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10.12.[News of the day] • Coinbase launches DeFi Yield services, but not for Americans • and other articles

4 min read

Welcome to today’s overview:

MARKETS

Primary cryptocurrency has experienced much better times in the past. It traded for $ 58,000 last week, when it fell by $ 16,000 in a few hours on Saturday morning. Despite its initial success, when it managed to regain some of its value when it approached $ 50,000 a day later, it has mostly struggled ever since.

The sharpest bull rise resulted in $ 52,000 on Tuesday, but the bears pushed the cryptocurrency down several thousand dollars and the BTC remained mainly below $ 50,000. In the past 24 hours, BTC has attacked the same coveted price range once again, but without success.

A subsequent rejection drove him a few hours ago to just over $ 47,000. Currently, BTC has managed to regain part of its position and has gained a price level above $ 49,000.

ETH has also been on the roller coaster in recent days. It traded for almost $ 4,700 last Friday, when the fall of the entire market knocked it down to $ 3,500. A few days later, it rebounded quite well and even surpassed $ 4,400, but the negative sentiment in the markets returned and a few hours ago the ETH dropped to around $ 4,000.

BNB analysis – the long-term trend is unchanged, the price is a short-term sideway

Cryptocurrencies

South Korean investors are moving from Vietnamese stocks to technology and cryptocurrencies

Small South Korean investors are leaving the Vietnam stock market and are instead investing their capital in cryptocurrencies and technology stocks, according to Bloomberg. According to the Korean Securities Depository, shares worth $ 166 million have left the market this year.

Technology investors such as Tesla and cryptocurrencies, especially BTC, have attracted the attention of Korean investors. This is quite unsurprising given the huge growth that both Tesla and BTC experienced in 2021. Profit collection seems to be a top priority for these small investors.

The Florida governor’s draft budget seeks to allow residents to pay state fees in crypto

Florida Gov. Ron DeSantis has officially suggested that the state government allow businesses to pay state fees with cryptocurrencies such as BTC. The Republican governor announced the idea in his draft budget for 2022-2023, which he published on December 9.

According to official budget highlights, DeSantis proposed providing $ 200,000 to the Treasury Department to offer Florida companies the option to “pay state fees through the cryptocurrency directly to the State Department.”

DeSantis also proposed setting aside an additional $ 500,000 to explore the potential of blockchain technology to keep records of motor vehicles, as well as to verify Medicaid transactions and detect potential fraud.

Banks, crypto exchanges, companies

Binance allegedly negotiates the launch of a crypto exchange in Indonesia

According to a report published by Bloomberg, Binance Holdings Ltd. seeks to complete a crypto business with billionaire siblings Budi and Michael Hartonos, who control PT Bank Central Asia (BCA), and Indonesia’s largest state-owned telecommunications company PT Telkom Indonesia.

The report also states that the BCA may enter into a partnership using a separate business entity and that the terms of the partnership may differ at the time of finalization. In the event of finalization, this would be Binance’s second crypto business in Indonesia. The first came in the form of a partnership with the Tokocrypto cryptocurrency trading platform.

Coinbase launches DeFi Yield services, but not for Americans

In a December 9 announcement, Coinbase said it was launching a new DeFi service for “eligible customers” in more than 70 countries.

The DeFi yield product will currently only be available on MakerDAO’s stablecoin DAI. Those who are eligible will be able to earn DAI revenue directly from the application and the Coinbase website, the company said.

The Securities and Exchange Commission killed Coinbase’s plans for DeFi in the US when it threatened legal action in early September over the company’s proposed Lend service. Lend would allow investors to make money on USDC stablecoins, but the regulator waved a red flag.

CBDC, Regulation

India’s cryptocurrency bill imposes prisons and fines of $ 2.65 million for breaking the law

The proposed Indian cryptolegislation, which aims to ban the use of cryptocurrencies for payments, also provides for severe penalties for offenses, according to a cryptolegislation proposal viewed by Reuters. The draft crypto-law has not yet been published.

The bill is on Parliament’s agenda for the current winter session, but has not yet been convened. Last week, Finance Minister Nirmala Sitharaman said the bill would be presented after it was approved by the Union’s cabinet.

According to a Reuters report, the bill will introduce a “general ban on all activities of individuals related to the extraction, generation, holding, sale or trading” of virtual currencies as a “medium of exchange, store of value and unit of account” – all characteristics of any legal tender.

Kazakhstan will decide whether to launch the CBDC by the end of 2022

Kazakhstan, one of the largest countries in the world in terms of hashing the power of BTC mining, continues to explore the potential digital currency of the central bank (CBDC).

The National Bank of Kazakhstan has completed a prototype of the tenge digital platform, said Governor Erbolat Dossayev, according to a report by the local news agency Kazinform.

The central bank is now preparing to publish preliminary results of digital currency testing and the CBDC pilot project on Wednesday, Dossajev said. He noted that local financial companies and some international partners were involved in the pilot project.

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