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Crypto SWOT: After years of wavering on its stance, India is taking steps to adopt cryptos

Commentaries & Views


  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was MetaPay, rising 631.04%.

  • Crypto exchange FTX has just completed another funding round that values it at $32 billion, according to Bloomberg. Founder and CEO Sam Bankman-Fried said that he does not believe there will be a long-term crypto bear market.

  • After years of rejecting calls to write cryptocurrency accounting guidance because too few companies dabbled seriously in the digital asset space, the Financial Accounting Standards Board in December agreed to research the topic. The standard-setter plans to meet by mid-year to discuss the research, writes Bloomberg.


  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was Vive La Bouje, down 93.21%.

  • Russia’s crypto-skeptic Central Bank appears ready to climb down over some aspects of its proposed crypto ban – but still want to ban mining, despite recent comments on the matter from President Vladimir Putin, writes  

  • Bitcoin is closing out a rough month, with January declines putting the digital coin on pace for its worst start to a year since the dawn of the 2018 "crypto winter," writes Bloomberg. According to data compiled by Bloomberg, Bitcoin has notched only 11 up days this month meaning that it has spent 65% of the month in decline.


  • After years of wavering on its stance, India finally took a step closer to adopting cryptocurrencies. The Reserve Bank of India will launch its digital currency in the year starting April 1, said Finance Minister Sitharaman. The nation also plans to tax the income from the transfer of virtual assets at 30% she said, effectively removing uncertainties about the legal status of such transactions, writes Bloomberg.  

  • The Federal Reserve Bank of Boston and MIT’s Digital Currency Initiative published an open-source research software report on Thursday, according to Bloomberg. The report explains that the Boston Fed was able to develop "a core processing engine" for a general purpose CBDC that could support nearly 2 million transactions per second with high-speed settlement finality.  

  • Bitcoin gained the most in more than three months as investors show signs of renewed risk appetite following a volatile week across financial markets, reports Bloomberg. Bitcoin jumped as much as 7.6%, the most since October 15, and Ether climbed as much as 9%.  


  • Wormhole, a communication bridge between Solana and other decentralized finance blockchain networks, was hacked this week. Hackers may have drained as much as $315 million, according to blockchain forensics providers. If the amount is accurate, it would be one of the largest thefts from a DeFi protocol, writes Bloomberg.  

  • During the brutal crypto selloff last month volumes also tumbled. Total spot volume slumped to $1.8 trillion in January, a decline of more than 30% from the previous month, according to a report from CryptoCompare. This was the lowest turnover since the end of 2020.

  • Decentralized Social token (DESO) tried to game the public into believing that it had just raised $200 million from investors like Andreesseen Horowitz and Coinbase Ventures. However, this is simply not true, reports Cryptoslate. Venture capital firms contributed less than half of the project funds, with the rest coming from retail buyers and industry insiders. Upon its listing on Coinbase, the price doubled, giving early investors an opportunity to dump the asset on unsuspecting retail investors.
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