India’s new cryptocurrency law set to red-flag chit fund, MLM business models

India is set to red flag several investment schemes launched by individuals and cryptocurrency exchanges that are similar to chit funds, multi-level marketing (MLM), and systematic investment plans (SIP). The government seeks to build a robust regulatory framework to protect vulnerable rural populations buying risky crypto assets. The Reserve Bank of India (RBI) has pointed out that several Indians have even started accepting cryptocurrency payments for export services, thus posing a broader systemic risk.

Crypto prices today: Bitcoin, Ethereum, Binance Coin, XRP fall while Solana rises

The global crypto market capitalisation declined 0.63% over the last 24 hours to stand at ~$2.63 trillion. Bitcoin is currently trading lower by 0.41% at ~$56,937. Ethereum fell by 2.28% to $4,607.77. Binance Coin also declined by around 0.88% to $625.70. On the other hand, Solana rose by 9.17% to $231.83.

Jack Dorsey-led Square rebrands to Block to expand to blockchain tech

Square Inc, the payments company led by Twitter Inc co-founder Jack Dorsey, is changing its name to Block Inc, as it looks to expand beyond its payment business and into new technologies like blockchain. The company said there would be no organizational changes and its different business units— Square, peer-to-peer payment service Cash App, music streaming service Tidal, and its bitcoin-focused financial services segment— will continue to maintain their respective brands.

Nothing to accept crypto payments in select markets for ear (1) black edition

Nothing has announced on Wednesday a new all-black edition of the ear (1) truly wireless earbuds. The company will be accepting Bitcoin, Ethereum, and Dogecoin payments in select countries through its website starting later this month. London-based Nothing was founded by Carl Pei (co-founder of OnePlus). It is backed by several Indian investors, including film producer Karan Johar, cricketer Yuvraj Singh, and Cred founder Kunal Shah.

Decentralized exchange aggregator 1inch grabs $175 million in token sale

1inch Network has raised $175 million (~Rs 1,311 crore) as the decentralized finance (DeFi) platform gears up for the launch of a new set of institutional products. The decentralized exchange (DEX) aggregator announced the funding on Wednesday, saying that investors valued the project at $2.25 billion. 1inch co-founder Sergej Kunz said that the fundraising was conducted via a token sale from the project’s ecosystem development fund.

Crypto assets can be used for financial inclusion: Infosys Chairman

Crypto assets are worth considering and can be used to bring about more financial inclusion, said Nandan Nilekani, chairman of Infosys. There is a role for crypto as assets but they obviously will have to follow all the laws and make sure that it doesn’t become a backdoor for money laundering … they have to use that as an entry point to get a lot of young people into financial markets”, he said at the Reuters Next Conference on Wednesday.