India occupies dropped from its second position regarding cryptocurrency adoption due to a stricter regulatory and financial landscape. According to a survey, over half of the Indian crypto investors consulted would continue reinvesting in cryptocurrencies.

In another turbulent week for depreciating fiat currencies, the Indian rupee (INR) reached a new all-time low.

The Indian rupee opened at INR 81.08 against the USD dollar before dropping to INR 81.23. Therefore, the Reserve Bank of India (RBI) had to sell US dollar reserves to stabilize its volatile (fiat) currency.

The Drop of the Euro and the Yen Precedes the Rupee

According to Reuters, the aggressive intervention at INR 81.20 by the central bank of India may offer temporary hope. An almost reassuring trader at a private bank said this might put a floor on the rupee for now.

The weakness of the Indian rupee and other fiat currencies received exposure worldwide. For example, the euro (EUR) reached a 20-year low, with EUR 1 equivalent to 98 US cents.

The Bank of Japan (BoJ) would protect the weakening yen (JYN) by intervening in the foreign exchange (FX) market. Meanwhile, fiat currencies tumble and fall amid soaring inflation, the Russia-Ukraine, and the shortage of goods.

The Indian Tax Laws Might Boost the Adoption of Crypto Assets

The Indian population has been among the most passionate crypto asset adopters worldwide. According to Chainalysis, India occupies 4^th place regarding adoption, a drop by two positions since 2021, when it was second.

That drop in ranking is due in part to a much stricter regulatory and financial landscape. Five months ago, the Indian government implemented a 30% tax on crypto earnings, adding a 1% duty on transactions.

Sushil Kumar Modi, a member of the Indian ruling party, said this tax is not high enough. He stated that the government wanted to raise it directly to 50% and apply an 18% goods and services tax (GST). According to Modi, they aim to make life difficult for all crypto investors in the territory.

The management of the economy by the Indian government might be achieving that goal for all citizens, although they do not invest in crypto. Regardless of how disgusting they want to make cryptocurrencies, their mismanagement of the rupee makes the former more attractive.

Indian Investors Plan to Reinvest their Earnings in Cryptocurrencies

A survey conducted by KuCoin supports that view, as more than half of the Indian crypto investors consulted would reinvest in cryptocurrencies within six months.

The relevance of cryptocurrencies in the economy is growing, which many people worldwide know well. For example, the rupee has depreciated due to government mismanagement, which has led Indians to turn to cryptocurrencies.

Meanwhile, Bitcoin is trading at around USD 18,994 and has accumulated a 0.2% loss over the last 24 hours. While its daily trading volume is above USD 34.35 billion, its market capitalization is about USD 363.92 billion, according to CoinGecko.

By Alexander Salazar

Look at how much the dollar, blue dollar, savings dollar, tourist dollar, MEP dollar, CCL dollar, and the crypto dollar traded in Argentina.

With the boost of the soybean dollar and the special exchange rate of $200 per dollar for the oilseed export sector, the Central Bank bought US$185 million this Friday, September 23, accumulated US$1.16 billion and more during the week of US$3.3 billion in the month, according to official sources.

In this framework, the sources added that for operations with the program that recognizes 200 pesos to soybean exporters, US$331 million were settled at the wheel.

Meanwhile, the dollar today -without taxes- rose this Friday, September 23, 60 cents to $152.24 for sale, according to the average that arises from the banks of the local financial system. At Banco Nación, meanwhile, the retail ticket gained 25 cents to $151.25 – without taxes.

Savings Dollar Quote

The savings dollar or solidarity dollar -which includes 30% of the COUNTRY tax and the deductible 35% of Income and Personal Property Tax- advanced 73 cents to $251.20.

Price of the Tourist Dollar

The tourist dollar or card -retailer plus COUNTRY Tax, and a perception of 45% deductible from Income Tax and Personal Assets- gained $1.05 to $266.42. Thus, the gap with the blue was almost $21.

Wholesale Dollar Quote

The wholesale dollar, which is directly regulated by the BCRA, increased this Friday 28 cents to $145.44. The volume operated in the cash segment was US$667,090 million.

“In the week that has just ended, the wholesale exchange rate advanced $1.92, below the $2.14 increase recorded in the previous week. The strategy of updating the values ​​of the dollar in the wholesale tranche led to a drop in the rate of adjustment for two consecutive weeks, temporarily abandoning the acceleration exhibited at the beginning of the month”, highlighted Gustavo Quintana, operator of PR Corredores de Cambios.

CCL Dollar Quote

The Dollar Cash Settlement (CCL) -operated with the Global 2030- traded unchanged at $312.23, a new maximum in almost two months. The gap with the wholesale official exchange rate thus reached 114.7%.

MEP Dollar Quote

The MEP dollar -valued with the Global 2030- fell 0.1% to $301.82 Thus, the spread with the official reached 107.5%.

Blue Dollar Quote

The blue dollar rose by $2 and was sold at $287, according to a survey by Ámbito en el Mercado Negro de Currencies. Meanwhile, the gap with the official dollar stands at 97.3%.

Crypto Dollar Quote

 The crypto dollar or Bitcoin dollar gains 0.7% to $307.04, according to the average among local exchanges reported by Coinmonitor.

Although the US dollar is only one, in Argentina there are currently several exchange rates linked to this currency, due to the country’s persistent exchange rate instability and the strict restrictions in force.

