🗞 Daily Crypto News, January, 31st💰

?? India Proposes Cryptocurrency Ban

• The Indian government's draft legislation proposes to “ban all private cryptocurrencies."
• The same bill also mentions the government's central bank digital currency (CBDC) plan.
• The bill is pending Parliament's approval by April 8.

The Indian government is considering a plan to “ban all private cryptocurrencies," as well as a plan to introduce a central bank digital currency (CBDC). The plan is pending Parliament's approval by April 8 and will be debated until then.

The legislative proposal, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, suggests a blanket ban on all ‘private cryptocurrency,' which likely means coins such as Bitcoin and Ethereum. At the same time, the bill, filed yesterday, proposes the introduction of its own central bank digital currency (CBDC), joining a growing list of countries exploring CBDCs.

And perhaps there’s some hope in the cryptic language of the draft bill. It asks for “certain exceptions” to the ban in order to promote the technology.

?? Grayscale Reopens Ethereum Trust After Altcoin Registration Bonanza

• Grayscale filed multiple crypto trusts in the registry.
• Technophobic or risk-averse investors can capitalize on booming crypto markets.
• Should ETFs pass go with the US SEC, interest in crypto trusts may wane.

Grayscale has registered more than a dozen altcoin trusts with Delaware’s corporate registry over the last week, indicating that it is looking to accommodate for investors’ growing interest in altcoins. Coins on the list include Aave, Cardano, EOS, Uniswap and Polkadot.

In a statement, Grayscale clarified that while it currently has no plans to launch any of these trusts, it's looking to keep its options open should the need ever arise:

"Grayscale is always looking for opportunities to offer products that meet investor demands,” Grayscale CEO Michael Sonnenshein said. “Occasionally, we will make reservation filings, though a filing does not mean we will bring a product to market. Grayscale has and will continue to announce when new products are made available to investors.”

?? Visa May Add Cryptocurrencies to Its Payments Network, Says CEO

Visa CEO Al Kelly said the payments giant is in a position to make cryptocurrencies more “safe, useful and applicable” and may add them to the company’s payments network. Speaking on the company’s fiscal first-quarter 2021 earnings call, Kelly described cryptocurrencies like bitcoin as “digital gold” which are “not used as a form of payment in a significant way at this point.”

“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,” Kelly said.

The payments executive also said stablecoins could be used for “global commerce” and that “digital currencies running on public blockchains as additional networks just like RTP or ACH networks.”

Kelly added:

“Today, 35 of the leading digital currency platforms and wallets have already chosen to issue Visa, including coin-based Crypto.com, BlockFi, FOLD and BitPanda. These wallet relationships represent the potential for more than 50 million Visa credentials. The next leading network has a fraction of that. And it goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there's no reason why we cannot add it to our network, which already supports over 160 currencies today.”

?? XRP's Price Just Jumped 40%. Here's Why

While Bitcoin and Dogecoin watchers enjoy the ebbs and flows of Elon Musk cosigns, and while LINK marines beat their chests boasting of the highest growth of 2020, XRP’s story has largely been a nail biting courtroom drama.

On December 21, 2020, the US Securities and Exchange Commission entered legal proceedings against Ripple, alleging they had sold XRP as an unregistered security.

The first signs of hope came when XRP’s price rebounded by 30% seven days into the new year. In the last 24 hours, XRP reached highs of $0.51 dollars at 16:27 UTC before dipping to a low of $0.39 forty minutes later. In all, XRP shot up 40% today, continuing a week’s growth of about 50%.

Larry Cermak, director of research at The Block, remains skeptical. He believes XRP could be having something of a GameStop moment. He said that XRP could be the victim of a pump n' dump.

Ripple's big lawsuit

In the 93-page filing, Ripple pointed out that XRP is open source and that its price has roughly tracked Bitcoin’s and Ethereum’s. In addition, Ripple has also filed a Freedom of Information request from the SEC to ask them how they determined that Bitcoin and Ethereum are not securities.

"The SEC is bringing this action 8 years after XRP was created. How are companies meant to have regulatory clarity when the SEC takes 8 years to bring an action? Also, Ripple rightly points out that by ignoring Ethereum, which clearly had an unlawful securities offering, the SEC is arbitrarily picking the winners and losers. It's clearly unfair and I do think Congress needs to step in here," Dean Steinbeck, general counsel and COO at Horizen Lab, told Decrypt.

?? Daily Crypto Calendar, January, 31st??

• Cosmos (ATOM)

"With a public testnet scheduled to run in Nov 2020 and an @AltheaNetwork mainnet deployed with Peggy scheduled for Jan 2021..."

• ICON (ICX)

"After much consideration, we have decided to move the [ICONFi] launch date to January 2021."

• Sapphire (SAPP)

"January 2021 - HELIODOR Fork"

• TomoChain (TOMO)

TomoChain mainnet hardfork to the latest version of EVM.

TomoBridge will enable TomoChain to support any ERC20 token.

Swap almost instantly with close to 0 fee; promises lower fees & faster transactions than Ethereum; Multi-Chain Swap is on the way.

• Elrond (EGLD)

"Elrond Network has set the global launch date for the digital wallet and global payments app Maiar to be on 31 January 2021."

• Crypto.com Coin (CRO)

Crypto.com announced that Canadians can apply for its CRYPTO.COM Visa Cards which will begin shipping to Canada in January.

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