RBI says cryptos could lead to “dollarization” of economy: Report
Cryptocurrencies can lead to “dollarization” of a part of the economy and this could be against the country’s sovereign interest, said top officials of the Reserve Bank of India (RBI). Amid the crypto crash last week, RBI officials said cryptos have the potential to become a medium of exchange and could replace the rupee in domestic and cross-border transactions. They have reiterated their institutional view that cryptocurrencies should be banned.
Crypto prices today: Bitcoin up 0.3%, ETH falls 0.2%
Bitcoin is currently trading at $29,757.17, an 0.31% increase over the previous day. Ethereum fell 0.2% over the last 24 hours to $2,023.93. Solana rose 5.14% to $54.01, while Cardano is trading higher by 6.56% at $0.567. Avalanche (AVAX) fell 0.52% to $33.89. The global crypto market cap stands at $1.27 trillion, a 0.71% decline over the previous day.
FTX CEO says Bitcoin has no future as a payments network
As per a Financial Times report, crypto exchange FTX’s founder Sam Bankman-Fried noted that Bitcoin has no future as a payments network. He criticized the digital currency for its inefficiency and high environmental costs. However, he added that Bitcoin may still have a future as an asset, a commodity, and a store of value like gold.
Nigeria’s markets regulator publishes rules on crypto assets
Nigeria’s Securities and Exchange Commission (SEC) has published a set of regulations for digital assets. The country is trying to find a middle ground between an outright ban on crypto-assets and their unregulated use. Digital assets exchanges would not be allowed to facilitate the trading of assets unless it receives a “no objection” ruling. An exchange will be required to pay 30 million nairas ($72,289) as a registration fee.
