Saudades

• An Indian government official has said that there is currently nothing that outlaws crypto in India so long as the legal process is followed.
• The Indian government has not yet established a regulatory framework for cryptocurrency but crypto income is already taxed at 30%.
• India’s central bank, the Reserve Bank of India (RBI), has recommended a complete ban on cryptocurrencies such as bitcoin and ether.

The Indian government has recently been taking steps to address the cryptocurrency industry. An Indian government official has recently declared that crypto is not currently outlawed in India, so long as the legal process is followed.

Rajeev Chandrasekhar, India’s Minister of State for Electronics and Information Technology and Minister of State for Skill Development and Entrepreneurship, explained that the country has nothing against cryptocurrencies provided the laws are followed. He stated, “There is nothing today that outlaws crypto as long as you follow the legal process.”

At present, the Indian government has yet to develop a regulatory framework for cryptocurrency. Last December, the government informed parliament that crypto legislation “can be effective only with significant international collaboration”. Nirmala Sitharaman, the Indian Finance Minister, has recently revealed that the government plans to discuss crypto regulations with G20 countries.

Despite the lack of a regulatory framework, crypto income is already taxed at 30% in India, and a 1% tax deducted at source (TDS) is levied on crypto transactions. The Indian government has just announced that it will be launching a crypto awareness campaign.

However, India’s central bank, the Reserve Bank of India (RBI), has recommended a complete ban on cryptocurrencies such as bitcoin and ether. RBI Governor Shaktikanta Das has stressed that “Cryptocurrency does not have any underlying value.”

It remains to be seen how the Indian government will move forward with its regulations of the cryptocurrency industry. For now, Indian citizens can be assured that they are not breaking any laws by engaging in crypto activities so long as they follow the legal process.

• The Dubai Multi Commodities Centre (DMCC) Crypto Centre had over 500 blockchain and Web3 firms registered by the end of 2022, setting a record-high for new company registrations.
• DMCC CEO Ahmed Bin Sulayem suggested that the number of registrations could indicate the extent of investors‘ confidence in the emirate.
• Feryal Ahmadi, the COO at DMCC, said the organization would seek to further enhance its position of strength by providing more support to member companies.

The Dubai Multi Commodities Centre (DMCC) has achieved a significant milestone with the registration of over 500 blockchain and Web3 firms in its Crypto Centre by the end of 2022. This record-high number of new company registrations is indicative of the confidence investors have in the emirate’s potential.

Ahmed Bin Sulayem, the executive chairman and CEO of DMCC, spoke about the unprecedented performance of the organization this year. He said, “Backed by a strong regional macroeconomic landscape, DMCC has been efficiently accelerating its growth strategy throughout 2022, focusing on supporting its member companies in high-impact sectors such as web3 and blockchain technologies, commodities and global trade. The unprecedented performance this year reflects this growth acceleration and highlights the significant value that DMCC adds to each of its members.”

Feryal Ahmadi, the Chief Operating Officer (COO) of DMCC, further added that the organization would continue to build on its position of strength. He said, “DMCC will continue to build on its position of strength by further enhancing the value it brings to its members and the wider business community.”

This latest development is a testament to the hard work and dedication of the DMCC team, and it is clear that the organization is committed to providing the best possible environment for its members. With the number of blockchain and Web3 firms registered with the Crypto Centre growing at a substantial rate, it is likely that the DMCC will be able to continue providing a strong platform for companies in the near future.

• Bitcoin (BTC) rallied to a two-month high earlier in today’s session, as prices climbed above the $19,000 mark.
• Ethereum (ETH) also significantly rose on Friday, with price moving above the $1,400 mark.
• Prices of ETH are now deep in overbought territory, with the RSI index tracking at a level of 75.54.

Cryptocurrencies have been on a roll this week, with Bitcoin and Ethereum both experiencing significant gains. Bitcoin (BTC) surged above the $19,000 mark in today’s session, hitting a two-month high in the process. This marks the strongest point for the world’s largest cryptocurrency since November 8, when price was above $20,000.

