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If you thought financial stability and money laundering are the only two big concerns around crypto you would be mistaken. The growing crypto craze is turning out to be the one of the biggest threats to the environment. Here are shocking facts about the new climate criminal in town-: 

A University of Cambridge analysis estimated that bitcoin mining consumes 121.36 terawatt hours a year. This is more than all of Argentina consumes, or more than the consumption of Google, Apple, Facebook and Microsoft combined.
Between 2015 and March of 2021, Bitcoin energy consumption increased almost 62-fold. According to Cambridge University, only 39 percent of this energy comes from renewable sources, and that is mostly from hydropower, which can have harmful impacts on ecosystems and biodiversity.
Bitcoin, which dominates more than 40% of the crypto market, has a carbon footprint comparable to that of Chile, producing 91.58 megatons of CO2 annually, this is as per Digiconomist’s Bitcoin Energy Consumption Index.
 Bitcoin consumes around 192.80 TWh of power which is as much power as Thailand uses and most of this power is generated through coal, as experts say.
The energy footprint of one bitcoin transaction is equivalent to 4.53 lakh payments on the Visa network.
The Bitcoin network also generates significant quantities of electronic waste (e-waste). The reason for this is that Bitcoin mining is done with specialized (singular purpose) hardware, which becomes obsolete roughly every 1.5 years. 
Bitcoin’s annual electronic waste generation -- 30.7 metric kilotons or 272g per transaction on average -- is comparable to the small IT equipment waste produced by a country such as the Netherlands.

It was because of these very climate concerns that China cracked down on crypto mining hoping to reduce the enormous energy consumption that was working against China’s goal to be carbon neutral by 2060

Explained: Crypto and climate change, why digital tokens are flashing disaster signals

Crypto, the climate criminal: Shocking facts of global energy usage

EJ Explains| How the crypto craze is hurting the environment

Electricity consumption of Bitcoin&nbsp;is more than Google, Apple, Facebook and Microsoft combined.

If the opposition of central bankers was not enough, crypto&nbsp;backers are now contending with environmentalists&nbsp;as a threat to the climate. With New York looking to outlaw some bitcoin&nbsp;mining; cryptocurrency's&nbsp;dirty&nbsp;secret -- energy consumption -- will take the center stage in the debate. Here are shocking facts about the new&nbsp;climate criminal in town-:&nbsp;
<ul>
<li>A University of Cambridge analysis&nbsp;estimated that bitcoin mining consumes 121.36 terawatt-hours&nbsp;a year. This is more than all of Argentina consumes, or more than the consumption of Google, Apple, Facebook, and Microsoft combined. </li>
<li>Between 2015 and March of 2021, Bitcoin energy consumption increased almost 62-fold. According to Cambridge University,&nbsp;only 39 percent of this energy&nbsp;comes from renewable sources, and that is mostly from hydropower, which can have harmful impacts on ecosystems and biodiversity. </li>
<li>Bitcoin, which dominates more than 40% of the crypto&nbsp;market,&nbsp;has a carbon footprint comparable to that of Chile, producing 91.58 megatons of CO2 annually, this is as per&nbsp;Digiconomist&rsquo;s&nbsp;Bitcoin Energy Consumption Index. </li>
<li>&nbsp;Bitcoin&nbsp;consumes around 192.80&nbsp;TWh&nbsp;of power which is&nbsp;as much power as Thailand uses&nbsp;and&nbsp;most of this power is generated through coal, as experts say. </li>
<li>The energy footprint of one bitcoin transaction is equivalent to 4.53 lakh payments on the&nbsp;Visa&nbsp;network. </li>
<li>The Bitcoin network also generates significant quantities of electronic waste (e-waste). The reason for this is that Bitcoin mining is done with specialized (singular purpose) hardware, which becomes obsolete roughly every 1.5 years.&nbsp; </li>
<li>Bitcoin&rsquo;s annual electronic waste generation -- 30.7 metric kilotons or 272g per transaction&nbsp;on average -- is comparable to the small IT equipment waste produced by a country such as the Netherlands.</li>
</ul>
It was because of these very climate concerns that China cracked down on crypto mining hoping to reduce the&nbsp;enormous energy consumption that was working against China&rsquo;s goal to be carbon neutral by 2060.&nbsp;
Also read/watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-crushed-flashback-to-when-malaysia-destroyed-1000-bitcoin-mining-rigs-with-a-steamroller-1637910206107" target="_blank">Crypto Crushed! Flashback to when Malaysia destroyed 1000 Bitcoin mining rigs with a steamroller</a>

Bitcoin ginger tea anyone? 
Well, yes, you heard it right!
Crypto Chai by Voosh is a crypto-themed cloud kitchen in Bangalore that offers meals with funky crypto names. Some of the highlights of their menu are Bitcoin Masala Oats, Chicken crypto Spring Roll, bitcoin Poha and masala chai combo, Blockchain Chicken Samosa, etc.
Also read/watch: Your Complete Crypto Guide The Good, The Bad and The Ugly!
Cryptos are gaining utmost traction off late and there is a great enthusiasm seen among youngsters. 
Also read/watch: Doge coin can be used to buy Tesla merchandise
Recent reports show Indian nationals are investing in digital assets at a huge rate, with almost 8% of the population now owning cryptocurrency. Since April last year, India's investment in cryptocurrencies rocketed to more than $10 billion from $0.9 billion, according to crypto research and intelligence business CREBACO.
Also read/watch: Crypto, the climate criminal: Shocking facts of global energy usage

Crypto tea, blockchain samosa: Bangalore has gone crypto-crazy!

Crypto Chai by Voosh is a crypto-themed cloud kitchen in Bangalore that offers meals with funky crypto names.

Crypto Chai!

Cryptos&nbsp;are gaining utmost traction off late and there is a great enthusiasm seen among youngsters.

Bitcoin&nbsp;ginger tea anyone?&nbsp;
Well, yes, you heard it right!
Crypto&nbsp;Chai&nbsp;by Voosh&nbsp;is a crypto-themed cloud kitchen in Bangalore that offers meals with funky&nbsp;crypto&nbsp;names. Some of the highlights of their menu are&nbsp;Bitcoin Masala Oats,&nbsp;Chicken crypto Spring Roll,&nbsp;bitcoin Poha and masala chai combo,&nbsp;Blockchain Chicken Samosa, etc.
Also read/watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/your-complete-crypto-guide-the-good-the-bad-and-the-ugly-1638354256100" target="_blank">Your Complete Crypto Guide The Good, The Bad and The Ugly!</a>
Cryptos&nbsp;are gaining utmost traction off late and there is a great enthusiasm seen among youngsters.&nbsp;
Also read/watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/elon-musk-plays-dogefather-again-says-doge-coin-can-be-used-to-buy-tesla-merchandise-1639536798028" target="_blank">Doge coin can be used to buy Tesla merchandise</a>
Recent reports show Indian nationals are investing in digital assets at a huge rate, with almost 8% of the population now owning cryptocurrency. Since April last year, India's investment in cryptocurrencies rocketed to&nbsp;more than $10 billion from $0.9 billion, according to crypto research and intelligence business CREBACO.
Also read/watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-the-climate-criminal-shocking-facts-of-global-energy-usage-1637909400176" target="_blank">Crypto, the climate criminal: Shocking facts of global energy usage</a>

