Welcome to The Daily Forkast, December 8th, 2021, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show:
00:00 Coming Up
01:26 Updates to Australian crypto regulation proposed.
03:17 Jail a possible penalty for violations of India’s proposed crypto bill.
03:52 NFTs a hot gift this holiday season.
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First up, a South Korean presidential candidate has spoken out in favor of crypto again. Lee Jae Myung, the ruling Democratic Party candidate, says virtual assets are already an undeniable means of transactions, which Korea has to become the leader in. Lee also predicted that even if Korea issues a CBDC, other cryptocurrencies will stay relevant and co-exist. Lee previously proposed redistributing profit from large scale housing developments to the public in cryptocurrencies. So far, his comments have not made much of an impact on his election chances, with a recent survey showing Lee running 8.2% behind the main opposition party candidate, Yoon Seok Youl.
Over in Australia, Treasurer Josh Frydenberg has announced sweeping new proposals aimed at updating the country's payments sector, including crypto. Now, one proposal being considered is requiring domestic crypto exchanges hold digital assets for local clients onshore, while a 10% tax break for crypto mining operations using renewable power got the knock back. He also revealed plans to move forward on CBDC. Jonathan Miller of crypto exchange Kraken told Forkast.News, he hopes the government there will look at crypto as an emerging industry, given that it remains a unique asset class.
Sticking with the crypto regulation theme, tough measures and penalties, including jail time set to be imposed in India that, according to a draft of the country's planned crypto bill. The draft includes wide ranging bans on crypto related activities. Indeed, just paying for something with crypto could see you arrested without the need for a warrant. According to the draft, the government is looking to put a general prohibition on all activities by any individual on mining generating holdings, selling or dealing in digital currencies as a medium of exchange store of value and a unit of account all characteristics of any legal tender. It says violating these rules will be a cognizable offense, meaning violators can be arrested without a warrant and held without bail. Other offenses classed as cognizable in India include rape, murder, kidnapping, theft and dowry death. The draft also proposes a crackdown on crypto advertisements and could see wallets that allow users to store crypto outside of exchanges outlawed. Meanwhile, it says crypto exchanges will be regulated and overseen by the Securities and Exchange Board of India. A ban on crypto payments would deal a huge blow to the blockchain and NFT space since transaction fees need to be paid for with crypto. However, the stringent new rules have been designed in accordance with concerns raised by the central bank, which is consistently called for a blanket ban on crypto. With the draft also saying safeguards will be put in place to protect the traditional financial sector.
Well, it's the holiday season and many of us are looking for that special something for ourselves or our loved ones. So what's the must have gift of the year? Well, could that crown, ladies and gentlemen, come to rest with NFTs? Let's bring on board Duc Luu, executive chairman of Sports Network, a cross-chain DeFi powered NFT marketplace. Our very own NFT insider.
Angie Lau: Ok, we've seen Martha Stewart come up with an NFT gifting line, we have Macy's in the U.S. creating NFTs of its Thanksgiving parade that with a holiday season upon us, our electronics and clothing a thing of the past. Will we be gifting NFTs this holiday?
Duc Luu: I think why not? I think that we believe in physical merchandise and for physical merchandizing Martha Stewart, Macy's Day Parade items. I think that why not have digital merchandise that actually might even grow in value over time instead of depreciate in value over time? For sure. There was about 80 something thousand tickets sold for the opening day of Spider-Man as NFTs, and it was completely sold out within, I believe, minutes. And, there was obviously too much demand
Angie Lau: And no doubt holiday sales are big draw, everyone is on the lookout, always has been for those holiday deals in the physical world. But can one expect to find NFTs and digital assets on sale as well?
Duc Luu: I think that there's a lot of value to be had in the NFT space and very much it's a trading and sometimes an investment vehicle. So if anything, if you're doing some kind of discounting for the holidays right now, it may be a sort of a negative signaling.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #NFT #Tax #CBDC #Jail #Christmas #KoreanElection #Holiday #DucLuu
00:00 Coming Up
01:26 Updates to Australian crypto regulation proposed.
