• India’s Central Bank Governor, Shaktikanta Das, warns about the risks cryptocurrencies pose to the financial system.
• The RBI Governor emphasizes that the worst of inflation is behind us and Indian economy remains resilient.
• Das has repeatedly warned about crypto risks and believes it undermines the RBI’s capacity to regulate the country’s monetary system.

RBI Governor Warns About Crypto Risks

The governor of India’s central bank, the Reserve Bank of India (RBI), has warned about the risks cryptocurrencies pose to the financial system while commenting on recent U.S. banking turmoil at a lecture on Friday. RBI Governor Shaktikanta Das said: Ongoing U.S. banking crisis drives home the importance of robust regulators, sustainable growth and clearly shows risks of private cryptocurrencies to the financial system.

Indian Economy Remains Resilient

Das stressed that the U.S banking crisis demonstrates „the need for prudent asset liability management“ while emphasizing that „the worst of inflation is behind us“ and that „the Indian economy remains resilient.“

Crypto Threatens Monetary System Regulation

According to Das, cryptocurrency not only poses a significant threat to India’s macroeconomic and financial stability but also seriously undermines the RBI’s capacity to determine monetary policy and regulate its monetary system.

U.S Banking Crisis Demonstrates Crypto Risks

The governor added that recent collapses in several banks in the U.S., such as Signature Bank, Silicon Valley Bank, and Silvergate Bank demonstrate „the risks of private cryptocurrencies to the financial system.“ Some believe these regulatory actions are related to cryptocurrency but regulators have insisted they are unrelated to crypto exchanges or businesses accepting digital currencies as payment methods.

Conclusion

         In conclusion, RBI Governor Shaktikanta Das‘ warnings demonstrate that there are potential risks associated with cryptocurrency which could undermine India’s macroeconomic security if not monitored properly by regulators and policymakers alike.

• Thai Government is granting tax waivers to companies that issue digital tokens for investment.
• The government expects to lose over $1 billion in tax revenue due to the waiver.
• Regulations have been put in place by the Thai Securities and Exchange Commission to protect digital asset users.

Tax Waivers for Digital Token Issuers

Thailand’s government has said companies that issue digital tokens will receive a waiver that exempts them from paying corporate and value-added taxes. As a result of the waiver, the Thai government anticipates losing just over $1 billion in tax revenue.

Relaxation of Tax Rules for Investments in Digital Assets

The relaxation of tax rules for investments in digital assets enables traders to offset annual losses against gains for taxes due on cryptocurrency investments, as well as exempting a value-added tax of 7% for cryptocurrency trading on authorized exchanges.

Protecting Digital Asset Users

Besides preserving the stability of the country’s financial system, new regulations have also been put in place by the Thai Securities and Exchange Commission which oblige crypto companies to inform potential customers of the investment risks in their advertisements, as well as requiring entities offering crypto custody services to have mechanisms that guarantee efficient custody of digital assets and keys.

Conclusion

The Thai government’s decision to grant tax waivers to businesses issuing digital tokens is an effort to promote and develop Thailand’s cryptocurrency industry, while also protecting users from any potential risks associated with such investments.

Final Thoughts

What are your thoughts on this story? Leave us a comment below!

• CoinEx Charity has been funding children in poor areas, bringing them back to school to continue their education.
• The Human Development Foundation (HDF) recently released a report thanking CoinEx Charity for its contributions and illustrating how the funds were used.
• HDF noted that the students at the Mercy Centre are learning, thriving and will be back in new classes after the Songkran holidays.

CoinEx Charity Empowers Children’s Education Through Charitable Giving

CoinEx Charity is a non-profit organization dedicated to helping children in poor areas get access to education. Since 2022, they have provided funds to help over 20,000 children go back to school through their Mercy Children’s Educational Welfare Program. Recently, they received a report from the Human Development Foundation (HDF), located in Klong Toey – Bangkok’s largest slum community- thanking them for their generous donations and illustrating how these funds have been used.

How Funds Have Been Used

The funds donated by CoinEx Charity have been used to purchase school uniforms, shoes, books, stationary and other essential items for the children living at HDF’s Mercy Centre as well as pay school fees for them. These opportunities afforded by education helps these kids break out of poverty and give them knowledge and capabilities to assist in getting skilled jobs when they grow older.