Even as the Indian policymakers debate how to regulate the ever growing crypto&nbsp;universe there is a advise coming in from the IMF. Gita&nbsp;Gopinath, chief economist of the monetary fund pressed on urgent need to regulate the risks which include evasion of capital control norms in emerging economies. Here is what&nbsp;Gopinath said, delivering a lecture on 'Global Recovery and Policy Challenges in 2022' organised by National Council of Applied Economic Research (NCAER) -:The risks for emerging markets
"Crypto&nbsp;is a challenge for emerging markets as it is more attractive to adopt these in developing economies. This poses problems, risk to financial investors and saving and it also poses the risk of evasion of capital control rules.""Usually emerging developing economies have exchange rate controls, capital controls, and capital flow measures,Crypto assets and currencies can be used to evade those regulations."Urgent regulation needed"Absolutely important to regulate this sector. It should be treated with a balance of risk and rules. If it is being used to as an investment then the same kind of rules and regulations like on a securities broker/product should be imposed. If financial institute is investing in then one has to insist on buffers."Banning crypto&nbsp;is impractical"There is a practical challenge to banning a crypto&nbsp;asset.Reg.&nbsp;banning them may not work as crypto exchanges are located offshore, which makes it easier for an individual to trade in them despite the ban."The call for global pact on&nbsp;crypto&nbsp;regulation"No individual country could solve this problem on its own given the complex cross-border transactions.There is a need for a global policy on it urgently."&nbsp;
&nbsp;

Crypto call from IMF's Gita Gopinath: 'Urgent need to regulate, ban not practical'

Absolutely important to regulate this sector. It should be treated with a balance of risk and rules. If it is being used to as an investment then the same kind of rules and regulations like on a securities broker/product should be imposed.

IMF's Gita Gopinath on crypto: 'Urgent need to regulate, ban not practical'

The risk of evasion of capital control rules via crypto in Emerging Markets remains high.&nbsp;

Even as the Indian policymakers debate how to regulate the ever growing crypto&nbsp;universe there is a advise coming in from the IMF. Gita&nbsp;Gopinath, chief economist of the monetary fund pressed on urgent need to regulate the risks which include evasion of capital control norms in emerging economies. Here is what&nbsp;Gopinath said, delivering a lecture on 'Global Recovery and Policy Challenges in 2022' organised by National Council of Applied Economic Research (NCAER) -: The risks for emerging markets
"Crypto&nbsp;is a challenge for emerging markets as it is more attractive to adopt these in developing economies. This poses problems, risk to financial investors and saving and it also poses the risk of evasion of capital control rules." "Usually emerging developing economies have exchange rate controls, capital controls, and capital flow measures,Crypto assets and currencies can be used to evade those regulations." Urgent regulation needed "Absolutely important to regulate this sector. It should be treated with a balance of risk and rules. If it is being used to as an investment then the same kind of rules and regulations like on a securities broker/product should be imposed. If financial institute is investing in then one has to insist on buffers." Banning crypto&nbsp;is impractical "There is a practical challenge to banning a crypto&nbsp;asset. Reg.&nbsp;banning them may not work as crypto exchanges are located offshore, which makes it easier for an individual to trade in them despite the ban." The call for global pact on&nbsp;crypto&nbsp;regulation "No individual country could solve this problem on its own given the complex cross-border transactions.There is a need for a global policy on it urgently."&nbsp;
&nbsp;

A single tweet and it was a dog eat dog world in the crypto universe. As Elon Musk dawned his Dogefather avataar and tweeted that Tesla will make some merchandise buyable with Doge...Musk tweeted ...see how it goes
The digital token soared 33% as it got the backing from the world's richest man who was also named Time's most influential person for the year gone by. 
Musk has been a vocal supporter of Dogecoin, even calling it his favourite coin during his SNL performace. The support from netizens was not far behind either. Memes and GIFs flooded microblogging site Twitter signalling the spike in cryptocurrency. 
Dogecoin was initially started as a joke by its creators Billy Markus and Jackson Palmer in 2013. It takes its branding from the Japanese shiba inu dog, which inspired the original “doge” meme. Dogecoin hit a record-high price above 74 cents in May, the token is down more than 70% from its all-time high.
Dogecoin was initially started as a joke by its creators Billy Markus and Jackson Palmer in 2013. It takes its branding from the Japanese shiba inu dog, which inspired the original “doge” meme.

Musk plays 'Dogefather' again, says Doge coin can be used to buy Tesla merchandise

Elon Musk said Tesla Inc. will accept payment in Dogecoin for some merchandise, in the latest in a series of tweets supporting the cryptocurrency.

Meet the Dogefather: Musk backs Dogecoin again

Technoking of Tesla&nbsp;has supported Dogecoin with series of tweets

A single tweet and it was a dog eat dog world in the crypto universe. As Elon&nbsp;Musk dawned his Dogefather&nbsp;avataar&nbsp;and tweeted that Tesla will make some merchandise&nbsp;buyable with Doge...Musk tweeted ...see how it goes.
Also read/watch:&nbsp;<a href="https://www.editorji.com/business-news/personal-finance/elon-musk-the-world-s-richest-who-began-at-10-1635778272051" target="_blank">Elon Musk: The world's richest who began at 10</a>
The digital token soared 33% as it got the backing from the world's richest man who was also named Time's most influential person for the year gone by.&nbsp;
Musk has been a vocal supporter of Dogecoin,&nbsp;even calling it his favourite coin during his SNL&nbsp;performace.&nbsp;The support from netizens&nbsp;was not far behind&nbsp;either. Memes and GIFs&nbsp;flooded microblogging site Twitter signalling the spike in cryptocurrency.&nbsp;
Also read/watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/your-complete-crypto-guide-the-good-the-bad-and-the-ugly-1638354256100" target="_blank">Your Complete Crypto Guide: The Good, The Bad and The Ugly!</a>
Dogecoin was initially started as a joke by its creators Billy Markus and Jackson Palmer in 2013. It takes its branding from the Japanese shiba inu dog, which inspired the original &ldquo;doge&rdquo; meme.&nbsp;Dogecoin hit a record-high price above 74 cents in May, the token is down more than 70% from its all-time high.
&nbsp;

90% of the total bitcoin supply of 21 million has been mined as of Monday, this as per data from Blockchain.com. 
The remainder which is just over 2 million Bitcoins is not expected to be mined until February 2140. So the miners can continue to hunt and solve for the digital treasure until then. 
Bitcoin operates on a proof-of-work model, which means that miners must compete to solve complex math problems to validate transactions. It took 12  years for miners to discover and solve for 90% of the supply. Meanwhile, Bitcoin prices have been slumping. The token is down 30% from it's record high, down for 4 straight weeks and now trading below it's 200 day moving average which signals to technical chartists that more downside is on the cards. 

90% of Bitcoin already mined, prices continue to tumble for the cryptocurrency

Bitcoin below its average price over the last 200 days extending 4 weeks of straight losses. 

90% of Bitcoin already mined

The digital asset dropped as much as 8.4% to $45,773 on Monday in US market trade.&nbsp;

90% of the total bitcoin supply of 21 million has been mined as of Monday, this as per data from&nbsp;Blockchain.com.&nbsp;
The remainder which is just over 2 million Bitcoins is not expected to be mined until February 2140. So the miners can continue to hunt and solve for the digital treasure until then.&nbsp;
Also read/watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/your-complete-crypto-guide-the-good-the-bad-and-the-ugly-1638354256100" target="_blank">Your Complete Crypto Guide: The Good, The Bad and The Ugly!</a>
Bitcoin operates on a proof-of-work model, which means that miners must compete to solve complex math problems to validate transactions. It took 12&nbsp; years for miners to discover and solve for 90% of the supply.&nbsp; Meanwhile,&nbsp;Bitcoin&nbsp;prices have been slumping. The token is down 30% from it's record high, down for 4 straight weeks and now trading below it's 200 day moving average which signals to technical chartists that more downside is on the cards.&nbsp;

Prime Minister Narendra Modi on Friday called for united efforts to shape global norms for emerging technologies like social media and cryptocurrencies. 
In a virtual address at the Summit for Democracy hosted by US President Joe Biden, the PM said that world leaders need to jointly shape global norms for emerging technologies like social media and cryptocurrencies, so that they are used to empower democracy, not to undermine it. 
This is for the second time in the last three weeks that Modi called for working together on the need to regulate cryptocurrencies.
In his virtual address at the Sydney Dialogue on November 18, Modi urged democratic nations to work together to ensure that the cryptocurrency does not end up in the wrong hands.
 

