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The Future Deputy Director General of the International Monetary Fund (IMF) says no to banning cryptocurrencies. Gita Gopinath, chief economist of the International Monetary Fund (IMF), recently said that developing economies should have sensible regulations in place to control cryptocurrencies.

While central banks in various countries want to ban cryptocurrencies, the sector has received support from the International Monetary Fund (IMF).

Speaking at an event organized by the National Council for Applied Economic Research (NCAER), Gita Gopinath, who will soon become the IMF's first Deputy Managing Director, asked the new economies floating regulatory framework instead of ban.

She said global policy on crypto is an urgent need to address the challenges that technology poses to developing markets. Furthermore, she asserted that banning cryptocurrencies is an unrealistic issue, given the global presence that exchanges possess.

“Regulation of crypto-assets is essential, especially for emerging and developing economies, as banning them may not be effective because crypto exchanges are located overseas. , which makes it easy for an individual to transact despite the ban.”

According to Gopinath, people are using cryptocurrencies as an investment asset which means that the rules regarding other types of investments should apply to the scope as well. Therefore, the ban action will also pose many challenges for policy makers.

However, besides India and China, most other jurisdictions have ruled out banning cryptocurrencies, adopting a more ad-hoc regulatory approach instead. In fact, many US officials see China's ban as a great opportunity to pe*****te deeper into the industry and capitalize on their innovation. On December 16, the Fed Chairman also stated that he does not view cryptocurrencies as a threat to “break” the US financial system.
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Binance Smart Chain (BSC) and Animoca Brands set up a $200 million fund to invest in GameFi. Binance Smart Chain (BSC) and Animoca Brands are launching a $200 million investment program to incubate early crypto-focused gaming projects built on top of BSC.

Both Binance Smart Chain and Animonica announced on December 6 that they are co-investing up to $100 million each to support game projects in the GameFi sector. BSC has always been considered as one of the most ideal destinations for potential blockchain games.

Combined with the 1 billion USD stimulus package from the Binance exchange launched in mid-October, the BSC ecosystem will certainly be greatly promoted in all aspects from DeFi, NFT and blockchain game in the near future. next. Especially in the context that Binance Smart Chain is about to upgrade Bruno to update the BEP-95 mechanism to burn BNB. BSC Investment Director Gwendolyn Regina said:

“With the new partnership, projects built on BSC will have the opportunity to gain insights and expertise from leading gaming representatives like Animoca Brands, along with the opportunity to collaborate with industry experts. blockchain from the BSC community.”

Animoca Brands is a true giant in blockchain games and metaverse, working to provide property rights through NFT and games. The company has invested in major NFT-related projects including Axie Infinity, OpenSea, Bitski and Harmony.

The most impressive case, however, is The Sandbox, an Ethereum metaverse game launched in 2018 by Animoca Brands that allows players to own, build, and monetize the game's virtual world. SAND has created many "seismic shocks" in the past time when continuously setting up ATH, on the way to becoming a new force in the metaverse universe.

It can be said that the blockchain game field has encountered many difficulties in recent times in establishing a good relationship with traditional game platforms. In mid-October, Steam's binding rules against NFTs put a lot of organizations in a difficult position. There were even 29 blockchain game companies writing letters to convince Valve to lift the ban on Steam.

In fact, despite the temporary hurdles, investments from many companies in the blockchain gaming space continue to grow rapidly with huge capital raising increasing. The role of blockchain in transforming the gaming market seems to be strengthening through GameFi.

GameFi is known as a hybrid between gaming and DeFi, which has become one of the most buzzing terms in the crypto industry lately along with the concept of metaverse. GameFi refers to the financialization of video games and operates under the model of playing for money instead of playing to win.

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Visa launches crypto advisory service to drive mainstream adoption. Payments giant Visa is launching new consulting services to help its clients navigate the crypto world.

Visa says the company's crypto advisory service, which is part of its advisory and analytics division, will advise financial institutions, retailers and other companies on everything from implementing Deploying crypto features to exploring diverse areas in the blockchain space like NFT. In August, Visa spent $150,000 on NFT CryptoPunk and launched an NFT program to support creative artists globally.

The move marks Visa's latest attempt to push deeper into the crypto industry. From October 1, 2020 to September 30, 2021, the company processed $3.5 billion in transactions through crypto-linked card schemes.

