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The Dow Jones Industrial Average closed down 592.70 points, or 1.20%, at 48,908.60 on Thursday, February 5; the S&P 500 closed down 84.42 points, or 1.23%, at 6,798.30; and the Nasdaq Composite closed down 363.99 points, or 1.59%, at 22,540.59.February 6th - U.S. stocks closed lower on Thursday. The Dow Jones Industrial Average fell 1.2%, the S&P 500 fell 1.2%, and the Nasdaq Composite fell 1.59%, marking the third consecutive day of declines for the latter two. The Nasdaq has fallen nearly 4% this week. Tesla (TSLA.O) fell 2%, Nvidia (NVDA.O) fell more than 1%, and Oracle (ORCL.N) fell 7%. The Nasdaq China Golden Dragon Index closed up 0.9%, Dingdong Maicai (DDL.N) fell 14%, and NIO (NIO.N) rose 6%.February 6th - Commodity traders are continuing to withdraw from assets that have recently seen strong gains. Precious and industrial metals fell again today, with some traders observing funds shifting to other commodity sectors such as agricultural futures. "Fund flows are a significant factor," noted Karl Setzer of Consus Agriculture Consulting. "The agricultural sector is relatively undervalued, thus attracting inflows."February 6 – Canadian Prime Minister Mark Carney announced a new electric vehicle strategy on February 5, including the reintroduction of purchase subsidies and a commitment to collaborating with China to promote domestic production and export of electric vehicles in Canada. According to a statement released by the Prime Ministers Office, Canada will fully utilize existing and new trade agreements, including the recent electric vehicle cooperation agreement with China, to promote large-scale investment in the sector, diversify Canadas automotive export markets, and establish Canada as a global leader in the electric vehicle industry.The United States will remove 1,675 retaliatory tariffs on Argentine products.

Indian Crypto App CoinSwitch Chief Insists Clear Rules on Digital Coins

Jimmy Khan

May 24, 2022 09:40

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According to CoinSwitch CEO Ashish Singhal, creating crypto standards will eliminate regulatory ambiguity in India and protect investors.

 

Cryptocurrency legislation is gaining a lot of traction throughout the world, but it seems to be a genuine puzzle in India. Despite seeming to have reached a decision on crypto taxes, the Indian government is still working on a framework for the industry.


Furthermore, the cryptocurrency industry in the nation has recently grown in popularity, particularly among the youth. According to a Chainalysis research, India is one of the world's fastest-growing crypto marketplaces, with a 641 percent increase from July 2020 to June 2021.

The CEO of CoinSwitch Wants More Clarification on Cryptocurrency Regulation

Various crypto sector firms in India have asked the government for clarification on cryptocurrency legislation. Even India's Supreme Court has requested the government to clarify if bitcoin (BTC) is lawful.


In the midst of the controversy, India's leading crypto app CoinSwitch's CEO Ashish Singhal appealed for regulatory "peace and predictability" on Sunday. He believes that this will help to alleviate the present uncertainties and protect crypto investors.


He emphasized his worries about the various uncertainties that crypto holders in India face at the World Economic Forum in Davos. "Users don't sure what will happen with their assets — is the government going to prohibit, not ban, how will it be regulated?" he told Reuters.


In addition, he emphasized the need of rules. "Regulations will offer tranquility and greater predictability," Singhal said.


CoinSwitch has a market valuation of $1.9 billion and over 18 million users, despite delisting stablecoins TerraUST and LUNA after the Terra network's failure. A16Z, Tiger Global, and Coinbase Ventures are among the investors in the Bengaluru-based startup.


CoinSwitch, like other major exchanges, has blocked rupee deposits, making it more difficult for consumers.

Filling regulatory loopholes

Having 'clarity' in crypto legislation, according to Singhal, might provide comfort to holders and enhance the country's crypto business.


The latest tax adjustments, new crypto advertising restrictions, and the recent ban on celebrity endorsements, according to Singhal, are still important efforts to simplify the business.


Coinbase, a global cryptocurrency exchange, opened in India in April. It stopped using an inter-bank money transfer service weeks after it was launched (UPI). The Reserve Bank of India and the government have been pressuring the exchange to disable the UPI payment facility, according to the exchange's CEO.


Given the decentralized nature of digital assets, Singhal said that authorities are concerned about criminal actors. Furthermore, citing financial instability, the central bank approved the prohibition of cryptocurrency. The RBI was concerned that cryptocurrency may lead to an economy's "dollarization."


"We are pressing for restrictions," Singhal remarked. We can get clarity with the correct legislation."

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