PM Modi backs global norms for social media and cryptocurrency

Prime Minister Narendra Modi called for united efforts to shape global norms for emerging technologies like social media and cryptocurrencies. 

PM Modi: need global norms for&nbsp;cryptocurrency&nbsp;and social media
PM Modi: new technology should empower democracy, not undermine it
PM Modi&nbsp;attends virtual conference hosted by US President Joe Biden

This is for the second time in the last three weeks that Modi called for working together on the need to regulate cryptocurrencies.

Prime Minister Narendra Modi on Friday called for united efforts to shape global norms for emerging technologies like social media and cryptocurrencies.&nbsp;
In a virtual address at the Summit for Democracy hosted by US President Joe Biden, the PM said that world leaders&nbsp;need to jointly shape global norms for emerging technologies like social media and cryptocurrencies, so that they are used to empower democracy, not to undermine it.&nbsp;
Also watch: <a href="https://www.editorji.com/business-news/cryptocurrency/your-complete-crypto-guide-the-good-the-bad-and-the-ugly-1638354256100">Your Complete Crypto Guide: The Good, The Bad and The Ugly!&nbsp;</a>
This is for the second time in the last three weeks that Modi called for working together on the need to regulate cryptocurrencies.
In his virtual address at the Sydney Dialogue on November 18, Modi urged democratic nations to work together to ensure that the cryptocurrency does not end up in the wrong hands.
&nbsp;

Kotak Mahindra Bank becomes the first Indian lender to accept 'soon to be regulated' cryptocurrencies.
As per an ET report, one of the country's largest crypto exchanges WazirX has opened an account with Kotak which will be used for all its transactions with investors. 
Kotak would be the first among major banks to open its gates to the crypto community as for almost eight months most high-street banks stopped payments for all the crypto platforms amid uncertainty on their legal status.
The deal would be a big achievement for WazirX as most of its payments system was shifted to the fintech app Mobikwik which would face a lot of issues during peak time.
WazirX could see a lot of investors switching to its platform as its competitors continue to rely on the payments infrastructure that saw a strong dissatisfaction from Indian crypto investors.

Kotak banks on crypto, shakes hands with WazirX

WazirX gets Kotak's support as its investors will soon be able to transact through one of the largest Indian lenders.

Kotak gets cozy with crypto

WazirX&nbsp;investors could soon use Kotak&nbsp;Bank for all the deposits and withdrawals on crypto exchange

Kotak&nbsp;Mahindra&nbsp;Bank becomes the first Indian lender to accept 'soon to be regulated' cryptocurrencies.
ET reports that WazirX, one of the country's largest crypto&nbsp;exchanges has&nbsp;opened an account with Kotak&nbsp;which will be used for all its transactions with investors.&nbsp;
Kotak&nbsp;would be the first among major banks to open its gates to the crypto&nbsp;community as for almost eight months most high-street banks stopped payments for all the crypto&nbsp;platforms amid uncertainty&nbsp;on their legal status.
The deal would be a big achievement for WazirX&nbsp;as&nbsp;most of its&nbsp;payments system was shifted to the fintech&nbsp;app Mobikwik&nbsp;which would face a lot of issues during peak time.
WazirX&nbsp;could see a lot of investors switching to its platform as its competitors continue to rely on the payments infrastructure&nbsp;that saw a strong dissatisfaction from Indian crypto investors.

Bitcoin still has a hangover from it's wild trading weekend that sent the cryptocurrency tumbling more than 17% in just 24 hours. In fact Bitcoin slid over $10,000 in just 1 hour with no identifiable trigger except the risk-off attitude of the market with Omicron spread increasing.The weekend's sudden decline marks bitcoin’s biggest price drop since a May sell-off when it slumped from over $43,000 to under $32,000 over a 24-hour period, a nearly 27% decline.Billionaire investor Charlie Munger also reiterated his 'dislike' for the volatile digital token as he said addressing an audience that he wishe they’d never been invented.” “I admire the Chinese, I think they made the correct decision, which was to simply ban them,” Munger added.The popular cryptocurrency officially entered bear market territory on Nov. 26. 

Bitcoin's wild weekend, down 30% from recent high as investors lose $10,000 in one hour

Crypto carnage - Bitcoin down 30% from record high, Charlie Munger says China smart to ban it

Crypto carnage - Bitcoin down 30% from record high

Bitcoin slowly recovered after dropping nearly $10,000 in roughly an hour to as low as around $42,000 early Saturday

Bitcoin&nbsp;still has a hangover from it's wild trading weekend that sent the cryptocurrency tumbling more than 17% in just 24 hours. In fact Bitcoin&nbsp;slid over $10,000 in just 1 hour with no identifiable trigger except the risk-off attitude of the market with Omicron spread increasing. The weekend's sudden decline marks bitcoin&rsquo;s biggest price drop since a&nbsp;May sell-off&nbsp;when it slumped from over $43,000 to under $32,000 over a 24-hour period, a nearly 27% decline. Billionaire investor Charlie Munger&nbsp;also reiterated his 'dislike' for the volatile digital token as he said addressing an audience that he wishe they&rsquo;d never been invented.&rdquo;&nbsp; &ldquo;I admire the Chinese, I think they made the correct decision, which was to simply ban them,&rdquo; Munger added. The popular&nbsp;cryptocurrency officially entered bear market territory on Nov. 26.&nbsp;

While the bill for regulating cryptocurrency is still in the works, various business personalities have multiple shades of opinions on the ongoing debate on cryptocurrency. 
Reliance Industries Chairman and Managing Director Mukesh Ambani said he sees the benefits of the blockchain technology and India is putting in place the most forward-looking policies and regulations
In an interview at the virtual InFinity Forum, hosted by International Financial Services Authority (IFSCA), he further added he believes in blockchain technology and this is different from cryptocurrency.
Using blockchain, we can deliver unprecedented security, trust, automation to almost any type of transaction, Ambani said.
 

Mukesh Ambani backs Blockchain tech; 'can change financial world' 

While the bill for regulating cryptocurrency is still in the works, business tycoon, Mukesh Ambani shares his opinion.

Check out he has to say on this:  

Mukesh&nbsp;Ambani: using blockchain, we can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction

While the bill for regulating cryptocurrency is still in the works, the business world clearly has&nbsp;multiple shades of opinions on the ongoing debate.&nbsp;
<a href="https://www.editorji.com/business-news/mukesh-ambani-talks-succession-for-the-first-time-for-his-200-billion-reliance-empire-1640749921718" target="_blank">Reliance Industries Chairman and Managing Director Mukesh Ambani</a> said he sees the benefits of the blockchain technology and India is putting in place the most forward-looking policies and regulations.
Also watch&nbsp;| <a title="Your Complete Crypto Guide: The Good, The Bad and The Ugly!" href="https://www.editorji.com/business-news/cryptocurrency/your-complete-crypto-guide-the-good-the-bad-and-the-ugly-1638354256100">Your Complete Crypto Guide: The Good, The Bad and The Ugly! </a>
In an interview at the virtual InFinity Forum, hosted by International Financial Services Authority, he further added he believes in blockchain technology and this is different from cryptocurrency.
Asia's richest man said&nbsp;blockchain&nbsp;can deliver unprecedented security, trust, automation to almost any type of transaction.

