Major Governments Issue Crypto Update: Argentina, Singapore, India, and Japan

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  • Cryptocurrencies are making headlines around the world, with a constant stream of new solutions popping up across multiple continents.
  • Singapore’s private bank, DBS has begun offering the first security token on its crypto exchange.
  • Bitcoin mining cases have risen in Argentina due to the reduced cost of power in the South American country.
  • Crypto and DeFi are garnering attention for the right reasons and providing a big win for the market in the long run.

Cryptocurrencies have gained attention this year for a lot of great reasons. News of developments and innovations in the sector across multiple continents never seems to stop.

With several countries now announcing new Central Bank Digital Currencies, development of environmentally friendly mining processes underway, and countries lifting bans on cryptocurrencies and blockchain, it’s been a pretty good run for crypto so far in 2021.

BDS bank in Singapore has recently formed a partnership with JP Morgan Chase to develop Patior, a new blockchain platform that could disrupt traditional payment systems.

Recent Developments in Crypto

Almost every continent is currently getting hit by the crypto wave. In Argentina, Crypto mining has been on the rise resulting from the latest power subsidies. The phenomenon of crypto and bitcoin mining has increased globally, but cheaper energy fees have certainly helped miners in Argentina generate more profit.

Argentines have turned government policy to their advantage, using cryptocurrencies to hedge against inflation and currency devaluations amongst other things.

Singapore’s private bank, and the largest bank in Southeast Asia, DBS, rolled out the “DBS digital bond” which is the first security token offering on its crypto exchange.

The digital bond is priced at $11.37 million, providing a six-month tenor with a coupon rate of 0.6%. As it stands, DBS is the sole book-runner for such transactions.

Eng-Kwok Seat, Head of Capital Markets for DBS Bank, asserted that the digital bond “cements our ability to provide integrated solutions across the digital asset value chain, from deal origination to tokenization, listing, trading, and custody, which in turn opens the door for more STOs on Ddex”. The bond will trade on board lots of S$10,000 rather than the usual S$250,000 expected of wholesale bonds.

On the Flipside

  • Unfortunately, It has not been solely good news regarding cryptocurrencies and digital assets, as Japanese authorities issued a formal warning to Bybit as a result of registration issues.
  • The value of cryptocurrencies is not as promising as it was earlier this year despite the developments and upgrades which continue to manifest.
  • May’s major market slump saw Bitcoin fall close to the $30k mark, which saw the crypto market lose billions

India Confirms Lift on Crypto Bans

India’s Central Bank, RBI says its previous ban on cryptocurrencies is no longer valid, after it was overturned by courts, and has asked banks to stop referencing it when dealing with cryptocurrencies.

The Supreme Court ruling in March 2020 clearly stated that the ban on cryptocurrencies wasn’t valid. Yet, despite this, banks had continued to reject cryptocurrency transactions, citing the RBI’s previous ban as justification.

Banks have even gone as far as to warn customers not to use their accounts for crypto-related transactions. The RBI has requested that banks cease quotations of the former ban, and have instead urged them to use due diligence while handling cryptocurrency.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

    Author
    Deno Trajcevski

    Deno Trajcevski is a cryptocurrency and blockchain content creator who specializes in the field of GameFi and covers a wide range of topics on the subject. From Play-to-Earn (P2E) mechanics to the latest news, announcements, and exploits within this crypto sphere, Deno reviews and analyzes the movement and developments in gaming daily. If a project implements GameFi in its lineup, he is there to review the project.