DeFi

RBI releases financial stability report mentioning DeFi and US efforts to regulate crypto sector

Published

7 months ago

28 June, 2024

RBI Releases Financial Stability Report With Mention of DeFi, US Efforts to Regulate Crypto Sector

The Reserve Bank of India (RBI) has released its latest Financial Stability Report (FSR) which outlines recent significant developments in the domestic and international banking and fintech sector. The area of decentralized finance (DeFi) was briefly mentioned in the RBI report in which the central bank discussed guiding global bodies on developments in the sector. The RBI also discussed US efforts to regulate the crypto sector.

RBI’s FSR report mentions DeFi technology

In his FSR reportThe RBI acknowledged that digital financial systems have been adopted globally, leading to the creation of new business models and financial delivery channels.

The advanced technologies of distributed ledger (blockchain)cloud computing, artificial intelligence (AI) and machine learning (ML), according to the RBI, have demonstrated their relevant implications for financial systems across the world.

Speaking in particular of Challenge, the report states that global regulatory bodies such as the Financial Action Task Force and the International Organization of Securities Commissions (IOSCO) are constantly reviewing developments around DeFi. These global financial whistleblowers fear that rapid growth in DeFi could have effects on the broader asset market and, therefore, global financial stability.

US Efforts to Regulate the Cryptocurrency Sector

The central bank notes that the US government is attempting to create a regulatory framework for digital assets, in the form of the Financial Innovation and Technology for the 21st Century Act (FIT21) legislation. The FIT21 Act is expected to empower the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to oversee digital assets, venues, and entities. According to the RBI, the FIT21 Act is also expected to ensure market certainty, while granting some form of recognition to the country’s digital assets.

The RBI report also addresses the US SEC’s decision to approve exchange-traded product (ETP) trading for certain cryptocurrencies such as Bitcoin and Ether ETFs.

On the other hand, the Indian central bank has expressed concerns over the growing number of cyber crimes connected to the crypto industry internationally.

“Ransomware crypto payments, business email compromises, and the cost of data breaches have reached a new high in 2023. The financial sector has reported more than 20,000 cyber intrusions and digital attacks, resulting in losses of US$20 billion over the past 20 years. In addition, cyberattacks increase during periods of political and economic uncertainty such as geopolitical tensions, with disruptive consequences,” the report notes.

RBI’s stance on crypto in India appears unchanged

The RBI has repeatedly stated that it prefers crypto to be banned in the country. Since cryptocurrencies allow for anonymity of transactions, the central bank is concerned that crypto assets could be exploited for illicit activities such as terrorist financing and money laundering. The crypto sector also gives people more control over their funds and eliminates the need for intermediaries like banks to process financial transactions, which threatens the monopoly of central banks over their respective financial systems.

Despite this, the DeFi sector was mentioned once in the RBI report, and industry members in the country are already hopeful about the future of the fintech sector in India.

“The RBI today released its semi-annual Financial Stability Report (FSR). There is very little in there for the crypto asset sector, which could be both good and bad, depending on how you look at it! There is no specific negative commentary on financial stability risks related to digital assets, which again could mean something, or nothing, depending on how you look at it. said R Venkatesh, Head of Public Policy at CoinSwitch, comments on the development.

Latest report appears to reaffirm RBI’s stance reluctance accept cryptocurrencies as legitimate payment methods in the country in the near future.

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DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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