Cryptocurrency - the craze that has taken the tech and trading world by storm still has a large section of the population, confused and some even concerned. EJ Biz brings to you your one stop shop for all your need to know about crypto-: The Good, The Bad & The Ugly Cryptic CryptoHow popular is it?The Indian crypto market grew 641% over the period from July 2020 through June 2021. - Need some how many investors and how much total invested data - As per data reported by Bloomberg transfers worth more than $10 million represented 42% of transactions sent from India-based addresses. What makes it so popular?Crypto concerns, why the RBI is up in arms?The Reserve Bank of India says they pose serious threats to the nation’s macroeconomic and financial stability. The twin tower of trouble is the lack of oversight and anonymity which raises the red flags for Issues such as money laundering and terrorism financing issues such as money laundering and terrorism financing. The environment angleWhat are the other countries doing about itHow is it different than digital currency?Why do we really need crypto?Crypto beyond tokens and trade 

Your Complete Crypto Guide: The Good, The Bad and The Ugly!

1. How popular is crypto?
2.&nbsp;Crypto market cap: $3 trillion (worldwide)&nbsp; &nbsp; &nbsp; 10 sec
3. Crypto&nbsp;in India:
Indian crypto market grew 641% in 1 year to June 2021
10 cr crypto&nbsp;owners in India, highest in the world
Indians&rsquo; investment in crypto at&nbsp;$10 billion
42% of transactions sent from India-based addresses 30 sec
&nbsp;
1. What makes crypto so popular?
2. Highly volatile cryptos&nbsp;have given multiple time returns
3. Bitcoin rallied 90x in 5 years
4. Shiba&nbsp;Inu&nbsp;delivered 15,00,000x returns
Rs 10,000 becoming Rs 15,000 crore.
&nbsp;
&nbsp;
&nbsp;
1. Crypto&nbsp;concerns, why the RBI is up in arms?
2.&nbsp;RBI: Cryptos pose serious threats to the nation&rsquo;s macroeconomic and financial stability.
3.&nbsp;Red flags: Issues like money laundering and terrorism financing
4. Crypto&nbsp;backers: Crypto&nbsp;much easier to track than paper money
&nbsp;
The environment angle
Crypto&nbsp;Craze: One of the biggest threats to the environment
Bitcoin mining consumes 121.36 terawatt hours a year
Bitcoin's&nbsp;carbon footprint comparable to that of Chile
&nbsp;
How is crypto different than digital currency?
Digital currency&nbsp;issued by the govt or the central bank
Digital currency is stable and backed by the authorities
&nbsp;
Why do we really need crypto?&nbsp;
Cheaper, faster and transparent transactions
Bitcoin is also considered a store of value
Makes voting easier and more reliable
Creates a permanent ledger
&nbsp;
&nbsp;
&nbsp;
&nbsp;

India has the highest number of crypto owners in the world at 10.07 crore.

Cryptocurrency&nbsp;- the craze that has taken the tech and trading world by the storm still has a large section of the population, confused and some even concerned. EJ Biz brings to you your one-stop shop for all your need to know about crypto-:&nbsp;The Good, The Bad &amp; The Ugly Cryptic Crypto&nbsp;- What is it really? Cryptocurrencies&nbsp;are digital financial assets that are based on&nbsp;blockchain&nbsp;technology. A cryptocurrency&nbsp;is secured by cryptography&nbsp;which makes fraudulent activities like counterfeiting&nbsp;almost impossible. Every transaction done with the cryptocurrency&nbsp;gets recorded permanently, thus bringing complete transparency in financial transactions. However,&nbsp;cryptocurrencies face criticism for a number of reasons, including their use for illegal activities, exchange rate volatility, and vulnerabilities of the infrastructure underlying them. But they also have been praised for their portability, divisibility, inflation resistance, and transparency. Crypto experts have time and again pointed out that there are multiple use cases of cryptocurrencies and that each can't perform as a legal tender. Stablecoins could be looked at as potential cryptocurrencies&nbsp;that can act as legal tender. How popular is it? The Indian crypto market grew 641% over the period from July 2020 through June 2021. India has the highest number of crypto owners in the world at 10.07 crore, according to broker discovery and comparison platform BrokerChooser.&nbsp;The U.S. came in a distant second in terms of crypto owners at 2.74 crore, followed by Russia (1.74 crore) and Nigeria (1.30 crore). Comparing it with the conventional equity markets, the number of investors in stocks stood at 8&nbsp;crore, as per the exchanges. Indians&rsquo; investment in cryptocurrencies has increased to over Rs 75,000 crore or $10 billion from $923 million in April last year, according to crypto research and intelligence business CREBACO.&nbsp;As per data reported by&nbsp;Bloomberg&nbsp;transfers worth more than $10 million represented 42% of transactions sent from India-based addresses.&nbsp; What makes it so popular?
Cryptocurrencies&nbsp;being highly volatile in nature have been grabbing attention&nbsp;from all over the world. Moreover, some of them giving multiple-time returns in a short period have&nbsp;pulled investor attention. In the last five years, the dominant cryptocurrency&nbsp;Bitcoin&nbsp;has rallied 90 times. While a lot of meme&nbsp;cryptos are also on investors' favourite list. Meme&nbsp;token Shiba&nbsp;Inu&nbsp;delivered 15 lakh&nbsp;times of investment in just one year. This means an investment of Rs 10,000 becoming Rs 15,000 crore. If these sorts of returns won't get attention then what will! Crypto&nbsp;concerns, why the RBI is up in arms? The&nbsp;Reserve Bank of India&nbsp;says they pose serious threats to the nation&rsquo;s macroeconomic and financial stability. The twin tower of trouble is the lack of oversight and anonymity which raises the red flags for&nbsp;Issues such as money laundering and terrorism financing issues such as money laundering and terrorism financing.&nbsp; The environment angle
The growing crypto&nbsp;craze is turning out to be one of the<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-the-climate-criminal-shocking-facts-of-global-energy-usage-1637909400176" target="_blank"> biggest threats to the environment.&nbsp;</a>A University of Cambridge analysis&nbsp;estimated that bitcoin mining consumes 121.36 terawatt hours a year. This is more than all of Argentina consumes, or more than the consumption of Google, Apple, Facebook and Microsoft combined.&nbsp;Bitcoin, which dominates more than 40% of the crypto&nbsp;market,&nbsp;has a carbon footprint comparable to that of Chile, producing 91.58 megatons of CO2 annually, this is as per&nbsp;Digiconomist&rsquo;s&nbsp;Bitcoin Energy Consumption Index. <a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-a-look-at-how-the-world-is-regulating-cryptocurrencies-1637728858155" target="_blank">What are the other countries doing about it</a>
Cryptocurrency is legal in the United States, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as &lsquo;commodities&rsquo; and taxed as &lsquo;property&rsquo; by the IRS.&nbsp;EU is one of the initial countries to make cryptocurrency legal but just like the U.S. there is no specific regulation.&nbsp;In June 2021, China banned the mining of cryptocurrencies&nbsp;and it&nbsp;is focusing on promoting it's Digital Yuan as a priority post the ban. India too&nbsp;soon going to introduce its own cryptocurrency&nbsp;or digital rupee. <a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-digital-currency-vs-cryptocurrency-what-s-the-difference-1637738627963" target="_blank">How is it different than digital currency?</a>
A digital currency or CBDC&nbsp;is issued by the government or the central bank. Unlike cryptocurrencies, whose volatility is widely evident, a digital currency is more stable and backed by the authorities. Cryptocurrencies are decentralised, which may not be the case with the state-issued digital currencies.
 Why do we really need crypto?&nbsp;Crypto beyond tokens and trade
Cryptocurrencies are based on&nbsp;blockchain technology which can be used in many ways. It makes financial transactions cheaper and faster along with making them transparent as every transaction done on the blockchain gets recorded. Bitcoin is also considered a store of value as it is a limited resource, just like gold or coal, thus rising in terms of value with time. With the help of cryptos, voting can be done through your mobile devices. It makes authentication work easier and faster as it is decentralised. Any transaction done on the&nbsp;blockchain can be verified at any point of time as it creates a permanent ledger.
Also watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-debate-in-parliament-fm-faces-flurry-of-questions-on-cryptocurrency-1638260169020" target="_blank">FM faces flurry of questions on cryptocurrency</a>

