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Markets continue to remain depressed as global economies struggle to deal with inflation and interest rate hikes. We are in a crypto winter similar to the one experience in 2018 but this time its different. This time, money is continuing to flow into projects, applications are continuing to build and the ecosystem is continuously growing. There are a lot of reasons to remain positive on the long term growth of crypto.
WazirX receives 1023 requests for data from law enforcement
Indian crypto exchange, WazirX, has received 1023 requests from law enforcement agencies during the October 2021 to March 2022. The company said, in its transparency report for the period, that 952 of these requests came from Indian law enforcement agencies, while 71 were from foreign bodies. The total request count almost tripled from the previous period.
WazirX publishes the transparency report voluntarily for its platform every six months. In the April to September period last year, the company received only 377 requests from law enforcement agencies from around the world. From Oct 2021 - Mar 2022, 1023 requests were received and these were related to criminal activities. The exchange responded to them within 22 minutes, while the required time is 72 hours from the time requested .
Read more on this, here.
https://timesofindia.indiatimes.com/business/india-business/crypto-exchange-wazirx-gets-over-1000-requests-from-law-agencies-40-of-crypto-scams-are-ponzi-schemes/articleshow/91654506.cms
RBI Warns Crypto Could Lead to Dollarization of Economy
The Reserve Bank of India (RBI), the country’s central bank, has warned that cryptocurrencies could lead to the dollarization of a part of the Indian economy. Emphasizing that cryptocurrencies pose challenges to the stability of India’s financial system, the RBI officials stressed, “It will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country.” They also warned that cryptocurrencies could be used as a medium of exchange, replacing the rupee (INR) in both domestic and cross-border financial transactions.
The RBI officials opined, “Almost all cryptocurrencies are dollar-denominated and issued by foreign private entities. It may eventually lead to dollarization of a part of our economy which will be against the country’s sovereign interest.”
Central Banks have always been fearful about the rise of cryptocurrencies. The nature of crypto threatens the control Central Banks have over currency. Not only the RBI but Central Banks like the European Central Bank and the FED have condemned crypto by giving similar reasons.
https://timesofindia.indiatimes.com/business/cryptocurrency/blockchain/rbi-warns-crypto-can-lead-to-dollarisation-of-economy/articleshow/91672891.cms
Polygon launches Developer Fellowship Program to bridge the Web3 talent gap
Polygon, the Ethereum scaling solution has launched its inaugural Polygon Fellowship: Class of 2022 program in India, in collaboration with Indian hackathon organizer, DevFolio . The fellowship program will run for eight weeks between June and August and will see 50 coders from both novice and intermediate backgrounds attend workshops and masterclasses to learn how to build Web3 technologies from scratch.