Success Of This School Year

This February marks the end of this academic year and students will soon graduate or move up to the next grade level. According to HDF’s report, this year was successful with students learning well and having fun with each other while playing around too! They also express gratitude towards CoinEx Charity for providing daily teaching supplies for the children at Mercy Centre which made it easier for them during their studies.

About HDF & Mercy Centre

HDF is a non-profit charitable foundation focused on helping poor communities where it currently houses 100 children more than 20 of whom were born with HIV/AIDS. Through its efforts on providing protection, care and appropriate education for these kids along with assistance from CoinEx Charity they are preparing themselves for better future opportunities ahead of them while being surrounded with love & warmth throughout their journey of growth into adulthoods .

Conclusion

The Human Development Foundation (HDF) expresses its great appreciation towards CoinEx charity’s generous donations which helped many kids at HDF’s Mercy Centre receive higher quality education & better opportunities ahead of them breaking away from poverty cycle . Alongside that , it also thanked CoinEx charity for providing necessary teaching supplies which made it easier during their studies throughout this academic year .

Bitcoin and Ethereum Technical Analysis Summary

• Bitcoin (BTC) extended recent declines on Wednesday, falling to an intraday low of $23,902.54 ahead of the release of the latest Federal Open Market Committee (FOMC) minutes.
• Ethereum (ETH) also declined, breaking out of a key support point and moving further below a long-term support zone at the $1,675 mark.
• Both assets have seen price strength plunge, with BTC’s 14-day relative strength index (RSI) tracking at its weakest point since February 14.

The Federal Open Market Committee Minutes

The upcoming FOMC meeting minutes report will shed light on the Federal Reserve’s current view of the U.S. economy following last month’s 25-basis-point hike. As markets anticipate this news, Bitcoin has fallen below $24,000 while Ethereum has dropped to just above $1,600.

Bitcoin Price Action

BTC/USD fell to an intraday low of $23,902.54 on hump-day after hitting a high of $24,824.10 in the previous session. The decline came following two breakouts; firstly when the 14-day relative strength index (RSI) moved below a support point at 61.00 and secondly when prices dropped under $24,200. Currently, the RSI is tracking at 59.24 – its weakest point since February 14 – with a floor at 58.00 awaiting remaining bulls which could help ease any ongoing bleeding in prices.

Ethereum Price Action

Similar to Bitcoin, ETH/USD slipped to an intraday low of $1,628

• SEC and CFTC civil lawsuits against former FTX CEO Sam Bankman-Fried will be paused until his criminal proceedings conclude.
• US Attorney has filed a motion to stay the two cases in order to prevent “judicial overlap”.
• The Manhattan trial is set to begin on October 3rd, 2023, and Bankman-Fried is charged with eight financial crimes.

Civil Suits Against Former FTX CEO Paused

The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have both filed civil lawsuits against former FTX CEO Sam Bankman-Fried. However, these proceedings have been put on hold at the request of the U.S. Attorney for the Southern District of New York until Bankman-Fried’s criminal trial concludes in Manhattan on October 3, 2023.

Charges Filed by SEC and CFTC

The SEC complaint alleges that „Bankman-Fried orchestrated a years-long fraud“ dating back to the creation of FTX, while the CFTC alleges that customer deposits at FTX were „appropriated by Alameda for its own use“ throughout the relevant period. Both agencies allege various financial crimes including conspiracy to commit wire fraud, securities fraud, commodities fraud, money laundering and campaign finance violations.

Motion To Stay Requested by US Attorney

Damian Williams, U.S. attorney for the Southern District of New York filed a motion to stay this week in order to prevent any „judicial overlap“ between the civil and criminal proceedings against Bankman-Fried as well as ensure that any outcomes from his criminal trial will have a significant impact on both lawsuits. The New York judge presiding over Bankman-Fried’s case has agreed to defer both cases until after his criminal trial is complete.

Criminal Charges Against Former FTX CEO

Bankman-Fried has been indicted by a federal grand jury in New York after his arrest on eight financial crimes ranging from conspiracy to commit wire fraud and securities fraud to money laundering and campaign finance violations related to alleged activities at FTX since its creation several years ago when he was CEO there..