Caution and patience, that's the word from the Finance Minister Nirmala Sitharaman as she faced a flurry of questions in Parliament about cryptocurrency and what the government is doing to provide clarity on legality while safeguarding the investors. Here is a snapshot of the question answers in Rajya Sabha on Tuesday-: 
Question: Is government going to regulate or ban?FM's reply: Since the bill is going to come, as of now, we can't say anything more on what Govt will do. Question: What will be the regulatory capacity with RBIFM's reply: Let us wait for the Bill, have had consultations with all related regulators Question: Will the govt do anything to inform public about not investing in it, ban ads, till Bill is brought? FM's reply: Govt has issued advisory for people to exercise caution, this is a risky area.No decision was taken on banning its advisements. Steps are taken to create awareness through RBI & SEBI. 

Parliament Winter Session, Day 2: FM Nirmala Sitharaman faces flurry of questions on cryptocurrency

Watch: The Finance Minister responds to MPs questioning the government on cryptocurrency, the risk and the proposed 'ban'

FM faces questions on crypto as call for clarity continues

This is a risky area &amp; not in a complete regulatory framework. No decision was taken on banning its advisements. Steps are taken to create awareness through RBI &amp; SEBI. Govt will soon introduce a Bill: FM Nirmala Sitharaman on Cryptocurrency during Question Hour in Rajya Sabha

Government to table crypto bill in Winter Session of Parliament

Caution and patience, that's the word from the Finance Minister Nirmala&nbsp;Sitharaman as she faced a flurry of questions in Parliament about cryptocurrency and what the government is doing to provide clarity on legality while safeguarding the investors. Here is a snapshot of the question answers in Rajya&nbsp;Sabha&nbsp;on Tuesday-:&nbsp;
Question:&nbsp;Is government going to regulate or ban? FM's reply: Since the bill is going to come, as of now, we can't say anything more on what Govt will do. Question: What will be the&nbsp;regulatory capacity with RBI FM's&nbsp;reply: Let us wait for the&nbsp;Bill, have had consultations with all related regulators&nbsp; Question: Will the govt do anything to inform public about not investing in it, ban ads, till Bill is brought? FM's&nbsp;reply: Govt has issued advisory for people to exercise caution, this is a risky area.No decision was taken on banning its advisements. Steps are taken to create awareness through RBI &amp; SEBI.&nbsp;

''No proposal to recognise Bitcoin as a currency'', that's what the Union Finance Minister Nirmala Sitharaman had to say in a response in the Parliament on November 29
She also informed the House that the government does not collect data on Bitcoin transactions.
This comes as the government plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Winter Session of Parliament. 
The Bill seeks to ban all but a few private cryptocurrencies to promote underlying technologies while allowing an official digital currency by RBI.
Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.It has gained massive popularity across the world with El Salvador becoming the first country in September this year to recognise the cryptocurrency as a legal tender.

India has no plans to recognise Bitcoin as a currency: FM Sitharaman

Statement comes as the government plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Winter Session of Parliament

El Salvador becoming the first country in September this year to recognise the cryptocurrency as a legal tender

''No proposal to recognise&nbsp;Bitcoin as a currency'', that's&nbsp;what&nbsp;the Union Finance Minister Nirmala Sitharaman&nbsp;had to say in a response in the Parliament on November 29
She also informed the House that the government does not collect data on Bitcoin transactions.
Also watch |&nbsp;<a title="India has no plans to recognise Bitcoin as a currency: FM Sitharaman" href="https://www.editorji.com/business-news/govt-says-do-not-subscribe-to-elon-musk-s-internet-services-1638174269993">India has no plans to recognise Bitcoin as a currency: FM Sitharaman</a>
This comes as the government plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Winter Session of Parliament.&nbsp;
The Bill seeks to ban all but a few private cryptocurrencies to promote underlying technologies while allowing an official digital currency by RBI.
Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties. It&nbsp;has gained massive popularity across the world with El Salvador becoming the first country in September this year to recognise the cryptocurrency as a legal tender.

Just as Wall Street sat down to give thanks for a year that has seen one of the fastest profit recoveries in history, traders got a jolt as the new variant worry infected booming stock markets and made the indices sink the most in a year. 
The 30-stock Dow Index collapsed 1000 points intraday to end 900 points lower, S&P 500 posted its biggest slide since February dropping over 2%. 
The downward moves came after World Health Organization officials on Thursday warned of a new Covid-19 variant that’s been detected in South Africa. The WHO has now named the variant Omicorn, has assigned it as a variant of concern. The highly mutating variant has countries on alert with US, UK to Singapore re-imposing restrictions on air travel from pockets of the world.Asia markets were hit hard in Friday trade, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng index both falling more than 2%. Germany’s Dax index slid more than 4% and Indian markets as well now down over 8% from record high as they saw the biggest single day slide since April. 

Market Mayhem: New variant worries makes Dow fall 900 points, crude & crypto also collapse

Black Friday Sale! Stocks, crude, crypto all collapse on covid concerns. 
- Dow down 900 points
- Crude falls below $70 drops 13%
- Bitcoin in bear territory 

Black Friday Sale! Stocks, crude, crypto all collapse on covid concerns

<ul>
<li>New variant worries infect sentiment across global markets&nbsp;</li>
<li>Global markets see sharp sell-off from Asia to America across stocks,crude, crypto</li>
<li>US Markets collapse: Dow ends lower by 900 points, S&amp;P500 sinks 2%</li>
<li>Asian markets down over 2% going into the weekend, Nifty down 8% from record high</li>
<li>Oil drops 13% in worst day of 2021, breaks below $70</li>
<li>Crude oil down for fifth straight week, seeing weakest run since the pandemic started</li>
<li>Bitcoin enters bear market territory, drops 20% from record high</li>
<li>WHO classifies variant as 'one of concern', names it Omicorn</li>
<li>US, UK, Singapore among others have re-imposed travel restriction on fears of new variant transmission</li>
</ul>

The S&amp;P 500 fell 2.3%, it&rsquo;s biggest one-day decline since February as new variant worries plague global markets