The company is also developing products geared towards stablecoins and CBDCs. Visa hopes its newly launched service can help further mainstream adoption of Bitcoin and other altcoins. Like rival Mastercard, Visa has always viewed cryptocurrencies as an important growth opportunity as it continues to expand into areas beyond card payments.

Major payment networks have faced increasing competition from a range of emerging financial firms in recent years. Disruptive trends such as open banking, aimed at meeting consumer information and the ability to pay for a variety of customers, threaten to disrupt the business model of traditional organizations.

In fact, Visa is also under pressure from big tech companies. Last month, Amazon said it would stop accepting Visa credit cards in the UK due to the company's high costs. Similar steps against Visa are also being taken in Australia and Singapore. Nikola Plecas, Head of Crypto at Visa Europe, said: “Cryptocurrency is a huge growth opportunity for us. We will continue to focus on growing this range going forward.”

A study published by Visa on December 8 with more than 6,000 survey participants, indicated that as many as 94% now have some degree of cryptocurrency awareness, while almost a third have already had some level of cryptocurrency awareness. use crypto as an investment or medium of exchange.

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Microsoft officially entered NFT, leading the $ 27 million funding round of Palm NFT Studio. After many "treasures" about participating in the metaverse and NFT space, technology giant Microsoft has taken the first concrete ambitious step in the field.

Specifically, crypto startup Palm NFT Studio announced a Series B funding round of $27 million on December 9 led by Microsoft's M12 venture fund, prominent investment funds Other participants in this round include Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, LAO, Warner Bros. and SK Inc.

Palm NFT Studio, co-founded by owner ConsenSys, the developer behind Metamask wallet and Ethereum co-founder Joseph Lubin, provides strategic and technical services to creative artists to build the market. NFT field.

Microsoft's unexpected move came only 1 day after Amazon decided to invest in NFT with the WAX ​​blockchain. That said, the metaverse and NFT ranges are becoming the preferred destination for large traditional companies in their journey to initiate exposure to the crypto market.

According to a statement released by the company, the funding will allow the team to scale up Palm NFT Studio's technology platform and make it available to third parties who wish to implement NFT projects on film. photos, games, music and art with regulatory compliance and environmental sustainability.

Dan Heyman, co-founder and CEO of Palm NFT Studio, believes that within the next three years most of the NFTs will be given away for free. He shared:

“We envision programs using millions of NFTs with utility, social objects that connect communities, increase engagement, and reward true fans. We are grateful that incredible partners like the M12 share that vision.”

Besides, Palm NFT Studio also created Palm Network, an Ethereum sidechain that allows users to set up NFT. Any NFT done on Palm Network or Ethereum can be hooked up from the Ether mainnet to the Palm Network or vice versa. As the new board member, M12 also released a statement welcoming Palm NFT to their portfolio and outlining the network's focus on sustainability.

“The company and third parties have run tests showing that Palm Network requires less computation and power to execute transactions than the Proof-of-Work mechanism. Palm Network also has a carbon tax built into the bridge configuration of the platform, which enforces payments as the main network resources are used.”

Since its launch earlier this year, Palm NFT Studio has partnered with DC Comics to release an NFT-encrypted comic book cover collection and worked with Damien Hirst to release The Currency collection.

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Former Google CEO becomes an advisor to oracle Chainlink.
Recently, the leading oracle project, Chainlink, announced that it will have the participation of mentors from Mr. Eric Schmidt (who used to be the CEO of the Google technology giant).

On the project's official twitter, Chainlink said that Eric Schmidt has now become an advisor of this oracle platform. “Eric Schmidt has now become an advisor to the Chainlink build process.

Former Google CEO Eric Schmidt has always advocated a world of truth: “Chainlink is the secret recipe for unlocking the potential of smart contract platforms, while revolutionizing business and society as a whole. “” – Chainlink’s Twitter channel said

This is the latest move to show interest from senior executives in traditional tech companies into the cryptocurrency market. Before that, the cryptocurrency market was familiar with the name Peter Thiel – the legendary investor in Silicon Valley, one of the investors who participated in the first rounds of the Facebook deal.

Not long ago, Apple CEO Tim Cook also expressed his interest, and shared his personal investment in the crypto market.

