54% of India’s population is against crypto legalization
LocalCircles, a digital community platform, said that according to the pan-India survey, about 54% of people disagree with the legalization of cryptocurrencies in the country. Instead, they prefer to regard cryptos as holding digital assets overseas.
LocalCircles stated that the survey received more than 56,000 responses from people living in 342 regions, and the number of answers to individual questions was different.
Regarding how India should handle cryptocurrency from a regulatory perspective, 8,717 responses were received.
As the survey shows, 87% of respondents said that no one in Indian households trades or invests in cryptocurrency.
Questions about the views of cryptocurrency advertisements received 9,942 responses. 74% of this number stated that these advertisements did not highlight the risks involved effectively.
The report also states that one-third of the advertisements were cryptocurrencies in the recent T-20 Cricket World Cup, and platforms and exchanges tried to attract viewers.
The government listed a bill banning all private cryptocurrencies in Parliament on Tuesday, with some exceptions.
The government plans to propose Cryptocurrency and Regulation of Official Digital Currency Bill 2021 at the winter meeting of Parliament, starting on November 29. The bill’s goal is to build a framework for creating an official digital currency issued by the Reserve Bank of India.
The bill will also ban all private cryptocurrencies in India. However, it allows certain exceptions, such as promoting cryptocurrency’s underlying technology and its use.
Coinbase, the biggest US-based exchange, is obtaining BRD wallet
Coinbase, the largest cryptocurrency exchange in the United States, announced the acquisition of BRD Wallet. It includes not only the wallet and technology but also the hiring of the team behind the wallet.
This move is Coinbase’s promotion of the further development of the Web3 business. This update aligns with its mission of putting cryptocurrencies in the pockets of as many users as possible in the coming months.
On the other hand, this is a bit weird, and Coinbase already has the wallet function that its customers use. It may also have the technology to advance the wallet base further, so this move can only focus on the 10 million customers that BRD has. Coinbase now has access to this huge user base, which will help further its cause.
What is so exciting about BRD wallet?
BRD is one of the first wallet teams to enter the crypto industry. It started as a wallet in 2014 where users can store, send and receive bitcoins. Over the years, it has continued to work on the wallet to add more chains and a wide variety of tokens. It is bundled with many exchanges to enable exchanges between various tokens. This helped it gain a large number of users over a long period. The financial details of the acquisition have not been disclosed.
This transaction will be a massive boost for the wallet team and the entire wallet industry because encrypted wallets are the foundation of any blockchain network. Still, it has never been rewarded as it should because all the light has been more complicated. The product is taken away. But it must be remembered that these wallets help bring new mainstream users into the crypto world, and they still have much room for improvement.
The Financial Supervisory Authority states only crypto providers can conduct crypto marketing
Following the growing cryptocurrency hype, the Finnish regulatory agency has issued an official notice. On November 24, the Financial Supervisory Authority (FIN-FSA) stated that only registered virtual currency providers could sell virtual currency and related services in Finland. Thus, from now on, only entities registered as virtual currency providers in Finland are allowed to conduct crypto marketing in Finland.
The FSA press release directly responds to the rise in the marketing of virtual currencies and related services across Finland. The Finnish media has observed the increasing traffic of cryptocurrency articles. In a recent editorial in the mainstream media Helsinki Times, the author concluded that cryptocurrency is very popular in Finland and will remain popular in the next few years.
Elsewhere in Finland, the adoption of local cryptocurrencies is brewing. Finnish e-sports company Elisa Esports announced a partnership with cryptocurrency company Coinmotion to support the Nordic e-sports sector.
However, the list of regulated entities operating in the cryptocurrency and virtual currency fields is still minimal. There are fewer than ten companies registered. The recent notice may endorse future regulation and the ever-changing regulatory landscape.
Crucially, the FSA cannot provide advice to Finnish customers who visit foreign websites. The recent move will not affect advertisements on international websites that are not explicitly targeting Finnish citizens.
Therefore, when regulators pay attention to the local market, Finnish cryptocurrency advocates can visit international cryptocurrency websites.
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