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India to take a cautious stance on cryptos

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  • The Finance minister says a calibrated approach will be formulated soon
  • India holds the largest potential to become a crypto hub shortly with the availability of a highly-skilled workforce combined with large internet penetration.
  • After seeing some ups and downs, the government has finally decided to enter the crypto realm cautiously.
  • The finance minister said that the country would formulate a calibrated approach where a lot of experimentation will be carried out in this sector.

Indian investors did shun off cryptos as a store-of-value once. During a tug of war on the whole issue of its regulation between the central bank, RBI, and Indian government. For a brief period, the RBI had issued a directive to all banks to avoid dealing with crypto entities. The decision was later overturned by the Supreme Court. This led to a kind of “legal void” in which crypto entities operated. However, with the government taking a new perspective on cryptocurrencies, investor sentiments are now much better.

A cautious yet steady approach

The government had already readied a draft of a bill that seeks to regulate cryptocurrency markets and entities operating on Indian soil. In a further development, finance minister Nirmala Sitharaman, in a statement, said that the government is very keen and open to experimentation with the new and sophisticated blockchain-cryptocurrency technology. However, since it can also be used for far more nefarious purposes, she said India’s approach would be initially guarded and calibrated to local and global market sentiments. She acknowledged that such new-age technologies are prime tools for development, and the country cannot afford to lose out on them, and thus, regulating it is a wiser choice than its complete ban.

RBI governor disagrees

In a cold yet continuing tug-of-war, Reserve Bank of India’s Governor, Shantikanta Das, expressed his qualms about cryptos. In addition to it being used as an agent for terrorism financing and money laundering, it may also create a parallel economy in the country. However, the government is working closely with the RBI to express these concerns and also to try to create a native and indigenous Indian digital rupee.

In any case, the recent statement from the FM is like music to crypto enthusiasts’ ears. This may lead to an improved and continual interest among the people to invest in cryptos in the future.

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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