Cryptocurrency

 

Price variation of popular coins during the last week:

 

Coins	Weekly % Change	Monthly % Change	Yearly % Change
Bitcoin (BTC)	▼ 3.23%	▼ 11.74%	▲ 36.79%
Ethereum (ETH)	▼ 5.15%	▼ 18.83%	▲ 180.37%
Shiba Inu (SHIB)	▼ 12.55%	▼ 26.62%	▲ 9670.79%
*Cardano (ADA)	▲ 5.23%	▲ 1.93%	▲ 345.97%
Request (REQ)	▲ 2.20%	▼ 31.06%	▲ 487%

 Top gainers of the week

Coins	Weekly % Gain
Theta Fuel (TFUEL)	▲ 12.02%
Kyber Network (KNC)	▲ 11.89%
Coti (COTI)	▲ 5.64%
Theta Network (THETA)	▲ 5.30%
*Cardano (ADA)	▲ 5.23%

Cryptocurrency Bill

Bill on Crypto unlikely during Budget Session of Parliament

 

Amit Srivastava

After the government failed to bring a bill to regulate cryptocurrency in the winter session of parliament, as per the media report, the bill is unlikely to be tabled during the Union Budget 2022-23 session. As per the sources, the government has decided to seek international support in formulating a common strategy on cryptocurrency.

While the central bank was advocating a complete ban on digital currency, the government is delaying in taking a stand, due to differences in opinions of stakeholders.

Early this week, Prime Minister Narendra Modi sought a global consensus on crypto regulations. He mentioned this during his speech at the World Economic Forum summit, held virtually on January 17. Modi said that there is a need for a uniform approach to crypto across the globe. He said that steps taken by a single country will not address the issue.

According to the media report, the government is working on levying taxes on gains from the cryptocurrency trade. As per the industry expert, the size of crypto is growing rapidly in the country and there are about Rs45,000 crore crypto asses with over 15 million investors.

The government is likely to take more time in formulating regulations in consultation with Bank of International Settlements (BIS). In the last couple of months, PM Modi had spoken at international platforms several times on digital currency, but not even once with Indian investors. 

Cryptocurrency ETF

 Cryptocurrency ETF to be launched soon in GIFT City

By Amit Srivastava

There is good news for investors exploring opportunities in cryptocurrencies as Asia’s first exchange-traded fund (ETF) will be launched by the end of this fiscal year. Investors will have one more option to enter the crypto world.  

As per the media reports, Asia’s first ETF will come up at GIFT City, a central business centre in Gandhinagar, Gujarat.

A memorandum of understanding was signed between the BSE's international arm India INX and Torus Kling Blockchain IFSC, a joint venture between Hyderabad-based Kling Trading India and Mumbai-based Cosmea Financial Holdings. Torus Kling Blockchain IFSC is a 50:50 joint venture between Kling Trading India and Cosmea Financial Holdings.

ETF or exchange-traded fund (ETF) is a type of security that tracks an index, sector, commodity, or other assets. Like a regular stock, in a similar way, it can be traded on a stock exchange. It means that an investor will not directly invest in a virtual coin but in an index. As per the media report, the exchange has already made a request for approval from International Financial Services Centre (IFSCA). Once the ETF secures necessary regulatory approvals, including from GIFT regulatory authority, IFSCA, investors in the country can invest in it using the RBI's liberalized remittances scheme (LRS) route.

Cryptocurrency

PM Narendra Modi stresses on the need of an uniform approach to crypto around the world at WEF

By Amit Srivastava

There is a need for a uniform approach to crypto around the world, says Prime Minister Narendra Modi at the World Economic Forum on January 17. He said that steps taken by a single country will not be sufficient.

As India is drawing laws to regulate the digital currency, PM Modi stressed that other countries too need to work on it. He was addressing the World Economic Forum's Davos Agenda on January 17 via video conference. During five days virtual event, several Heads of State will address including Australian Prime Minister Scott Morrison, Indonesian President Joko Widodo, Israeli Prime Minister Naftali Bennett, Chinese President Xi Jinping, Japanese Prime Minister Kishida Fumio, European Commission President Ursua von der Leyen, Australian Prime Minister Scott Morrison, Indonesian President Joko Widodo, Israeli Prime Minister Naftali Bennett, Chinese President Xi Jinping, among others.

 While the central bank of India wants a complete ban on digital currency, the government brought a bill in the winter session of parliament and currently waiting for approval. During the annual budget for 2022-23, the finance minister Nirmala Sitharaman is likely to announce a major decision regarding cryptocurrency in the country.

