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10.11.[News of the day] • Huobi will stop its services in Singapore • and other articles

4 min read

Welcome to today’s overview of crypto news:

MARKETS

Over the weekend, just three days ago, the price of the primary cryptocurrency dropped to $ 60,000. This was the third such decline in a row in one week. However, the situation changed quickly and BTC began to strengthen rapidly in value. The asset rose sharply by $ 4,000 in a single day, approaching its October maximum of $ 67,000.

Although it failed to beat it at first, BTC began to grow further in the following hours, reaching a peak of $ 68,700, which became a new all-time high.

Most of the altcoin space has also made impressive gains in recent days, including new historical highs. One of them was ETH, which set new records at almost $ 4,900.

Cryptocurrencies

The mission to the moon, DOGE-1, is scheduled to launch with SpaceX in early 2022

DOGE-1, the first cryptocurrency-funded mission to the moon, is scheduled to launch early next year through a new partnership between two blockchain companies and the manufacturer Geometric Energy Corporation, also known as GEC.

Unizen, a smart exchange ecosystem and ZenX, a decentralized finance incubator, announced on Wednesday that they are in the process of building and launching DOGE-1, a 40-kilometer CubeSat satellite that will provide a new way to use cryptocurrencies. CubeSat will travel to the “stable orbit of the Moon” to obtain lunar spatial information from sensors and cameras, which will be sent back to the GEC for analysis.

CubeSat will be deployed under a launch agreement with SpaceX FalconX, scheduled for the first quarter of 2022, although no precise data has been provided.

Banks, crypto exchanges, companies

Chief Operating Officer Robinhood praises the Shiba Inu community, but does not provide details on the listing

Christine Brown, operations director of Robinhood’s cryptocurrency, believes the Shiba Inu community has done well to express its desire for the meme coin to be listed. However, the popular trading platform is still reluctant to do so.

During an interview for Crypto Goes Mainstream, Brown was inevitably asked about his company’s attitude to the rocketing popularity of Shiba Inu’s meme coin. Many members of the community wondered if Robinhood would actually add SHIB services, as it did with another coin meme – Dogecoin.

The ongoing petition “We kindly ask Robinhood to include the Shiba Inu coin” now has more than half a million signatures. However, Brown assured that it was unable to provide details of the company’s plans to add new tokens. Instead, she said Robinhood is a “safety-minded company” that works well within regulations.

Huobi will stop its services in Singapore

Huobi Global, one of the world’s largest crypt-exchanges by volume, is closing down in Singapore shortly after leaving China. Huobi will cancel the accounts of all Singapore-based users by the end of March next year, the company officially announced late Tuesday night.

All Huobi clients based in Singapore should close active positions and withdraw their digital assets by March 31, 2022, Huobi said. The exchange will also gradually stop access to Huobi services in Singapore by March, the announcement said. The move is part of an effort to comply with relevant local tax authorities, the company said.

CBDC, Regulation

The Minister of Zimbabwe points to the interest in the CBDC

The Zimbabwean Minister of Information has publicly rejected ongoing rumors that the country is considering adopting cryptocurrencies and BTC. Rather, Minister Monica Mutsvangwa made it clear that the Zimbabwean government was interested in experimenting with the central bank’s digital currency (CBDC).

The rumor of a cryptocurrency in Zimbabwe came from numerous reports quoting Charles Wekwete, the president’s secretary, who said the government was negotiating with private sector companies to help establish the cryptocurrency in the country.

Just a day after the news, Mutsvangwa attended a government briefing to reject the ongoing cryptocurrency claims.

The middle ground regarding the crypto law could be introduced in India this month

The Indian government wants to present a bill on cryptocurrencies at a winter session of parliament in an effort to “speed up” regulation of the fast-growing ecosystem, CNBC-TV reported18.

India first drafted a bill banning all cryptocurrencies at a budget meeting in 2021, but it was never submitted for discussion. Officials are now trying to amend the bill and take a middle ground – thus avoiding extremely negative or positive measures, such as banning cryptocurrencies or accepting them as legal tender, as in El Salvador. According to reports from the beginning of September, the government is trying to classify the crypto as commodities in the asset class. In August, the finance minister said the cryptocurrency bill was waiting to be nodded by the Union’s cabinet.

The South Korean finance minister still believes in a 20% crypto tax for 2022

Taxing profits from virtual assets is currently perhaps the hottest topic in South Korea, a country where the cryptocurrency market is estimated to be the third largest in the world by market capitalization. The country’s plan to tax cryptocurrency trading income from next year has angered many investors, prompting lawmakers and even a presidential candidate to push for a tax deferral. However, the South Korean finance minister has always been behind his original plan.

In January this year, the South Korean Ministry of Economy and Finance announced an amendment to the Income Tax Act, which soon met with resistance from investors in virtual assets. The amended law stipulates that the National Tax Service will collect 20% of profits from cryptocurrency trading in excess of 2.5 million Korean won, or about $ 2,120.

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