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Only A Handful Of Cryptocurrencies Would Survive In The Future: Raghuram Rajan

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Only A Handful Of Cryptocurrencies Would Survive In The Future: Raghuram Rajan

Rajan had warned that only a handful of cryptocurrencies in existence would survive in the future

Former Reserve Bank of India (RBI) Governor Raghuram Rajan said on the sidelines of the World Economic Forum (WEF) annual meeting in Davos that the collapse in the prices of Cryptocurrencies over the past year will allow investors to focus on the “true value” of this new technology.

“The idea that somehow cryptos are going to maintain value, while the fiat currencies collapse. That’s nonsense,” Rajan said on the sidelines of the World Economic Forum’s annual meeting in Davos, Switzerland.

The economist said that fiat currencies have won out in terms of which is more credible.

Rajan’s statements come against the backdrop of the crypto market shrinking by $1.4 trillion in 2022, with Bitcoin losing 60 percent of its value. However, it clocked a 26 percent gain in January, breaking above the $20,000 level. Cryptocurrencies have not only tanked but also took a credibility hit when exchange FTX, which was valued at $32 billion a year ago, filed for bankruptcy in November. Founder Sam Bankman-Fried was accused of orchestrating an epic fraud by the investigators.

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Cryptocurrencies took a credibility hit in November when crypto exchange FTX, which was valued a year ago at $32 billion, filed for bankruptcy protection in November and U.S. prosecutors accused its founder Bankman-Fried of orchestrating an “epic” fraud that may have cost investors, customers, and lenders billions of dollars.

Rajan expects the US Federal Reserve to continue raising interest rates for now, while it looks for signs of any slack in the labor market.

“When you still have 200,000 jobs (being created) a month, it suggests that there’s still a way to go,” he said.

Rajan believes a mild recession wouldn’t pose a problem for the U.S. central bank as the Fed believes it can allow the economy to recover by cutting rates.

The post Only a Handful of Cryptocurrencies Would Survive in the Future: Raghuram Rajan appeared first on Analytics Insight.

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Crypto Association In Turkey Vows To Block Exchanges That ‘Victimize Traders’

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Crypto Association In Turkey Vows To Block Exchanges That ‘Victimize Traders’

A new organization has been established in Turkey with the aim to monitor and help develop the country’s crypto sector, local media reported. Its first task will be to address recent problems with some cryptocurrency exchanges and boost confidence in the industry as a whole.

New Entity to Deal With Issues in the Crypto Space in Turkey, Hopes to Increase Transparency

People trading cryptocurrencies in Turkey have been estimated at over 8 million as of 2022, according to Emrah Inanc, head of the Crypto Industry Development, Monitoring and Reporting Association. The country is in the world’s top five in terms of crypto investments, he highlighted.

Speaking to the Anadolu Agency, the top executive of the newly-founded organization also emphasized that transparency is crucial for the development of the crypto sector. That’s why it will first focus efforts on solving problems with crypto exchanges and improve confidence in the industry.

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Inanc pointed out that a number of exchanges from the Far East have been trying to attract Turkish customers. On this backdrop, he noted that the lack of rules and regulatory authority has led to “inconvenient results,” and acknowledged some of the challenges in relations with the public sector:

We are faced with allegations that some exchanges have blocked customer accounts illegally for financing terrorism and money laundering.

Emrah Inanc also indicated that the association is ready to periodically and transparently share information about the shortcomings it’s identifying with all relevant institutions. He also warned traders about dealings with offshore exchange platforms.

“In order to prevent these illegal practices and irregularities, we will take the necessary steps to block cryptocurrency exchanges … that cause unlawful transactions, cause victimization, and threaten our citizens and the country’s economy,” Inanc elaborated. He also urged both individuals and organizations to send requests, suggestions, and complaints to the group by filling out a form posted on its website.

With the popularity of cryptocurrencies growing amid high inflation, Turkey has become an attractive market for crypto exchanges in the past few years. Turkish traders were also affected by a few failures in the sector, including that of FTX which filed for bankruptcy in mid-November. Turkey’s financial watchdog launched a probe into the collapse of the major exchange as it had a Turkish platform.

Several domestic exchanges have also shut down, such as Thodex, whose founders and top executives were accused of committing fraud and money laundering as part of a suspected exit scam. Vebitcoin was investigated when it ceased activities after the country’s central bank banned crypto payments, and Coinzo closed down as well.

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association, Crypto, crypto association, crypto exchanges, crypto industry, Crypto investors, crypto market, crypto sector, crypto traders, Cryptocurrencies, Cryptocurrency, Exchange, Monitoring, Regulations, Turkey, Turkish

Do you think the new crypto association will help the development of the crypto industry in Turkey? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Ban On Crypto Mining In Residential Areas Proposed In Russia

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Ban On Crypto Mining In Residential Areas Proposed In Russia

Advisors to the Kremlin have suggested that home crypto mining should be banned in Russia, or in some of its regions. The stated motive for the proposal is to prevent fires in residential buildings. Amateur miners have been blamed for high loads on the grid causing breakdowns and blackouts.