This latest move is expected to add credibility to Chainlink, the oracle platform that has already established its dominance in the data validation space on the blockchain space.

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US Treasury Secretary Janet Yellen said she has not yet decided on whether the Fed should issue a Central Bank Digital Currency (CBDC) due to restrictions that have not been carefully considered.

In an interview at the Reuters NEXT conference on December 3, Janet Yellen stated that she has not yet taken a specific stance on the Fed's decision to launch a CBDC.

This decision will require broad consensus among Congress, the Central Bank and the White House, she explained. The Treasury Secretary believes that more research is needed on the advantages and disadvantages of using CBDCs in the US, including their impacts on the banking system.

I see both pros and cons of implementing CBDC. Must think carefully before doing.

At the end of September, Fed Chairman Jerome Powell made it clear that reports on CBDCs were coming soon and needed support from Congress. However, Janet Yellen said the matter of the story between the Fed and CBDC has not been discussed "seriously" at the White House. Janet Yellen served as the 15th chair of the Fed from 2014 to 2018.

“This is an important decision and requires consensus. There are a number of benefits, but also significant costs. CBDCs could derail the banking system. And, you know, we need to go into the deeper aspects. But at the moment, I don't have a specific view."

However, some Fed governors don't see the benefits of CBDCs at all, including Governors Michelle Bowman, Randal Quarles, and Christopher Waller. Although data from the Economic Center of the Atlantic Council shows that already 87 countries (accounting for more than 90% of global GDP) are currently exploring CBDCs.

“We remain skeptical that the Fed’s CBDC will not solve any problems for the US payments system.”

On the other hand, Fed vice president Lael Brainard opposes this view. She called on the Fed to be more urgent in developing its own CBDC. In July, she complained that she could not understand why the US was not actively developing CBDCs while China and other countries were doing the same.

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South Korea pushes back its crypto tax law to 2023.
South Korea's crypto tax plans appear to have hit a snag as the National Assembly passed a bill promoting tax enforcement by 2023.
As previously reported by Coin68, South Korea will impose a 20% tax on cryptocurrencies starting January 1, 2022. However, members from both the government and the opposition are in the Tax Subcommittee under the National Assembly. All agreed to amend the above bill to extend the implementation time by one year.

Several Democratic lawmakers have been lobbying for the delay of the crypto tax bill, citing flaws in the National Tax Service's (NTS) collection procedures. Members of the opposition party also expressed displeasure over the swift implementation of the bill given the vague legal definition of crypto.

However, both sides share concerns about their constituents, who they feel could be vulnerable in the short term if the bill is implemented as it is. A congressman has introduced a proposal with the intention of relaxing the tax base to the financial investment income tax rate, so that crypto investors are not disadvantaged.

Notably, South Korea has been working with crypto taxes since 2017 when the main concerns surrounding this space were excessive speculation, money laundering, tax evasion, and fraud. But so far, things seem to be incomplete in terms of the legal framework.

South Korea is not the only country implementing a cryptocurrency tax bill. Countries around the world are also becoming more aware of this problem. These include the US infrastructure bill approved by President Biden in mid-November, as well as Austria and Argentina.

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PlanB is confident Bitcoin will still hit $100,000 even though its November BTC price prediction was wrong. Despite Bitcoin's drop in November, the creator of the famous Stock-to-Flow model, PlanB, remains confident that the BTC price is heading towards the $100,000 target by year-end.

Bitcoin analyst Plan B is highly respected in the crypto world and has amassed 1.5 million followers on his personal page since October 2017. Plan B is the father of the Stock-to-Flow model ( S2F), thereby giving a simulation of Bitcoin price prediction. PlanB has done well on its stated goals over the past 3 months, but in November alone, things may have gone wrong.

Specifically, at the end of June, PlanB indicated that in a worst-case scenario BTC would trade at $47,000 in August, then see a reversal in September with as low as $43,000. By October, the price will be more than 63,000 USD. November will reach $98,000 and by the end of the year will exceed $135,000.

So far, three of PlanB's four monthly price predictions have come true, saying $64,000 isn't BTC's high. The fact that Bitcoin "bleeds" below $ 55,000 before the news of the COVID-19 mutation and is struggling to recover shows that PlanB's prediction is wrong because his target is $ 98,000.