Just as Wall Street sat down to give thanks for a year that has seen one of the fastest profit recoveries in history, traders got a jolt as the new variant worry infected booming stock markets and made everything from stocks, crude to crypto&nbsp;collapse.&nbsp;&nbsp;
The 30-stock Dow Index collapsed 1000 points intraday to end 900 points lower, S&amp;P 500 posted its biggest slide since February dropping over 2%. Asian markets had already seen the bloodbath with Sensex, Nifty down 8% from record high after the worst day since the second wave hit. It was not just stocks , crude oil posted its worst day of the year on Friday, tumbling to the lowest level in more than two months as it broke below $70/bbl.&nbsp;It was the contract&rsquo;s worst day since April 2020. Infact down for the fifth-week oil is having its worst run since March 2020, when the pandemic started&nbsp;
Also watch |<a href="https://www.editorji.com/coronavirus/strain-may-have-greater-reinfection-risk-who-classifies-new-covid-strain-as-variant-of-concern-1637979672973" target="_blank">&nbsp;'May have greater reinfection risk': WHO says new Covid strain 'variant of concern', names it Omnicron</a> Crypto&nbsp;is not far behind in the collapse.&nbsp;Bitcoin&nbsp;fell sharply alongside other assets on Friday, hitting a seven-week low and officially entering bear market territory as it dropped 20% from its record high.&nbsp;
The downward moves came after World Health Organization officials on Thursday warned of a&nbsp;new Covid-19 variant that&rsquo;s been detected in South Africa. The WHO has now named the variant Omicorn, has assigned it as a variant of concern.&nbsp;The highly mutating variant has countries on alert with US, UK to Singapore re-imposing restrictions on air travel from pockets of the world. Asia markets were hit hard in Friday trade, with Japan&rsquo;s Nikkei 225 and Hong Kong&rsquo;s Hang Seng index both falling more than 2%. Germany&rsquo;s Dax index slid more than 4% and Indian markets as well now down over 8% from record high as they saw the biggest single day slide since April.&nbsp;

As cryptocurrency concerns take centre stage, netizens were reminded of a time in July when cryptos were literally crushed in Malaysia with the police ordering a steamroller to destroy over 1000 Bitcoin mining rigs. A video of the event posted by local Sarawak news outlet Dayak Daily had gone viral on social media.  
Malaysian authorities seized 1,069 bitcoin mining rigs, laid them out in a parking lot at police headquarters, and used a steamroller to crush them. In total, police destroyed about $1.26 million of mining equipment. While mining for crypto is not illegal in Malaysia, the country has strict norms on power usage for the same. 

Crypto Crushed! Flashback to when Malaysia destroyed 1000 Bitcoin mining rigs with a steamroller

'Friday Flashback' to when crypto mining was literally crushed! 

Malaysian authorities seized 1,069 bitcoin mining rigs in July laid them out in a parking lot at police headquarters, and used a steamroller to crush them.

As cryptocurrency concerns take centre stage, netizens&nbsp;were reminded of a time in July when cryptos were literally crushed in Malaysia with the police ordering a steamroller to destroy over 1000 Bitcoin mining rigs.&nbsp;A&nbsp;video of the event&nbsp;posted by local Sarawak news outlet Dayak Daily had&nbsp;gone viral on social media.&nbsp;&nbsp;
Also watch|&nbsp;<a title="Crypto, the climate criminal: Shocking facts of global energy usage" href="https://www.editorji.com/business-news/cryptocurrency/crypto-the-climate-criminal-shocking-facts-of-global-energy-usage-1637909400176">Crypto, the climate criminal: Shocking facts of global energy usage</a>
Malaysian authorities seized 1,069 bitcoin mining rigs, laid them out in a parking lot at police headquarters, and used a steamroller to crush them.&nbsp;In total, police destroyed about $1.26 million of mining equipment. While mining for crypto&nbsp;is not illegal in Malaysia, the country has strict norms on power usage for the same.&nbsp;

A crypto bill is around the corner in India and panic is already at its peak with a free fall in most of the digital tokens.
The upcoming parliament session will introduce a bill to regulate cryptos in India but it has also warned that all the private cryptocurrencies, except some, will be banned.
So, what are the major concerns around the cyptos in a nation that has $10 billion already invested in it?
1. All private cryptos to be banned?: The government is going to ban all the private cryptocurrencies in India. However, it also said that it will exempt some of them to use their underlying technology. This has created a lot of confusion among investors as they sell relentlessly. 
2. The survival game: Former RBI governor Raghuram Rajan recently told in an interview that out of 6000-odd cryptocurrencies, only one or two will survive.
3. Crypto or Chit fund?: Cryptos may pose the same problem as unregulated chit funds which take money from people and go bust, a lot of people holding crypto assets are going to be aggrieved, Rajan pointed out in an interview to CNBC tv18.
4. Money laundering and terror financing: Different sections of the government have raised concerns around these two big issues. Although, the upcoming regulation might be able to fix these.
5. Financial instability: The Reserve Bank of India time and again raised its voice against the digital token. Last month also, the central in a note highlighted that cryptocurrencies come with potential macroeconomic concerns and may lead to financial instability.

Crypto Bill: The big crypto concerns, why nearly 6000 tokens may be outlawed

Only 1 or 2 of 6,000-odd cryptocurrencies will survive as the government looks to protect the small investor in this wildly volatile market. 

Survival of the 'fittest': Why crypto will make it?

Only one or two out of 6000-odd cryptocurrencies will survive.

Crypto&nbsp;, the good, the bad and the ugly all on a platter as the govt gears to ban all private digital tokens this Winter Session of the parliament.&nbsp;So, what are the major concerns around the cyptos in a nation that has $10 billion already invested in it?
<ul>
<li>All private cryptos&nbsp;to be banned: The government has indicated they will prohibit all the private cryptocurrencies&nbsp;in India except 'a few'. The lucky left will be to their underlying technology. This has created a lot of confusion among investors as the guessing game of 'survivor'.&nbsp; </li>
<li>Survivor Finale: Former RBI&nbsp;governor Raghuram&nbsp;Rajan recently told in an interview that out of 6000-odd cryptocurrencies, only one or two will survive. The bets are highest on popular Bitcoin and Ethereum.&nbsp; </li>
<li>Crypto or Chit fund?:&nbsp;Cryptos may pose the same problem as unregulated chit funds which take money from people and go bust, a lot of people holding crypto assets are going to be aggrieved, Rajan&nbsp;pointed out in an interview to CNBC&nbsp;TV-18. </li>
<li>Money laundering and terror financing:&nbsp;Globally the rise of crypto&nbsp;trade has elevated concerns of money laundering. Relaxed or rather no&nbsp;KYC regulations leads to anonymity that can facilitate large sums of 'funds' being transferred without regulation.&nbsp;In June, specialist detectives from the London Metropolitan Police Economic Crime Command, investigating money laundering offences,&nbsp;seized crypto assets&nbsp;worth &pound;114 million. Hong Kong police as welll&nbsp;earlier this year&nbsp;busted a&nbsp;cryptocurrency money laundering scheme worth HK$1.2 billion </li>
<li>Financial instability:&nbsp;Volatility and wild swings that the biggest reason why the Reserve Bank of India has repeatedly raised the red flag against unregulated&nbsp;digital token. Last month also, the central in a note highlighted that cryptocurrencies&nbsp;come with potential macroeconomic concerns and may lead to financial instability. Bitcoin, the world's most popular crypto&nbsp;has seen over 50% swings in just the last 10 months.&nbsp;</li>
</ul>

Crypto may not see a complete trading ban in India reports Bloomberg quoting unnamed sources. The global business news outlet states that the government is considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors in the upcoming bill. Citing unnamed officials familiar with the proposed regulation, Bloomberg reports that the legislation may stipulate a minimum amount for investments to protect small investors, while banning their use as legal tender. This would come as a huge relief not just for crypto investors but also the crypto exchanges that have long demanded that the digital tokens be classified as security or a 'store of value' instead of a currency. The categorisation is critical, as a security the regulation purview would fall under the market regulator SEBI versus the oversight of the central bank who has been extremely critical of the crypto market. 

Crypto Bill: Not a blanket ban, some crypto may be classified as financial assets 

Big relief for crypto may be in the offing, reports indicate bill may classify the digital tokens as security and not ban trading. 

