cryptocurrencies or make cross-border transactions. Since its inception, RippleNet has emerged as a direct competitor to the SWIFT (Society for Worldwide Interbank Financial Telecommunications) banking system. At the time of writing, XRP was at US$0.8195 with a market capitalization of US$38.72 billion. With an annual growth of 256%, Ripple has managed to occupy the eighth position in the market. However, its price is expected to grow further in 2022 as enthusiasts predict that the Ripple vs SEC case will come to an end next year.

Ripple is a fintech company that generally offers global payment solutions through its patented payment network known as RippleNet. RippleNet is built on a consensus XRP ledger that is both futuristic and open source. Ripple platform promotes the best cryptocurrency called XRP. Although Ripple uses both XRP ledger and XRP coins, they run independently off the company. Besides, XRP doesnt use the famous Proof of Work or Proof of Stake models. Instead, it functions solely on a protocol consensus algorithm that validates accounts and transfers payments through independent nodes.

XRP coins hit mainstream adoption in 2017 and 2018. While Bitcoin reached new highs in 2017, it eventually shed some light on the next aligned altcoins. Fortunately, Ripple happened to be one of them. However, after the bull run in 2017, XRP price plummeted dramatically and almost hit a 97% loss from its all-time high. Fortunately, over time, the cryptocurrency gained its ground and managed to enter the top 10 list.

Ripple Labs, the parent organization of XRP, is in the middle of a major battle with the United States Securities and Exchange Commission (SEC). SEC has claimed that the sale of XRP tokens was of unregistered securities. Ripple objected to the claim saying that they do not consider XRP to be securities. This judicial battle has caused XRP prices to fall drastically in the past year.

However, experts suggest that the case is nearing an end. They opine that despite the slow-moving of the judicial process, the case seems to have made progress. Therefore, there are high chances that it will come to an end in 2022. Moreover, this Ripple vs SEC case goes beyond the concern of Ripple Labs. Many see it as the first case a government has wedged against the cryptocurrency market. Even the result of the case is anticipated to have a major impact on the whole sphere.

Over the past few years, Ripple has evolved to be a high-performing money transfer network that allows transactions to be faster and cheaper. It has come a long way to reach where it is here today. But what the cryptocurrency has in the bag for 2022 is quite a mystery. With Sec vs Ripple case expected to come to an end next year, experts predict that XRP price will drastically go up if the result is in the companys favor.

Besides, general price predictions suggest that XRP will touch US$1.62 in 2022, which would mean a doubling of its value compared to now. The graphs further impose that Ripple could even reach US$2 if everything goes well.

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Will Ripple Emerge as the Best Cryptocurrency Investment in 2022? - Analytics Insight