Plan B admits that he failed this month as Bitcoin (BTC) price failed to fulfill expectations after setting an ATH at $69,000. The pattern with the entry point of $98,000 (November) will likely be the first reset (after the end of August, September, October) to be completely correct. Plan B hit with its 1.5 million followers on November 25.

Immediately after the information was released, there were many people who supported PlanB's trend statement. This is understandable as his estimates are three out of four accurate, the percentages are amazing and PlanB followers are really curious about the BTC price before the end of the year. .

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Ethereum hits 1 million ETH burned thanks to EIP-1559.
Ethereum (ETH) on November 24th recorded a historic milestone when it surpassed 1 million ETH burned thanks to the EIP-1559 upgrade.

After 111 days since the London hard fork to support EIP-1559 on August 5, Ethereum has surpassed 1 million ETH burned. At $4,280/ETH at the time of writing, this amount is worth up to $4.28 billion.

EIP-1559 is an upgrade to impose a BASE FEE mechanism for Ethereum transaction fees. This mechanism prevents fees from suddenly skyrocketing, affecting the usage of users. In addition, a part of transaction fees will be burned to create deflationary pressure.

The success of EIP-1559 is in no small part due to the extremely high level of application of Ethereum in the second half of 2021, with the NFT movement and blockchain game helping to create a large volume of transactions to burn ETH. Accordingly, OpenSea and Axie Infinity are the two typical representatives. In addition, major DeFi projects such as Uniswap, MetaMask, 1inch, and SushiSwap continue to maintain their position as the "lifeline" of ETH and Ethereum-based stablecoins such as Tether (USDT) and USDC Coin (USDC) throughout the ecosystem. thai.

However, the world's second largest cryptocurrency network is still "obsessed" with the problem of too high transaction fees. This is also the reason for the recent controversy of the investment fund Three Arrows Capital (3AC) with the ETH support community, leading to 3AC's announcement to stop supporting Ethereum.

Besides, with the success of EIP-1559 in reducing the supply of ETH, other blockchains are also proposing to burn coins, most notably Binance Smart Chain with BEP-95 upgrade implemented on 30/30. 11.

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Binance supports a gateway for transferring ETH to Arbitrum One, removing barriers to new capital inflows. After supporting the deposit and withdrawal of many Ethereum replacement chains such as Avalanche's C-Chain or Matic (Polygon), Binance recently officially announced that it will support ETH transfer gateway with Arbitrum One.

In its latest announcement, Binance said that it will support the ETH deposit port from layer-2 Arbitrum One. In addition, the gateway to withdraw ETH to this chain is expected to be supported tomorrow (November 20).

With this move, Arbitrum users will have an additional layer-2 remittance solution. Previously, users would have to directly transfer ETH from Ethereum's L1 via the Arbitrum Bridge. Or will have to move through many thank-chain bridges such as Celer Bridge, Hop Protocol or Synapse.

All of the above solutions require high fees and minimal understanding of technology and products. Therefore, with this step of Binance, technical and operational barriers may be reduced, helping to attract more new capital flows to Arbitrum One.

A few good examples like Avalanche and Matic's C-Chain have also experienced significant growth after Binance supported direct deposit and withdrawal portals from CEX.

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The world's number 1 cryptocurrency Bitcoin (BTC) has had 12 hours of intense volatility before the news that the US will not have a new Fed chair.

At around 08:30 PM on November 23, there was a sharp increase from $ 57,200 to $ 59,400 without any clear information. The only notable piece of news coming from both the cryptocurrency and traditional financial markets is the White House announcement that it is about to release some kind of statement about the Chairman of the Federal Reserve (Fed) – the equivalent to the central bank of the United States.

The Fed has been under constant pressure in recent years because its monetary policy has allowed the US inflation rate to hit a 30-year high, showing that the dollar is increasingly depreciating and causing alternative assets. like gold or crypto-currencies surged in mid-November.

The argument of the head of the Fed - Chairman Jerome Powell - is that the US economy still needs more time to recover from the COVID-19 pandemic, so the Fed will continue to keep interest rates low to help businesses. easily borrow money and will not take measures to affect the money market to raise interest rates until mid-2022.