Crypto not a currency but a security, Sneak peak into the bill

Bill seeks to&nbsp;prohibit&nbsp;all private cryptocurrencies except &ldquo;certain exceptions to promote the underlying technology of cryptocurrency and its uses.&rdquo;
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Crypto&nbsp;may not see a complete trading ban in India reports Bloomberg&nbsp;quoting unnamed sources. The global business news outlet states that&nbsp;the government is considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors in the upcoming bill.&nbsp; Citing unnamed officials familiar with the regulation, Bloomberg&nbsp;reports that the legislation may stipulate a minimum amount for investments to protect small investors, while banning their use as legal tender.&nbsp; This would come as a huge relief not just for crypto&nbsp;investors but also the crypto&nbsp;exchanges that have long demanded that the digital tokens be classified as a security or a 'store of value' instead of a currency. The categorisation is critical, as a security the regulation purview would fall under the market regulator SEBI&nbsp;versus the oversight of the central bank who has been extremely critical of the crypto&nbsp;market.&nbsp;

As the government readies a Crypto Bill aimed at promoting a Digital Currency over the rampant crypto trade, EJ Biz looks at what is the big difference between the two digital tokens as we have see a faceoff between Digital Currency vs Crypto Currency -:The backer
Officially backed digital currencies will be issued centrally and will be backed by their central banks unlike cryptocurrencies, which follow DLT (distributed ledger technology) backing them with no underlying security. In fact one of the big concerns is that they are not backed by a legal entity that responds in the event any major technical problems.The distribution

Cryptocurrency Bill: Digital Currency Vs. Cryptocurrency – What’s the difference?

Digital Currency Vs. Cryptocurrency – What’s the difference? 

It's the final round and it's advantage Digital Currency over Crypto

Digital Currency Vs. Cryptocurrency: The government to introduce &ldquo;The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" in the winter session of Parliament beginning November 29

As the government readies a <a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-the-govt-looks-to-ban-private-crypto-10-billion-in-investments-await-winter-session-1637727721860">Crypto&nbsp;Bill</a> aimed at promoting a Digital Currency over the rampant crypto&nbsp;trade, EJ Biz looks at what is the big difference between the two digital tokens as we have see a faceoff&nbsp;between Digital Currency vs Crypto&nbsp;Currency Also read|&nbsp;<a title="Crypto Bill: A look at how the world is regulating cryptocurrencies" href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-a-look-at-how-the-world-is-regulating-cryptocurrencies-1637728858155">Crypto Bill: A look at how the world is regulating cryptocurrencies</a> 
<h3>The Issuer&nbsp;</h3>
<ul>
<li>Central bank digital currency or CBDCs&nbsp;are issued by governments and are regulated and backed by the central banks</li>
<li><a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-a-look-at-how-the-world-is-regulating-cryptocurrencies-1637728858155">Cryptocurrencies</a> are developed by private parties independently from a central bank or government institution. Cryptos&nbsp;also make use of&nbsp;blockchain technology, a digital ledger system that records crypto transactions&nbsp;</li>
</ul>
<h3>Who has got your back?</h3>
<ul>
<li>The digital currency will be backed by the state and the central bank, which means in the event of a technical breakdown the regulator takes control</li>
<li>The digital currency is centralized; transactions are controlled by servers belonging to the central bank&nbsp;</li>
<li>Instead of being a tradeable asset with&nbsp;wildly fluctuating prices, central bank digital currencies would function more like their fiat counterparts, and would have widespread acceptance.</li>
<li>Cryptocurrencies&nbsp;are&nbsp;decentralized within the structure; the rules are dictated by the majority of participants in a crypto community and can face unregulated volatility.&nbsp;</li>
</ul>
<h3>Who is using Digital Currencies/CBDCs&nbsp;?</h3>
<ul>
<li>The Chinese central bank is&nbsp;racing ahead with its own CBDC project, rolling out a virtual version of the yuan in trials across several provinces. People&rsquo;s Bank of China is likely to be the first to fully launch a CBDC, the Mainland banned all <a href="https://www.editorji.com/business-news/cryptocurrency/winter-session-of-parliament-modi-govt-to-table-bill-to-regulate-cryptocurrency-1637685362743">crypto</a>&nbsp;activity earlier this year.&nbsp;</li>
<li>In Japan, a consortium of roughly 70 Japanese firms, including the country's three mega-banks, will begin experiments to launch a digital currency as early as the latter half of 2022</li>
</ul>
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-a-ban-in-the-works-sends-crypto-prices-crashing-in-india-1637722292670">Cryptocurrency Bill: A ban in the works sends crypto prices crashing in India</a>

3,000,000,000,000 that's the marketcap of global cryptocurrency trade. As India looks to regulate the booming crypto trade in the subcontinent, here is a look at how the world is dealing with digital token deluge-:United StatesCryptocurrency is legal in the states, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as ‘commodities’ and taxed as ‘property’ by the IRS.The US Securities and Exchange Commission (SEC) puts across cryptocurrencies to be securities on which security laws are very much applicable and cryptocurrency exchanges fall under the regulations for the Bank Secrecy Act The European UnionEU has been in the limelight as it is one of the initial countries to make cryptocurrency legal but there is no specific regulation passed by the EU that governs crypto activities. Taxation on cryptocurrencies also varies by country, ranging from 0% to 50%. The EU has recently rolled out the latest anti-money laundering directives to be followed by crypto exchanges to ensure no wrongdoing. 
China
The Mainland's dealings with cryptocurrencies has been a roller-coaster ride.From the most welcoming to one of the most restricted crypto-markets in the world. In June 2021, it banned the mining of cryptocurrencies, leading to about a 40% fall in global mining operations. China is focusing on promoting it's Digital Yuan as a priority post the ban.South KoreaIn South Korea, crypto exchanges are legal but not cryptocurrencies. Cryptocurrency transactions are expected from taxes. However, the Ministry of Strategy and Finance has laid out its plan of imposing a tax on crypto transactions with a revised tax framework to be launched in 2022.

Cryptocurrency Bill: A look at how the world is regulating cryptocurrencies 

With the Crypto Bill in the waiting, EJBiz takes a a look at cryptocurrency regulations in major economies and sees how India may compare.

Crypto Bill: A look at how the world is regulating cryptocurrencies 

A look at cryptocurrency regulations in major economies and groupings and see how India may compare.

3,000,000,000,000 that's the marketcap of global cryptocurrency&nbsp;trade. As India looks to regulate the booming crypto&nbsp;trade in the subcontinent, here is a look at how the world is dealing with digital token deluge-:
<h3>United States</h3>
<a href="https://www.editorji.com/story/crypto-bitcoin-ban-should-you-invest-databaaz-cryptocurrency-1613210247700">Cryptocurrency</a> is legal in the states, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as &lsquo;commodities&rsquo; and taxed as &lsquo;property&rsquo; by the IRS. The US&nbsp;Securities and Exchange Commission&nbsp;(SEC) puts across cryptocurrencies to be securities on which security laws are very much applicable and&nbsp;cryptocurrency exchanges fall under the regulations for the Bank Secrecy Act&nbsp;
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-the-govt-looks-to-ban-private-crypto-10-billion-in-investments-await-winter-session-1637727721860">Crypto Bill: The govt looks to ban private crypto, $10 billion in investments await Winter Session</a>
<h3>The European Union</h3>
EU has been in the limelight as it is one of the initial countries to make cryptocurrency legal but there is no specific regulation passed by the EU that governs crypto activities.
Taxation on cryptocurrencies also varies by country, ranging from 0% to 50%. The EU has recently rolled out the latest anti-money laundering directives to be followed by crypto&nbsp;exchanges to ensure no wrongdoing.&nbsp;
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-a-ban-in-the-works-sends-crypto-prices-crashing-in-india-1637722292670">Crypto Bill: A ban in the works sends crypto prices crashing in India</a>
<h3>China</h3>
The Mainland's&nbsp;dealings with cryptocurrencies has been a roller-coaster ride.From the most welcoming to one of the most restricted crypto-markets in the world. In June 2021, it banned the mining of cryptocurrencies, leading to about a 40% fall in global mining operations. China is focusing on promoting it's Digital Yuan as a priority post the ban.
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/winter-session-of-parliament-modi-govt-to-table-bill-to-regulate-cryptocurrency-1637685362743">Winter session of Parliament: Modi govt to table bill to regulate cryptocurrency</a>
<h3>South Korea</h3>
In South Korea, crypto exchanges are legal but&nbsp;not cryptocurrencies. Cryptocurrency transactions are expected from taxes. However, the&nbsp;Ministry of Strategy and Finance&nbsp;has laid out its plan of imposing a tax on crypto transactions with a revised tax framework to be launched in 2022.
Also Read |&nbsp;<a href="https://www.editorji.com/lifestyle-news/food/now-you-can-pay-for-your-pickles-with-cryptocurrency-1633406697021">Now, you can pay for your pickles with cryptocurrency</a>

