In this digest, you will learn about the attitude of the governments of various countries towards cryptocurrencies and their plans for development in the crypto industry.
J.P. Morgan recommends altcoins
American financial holding J.P. Morgan recommends that investors pay their attention to Ethereum over Bitcoin. According to them, in 2021, the Ethereum cryptocurrency grew by 500%, while Bitcoin – “only” by 96%. The company explains the popularity of altcoin by the fact that it is used in many industries, including DeFi and NFT, which means it offers more options to users.
Over two years, altcoins have shown faster growth than the first cryptocurrency. Crypto analysts attribute this to the fact that investors are trying to catch up on lost profits with Bitcoin and are investing in other cryptocurrencies, relying on their potential growth and expansion of use cases.
On November 25, the price of the EDC coin increased during the day by 57% in relation to BTC and by 51% in relation to USD. Source: Coinmarketcap.com
License for Israeli crypto companies
To operate in Israel, crypto companies are now required to obtain a license from the regulator (ISA). They need to register in the state register and submit an application for consideration. According to the regulator, these measures are aimed at combating money laundering and the criminal use of cryptocurrencies.
India is open to cooperation in the crypto industry
India is ready to develop in the crypto industry. The government of the country has come up with a proposal for cooperation in relation to digital currencies with other countries.
"Take cryptocurrency or Bitcoin, for example. It is important that all democratic nations work together on this
and ensure it does not end up in the wrong hands, which can spoil our youth," - Prime Minister Narendra Modi said.
Modi implies increased risks associated with the use of cryptocurrencies in criminal activities and the implementation of cyber attacks. Previously, we have reported that Indian authorities are working on a crypto regulation bill.
Development of cryptocurrencies in Canada
The Bank of Canada announced that it is observing the development of cryptocurrencies, but so far they do not see any threats to the economy – the share of crypto payments is still low. Authorities should only think about regulation if the rates continue to rise.
The economy of Canada is one of the most developed in the world, perhaps there is no urgent need, like in India, to set eyes on the crypto tools. However, this does not prevent cryptocurrency users from implementing their needs: there are three bitcoin ETF crypto funds operating in Canada, which allow you to buy cryptocurrency (without actually owning it) and sell your shares.
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