Energy Experts Want to Prohibit Mining Cryptocurrency in Russian Homes

The Energy Committee of the State Council, an advisory body to the Russian president, has recommended imposing a ban on the minting of digital currencies in residential areas. Its members believe the measure will reduce fire hazards, local media reported.

The idea is to completely prohibit the production of cryptocurrencies in apartment blocks and houses in the country, or at least in parts of Russia experiencing energy deficits. Among them are Moscow and the Moscow Oblast, the region adjacent to the Russian capital.

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The crypto-related activity, which is a source of additional income for many ordinary Russians, especially in places with access to cheap electricity, is not regulated yet. A bill tailored to do that is currently under review in the State Duma, the lower house of Russian parliament.

The energy experts also suggested that the federal government should grant regional authorities powers to impose additional taxes on cryptocurrency mining, the daily Izvestia revealed in a report, quoting the minutes from a meeting of the committee held in mid-December.

Anton Tkachev, member of the State Duma Committee on Information Policy, Information Technologies and Communications, believes the push to ban mining in residential areas and energy-deficient regions is a logical move as industrial mining farms already consume critical amounts of energy.

He also emphasized that energy security is an acute issue, especially for small towns with insufficient budgets to fund the proper repair and maintenance of energy systems and facilities. As for private homes, there is also the risk of the mining equipment causing fires, the lawmaker added.

The Russian Ministry of Energy, which supports the legislative regulation of crypto mining, noted that distribution networks in residential areas are not designed to handle the overloads due to coin minting in households, as pointed out by Russian energy companies.

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Irkutsk Oblast has become Russia’s hotspot for home mining as residents take advantage of some of the lowest electricity rates in the country, subsidized for the population, and set up crypto farms in basements and garages. According to media reports, mining hardware has been found at the places of 23 fires in the region during the first half of 2022 alone.

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amateur miners, ban, breakdowns, consumption, Crypto, crypto farms, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, fires, grid, home mining, Load, mining, mining installations, proposal, Regulation, Russia, russian

Do you think Russian authorities will ban cryptocurrency mining in residential areas? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Several Crypto Exchange Websites Taken Down In Kazakhstan

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Several Crypto Exchange Websites Taken Down In Kazakhstan

Financial authorities in Kazakhstan have targeted at least five online platforms exchanging cryptocurrencies outside the law. Documents, computer equipment, and cryptocurrency wallets have been seized during searches in the northern part of the country.

Kazakhstan’s Financial Watchdog Goes After Unlicensed Crypto Exchange Services

The Financial Monitoring Agency (FMA) of the Republic of Kazakhstan has dismantled a group involved in the illegal exchange of cryptocurrencies. Its members organized the trading through several websites such as kzobmen.com, 1wm.kz, kazobmen.ru, wm007.kz, and kz-exchange.com.

As part of the operation in Kostanay region, searches were carried out at six locations, in which items incriminating the operators of the platforms were seized, the watchdog said in a press release. Its employees confiscated a number of laptops, cell phones, and flash memory sticks, as well as banking and accounting documents.

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The authority alleged that the organizers of the online exchangers had received “especially large-scale” income from their business undertaking, without specifying the amount. It also did not reveal how many persons were in the group or their identities.

Investigators were able to establish that they had two crypto wallets at Binance, the world’s largest crypto exchange, with a combined balance of $6,000 in digital assets. Access to these wallets has been temporarily restricted, the FMA noted. More than $200,000 worth of coins were found in wallets with other exchanges.

A pre-trial investigation is underway, according to the announcement. The Financial Monitoring Agency also reminded that these types of activities are allowed only under the special legal regime of the Astana International Financial Center (AIFC).

The Kazakhstan government has been taking steps to regulate the country’s crypto market, which has been growing since the Central Asian nation became a bitcoin mining hotspot following China’s crackdown on the industry in 2021.

In order to operate an exchange platform legally, crypto companies need to obtain regulatory approval and register with Kazakhstan’s financial hub. In October, 2022, Binance was licensed as a provider of crypto exchange and custody services. Earlier that month, it agreed to share information about crypto-related crime with the authorities in Nur-Sultan.

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Binance, Crackdown, Crypto, crypto exchange, crypto trading, crypto wallets, Cryptocurrencies, Cryptocurrency, Exchange, exchange websites, exchangers, financial watchdog, fma, Kazakhstan, operation, searches, Trading Platforms, Wallets

Do you think Kazakhstan will continue to clamp down on unlicensed crypto trading? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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