The rally came as the 14-day relative strength index (RSI) rose to a peak of 82.00, which was its highest mark in over a year. In addition to this, the upwards trend on the 10-day (red) and 25-day (blue) moving averages continued to mature, thus extending bullish momentum. Despite this, prices are now well beyond overbought, which could mean that bears are lurking and preparing for reentry.

Ethereum (ETH) was also on the rise, with price moving above the $1,400 mark. ETH/USD hit an intraday high of $1,432.28 in today’s session, which comes less than a day after trading at a bottom of $1,378.42. As with bitcoin, this spike in price has pushed ethereum to its highest point since November 8, when it hit a high of $1,580.

The bullish sentiment for ETH was also reflected in its RSI index, which is now deep in overbought territory at a level of 75.54. Earlier gains have already begun to slip, as previous bulls have begun taking profits in anticipation of a potential reversal.

Overall, the recent surge in both Bitcoin and Ethereum has been driven by traders reacting to Wednesday’s U.S. inflation report, which dropped to 6.5%. With prices now significantly above the $19,000 and $1,400 mark respectively, it remains to be seen if this rally is sustainable in the long-term or if we will see a reversal in the near future.

• Cryptocurrencies rose in popularity among Chileans, according to a survey from global consulting firm Bain & Company.
• Investment funds were the most popular investment option, while real estate was ranked second. Crypto came in third with 23% of the polled considering it as the go-to choice for their investments in 2022.
• The popularity of crypto has to do with how investors view it and its possible returns, even though 2022 was not a good year for the industry.

Cryptocurrency is becoming an increasingly popular investment option in Chile, according to a survey from global consulting firm Bain & Company. The survey found that crypto is ranked as the third most popular investment asset among Chileans, only behind investment funds, which were the most popular investment option, and real estate, which ranked second.

This finding is not surprising, given the high devaluation and inflation rates that have been affecting many countries in Latin America. In Chile, which is among the five countries with the worst inflation in the zone, crypto has risen to be among the most popular investment choices among all options available in the market. 23% of the people polled in the survey answered that crypto was the go-to choice for their investments in 2022. Investment funds took first place in the survey, with 36% of the polled having chosen this as their first investment option. 24% of the people polled answered having invested in real estate.

The reasons behind this trend have to do with how investors view crypto and its possible returns, even when 2022 was not a good year for the industry, having faced the demise of Terra and the bankruptcy of FTX, two particularly impactful events. About this perception, Marcial Rapela, partner at Bain Chile, stated: “This figure coincides with the trend that we have seen in recent times, where digital currencies have become increasingly popular given their high levels of potential returns.”

The survey also found that crypto is being seen as a more secure option than traditional assets, as it is not as affected by market fluctuations and is not tied to any government or bank. It’s also seen as a more flexible option as it allows users to quickly and easily move money to different parts of the world, without having to worry about exchange rates or dealing with different currencies.

Considering these factors, it’s not too hard to see why crypto is becoming a more attractive investment option for many Chileans. With the rising popularity of cryptocurrencies, it is likely that this trend will continue in the future.

• The start of 2023 has been tumultuous, with crypto bankruptcies, inflation, and recession impacting markets.
• Robert Kiyosaki has said that the United States Securities and Exchange Commission (SEC) will „crush“ most cryptos with regulations, other than bitcoin.
• Michael Burry and Peter Schiff have predicted an inflation spike, and that the U.S. will be in a recession soon.

The start of 2023 has been gloomy, with the effects of crypto bankruptcies, inflation, and recession looming darkly on the horizon. This week, investors and economists have been weighing in on the situation and forecasting what we can expect in the coming months.

Rich Dad Poor Dad author Robert Kiyosaki spoke up about his thoughts on the matter, saying that other than bitcoin, the United States Securities and Exchange Commission is going to „crush“ most cryptos with regulations. He noted that this was why he was buying more bitcoin and advised others to do the same. This comes after the SEC has cracked down on several crypto businesses with cease and desist letters in the past few weeks, leading to some of them filing for bankruptcy.

Michael Burry, the hedge fund manager who famously forecasted the 2008 financial crisis, has spoken about the current inflation rate. He said that it has peaked in the U.S., but there will be another inflation spike. He expects that the U.S. economy will be in a recession „by any definition“ in the near future.

