Cryptocurrency

Welcome to The Daily Forkast, December 16th, 2021, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show: 00:00 Coming Up 00:41 Delay likely for India crypto bill. 02:08 Nexon America to accept crypto for in-game purchases. 03:48 Crypto caps a landmark year. --- First up, India's highly anticipated crypto bill that would bring some clarity to a political hot potato that is crypto, may now not be introduced in the current ongoing winter session of Parliament or even be discussed by the Prime Minister's Cabinet Union, according to a local media report. More changes in the bill are likely as the government wants India's crypto regulations to work in tandem with the global framework. Earlier this month, India's finance minister said the bill will be introduced after it is approved by the cabinet, except it looks like we're going to have to wait a little longer. Meanwhile, one of South Korea's largest cinema chains, Lotte Cinema, is giving away secret codes exchangeable for NFTs to the first 30,000 people who reserved tickets for Matrix Resurrections, made in partnership with Warner Brothers and NFT startup Witchcraft. The Matrix NFTs feature 3D characters and symbols from the sci-fi movie, and there's even a virtual space where the NFTs can be displayed and viewed, perhaps by Ne-Yo himself. But for now, The Matrix NFTs can't be traded only owned, but Lotte Cinema plans to issue tradable NFTs in the future. Nexon America, a subsidiary of South Korean gaming giant Nexon, has announced a new feature allowing players to purchase in-game items with crypto in all of its online games. But it comes with limitations. Nexon America's new crypto feature supports buying game items with Ethereum, Dogecoin, Bitcoin, Gemini and more. Kartrider, Maple Story, Mabinogi are just some of the popular online games available on Nexon America, in which users can use crypto as credit player wallets and transactions will be managed by crypto service Bitpay, which also sets the value of cryptocurrencies next in America, draws a clear line that the move is unrelated to its bitcoin holdings, adding that the decision was made purely for the needs of the players. Nexon has been a regular investor in blockchain and crypto. Back in April, it purchased bitcoin worth a whopping US$100 million, and NXC, Nexon's holding company acquired the Korean crypto exchange Korbit back in 2016. Meanwhile, players at the Nexon Games outside of the U.S. will not be able to enjoy the new feature, with the company revealing it is not planning to bring the feature back home in Korea. It did not provide a reason for the restriction, however. Korea currently bans all played tours in games and still holds an ambiguous stance on crypto. What a ride 2021 has been for crypto from hitting US$3 trillion in total market cap to Bitcoin being adopted as legal tender in El Salvador. But it hasn't all been rosy, and governments around the world are looking at tightening the reins. Michael Wu, CEO and founder of Amber Group, joins me now to talk about those stories and what he's also looking forward to in The New Economy for the new year. Angie Lau: Let's start with our own backyard right here in Asia. Singapore is seen as one of the most crypto friendly countries. Yet Binance recently decided not to go ahead with a crypto exchange in the Lion City. What do you make of that move? Michael Wu: I think people are making too big out of too big of a deal out of this. Singapore, as a country, has clearly, along with its regulatory body mass, set a very clear regulatory framework. As regard to crypto and digital assets, it is clearly showing the city state as as a country that embraces crypto. Yet there is a clear and a disciplined approach towards this kind of new innovation. Binance is already so big with such a large existing user base that you know for them to tweak some of their system, their products for, particularly the Singapore regulation, it might not just be worth it for them. Angie Lau: Over in India, Prime Minister Modi is saying cryptocurrencies should be used to empower democracy. Can one read this as a shift towards a more pro crypto stance? And what could legitimization of crypto in the world's second most populous country actually do for digital assets? Michael Wu: I think it's very well said by President Modi that in the crypto and the digital assets should be used to benefit more broadly the democratization of finance. Crypto has generated wealth for for quite a lot of people, but overall still for a very niche group of people. As we enter the new economy, I think more and more people every day, consumers, everyday users will be able to actually get the benefit. --- #Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #CryptoBill #Nexon #GameFi #LotteCinema #NFT #AmberGroup #MichaelWu #Binance #Korbit