Last week, the Commodity Futures Trading Commission (CFTC) ordered the PredictIt gambling site to cease operations for failing to follow guidelines. Be[In]Crypto has gathered some of the most important stories in the crypto industry from the past few days, in case you missed them.
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Betting platform hits a brick wall
The leading political gambling platform PredictIt has been ordered by the CFTC to cease operation by February. The move comes after the regulator found that the platform had violated the terms of its agreement. The CFTC stated that the platform had violated the terms of its agreement by offering bets on the US elections. The regulator said that the platform had not complied with the rules set by the commission. The CFTC has not given an apparent reason for the ban on the betting platform.
Prediction markets like PredictIt have been trusted by political pundits and major news organizations, but the industry is met with a great deal of cynicism from a cross-section of people.PredictIt has disagreed with the accusation, claiming that it had not violated the terms of its agreement.
Nepal mulls CBDC Launch
Nepal is looking forward to launching a digital currency as the Nepal Rastra Bank (NRB), the country’s central bank, has proposed a revision to legislation governing its powers and responsibilities, allowing it to explore the possibilities of a CBDC. The central bank is adopting a cautious approach as it looks to regulate digital currency. The move comes after the Nepal government announced its plans to launch a digital currency.
Around the globe, most countries are launching their own digital currency to keep up with the growth of the cryptocurrency market. The central bank is also working on a regulatory framework for the cryptocurrency industry. The move will help to promote the use of digital currency in the country.
The Nepal Rastra Bank has proposed a revision to 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. The move will help to promote the use of digital currency in the country. The Nepal Rastra Bank has recommended a revision to 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 will “explore interoperability” with payment service providers.
Most central banks around the globe have quickened their pace in the development of a digital version of their local currencies. At the last count, over 100 countries have made significant steps to create their CBDC, while Nigeria and the Bahamas are among the pioneering countries.
The International Monetary Fund (IMF) claims that its existence is beneficial because of its potential to assist people in gaining access to financial services and lowering transaction costs.
Crypto mining sanctions
Due to the rapid growth of crypto mining, most countries like the U.S. have come up with rules and regulations which govern the use of digital currency. This has led to countries coming up with bodies that monitor the use of digital currency. An example of a sanctioning body is the U.S. Securities and Exchange Commission (SEC). These bodies are responsible for sanctioning individuals who break laws on crypto mining. Last week, the U.S. treasury department sanctioned the token mixing platform Tornado Cash.
This is after the group has been responsible for $7 billion in illicit fund flows since its founding in 2019. Over $455 million stolen by the Lazarus Group, a North Korean hacking collective, was funneled through the mixer.
These sanctions come after funds from the recent Horizon bridge attack in June 2022 and the recent Nomad heist 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 U.S. Treasury just banned.
Countries like Iran have started to import goods in cryptocurrency. This has led to rising concerns over sanction evasion. The central banks of both countries have been working on a digital currency for some time now.
Sanctions have led to a reduction in digital currency crimes. Most countries have put in place policies that help to control and monitor the use of digital currency. The U.S. has also established a financial crimes task force, which helps to investigate and prosecute individuals who break 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. The move will help to promote the use of digital currency in the country.
Due to sanctions, cryptocurrency has now been regulated in most countries across the globe. Central banks have now been able to control digital currency. Financial institutions have also been able to monitor digital currency transactions. This has led to reducing the use of digital currency in criminal activities. Investors have also increased in the crypto market after crypto sanctions have been implemented in the crypto ecosystem.
The cryptocurrency has seen a positive turn after governments started to implement sanctions. This has led to some countries investing in digital currency, where countries use digital tokens as legal tender. An example of a country that has made digital currency a legal tender is a country like El Salvador. The country has also seen an influx of investments in the digital space.
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Source: https://beincrypto.com/last-week-crypto-cftc-bans-betting-platform-election-wagers-nepal-looks-launch-cbdc/