Republic of Palau launches digital residency program

The Republic of Palau announced a partnership with Cryptic Labs to launch a digital residency program. Using its Root Name System, Cryptic Labs will allow global citizens to claim digital residency backed by the Republic of Palau using blockchain. They can get some of the perks of residency on the island nation of 18,000 people without physically living there.

Crypto prices today: Bitcoin at $42,570, Ethereum up 3.7%

Bitcoin is currently trading at $42,577, a 1.01% increase over the previous day. Ethereum surged 3.7% over the last 24 hours to $3,228. Solana has surged 1.2% to $138, while Cardano is up 4.11% to $1.20. Polygon (MATIC) has jumped 7.8% to $2.32. The global crypto market cap stands at $2.01 trillion, a 2.65% increase over the previous day. 

Virender Sehwag joins cricket NFT universe with Rario

Virender Sehwag has become the latest cricketing star to join the NFT frenzy. He has signed a deal with leading cricket NFT platform Rario. Rario allows fans to buy and trade NFTs of their favourite cricketers and international leagues. The partnership gives Rario the exclusive opportunity to leverage the legendary batsman’s finest cricketing moments in the form of non-fungible tokens (NFTs).

Cryptos post record outflows in first week of 2022: CoinShares Report

As per a report from digital asset manager CoinShares, cryptocurrency investment products and funds had net outflows last week, totaling a record $207 million. The sector has experienced four consecutive weeks of outflows since mid-December, reaching a total of $465 million. Bitcoin posted outflows of $107 million in the first week of 2022.

Powell says Fed Report on crypto and central bank digital currency is ‘ready to go’

The Federal Reserve’s much-anticipated crypto report is “ready to go” and will come out “in the coming weeks,” according to Fed Chair Jay Powell. The report is likely to focus on central bank digital currencies (CBDCs). The report will seek input from the public but remains unclear if it will offer any actionable guidance.

IMF staff call for global framework to guide national regulation of crypto

The staff of the International Monetary Fund (IMF) has stated that the increasing rate of adoption of crypto assets demands a global framework to guide their national regulation and supervision. In an article, three IMF staff members wrote that the relatively high volatility and valuations of cryptos could pose risks to financial stability, especially in countries with widespread crypto adoption.