17/07/2023. Weekly CryptoNews Digest (July, 10 – July, 16)

Hello everyone, and welcome once again to the MNO blog – the 17+ year running blog entirely dedicated to the craft of making money online with the help of the best investment programs providing investors with high-risk high-reward ratios, also known as HYIPs. The MNO blog has been a leading voice and a guiding light for many thousands of HYIP investors over all these years, if perhaps the current time is definitely not the best for putting your money into high-risk ventures.

In addition to that, we all know that summers have been a traditionally slow time when it comes to HYIP investments anyway, and especially true when the industry is clearly in the deepest crisis and investors have switched to crypto investments that offer much better returns with a much smaller degree of risk involved. MNO has recently switched its focus to putting more emphasis on the crypto market, as every Monday I present a look at the most prominent and talked about events in the crypto industry that I think might be worthy of readers attention.

That doesn’t mean that MNO has completely given up on HYIPs and I fully expect we will see something more promising once the autumn comes, perhaps even sooner than that. But as MNO is a one-stop shop for the most prominent investment projects, I only list those that have been vetted by myself and I charge a high price to be listed. This means that you can be confident that the projects you find on my blog are the cream of the crop.

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With the traditional summer slump in the HYIP industry I believe now is the right time to check out the latest news from the crypto market that happened over the last seven days, July, 10 to July, 16, 2023. Let’s start our Monday’s journey and make it exciting and informative, shall we?

ALTCOINS RALLIED AFTER RIPPLE RULING

On July 13, 2023, a U.S. federal judge ruled that the sale of Ripple’s XRP tokens on exchanges and through algorithms did not violate federal securities laws. This was a major victory for Ripple, which had been sued by the Securities and Exchange Commission (SEC) for selling XRP as an unregistered security.

The ruling was seen as a positive development for the entire cryptocurrency market, as it could pave the way for other altcoins to be classified as commodities rather than securities. This would mean that they would be subject to less regulatory oversight, which could lead to increased investment and adoption.

In the immediate aftermath of the ruling, altcoins rallied sharply. XRP, the native token of Ripple, saw its price surge by more than 70%. Other altcoins that saw significant gains included Solana, Cardano, and Polygon.

The rally in altcoins was driven by a number of factors, including the positive ruling in the Ripple case, the overall bullish sentiment in the cryptocurrency market, and the fear of missing out (FOMO).

It is important to note that the rally in altcoins was not without its critics. Some argued that the gains were simply a short-term pump and dump, and that altcoins would eventually fall back to their pre-ruling levels. However, others argued that the ruling was a watershed moment for the cryptocurrency market, and that it could lead to a sustained bull market for altcoins.

Only time will tell whether the rally in altcoins will be sustained. However, the ruling in the Ripple case was a major victory for the cryptocurrency industry, and it could lead to increased investment and adoption of altcoins in the future.

GOOGLE PLAY STORE ALLOWED NFT ON ITS PLATFORM

On July 12, 2023, Google announced that it would be allowing NFTs in apps on the Google Play Store. This is a major change in policy for Google, which had previously banned NFT apps from the Play Store.

The new policy allows developers to incorporate NFTs into their apps in a number of ways, including: selling or buying NFTs, earning NFTs as rewards, using NFTs to unlock in-app content, using NFTs to represent digital assets in games.

However, there are a number of restrictions on how NFTs can be used in apps on the Play Store. For example, apps cannot use NFTs for gambling or other forms of real-money transactions. Additionally, apps must make it clear to users that they are interacting with NFTs.

The decision by Google to allow NFTs in apps on the Play Store is a sign that the company is warming up to the technology. NFTs have been growing in popularity in recent years, and they are seen by some as a way to revolutionize the way we own and trade digital assets.

It remains to be seen how the new policy will be received by users and developers. However, it is clear that Google is taking a cautious approach to NFTs, and that it is not yet ready to embrace the technology wholeheartedly.

It is still too early to say how the new policy will impact the NFT market. However, it is a positive step for the technology, and it could help to legitimize NFTs in the eyes of consumers and businesses.

CELSIUS FOUNDER ARRESTED ON FRAUD CHARGES

On July 13, 2023, Alex Mashinsky, the founder and former CEO of Celsius Network, was arrested on fraud charges. Mashinsky is accused of misleading customers about Celsius’ business, including how it would use their money. He is also accused of manipulating the price of Celsius’s proprietary crypto token, Cel.

The charges against Mashinsky were announced by the U.S. Attorney’s Office for the Southern District of New York. The indictment alleges that Mashinsky and Celsius misled customers about the following:
– The risks associated with investing in Celsius
– The way that Celsius would use customer funds
– The true value of Celsius’s assets

The indictment also alleges that Mashinsky and Celsius manipulated the price of Cel by selling their own tokens at artificially inflated prices.

