The Ledger: RBI sounds the alarm over crypto, Brazil signs new laws

RBI warns of financial calamity lest crypto is banned, Binance helps Azerbaijan get up to date with crypto regulation, and North Korean strike again.

This week – and the last one for the year – saw both amicability and animosity towards crypto.

Not much has changed insofar as people and governments attitudes towards the sector, yet the year has been ripe with earth-shattering moments.

From FTX’s boss falling from grace to North Korean hackers stealing more than $620m worth of crypto.

This week, the Reserve Bank of India warned that unless cryptocurrencies are banned completely, the country may face financial calamity.

The statement resonates with a hardline maintained by India’s top bank and its officials who have been skeptical about the adoption of digital assets and have insisted that they bring no actual value to society.

North Korean hackers have been able to steal as much as $1.2bn over the past five years with around $620m of this amount stolen in 2022 alone.

The shocking numbers were provided by South Korean intelligence services, and they point to North Korea’s increased capacity to conduct such operations against cryptocurrency companies and investors.

The Canadian province of British Columbia has cut the electricity to crypto miners in a bid to further reduce carbon emissions and makes sure that the country continues to aspire to its environmental targets in the long-term.

Meanwhile, Crypto.com has been slammed over another Facebook ad promoting NFT assets. The Advertising Standards Authority (ASA) in the UK said that the ad failed to inform investors and consumers about the serious dangers and high-risk profile of the asset class.

Binance, the world’s biggest and surprisingly its most stable crypto exchange, is now bidding to get a sponsorship deal with Inter Milan.

Binance is hopeful that it will be able to replace DigitalBits as the club’s new shirt sponsor before long. Speaking of soccer, Barcelona has become the target of an ASA enforcement action over the promotion of NFTs as well.

In terms of crypto regulation, the Central Africa Republic is actually moving slowly with its own regulation as it attempts to figure out how to launch its cryptocurrency token. Much of the delay has been blamed on poor central planning after the African nation decided to accept Bitcoin as a legal tender.

Binance is also looking to help Azerbaijan set up its crypto regulation with the exchange and the country in close talks over the future of the regulatory framework. Epic Games, the company behind the blockbuster game Fortnite, has said that it’s developing a new programming language dedicated solely for the metaverse.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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