Conclusion

The outcome of Sam Bankman-Fried’s criminal case may significantly impact not only his future but also how both civil lawsuits brought by the SEC and CFTC play out over time once they are resumed following completion of his Manhattan trial scheduled for October 3rd next year..

• Bitcoin (BTC) fell to a seven-day low to start the week, as recent bullish momentum began to wear off in cryptocurrency markets.
• Ethereum (ETH) also declined on Monday, however, it remained above $1,600.
• The 14-day relative strength index (RSI) broke out of a floor at 68.00 for both cryptocurrencies.

Bitcoin Technical Analysis

Bitcoin (BTC) started the week falling to a seven-day low, as market sentiment began to shift downwards. BTC/USD has now fallen lower for five straight sessions, with today’s decline taking prices to a bottom of $22,734.48. This drop sees bitcoin hit its weakest point since January 30, when prices were trading at a floor of $22,500. The 14-day relative strength index (RSI) broke out of a floor at 68.00 and is now tracking at 61.15 – the lowest reading for the index in nearly a month following an extended streak in overbought territory.

Ethereum Technical Analysis

Ethereum (ETH) also moved lower on Monday, however prices were able to remain above the $1,600 level despite the decline. Following a high of $1,665.26 on Sunday, ETH/USD dropped by as much as 2% in today’s session

Bullet Points:
– A new survey reveals that institutional investors expect “a strong year ahead for bitcoin” and are confident about the cryptocurrency’s long-term valuation.
– Nearly 90% of investors predict that the price of bitcoin will rise this year and 65% agree that it could reach $100,000 in the long term.
– The survey was conducted by Nickel Digital Asset Management and market research company Pureprofile this month, interviewing 200 institutional investors and wealth managers across the U.S., U.K., Germany, Singapore, Switzerland, UAE, and Brazil.

An exciting new survey released by London-based investment manager Nickel Digital Asset Management reveals that institutional investors expect “a strong year ahead for bitcoin” and are confident about the cryptocurrency’s long-term valuation. Nickel is registered with the U.K. Financial Conduct Authority (FCA) and the U.S. Commodity Futures Trading Commission (CFTC).

The survey, which was commissioned by Nickel and conducted by market research company Pureprofile this month, interviewed 200 institutional investors and wealth managers across the U.S., U.K., Germany, Singapore, Switzerland, UAE, and Brazil. The respondents collectively managed around $2.85 trillion in assets.

The results of the survey showed that nearly nine out of 10 professional investors predict that the price of bitcoin will rise this year. 23% of respondents forecasted that BTC will exceed $30,000 by the end of 2023. Perhaps more interestingly, 65% of institutional investors surveyed agreed that bitcoin could still hit $100,000 in the long term. Of these, 58% expect BTC to reach this price level within three to five years while 25% say it would take five or more years.

These findings demonstrate that institutional investors have a strong faith in the long-term potential of cryptocurrency, as well as the belief that the price of bitcoin will experience substantial growth in the near future. The survey also revealed that the majority of respondents had a positive outlook on bitcoin’s potential to reach new all-time highs in 2021.

This is the second survey conducted by Nickel Digital Asset Management this year. The first survey revealed that more than half of institutional investors had already allocated some of their portfolio towards cryptocurrency.

The results of this survey add to the growing consensus of institutional investor confidence in cryptocurrency as a viable and profitable asset class. With more investors showing an interest in bitcoin and other cryptocurrencies, the future of digital assets looks brighter than ever.

• Switzerland appears to be relatively unaffected by the cryptocurrency industry crisis, with more companies settling in the country than leaving it.
• Data compiled by the venture capital firm CVVC shows that the Swiss Crypto Valley in the canton of Zug has approximately the same number of entities as in 2021.
• Major Swiss-registered companies that went under include FTX Europe and the crypto asset manager Covario, although other big names have not admitted to being severely impacted by the ongoing market volatility.

The cryptocurrency industry has been experiencing a tough few years, with investors, customers and companies all feeling the effects of the market downturn. While this has led to an overall loss of funds and jobs, it appears that Switzerland may have avoided the brunt of the crisis. According to research conducted by venture capital firm CVVC, the number of companies settling in the country has actually exceeded the number leaving it.

