Eddie Jay on Crypto – Samsung wants a crypto exchange, India piloting digital Rupee and a lot more!

0
23



Banks are dipping further into the Cryptoverse and countries are re-evaluating regulation and CBDC involvement. Here is what is on my mind today.

1. Remember that deal with Binance and Mastercard I told you about? You know. The one where they are teaming to introduce a credit card that allows the use of digital assets as payment in Argentina. Binance has always been a supporter of Shiba Inu and this is no different. SHIB had cut a deal for a card and this must have been related even then.

2. India just seems to be all over the place when it comes to digital assets. At the same time they try to downplay adoption within its country they are rolling out a pilot of their CBDC. The Reserve Bank of India (RBI) revealed the pilot will go forward during fiscal year 2022-2023 and will start with wholesale businesses. Performance of the digital Rupee will be assessed following that pilot and will be rolled out to retail if it goes well. Then you have the RBI Governor Shaktikanta Das said, “Countries like India are differently placed from advanced economies when there is a talk of dollarization of economy…”. I just told you yesterday that a survey by Kucoin says over 7.6% of India’s population has invested in crypto. Not to mention how it is working in other emerging economies.

3. What would a Samsung crypto exchange accomplish? Supposedly, Samsung Securities is one of seven South Korean financial institutions looking to make moves in the Cryptoverse. Rumor has that each of the seven entities are working directly with the government since they all deal with securities to obtain an exchange licenses. I have been telling you to keep an eye on traditional finance stepping into the Cryptoverse and vice versa. I also noted it is easier for the former. Remember, traditional finance already has a ton of customers that may also be crypto investors. This would simply be another service they would be able to offer. They would be able to keep their cashflow per customer at manageable levels in the new economy. Maybe even grow it.

4. Wow! Sullivan Bank, a 127yo US bank, announced a deal with Digital assets platform, Bakkt Holdings, to offer the bank’s customers the ability to trade Bitcoin and Ethereum. Like I said, I think we will continue seeing these kinds of moves going forward.

5. In a somewhat expected move, Coinbase is trying to pivot their revenue model away from trading fees. Binance seems to be leading the way since cutting their trading fees to zero in some cases. As the world’s largest centralized crypto exchange the definitely forces the hand of other exchanges. It is no wonder why FTX has been on a rampage to increase the breadth and depth of their service offerings (revenue streams). Change is upon them and more is inevitable.

6. In another note, Coinbase CEO, Brian Armstrong, is now on record as saying the crypto bear market will last 12-18 months crossing over into 2023, followed by a nice recovery. Sounds about right to me. It could end a little sooner or it could last a little longer. Markets don’t stay down forever. Do your own research and see where you can best place your investment dollars.

7. Japan will be revisiting regulations for businesses that use crypto for the purpose of nurturing startups. Announced by the Financial Services Agency (FSA) and the Ministry of Economy, Trade, and Industry (METI). Specifically they want to explore how to tax those businesses appropriately. This is another interesting move in that Japan is not known to be a crypto haven, but a little more stringent in their approach to regulating the Cryptoverse within its borders. Several crypto groups have filed tax reform requests for 2023 asking for a tax rate of 20%. We will see how this pans out.

Sponsors:
🌎 https://RebelReach.com – Robust hosting and marketing services!
🌎 https://RebelVino.com – The only MWBE social platform dedicated to food and beverage!
🌎 https://BeSeenSports.com – Helping high school student-athletes take it to the college level!

🔥 Smash the likes and SUBSCRIBE for more great videos! https://youtube.com/c/EddieJayonCrypto?sub_confirmation=1

🚨 Full Disclaimer: This video and its contents are for informational purposes only and do not constitute an offer to sell or trade, a solicitation to buy, or recommendation for any security, cryptocurrency, or related product, nor does it constitute an offer to provide investment advice or other related services by Eddie Jay on Crypto. Eddie Jay on Crypto may have a financial investment with the cryptocurrencies discussed in this video. In preparing this video, no individual financial or investment needs of the viewer have been taken into account nor is any financial or investment advice being offered. Any views expressed in this video were prepared based upon the information available at the time such views were written. Changed or additional information could cause such views to change.

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here