Economist Peter Schiff also weighed in on the situation, predicting that the U.S. dollar will have „one of its worst years ever“ in 2023. He warned of the impending inflation, saying that it is „about to get much worse“.

Despite all these warnings and forecasts, peer-to-peer exchange without the need for institutions stifling economic freedom (the original value proposition of bitcoin) remains a reality. The crypto news continues to roll in, showing that there is no shortage of information and insights. This is the Bitcoin.com News Week in Review.

• Jim Cramer, host of CNBC’s Mad Money show, has warned crypto investors that the U.S. Securities and Exchange Commission (SEC) is likely to do a roundup of non-compliant crypto firms.
• Cramer is citing John Stark, a former SEC attorney, who believes that the SEC will “sweep everything”.
• Cramer is urging investors to get out of crypto now before the SEC roundup takes place.

Jim Cramer, the host of CNBC’s Mad Money show, has issued a stern warning to crypto investors: the U.S. Securities and Exchange Commission (SEC) is likely to do a roundup of non-compliant crypto firms. Cramer, who is a former hedge fund manager and co-founder of Thestreet.com, a financial news and literacy website, believes that this roundup will take place following a joint statement from the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) about the risks of investing in crypto.

During his appearance on CNBC Wednesday, Cramer was citing John Stark, who served as an attorney for over 18 years in the SEC’s Enforcement Division. Stark is now calling for a sweep of the crypto space. Cramer stated: “He said the SEC is going to sweep everything, which is why I am telling everybody: get out of these.” The Mad Money host went on to emphasize that he is not calling for a crypto collapse, but rather a collapse of the people in on the Ponzi scheme.

Despite the warnings from Cramer, he noted that people are still bidding up the prices of cryptocurrencies. He urged investors to act quickly and get their money out of crypto before the SEC roundup takes place. Cramer concluded: “I’m telling you, get out of these. I don’t want you to be one of the Ponzi players that winds up getting taken out.”

It remains to be seen whether the SEC will take action against non-compliant crypto firms, but Cramer’s warnings should not be taken lightly, especially given his expertise in the financial markets. It’s important for investors to remember that investing in crypto is a risky endeavor, and they should only invest what they can afford to lose.

• The BRICS nations (Brazil, Russia, India, China, and South Africa) have a combined nominal GDP of $16.039 trillion and are considering a new reserve currency.
• Russia’s central bank has taken steps to reduce its dependence on the U.S. dollar by purchasing the Chinese yuan on foreign exchange markets.
• Financial experts such as Robert Kiyosaki have predicted that the U.S. dollar may be „toast“ in the near future.

In light of the recent economic turbulence and the weakening of the U.S. dollar, the BRICS nations (Brazil, Russia, India, China, and South Africa) have been exploring the potential of creating a new reserve currency. This idea was first proposed by Russian president Vladimir Putin at the BRICS Summit in June, and has since been discussed by many international experts.

Russia’s central bank has started to take steps to reduce its dependency on the U.S. dollar, by purchasing the Chinese yuan on foreign exchange markets. This move is a major shift for the country, which has historically relied heavily on the U.S. dollar. Furthermore, the ruble has dropped 16.48% against the U.S. dollar over the last month, indicating that Russia is taking steps to diversify its currency reserves.

The BRICS nations have a combined nominal GDP of $16.039 trillion, making them a formidable economic bloc. If a new reserve currency is adopted, this could have a major impact on the global economy. Financial guru Robert Kiyosaki has predicted that the U.S. dollar may be „toast“ in the near future, and other analysts have also suggested that the world is moving towards a de-dollarization process.

Yaroslav Lissovolik, executive of Sberbank and Russian International Affairs Council (RIAC) member, recently published an opinion article about the potential of a BRICS reserve currency. He said that such a currency could offer the BRICS nations a great opportunity to reduce their dependence on the U.S. dollar, and to open up new paths for economic growth.

The current economic situation is an uncertain one, but the BRICS nations have the potential to create a new reserve currency that could fuel global de-dollarization. This could be a game-changer for the world economy, and it will be interesting to see how this developing situation plays out in the coming months.

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