The Swiss Crypto Valley in the canton of Zug is home to around 1,135 entities, which employ 5,766 people. This is only around 4% less than before the crypto winter started, suggesting that Switzerland is weathering the storm better than other countries. The report also noted that 183 Swiss blockchain businesses went bust last year, but 190 startups and foreign companies opened new offices.

Most notably, the Swiss branch of U.K.-based crypto lender Nexo is being closely monitored after the company’s Bulgarian offices were searched. Other major Swiss-registered companies that went under include FTX Europe and the crypto asset manager Covario. However, none of the other big names have admitted to being severely impacted by the ongoing volatility in the sector.

It is not clear what has caused Switzerland to remain relatively unaffected by the cryptocurrency industry crisis, but it could be due to the country’s favorable attitude towards digital assets. It is also possible that the startups and foreign companies that set up offices in the country may have helped to cushion the blow, providing new jobs and opportunities for growth. Whatever the reason, it is encouraging to see that Switzerland has not been as badly affected as other countries, and may even be emerging from the crypto winter in a stronger position.

• The SEC has charged crypto exchange Gemini and crypto lender Genesis Global Capital, a subsidiary of Digital Currency Group (DCG), for the unregistered offer and sale of securities to retail investors.
• The SEC alleged that through this unregistered offering, Genesis and Gemini raised billions of dollars‘ worth of crypto assets from hundreds of thousands of investors.
• The two companies offered the Gemini Earn cryptocurrency lending program to retail investors between February 2021 and November 2022.

The United States Securities and Exchange Commission (SEC) has taken action against crypto exchange Gemini and crypto lender Genesis Global Capital, a subsidiary of Digital Currency Group (DCG). The SEC has accused the two companies of offering unregistered securities to retail investors through the Gemini Earn crypto asset lending program.

The SEC alleged that Genesis and Gemini have raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors through this unregistered offering. The two companies offered the Gemini Earn cryptocurrency lending program to retail investors between February 2021 and November 2022. According to the SEC, more than 50 crypto assets were eligible to be invested in the Gemini Earn program, including bitcoin, ether, USD Coin, and dogecoin.

The SEC further alleged that Gemini acted as the agent to facilitate the transaction between investors and Genesis. Investors would tender their crypto assets to Genesis, and Genesis would then exercise its discretion in how to use investors‘ crypto assets. The SEC noted that the investigation is ongoing.

In response to the SEC’s action, Tyler Winklevoss, the co-founder of Gemini, said that the regulator’s lawsuit was “super lame”. He further stated that Gemini has always “complied with all applicable laws” and that the SEC’s action will not impact its business. Winklevoss also noted that the SEC’s action is “very limited in scope” and that the company will continue to “operate business as usual.”

• Shiba Inu (SHIB) hit a six-week high on Friday as the global crypto market cap surged.
• Ethereum Classic (ETC) also extended its recent gains, hitting a two-month high.
• Both tokens saw their 14-day relative strength indices move into overbought territory.

Friday was a big day for the cryptocurrency market, as the global crypto market cap surged and both Shiba Inu (SHIB) and Ethereum Classic (ETC) extended their recent gains.

Shiba Inu (SHIB) was one of the day’s top performers, with SHIB/USD racing to a six-week high of $0.000009711. This marked the meme coin’s highest level since December 5, when it traded as high as $0.00001016. The move came as Shiba inu climbed beyond a resistance level of $0.00000945 on the chart. In addition, the 14-day relative strength index (RSI) moved past a ceiling of its own at 68.00, with the index tracking at 71.74 at the time of writing.

Meanwhile, Ethereum Classic (ETC) also had a strong day, with ETC/USD rising to a two-month high of $21.76. This was less than 24 hours after the token hit a low of $20.02. Bulls appear to be attempting to take ETC back to its resistance level of $23.00, which it last reached back in November. However, this could prove difficult, as there is a resistance level of 67.00 on the RSI which hasn’t been broken since last August.

Overall, Friday was a positive day for the crypto market, with SHIB and ETC both rising to multi-week highs. However, it remains to be seen whether these gains can be sustained, as both tokens are now deep in overbought territory on their respective RSI indicators.