If convicted, Mashinsky could face up to 115 years in prison. He has pleaded not guilty.

The arrest of Mashinsky is a major development in the ongoing investigation into Celsius. The company filed for bankruptcy in June 2022, after it was unable to meet its financial obligations to customers. The bankruptcy filing revealed that Celsius had been struggling with liquidity problems for months.

The arrest of Mashinsky is likely to raise further questions about Celsius’ business practices. It is also likely to have a chilling effect on the cryptocurrency industry, as it sends a message that regulators are taking a serious look at the risks associated with crypto lending platforms.

It is important to note that Mashinsky is innocent until proven guilty. However, the charges against him are serious, and they could have a significant impact on the cryptocurrency industry.

INDONESIA LAUNCHES NATIONAL CRYPTO EXCHANGE INADAX

Indonesia’s Commodity Futures Trading Supervisory Agency (Bappebti) has announced that it will launch a national cryptocurrency exchange in July 2023. The exchange will be called the Indonesia Digital Asset Exchange (INADAX), and it will be the only platform authorized to trade cryptocurrencies in Indonesia.

The launch of INADAX is a significant development for the Indonesian cryptocurrency market. It is the first time that the government has taken a proactive approach to regulating cryptocurrency trading. The exchange will be subject to strict regulations, including Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.

The launch of INADAX is also a sign that the Indonesian government is taking a more positive view of cryptocurrencies. In recent years, the government has been cautious about cryptocurrencies, and it has even banned the use of cryptocurrencies for payments. However, the launch of INADAX suggests that the government is now willing to embrace cryptocurrencies as a legitimate asset class.

The launch of INADAX is likely to have a significant impact on the Indonesian cryptocurrency market. It is expected to attract more investors to the market, and it could help to legitimize cryptocurrencies in the eyes of the Indonesian public.

Here are some of the key takeaways from the launch of INADAX:
– INADAX will be the only platform authorized to trade cryptocurrencies in Indonesia.
– The exchange will be subject to strict regulations, including KYC and AML procedures.
– The launch of INADAX is a sign that the Indonesian government is taking a more positive view of cryptocurrencies.
– The launch of INADAX is likely to have a significant impact on the Indonesian cryptocurrency market.

It is important to note that INADAX is still in its early stages of development. It is not yet clear how successful the exchange will be, but it has the potential to be a major player in the Indonesian cryptocurrency market.

EU’S CRYPTO GLOBAL GOVERNANCE PLAN LEAKED

And finally, something that might be of utmost importance for crypto holders and traders based in the EU. A leaked document from the European Commission (EC) has revealed plans for global governance of the metaverse.

The document, which was seen by CoinDesk, proposes a number of measures to regulate the metaverse, including:
– Creating a technical multi-stakeholder governance process to address essential aspects of virtual worlds and Web4 that are beyond the remit of existing internet governance institutions.
– Relaxing regulations to aid innovation, and looking at the legal barriers to new forms of digital cooperation like decentralized autonomous organizations (DAOs).
– Ensuring that virtual worlds are open and lawful by addressing issues such as content moderation, data protection, and consumer protection.

The document also proposes the creation of a regulatory sandbox for the metaverse, where new products and services can be tested in a controlled environment.

The EC’s plans for global governance of the metaverse are still in their early stages, and it is not yet clear how they will be implemented. However, the document provides a glimpse into the EU’s thinking on how to regulate this emerging technology.

Here are some of the key takeaways from the leaked document:
– The EC is considering a number of measures to regulate the metaverse.
– These measures include creating a technical multi-stakeholder governance process, relaxing regulations, and ensuring that virtual worlds are open and lawful.
– The EC is also considering creating a regulatory sandbox for the metaverse.

The leaked document is a significant development in the global debate about the regulation of the metaverse. It is likely to be met with mixed reactions from stakeholders, with some welcoming the EC’s efforts to regulate the metaverse and others expressing concerns about the potential for over-regulation.

It is important to note that the leaked document is not an official policy proposal from the EC. It is simply a working document that is still being considered by the Commission. It is possible that some of the measures proposed in the document will be changed or dropped before they are finalized.

That’s about all the news stories from the crypto world I found most interesting over the last seven days, which I shared with you, my dear readers. For more information of what’s to come this coming week please come back next Monday when another Weekly CryptoNews Digest is scheduled for the MNO blog.

I hope you have found the information listed here useful and I look forward to talking to you all again soon on MNO – For Money Lovers!