The government of India is now reworking the proposed cryptocurrency regulation and likely introduce it only in the Budget session next February 2022, Business Today reported. “Discussions are ongoing and key issues like the treatment of private cryptocurrencies, the rationale of regulation and global practices is being looked into once again”, Business Today TV quoted a senior government functionary today.
Meanwhile, mainstream and meme coins are rising on December 16, cryptocurrency data provider coinmarketcap.com showed. The price of Bitcoin (BTC) rises 1.81 per cent from the last 24 hours and was trading at $49,144.44 at 5:30 pm. Meanwhile, Bitcoin’s dominance in the crypto market is currently at 40.78 per cent, down by 0.73 per cent in the last 24 hours, data from coinmarketcap.com showed.
Ethereum (ETH) was trading at $4,062.49 and rise by 4.92 per cent in the last 24 hours, while Binance Coin (BNB) rise by 2.88 per cent over the same period and was trading at $542.88. Solana (SOL) was trading at $186.12, falling by 11.98 per cent, and Cardano (ADA) rise by 5.58 per cent to $1.32.
Meme Coins
Dogecoin (DOGE), Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO) have all had their prices rise in the last 24 hours.
Dogecoin witnessed a rise of 1.52 per cent and was trading at $0.1825 at 5:30 pm. Rival Shiba Inu was up by 0.62 per cent and was trading at $0.00003399, Dogelon Mars rise by 2.04 per cent and was trading at $0.000001183, while Samoyedcoin was trading at $0.04273 and recorded a rise of 6.40 per cent.
Overall Scenario
The global crypto market cap was $2.28 trillion, registering a increase of 3.86 per cent in the last 24 hours, while the total crypto market volume was $116.42 billion, up by 22.82 per cent.
Anti-Lockdown (FREE) became the biggest gainer, recording a rise of 1696.23 per cent; it was trading at $0.009439 at 5:30 pm. On the other hand, Spice Dao (SPICE) witnessed maximum loss, falling 100.00 per cent; it was trading at $0.
Latest Update
Thailand’s government is preparing a new regulatory framework for cryptocurrencies like Bitcoin (BTC) in order to minimise risks and improve investor protection, Cointelegraph reported.
The Bank of Thailand (BoT) will release a consultation paper in January that will define “red lines” for the crypto industry”, Cointelegraph quoted a December 14 interview of governor Sethaput Suthiwartnarueput with The Bangkok Post.
“We want to ensure that we strike the right balance between allowing financial innovation and managing risks,” the official stated. The new rules will provide adequate safeguards for consumers as “risks are under-appreciated” currently, Sethaput said.