Last week [In] Crypto: CFTC bans US election betting betting platform, Nepal plans to launch CBDC
Last week, the Commodity Futures Trading Commission (CFTC) ordered gaming site PredictIt to cease operations for failing to follow guidelines. Be[In]Crypto has collected some of the most important stories from the crypto industry in recent days, in case you missed them.
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The betting platform hits a brick wall
Leading political gaming platform PredictIt has been ordered by the CFTC to cease operations by February. The move comes after the regulator found the platform breached the terms of its agreement. The CFTC said the platform violated the terms of its agreement by offering bets on the US election. The regulator said the platform failed to follow the rules set by the commission. The CFTC did not give any apparent reason for banning the betting platform.
Prediction marketplaces like PredictIt have been trusted by political pundits and major news outlets, but the industry faces a lot of cynicism from a cross section of people. his agreement.
Nepal eyes launch of CBDC
Nepal is excited to launch a digital currency as the Nepal Rastra Bank (NRB), the country’s central bank, has proposed a revision of the legislation governing its powers and responsibilities, allowing it to explore the possibilities of a CBDC. The central bank is taking a cautious approach as it seeks to regulate digital currency. The move comes after the Nepalese government announced plans to launch a digital currency.
All over the world, most countries are launching their own digital currency to keep up with the growing cryptocurrency market. The central bank is also working on a regulatory framework for the cryptocurrency industry. This move will help promote the use of digital currency in the country.
The Nepal Rastra Bank has proposed a revision of the Nepal Rastra Bank Act, which will allow the central bank to regulate digital currency. The revision will also allow the central bank to issue a digital currency.
The central bank is also working on a regulatory framework for the cryptocurrency industry. This move will help promote the use of digital currency in the country. The Nepal Rastra Bank has recommended a revision of the Nepal Rastra Bank Act, which allows the central bank to regulate digital currency.
On the technical side, Revati mentioned that the NRB will use a separate digital wallet for digital banking transactions and “explore interoperability” with payment service providers.
Most central banks around the world have accelerated their pace in developing a digital version of their local currencies. At last count, more than 100 countries have taken significant steps to establish their CBDCs, while Nigeria and the Bahamas are among the pioneer countries.
The International Monetary Fund (IMF) says its existence is beneficial because of its potential to help people access financial services and reduce transaction costs.
Penalties for Crypto Mining
Due to the rapid growth of crypto mining, most countries like the United States have put in place rules and regulations that govern the use of digital currency. This has led countries to create bodies that monitor the use of digital currency. An example of a sanctioning body is the United States Securities and Exchange Commission (SEC). These bodies are responsible for sanctioning individuals who violate crypto mining laws. Last week, the US Treasury Department sanctioned token mixing platform Tornado Cash.
This is after the group has been responsible for $7 billion in illicit fund flows since its inception in 2019. More than $455 million stolen by the Lazarus Group, a North Korean hacking collective, has been funneled through the mixer.
These sanctions come after funds from the recent Horizon Bridge attack in June 2022 and the recent Nomad robbery were laundered through Tornado cash.
On Friday, the Netherlands Crime Agency (FIOD) arrested a 29-year-old man in Amsterdam who is believed to be the creator of Tornado Cash, which the US Treasury has just banned.
Countries like Iran have started importing cryptocurrency goods. This has led to growing concerns about the circumvention of sanctions. The central banks of both countries have been working on a digital currency for some time now.
The sanctions have led to a reduction in crimes related to digital currencies. Most countries have policies in place that help control and monitor the use of digital currency. The United States has also created a Financial Crimes Task Force, which helps investigate and prosecute individuals who violate laws on the use of digital currency.
Thailand is set to reform crypto rules after the market rout. The Thai Securities and Exchange Commission (SEC) is looking to revise its cryptocurrency rules after the market rout. The SEC is also working on a regulatory framework for the cryptocurrency industry. This move will help promote the use of digital currency in the country.
Due to the sanctions, cryptocurrency is now regulated in most countries around the world. Central banks are now able to control digital currency. Financial institutions have also been able to monitor digital currency transactions. This has led to a reduction in the use of digital currency in criminal activities. Investors also increased in the crypto market after the implementation of crypto sanctions in the crypto ecosystem.
The cryptocurrency has seen a positive development after governments started implementing sanctions. This has led some countries to invest in digital currency, where countries use digital tokens as legal tender. An example of a country that has made digital currency legal tender is a country like El Salvador. The country has also seen an influx of investment in the digital space.
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