Then, on the evening of November 23, the White House issued an official statement that President Joe Biden still had confidence in Mr. Powell and had nominated him for another four-year term. The Biden administration's statement quelled earlier speculation that the Fed would have a more radical new chair, namely Lael Brainard, who has been appointed to the position of vice chair of the Fed.

President Biden said that he still chose Mr. Powell as the monetary policy leader of the world's largest economy because "the current situation is still full of volatile factors and needs stability and independence. , what Mr. Powell advocated during the previous term. He said:

“As I said before, we will not be able to go back to the time before the pandemic, but need to build the economy again, and I believe that the policy of keeping inflation low, prices stable and increasing the rate of inflation. The employment rates of Chairman Powell and Dr. Brainard will make our economy stronger than ever.”

Returning to Bitcoin, after the news that Mr. Powell retained the Fed chair was confirmed, the world's No. 1 cryptocurrency returned to its correcting trajectory, even plummeting to 55,610 at times. USD – the lowest price since October 14.

Many judged that because the momentum of the previous rally came from macroeconomic news, it was not solid enough to support the BTC price, leading to a correction again. The same thing happened earlier this month, when news that US inflation hit a three-decade high helped Bitcoin reach a record high at $69,000, only to crash back to $60,000 just a few days later.

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NIKE builds the metaverse virtual world on Roblox.
Sportswear brand NIKE has become the next big brand to enter the metaverse when it announced the construction of a virtual world in the Roblox game. The virtual world of NIKE in Roblox will be called NIKELAND, allowing players to equip their characters with NIKE items, from hats, clothes to the brand's cult sneakers. Players will then be able to compete against each other in Roblox games, including “Tag”, “The Floor Is Lava” and “Dodgeball”, or build their own minigames based on existing tools. Roblox is an open-world online game that is quite popular today, with more than 40 million plays per day.

A NIKE representative said:
“The buildings and spaces in NIKELAND are all inspired by NIKE's real-life headquarters and will host competitions for Roblox players to compete through a variety of minigames. Players will receive rewards from these activities to unlock more features and items.”

Thus, NIKE has become the latest major brand to join the metaverse movement, since the social network Facebook announced it changed its name to Meta to show its ambition to build its own virtual universe.

Other organizations inside and outside the crypto industry that have expressed their intention to develop the metaverse/blockchain game in the past time include Microsoft, Huobi (testing the NFT market), Enjin (setting up a $100 million fund to develop the metaverse in the near future. ecosystem), SushiSwap (launching the NFT/metaverse platform), Animoca Brands (developing the K-pop metaverse), TRON (US$100 million fund for NFT), FTX/Solana (US$100 million fund for game development) blockchain) )

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Creditors on the floor of Mt. Gox is about to receive $9 billion in BTC back. Investors in Mt. Gox is about to get $9 billion worth of Bitcoin back, according to court documents.
According to a document filed by the Compensation Trustee with the Tokyo District Court, the creditor of Mt. Gox (investors who are owed money by the floor) may be getting their money back soon. The compensation commission of the case said:

“The Compensation Trust wants to thank all the parties involved. Depending on the situation, this compensation confirmation will be effective from 1 month from today.”

The creditor will have to register a bank account with the entrusting party to receive compensation. Investors will be able to get a refund of up to 90% of assets once on Mt. Gox.

In an update shared on November 16, the trustee said that the compensation proposal submitted to the Tokyo District Court has now been "approved and is binding". However, it still has to wait for the authorities to finalize the time, process and method of receiving compensation for the victims.

MT. Gox is the leading “notorious” cryptocurrency exchange in the history of the cryptocurrency market, at one time handling up to 70% of the global Bitcoin trading volume. In 2014, the exchange was said to have been hacked, resulting in the loss of $400 million in BTC at the time – a huge amount even today. However, authorities were able to recover some of the funds, which are now worth up to $9 billion thanks to Bitcoin's recent all-time high to ATH.

Since then, the exchange's creditors have had to go through a long legal battle with the Japanese government to win the right to compensation. Avi Felman, head of investment fund BlockTower Capital, commented: “Mt. Gox payout is a moment all investors must keep an eye on. There is a high probability that there will be big volatility that day, and if Bitcoin is going high then it could lead to a peak when creditors release their coins to get their money back.”
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