Daily Crypto News | July 4th, 2022

1. Indian Central Bank RBI Considers Cryptocurrencies A Threat

The 25th edition of the Reserve Bank of India’s Financial Stability Report (FSR) was published on Thursday. Governor of the RBI Shaktikanta Das wrote: “Cryptocurrencies are a clear danger. Anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name.”

The RBI chief added: “While technology has supported the reach of the financial sector and its benefits must be fully harnessed, its potential to disrupt financial stability has to be guarded against.”

In its analysis, the Indian central bank examines the dangers to financial stability presented by cryptocurrencies, citing research from a number of sources, including the Financial Stability Board (FSB). The study claims: “The risks from cryptoassets to financial stability appear to be currently limited as the overall size is small (0.4 per cent of global financial assets).”

2. Argentines Turn To Stablecoins Following Economy Minister’s Resignation

Argentines bought between two and three times as many stablecoins after the resignation of the country’s economy minister Martin Guzmán on Saturday amid an economic crisis, according to CoinDesk.

Customers wanted to protect themselves against a potential depreciation of the Argentine peso (ARS), whose purchasing power has plunged over the past year as inflation has soared, according to three major cryptocurrency exchanges.

Following Guzman’s resignation, the peso lost over 15% of its value against the stablecoins DAI and tether on the platforms of several major local exchanges. Both stablecoins increased in value over the weekend, from ARS 245 on Friday to ARS 280.

3. Bored Ape Yatch Club Creators Yuga Labs Declare War

According to a well-known artist, a group of Nazi trolls secretly control the largest NFT brand on the planet. The artist made almost $1.8 million from the sale of a collection of imitation NFTs from the company. Some described it as a deft political statement, while others saw it as a pure money grab.

The artist is currently being sued by the brand, and the results of the lawsuit may go further than either party had imagined.

This is the ongoing narrative of Yuga Labs, the $4 billion firm that owns the Bored Ape Yacht Club, and Ryder Ripps, an internet provocateur and conceptual artist who has created pieces for Nike and Bruno Mars. Late last month, Yuga filed a federal lawsuit against Ripps, which sent the NFT community into a frenzy and prompted a lot of issues.

4. Roskomnadzor No Longer Allows Russians To Access Bits.media

The majority of Bits.media’s Russian viewers were unable to access the website this week, and Bits.media’s crew discovered that Roskomnadzor, Russia’s media censor, is to fault. Unknown pages from the government organization have been put to a list of websites that spread illegal information.

The court’s decision stems from a lawsuit that the Saratov prosecutor’s office filed on March 31 and was heard by the Volzhsky District Court of the city of Saratov. After considering the issue without the owners of the media outlet present on April 24, the judge granted the prosecutor’s request, according to a post on Bits.media.

5. Tax Authority Verifies Gains From Cryptocurrency Trading In Romania

The National Agency for Fiscal Administration (ANAF) of Romania reported this week that inspectors from the division in charge of stopping tax evasion and fraud have started investigations to determine the profits made from trading digital coins on various platforms like Binance, Kucoin, Maiar, Bitmart, and FTX.

Digital assets worth €48.67 million were missing from tax reports, according to a research by the Romanian business news website Economica.net. Up to this point, the agency has mandated the recovery of unpaid tax liabilities totaling about €2.10 million.

The ANAF has also certified that profits from bitcoin trading totaling about €15 million were duly disclosed and that the associated income tax and social insurance contributions had been paid in full.