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Crypto Wrap – Bitcoin and Ethereum Rise; India Must Establish Cryptocurrency Regulation, Says CoinSwitch CEO

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Wednesday, rising 0.88% to $30,237.18 as of 5:50 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,056.49 up 1.93%, according to data from Coindesk.

India must establish rules for cryptocurrencies, says CoinSwitch CEO

Despite India’s central bank’s support for banning cryptocurrencies due to financial stability risks, a move by the federal government to tax Bitcoin earnings has been interpreted by the industry as a sign of acceptance. of technology by New Delhi.

CoinSwitch CEO Ashish Singhal said India needs to establish rules for cryptocurrencies to address regulatory uncertainty, protect investors and boost the sector, according to Reuters.

Speaking at the World Economic Forum in Davos, Singhal, a former Amazon engineer who co-founded CoinSwitch, said, “Users don’t know what will happen to their holdings — will the government ban, not ban , how will it be regulated? »

CoinSwitch, which is valued at $1.9 billion, has more than 18 million users in India, the company said on Reuters. Andreessen Horowitz, Tiger Global and Coinbase Ventures are backing the company, which is based in Bengaluru, India’s main tech hub.

Private cryptocurrencies have raised serious concerns at India’s central bank, but Prime Minister Narendra Modi said in December 2021 that the technology should be used to strengthen democracy, not undermine it.

Hatta to Mars in the Metaverse

Everdome Metaverse is holding a land auction on May 30, 2022, where investors can bid to own a piece of Mars.

According to a release, Everdome will launch in three phases throughout 2022, taking Hatta users to the United Arab Emirates to Mars.

With Epic Games’ Unreal Engine 5 and state-of-the-art 3D scanning technology, players won’t be able to tell the difference between reality and gameplay.

Some 12,000 French plots put up for sale as part of auctions organized for eight weeks. Each auction will consist of 1,500 plots and will run for a week, in play areas located in Everdome’s 6 unique districts.

Over the next eight weeks, 12,000 hex patches of Metaverse Land will be available for purchase across the Everdome ecosystem.

A total of 1,500 plots will be offered per auction, spread across Everdome’s six districts, and each auction will last for one week.

Rob Gryn, CEO and Founder of Everdome and Metahero, said in a statement that “the future is in the metaverse, now more than ever before; people want their real-world experiences available at the push of a button, which is exactly what the Metaverse offers.

He explained that Metaverses offers experiences in sales, marketing, hospitality, and education.

A parcel of land within Everdome can be developed in any way the owner sees fit, and the owner has the option of generating revenue or reselling the land, the statement said.