It is going to be a cold winter for crypto backers as the central government readies to introduce a Bill in the Parliament to prohibit all private cryptocurrencies in India. Listed for the Winter Session of parliament which kickstarts on November 29, the government intend to ban pvt coins barring a few exceptions to "promote the underlying technology of cryptocurrency and its uses".The Cryptocurrency & Regulation of Official Digital Currency Bill; the official name for the proposed regulation states that it seeks to create facilitative framework for creation of official digital currency which will be issued by RBI. The central bank has repeatedly raised the red flag towards the rampant trade and popularity of cryptos in India. Nischal Shetty, CEO of WazirX, India’s largest crypto exchange platform, tweeted: “The crypto regulation bill has been listed for the winter session. The description hasn’t changed much. There will be speculation on both sides. The good thing is more people within the government are aware of how crypto works."The mystery remains on the classification of what may be 'accepted or exceptions' to the regulation which prohibits the decentralised tokens. 

Cryptocurrency Bill: Modi government looks to ban private crypto, $10 billion in investments await Winter Session

Crypto Bill will finally make it to Parliament, but as over $10 billion in investment awaits clarity will it be a long winter for crypto backers?

Crypto Bill: Is it a ban, is it a boost?

<ul>
<li>Crypto&nbsp;Bill listed to for Winter Session of parliament starting November 29</li>
<li>The Cryptocurrency &amp; Regulation of Official Digital Currency Bill to ban pvt&nbsp;digital tokens</li>
<li>Crypto&nbsp;bill likely to put in motion the launch of the Digital Rupee by the RBI&nbsp;</li>
<li>Nischal Shetty, CEO of WazirX: Speculation continues on crypto&nbsp;categorisation&nbsp;</li>
</ul>

Cryptocurrency Bill: As per the government, India has 15 million KYC-approved users, with an investment value of $6 billion in crypto based assets.&nbsp;

Cryptocurrency Bill: It is going to be a cold winter for crypto&nbsp;backers as the central government readies to introduce&nbsp;a Bill in the Parliament to prohibit all private <a href="https://www.editorji.com/business-news/cryptocurrency-a-legal-tender-asset-or-commodity-see-what-indian-govt-plans-1637123869448">cryptocurrencies in India</a>. Listed for the Winter Session of parliament which kickstarts&nbsp;on November 29, the government&nbsp;intend to ban pvt&nbsp;coins&nbsp;barring a few exceptions to "promote the underlying technology of cryptocurrency and its uses".
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/winter-session-of-parliament-modi-govt-to-table-bill-to-regulate-cryptocurrency-1637685362743">Winter session of Parliament: Modi govt to table bill to regulate cryptocurrency</a> The <a href="https://www.editorji.com/story/now-you-can-pay-for-your-pickles-with-cryptocurrency-1633406697021">Cryptocurrency</a> &amp; Regulation of Official Digital Currency Bill; the official name for the proposed regulation states that it seeks to create facilitative framework for creation of official digital currency which will be issued by RBI. The central bank has repeatedly raised the red flag towards the rampant trade and popularity of cryptos in India.&nbsp;
Nischal Shetty, CEO of WazirX, India&rsquo;s largest crypto exchange platform, tweeted: &ldquo;The crypto regulation bill has been listed for the winter session. The description hasn&rsquo;t changed much. There will be speculation on both sides. The good thing is more people within the government are aware of how crypto works."
Also Read |&nbsp;<a href="https://www.editorji.com/story/crypto-bitcoin-ban-should-you-invest-databaaz-cryptocurrency-1613210247700">Crypto Bitcoin Ban: Should You Invest?</a>
The mystery remains on the classification of what may be 'accepted or exceptions' to the regulation which prohibits the decentralised tokens.&nbsp;

Crypto prices tanked on Indian crypto exchanges after the Crypto bill proposing to ban 'private currencies' was listed for the upcoming Winter Session. Bitcoin fell more than 13% on WazirX, while Shiba Inu and dogecoin both fell more than 15% in the hours after the revelation. These price moves were limited to Indian trading platforms however, with the price of bitcoin staying in the green on non-Indian platforms.The worry for Indians holding over $10 billion in crypto assets began last week as PM Modi in a speech said it was important to ensure the digital currencies should not be used in an unlawful manner as it could spoil the youth. Money laundering and financial instability due to lack of global oversight has been the main concern for the RBI that has been actively blocking the growing trade of digital coins. India effectively outlawed crypto transactions in 2018, only for the Supreme Court to strike down the ban two years later.
  
 

Cryptocurrency Bill: A look at how the world is regulating cryptocurrencies

Cryptocurrencies nosedived in overnight trade as investors braced for a ban on private tokens from the government. 

Crypto ban to crash, a long winter ahead

Cryptocurrency Bill: The RBI&nbsp;has voiced dissent against&nbsp;cryptocurrencies, expressing concerns over potential risks to macroeconomic and financial stability.&nbsp;

Cryptocurrency Bill:&nbsp;Crypto prices tanked on Indian crypto exchanges after the Crypto bill proposing to ban 'private currencies' was listed for the upcoming&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-the-govt-looks-to-ban-private-crypto-10-billion-in-investments-await-winter-session-1637727721860">Winter Session</a>.&nbsp;
Bitcoin fell more than 13% on WazirX, while Shiba&nbsp;Inu and dogecoin both fell more than 15% in the hours after the revelation. These price moves were limited to Indian trading platforms however, with the price of bitcoin staying in the green on non-Indian platforms.
Also Read |&nbsp;<a href="https://www.editorji.com/lifestyle-news/food/now-you-can-pay-for-your-pickles-with-cryptocurrency-1633406697021">Now, you can pay for your pickles with cryptocurrency</a> The worry for Indians holding over $10 billion in crypto&nbsp;assets began last week as PM Modi&nbsp;in a speech said&nbsp;it was important to ensure the digital currencies should not be used in an unlawful manner as it could spoil the youth.
Money laundering and financial instability due to lack of global oversight has been the main concern for the RBI&nbsp;that has been actively blocking the growing trade of digital coins.&nbsp; India effectively outlawed crypto transactions in 2018, only for the Supreme Court&nbsp;to strike down the ban two years later.
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/winter-session-of-parliament-modi-govt-to-table-bill-to-regulate-cryptocurrency-1637685362743">Winter session of Parliament: Modi govt to table bill to regulate cryptocurrency</a>

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