India is finalizing a crypto consultation paper: Govt. official

Economic Affairs Secretary Ajay Seth said a consultation paper on crypto is “fairly ready”. He was speaking at an event organized by the Finance Ministry. Seth has called for a global consensus on crypto regulation. The paper is a result of consultation from various domestic and international players, including the World Bank and the International Monetary Fund. 

The crypto industry in India has been struggling to cope with unclear rules and market volatility. Even payment processors are cutting off exchanges.

Crypto prices today: Bitcoin rises 3%, ETH up 3.5%

Bitcoin is currently trading at $31,537.8, a 3% increase over the previous day. Ethereum rose 3.6% over the last 24 hours to $1,970.87. Solana fell 1% to $46.21, while Cardano jumped 26.9% at $0.659. Avalanche (AVAX) fell 3.6% to $26.6. The global crypto market cap stands at $1.31 trillion, a 2.7% increase over the previous day.

South Korean authorities launch probe into Terra crash: Report

As per a report by JTBC (local TV network), South Korean prosecutors are looking into the recent Terra crash to see if there were signs of intentional price manipulation and other issues. The Seoul Southern District Prosecutors’ Office’s joint financial and securities crime investigation team has summoned former employees of Terraform Labs who were involved in the initial development of the Terra ecosystem in 2019.

Prada to launch 100 Ethereum NFTs

Luxury brand Prada will be launching 100 Ethereum NFTs on June 2nd as part of its latest Timecapsule apparel release. Buyers will receive a free airdropped NFT to go along with their physical merch purchase from Prada’s latest collaboration with artist Cassius Hirst.

Russia to consider using crypto for international payments

As per a report from Interfax, Russia is considering allowing crypto to be used for international payments. The move could allow the country to counter the sanctions implemented by western countries as a consequence of its invasion of Ukraine. However, Russia’s Central Bank and Finance Ministry are yet to reach a consensus on crypto regulation.

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