Earlier, PM Modi said that cryptocurrency is an emerging technology and should be used to empower democracy, not undermine it. The government believes that unregulated transactions in digital currencies can affect macroeconomic and financial stability.

Dogecoin: Cryptocurrency

Use digital token Dogecoin to buy Tesla’s product

By Amit Srivastava

The announcement by millionaire Elon Musk that Tesla, the largest electric car maker in the world will allow people to buy its brand merchandise using Dogecoin is moving one step closer to the acceptance of the digital currency. Not an electric car, but a few products like children's all-terrain motorbikes can be bought using Dogecoin.

Dogecoin is an open-source peer-to-peer digital currency, favored by Shiba Inus worldwide was initially started as a joke. It is also known as the first meme coin.

The trade of Dogecoin witnessed a sharp jump in its price and recovered a 25% rise within 24 hours. Later, it fell back. The announcement has led the discussion worldwide to using the digital token as a payment option.

Industry experts say that popular among people growing to use cryptos for payments. In fact, VISA has recently conducted a survey that revealed small business owners across nine geographies are willing to accept digital currencies as payment methods.

Dogecoin is based on the popular 'Doge' Internet meme and features a Shiba Inu, a Japanese breed dog, on its logo. Dogecoin differs from Bitcoin's proof-of-work protocol in several ways, one of which is by using Scrypt technology.

Crypto Currency

Terra coin sees 9481% rise in a year, Rs 1.1 lakh turns Rs 1 crore

Amit Srivastava

In the last week, the price of popular digital currency Bitcoin (BTC) saw a rise of 1.05% and its current price is Rs 34,83,503 per coin. However, in a month, its price dropped by 11.24%. Among popular coins based on their market capitalization, Ethereum (ETH) saw a drop of 2.01 % during the week, and its price as of January 13 stands at Rs 2,68,697.89. Even during the month, it dropped by around 17.09% during the month. But in a year, it saw a jump of 208%. 

In the last week, Terra (LUNA) saw a jump of 6.02% and around 9481% during the year. It means rs 1.1 lakh invested in Terra turned into Rs 1 crore during the year. Even Polygon (MATIC) saw a jump in its price by 11.7% and around 7092% in a year.

 

Check here the price movement of popular coins based on market capitalization: 

Coins	Weekly % Change	Monthly % Change	Yearly % Change
Bitcoin (BTC)	▲ 1.05%	▼ 11.24%	▲ 20.34%
Ethereum (ETH)	▼ 2.01%	▼ 17.09%	▲ 208.07%
Dogecoin (DOGE)	▲ 7.6%	▼ 11.26%	▲ 1585%
Terra (LUNA)	▲ 6.02%	▲ 29.08%	▲ 9481%
Polygon (MATIC)	▲ 11.7%	▲ 8.08%	▲ 7092%

Electric Vehicle theme

Is buying an electric scooter confusing?

 

By Amit Srivastava

With the entry of a number of companies, electric vehicles are getting popular among people. As many of us have never owned an electric vehicle and do not know much about it. Buying an electric vehicle that fits in the budget and gives a good mileage is everyone’s choice.

At present, most electric vehicles seem a little costly. They are going to be cheaper in the long run with the economy of scale. Like every day a new entrant is making an entry in either manufacturing or as an ancillary, prices are likely to c0me down.

While they are environment-friendly, the government is providing subsidies to manufacturers who will ultimately extend to buyers.

With little information available on electric vehicles, buying the best one can be confusing to some extent, especially when there are several new companies in the market now.

So, here there are basic details of India’s leading two-wheeler companies like Bajaj, TVS and Hero.

Here is the list of electric scooters:

Model	Price	Battery Capacity	Range	Charging time	Top speed
Ather 450X	₹1,32,426	2.9kWh	60 - 85 km	5 hours	80 kmph
Revolt RV 400	₹1,29,463	3.24kWh	80 - 150 km	4.5 hours	80 kmph
Ola S1 Pro	₹1,10,149	3.97kWh	130 - 180 km	6.5 hours	115 kmph
Bajaj Chetak	₹1,47,775	3kWh	80 - 90 km	5 hours	78 kmph
TVS iQube Electric	₹1,15,000	4.5kWh	75 km	5 hours	78 kmph
Okinawa iPraise	₹1,23,000	3.3kwh	160 km (Eco mode)	4 hours	70 kmph
Hero Photon 48V	₹65,464	48 V, 28 Ah	80 - 110 km	5 hours	45 kmph
Tork Kratos	NA	NA	100 km	80% - 1 hour	100 kmph