Bitcoin News and Finance: What You Need to Know

India’s market regulator, the Securities and Exchange Board of India (SEBI), says the decentralized nature of crypto assets makes consumer protection and regulatory enforcement challenging. SEBI on Crypto Regulation The Securities and Exchange Board of India (SEBI) reportedly told the Parliamentary Standing Committee on Finance that the decentralized nature of crypto assets makes any consumer protection or regulatory enforcement of this asset class challenging. Noting that “crypto assets are maintained in decentralized distributed ledgers,” SEBI was quoted by local media as saying: There is a great likelihood of execution of unauthorized trades not in consonance with any regulatory framework. The market regulator emphasized the need for clarity about whether crypto assets are securities. “If crypto assets are not banned, then there is a need for feature-based characterization of the tokenized version of the assets, which may attract supervision of different sectoral regulators,...

The Brazilian central bank digital currency (CBDC), the digital real, will be more of a wholesale asset instead of a public retail-focused token, according to statements from the president of the Central Bank of Brazil, Roberto Campos Neto. Campos Neto indicated that private banks in the country will be able to issue their own stablecoins that will be collateralized with digital real deposits. Digital Real Will Not Be Retail Oriented Brazil is planning to issue a CBDC that has a very different design when compared to other CBDCs like the digital renminbi , known also as Digital Currency Electronic Payment. The digital real, the Brazilian CBDC, will have a wholesale purpose, and will not be used for retail purposes. This information was revealed by Roberto Campos Neto, president of the Central Bank of Brazil, at a crypto summit hosted in Rio. About the projected uses of the digital real, Campos Neto stated: Banks will be able to issue stablecoins on their deposits and will develo...

Following a move towards $32,000 to start the week, BTC was fighting to stay above $29,000 during Tuesday’s session. The red wave which captured bitcoin bulls, also overcame ETH , pushing prices nearly 8% lower, as of writing. Bitcoin Following a strong start to the week, bitcoin was once again trading lower, as prices dropped below the $30,000 mark. Tuesday’s selloff saw BTC /USD slip to an intraday low of $29,311.68, which is over 7% lower than yesterday’s peak at $31,693.29. After breaking out of its $30,500 ceiling on Monday, prices were unable to penetrate the higher resistance point of $31,550, which was an entry point for bears. Looking at the chart, today’s candlestick appears to be a bearish engulfing candlestick, which has wiped out the precious three days of gains. Although prices are still trading above $29,000, should this floor break, then the target will likely be the $28,800 support level. As of writing, the 14-day RSI is tracking at 44.20, with its own support...

A Chinese prosecutor is reported to have given a thumbs up to the arrest of a listed big data company director accused of embezzling $8 million and using the funds to buy bitcoin mining rigs. Although Li Qunnan has denied the allegations, executives insist their evidence implicates him. Director’s Unsanctioned Use of Funds Discovered in November 2021 A prosecutor in Beijing, China, has reportedly approved the arrest of a former director of a listed big data firm who is accused of using fraudulently acquired funds to purchase bitcoin mining rigs. According to the company’s filings with Shanghai Stock Exchange, the director, Li Qunnan, is alleged to have embezzled about $8 million (55.53 million yuan) from Zhongchang Big Data. As per one Chinese language report , Qunnan, a former chairman of Zhongchang Big Data, is thought to have misappropriated funds during his tenure as a senior executive of the company. Zhongchang Big Data claimed it only became aware of the director’s unsanction...

The South Korean science and ICT ministry has said it will recruit companies that will participate in its 2022 Metaverse Content Creation Project. A director in the ministry said the project is being promoted as part of the country’s industry-leading metaverse strategy. Building Trust in the Metaverse Content Creation Ecosystem South Korea’s Ministry of Science and ICT in conjunction with the National Information and Communication Industry Promotion Agency (NIPA) has said it will recruit companies that will be participating in the 2022 Metaverse Content Creation Project. Through the project, South Korea intends to support local metaverse content makers as well as the issuance of non-fungible tokens (NFTs). According to a report in the Korean language publication News 1, the goal of the project is to engender trust in the metaverse content creation ecosystem. Four companies will be selected to participate in the project and each one will receive approximately $160,000 (200 million...