One of them is the so-called crypto dollar, a digital dollar that basically works as a reservoir in dollars through cryptocurrencies, which represent savings units whose main characteristic is that the control of their transactions is decentralized.

The crypto dollar, being unregulated, offers a more speculative and riskier option, but for that reason, it is no less attractive for those who want to get away from the formal market and enter a world of uncertainty, volatility, and profit prospects without the intervention of others.

By Audy Castaneda

The Bitcoin industry has proven to be one of the fastest-growing industries since the pandemic.

We are going through a complex economic moment at the international level as a result of various factors external to the financial markets as a result of armed conflicts in Europe, threats of war in Asia, and energy crises worldwide.

The largest international economies such as the United States, Europe, Asia, and Latin America, among other regions, are in danger of entering a possible recession together with high levels of inflation which vary between 6% and 9% monthly.

Inflation generates a loss of economic capacity in the purchasing power of users, compared to the general rise in the prices of different goods and services, the income of consumers is directly impacted.

The Bitcoin industry has proven to be one of the fastest growing industries from the pandemic to the present, it is estimated that at least 4.2 percent of the world’s population has invested in Bitcoin with 320 million investors worldwide.

Bitcoin was the first virtual currency to be born in 2008, it has a market capitalization of $381,527,094,622, and the fundamental pillars of this new paradigm are decentralization, non-intermediation, and high levels of privacy in its transactions.

Bitcoin brings with it various new uses for society as a new payment system, remittance sending, and anti-inflationary unit.

Bitcoin as a New Payment Mechanism

The virtual currency proposes a new payment system, where people can send and receive Bitcoin in a matter of seconds.

Using the values ​​of decentralization and the non-intermediation of third parties in operations, people will be able to operate with Bitcoin without having market alterations or failures, such as price alterations or deviations and the asymmetry of market information.

Bitcoin as Remittance Sending

Sending money from one country to another is the main means of subsistence for millions of people in the world.

Remittances usually consist of sending sums of money from one country to another in which the dollarization of the economy and the lack of confidence in the local currency are usually big problems.

Bitcoin offers millions of people the possibility of being able to receive money in a matter of seconds, with better security, transparency, and privacy conditions in relation to expensive sending systems with high commissions.

Bitcoin as an Anti-Inflationary Unit

Bitcoin proposes a new anti-inflationary scheme, thanks to its issuance modality based on a fixed maximum of 21 million, users will be able to operate with Bitcoin without being affected by the monetary depreciation resulting from the issuance in traditional schemes.

In traditional scenarios of fiat money, the monetary base tends to increase infinitely, and the emission tends to be transformed into inflation.

By having a maximum issuance in the BTC monetary system, the monetary base does not increase indefinitely, and as a consequence, people will not suffer from the impact of depreciation.

In short, Bitcoin offers a variety of choices. It is a matter of doing your own research before investing, making sure you access reliable virtual platforms, so as to avoid scams.

By Audy Castaneda

Thanks to this technology, anyone interested will be able to experience the concert live.

For newbies in the crypto world, the idea of “metaverse” might sound strange. In fact, the concept has to be understood as a universe that goes beyond our daily lives, in which the Internet, virtual reality and augmented reality play a fundamental role. And of course, also cryptocurrencies and Blockchain technology.

The metaverse is a virtual space where people can interact with each other in different digital worlds. And with the great technological advances of recent times, several projects have emerged that seek to stand out in it.

In this sense, numerous companies have taken advantage of this technology to make themselves more visible, breaking down time and space barriers. Spanish fashion and style magazine Telva is just one of many doing the same.

Telva will celebrate its 1,000th cover with a concert in the metaverse. This September 27, the women’s magazine will physically hold a Marlon concert at the Barceló venue in Madrid.

However, this experience can be easily replicated thanks to TELVA’s Metaverse. Thanks to this technology, anyone interested will be able to experience the concert live, as well as participate in the delivery of gifts and enjoy a unique experience.

When and Where the Concert will take Place

The event will be in Madrid, in the Barceló room, on September 27. Tickets to the event are limited, so the magazine urged interested people not to hesitate to book tickets. Thanks to the advantages and global reach of the metaverse, the event can be followed from anywhere in the world through Telva’s exclusive metaverse, “METATELVA”. The virtual space will also serve to compensate those who could not attend in person in case of a possible saturation in tickets.

Customize an Avatar in the Metaverse

To participate, the creation of an avatar in the metaverse through virtway events is required. The space will also allow interaction with the rest of the participants, which contributes to creating an experience that is very close to speaking in person.

“When you enter for the first time you will be able to customize your avatar. This will be the character you will drive within the metaverse. Are you going to choose to make an avatar inspired by you, or do you want to take the opportunity to dress like you’ve never dared? Get pretty and get ready to show off your best dances at Marlon’s Metaconcert!”

As a final touch, the event also includes the so-called “Telva 1000 Challenge” which will allow you to travel to Paris to walk its streets in search of sponsors. As an incentive for participation, the magazine offered the opportunity to win various prizes. It is possible to participate until the day of the concert at 12:00.

“The prizes will be raffled among the participants who attend Marlon’s metaconcert, so we are waiting for you on September 27 at 9:45 p.m. in the metaverse! Stay until the end!”

Finally, the event has the support of sponsors such as ETNIA Cosmetics, LENOVO, ZADIG&VOLTAIRE perfumes, and EL CORTE INGLÉS. METATELVA, the metaverse of the event, is created by PRISMA.

By Audy Castaneda