03:17 Jail a possible penalty for violations of India’s proposed crypto bill.
03:52 NFTs a hot gift this holiday season.
---
First up, a South Korean presidential candidate has spoken out in favor of crypto again. Lee Jae Myung, the ruling Democratic Party candidate, says virtual assets are already an undeniable means of transactions, which Korea has to become the leader in. Lee also predicted that even if Korea issues a CBDC, other cryptocurrencies will stay relevant and co-exist. Lee previously proposed redistributing profit from large scale housing developments to the public in cryptocurrencies. So far, his comments have not made much of an impact on his election chances, with a recent survey showing Lee running 8.2% behind the main opposition party candidate, Yoon Seok Youl.
Over in Australia, Treasurer Josh Frydenberg has announced sweeping new proposals aimed at updating the country's payments sector, including crypto. Now, one proposal being considered is requiring domestic crypto exchanges hold digital assets for local clients onshore, while a 10% tax break for crypto mining operations using renewable power got the knock back. He also revealed plans to move forward on CBDC. Jonathan Miller of crypto exchange Kraken told Forkast.News, he hopes the government there will look at crypto as an emerging industry, given that it remains a unique asset class.
Sticking with the crypto regulation theme, tough measures and penalties, including jail time set to be imposed in India that, according to a draft of the country's planned crypto bill. The draft includes wide ranging bans on crypto related activities. Indeed, just paying for something with crypto could see you arrested without the need for a warrant. According to the draft, the government is looking to put a general prohibition on all activities by any individual on mining generating holdings, selling or dealing in digital currencies as a medium of exchange store of value and a unit of account all characteristics of any legal tender. It says violating these rules will be a cognizable offense, meaning violators can be arrested without a warrant and held without bail. Other offenses classed as cognizable in India include rape, murder, kidnapping, theft and dowry death. The draft also proposes a crackdown on crypto advertisements and could see wallets that allow users to store crypto outside of exchanges outlawed. Meanwhile, it says crypto exchanges will be regulated and overseen by the Securities and Exchange Board of India. A ban on crypto payments would deal a huge blow to the blockchain and NFT space since transaction fees need to be paid for with crypto. However, the stringent new rules have been designed in accordance with concerns raised by the central bank, which is consistently called for a blanket ban on crypto. With the draft also saying safeguards will be put in place to protect the traditional financial sector.
Well, it's the holiday season and many of us are looking for that special something for ourselves or our loved ones. So what's the must have gift of the year? Well, could that crown, ladies and gentlemen, come to rest with NFTs? Let's bring on board Duc Luu, executive chairman of Sports Network, a cross-chain DeFi powered NFT marketplace. Our very own NFT insider.
Angie Lau: Ok, we've seen Martha Stewart come up with an NFT gifting line, we have Macy's in the U.S. creating NFTs of its Thanksgiving parade that with a holiday season upon us, our electronics and clothing a thing of the past. Will we be gifting NFTs this holiday?
Duc Luu: I think why not? I think that we believe in physical merchandise and for physical merchandizing Martha Stewart, Macy's Day Parade items. I think that why not have digital merchandise that actually might even grow in value over time instead of depreciate in value over time? For sure. There was about 80 something thousand tickets sold for the opening day of Spider-Man as NFTs, and it was completely sold out within, I believe, minutes. And, there was obviously too much demand
Angie Lau: And no doubt holiday sales are big draw, everyone is on the lookout, always has been for those holiday deals in the physical world. But can one expect to find NFTs and digital assets on sale as well?
Duc Luu: I think that there's a lot of value to be had in the NFT space and very much it's a trading and sometimes an investment vehicle. So if anything, if you're doing some kind of discounting for the holidays right now, it may be a sort of a negative signaling.
---
#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #NFT #Tax #CBDC #Jail #Christmas #KoreanElection #Holiday #DucLuu