The top cryptocurrencies grabbed headlines this week following a market-wide market tumble that saw over $250 billion wiped off the sector
Bitcoin slid below $60,000 early on Tuesday and despites effort to bounce back, the crypto coin continued bleeding and is now trading around $58,000. Ether followed a similar path dropping to around $4,200. Both tokens are currently trading in the red and are 8.31% and 7.75% down in the last 7-days respectively.
Here is a breakdown of other exciting events outside the market.
India officials are bullish on a CBDC pilot program early next year
In a week where a parliamentary panel concluded that cryptocurrencies would not be banned but instead be regulated, it has also come out that India is planning to launch a CBDC pilot program early next year. On Monday, a group of crypto experts from various areas, including the IIM Ahmedabad, the Blockchain and Crypto Assets Council (BACC), and top crypto exchanges, met with the Parliamentary Standing Committee on finance.
The meeting led by BJP MP Jayanth Sinha discussed the crypto situation and concluded that crypto cannot be stopped but will rather be regulated. No specific body was however tasked to manage and oversee the sector.
On Thursday, reports confirmed that India could as soon as Q1 2022 launch a CBDC pilot program. P. Vasudevan, the chief general manager at the Department of Payment & Settlement of the Reserve Bank of India, was quoted saying this, adding that the central bank was also exploring “various issues and nuances related to CBDC.”
Speaking at an online event hosted by the Australian Strategic Policy Institute on Thursday, Prime Minister Modi took a combative approach when talking about crypto. He complained that crypto, more particularly Bitcoin
