A number of crypto developments have occurred in the last few days, including Royal Enfield’s announcement of non-fungible tokens, introduction of a bill concerning crypto sanctions in the UK and JPMorgan Chase calling Bitcoin a fraud.
Royal Enfield NFT Launched on Ethereum Blockchain-Based Platform
Royal Enfield, maker of the Classic 350, Bullet and other motorcycles in India, had announced that it was launching Web 3.0 technology, NFT, with foundation.app, an Ethereum-based NFT platform.
Royal Enfield announced that their NFT collection will be launched with 10 winning artwork designs taken from their Art of Motorcycling program. These NFTs will retail at Rs 15,000 per piece. On October 3, the NFTs will go on sale.
Puneet Sood is the global head of apparel at Royal Enfield. He stated that Art Of Motorcycling was created to provide a platform for motorcycling lovers, artists, and designers to express their passion. Royal Enfield’s first ever NFTs will be launched to help this growing community reach new heights. We are proud to do this.
United Kingdom introduces the Economic Crime and Corporate Transparency bill
As promised by the Home Office in May, this bill has been introduced by the U.K. It allows law enforcement agencies to quickly seize, freeze, and recover crypto assets that are being used for criminal activities such as money laundering and cybercrime.
Graeme Biggar (director general of the National Crime Agency), stated that domestic and international criminals have used cryptocurrencies to launder the proceeds of crime and corruption for many years. Coindesk reported this statement.
To crack down on criminals, terrorists, and kleptocrats who abuse the open economy, we’re introducing Economic Crime & Corporate Transparency Bill.
The UK’s dirty money.
Strengthening the UK’s reputation as a country that supports legitimate business to flourish.
Home Office (@ukhomeoffice). May 15, 2022
JPMorgan Chase Bank Calls Bitcoin “Decentralised Scam”
Jamie Dimon, JPMorgan Chase Bank CEO, stated in a U.S. congressional hearing that he was a major sceptic about crypto tokens. These are currencies like bitcoin. Bloomberg reported that they are Ponzi schemes.
Dimon also claimed that digital currencies are being used more often by criminals for their illicit operations, including money laundering and sex trafficking.
Dimon is vocal however about the technology that underlies these digital currencies, i.e. These technologies, such as blockchain, metaverse and others, can be used in public and private use, whether permissioned or unpermitted.
JPMorgan Chase bank offers a lounge in Decentraland, where you can find a variety of digital services. Decentraland is an Ethereum-based virtual 3D animated land.
‘I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin,’ JPMorgan CEO Jamie Dimon said in congressional testimony Wednesday https://t.co/C1ymC4nXGp
Bloomberg Wealth (@wealth). September 22, 2022
Michael Saylor Says That The Bitcoin Price Will Reach $69,000/Bitcoin Within 4 Years
Michael Saylor, co-founder and chairman, is an IT company MicroStrategy. It is the largest corporate Bitcoin holder in the world, with over 1,30,000 BTC tokens at an average price $30,639. According to Saylor, Bitcoin could reach $68,990 again in the next four year, and it could even reach $5,00,000.
Saylor said that the Lightning network is another payment protocol that is being developed by his company.
Ethereum Miners Unite To Dump Ethereum
According to reports, Ethereum miners that are unable to mine Ethereum tokens (ETH) have sold over 16,000 ETH tokens while still remaining with approximately 2,45,000 ETH coins. Oklink, a Blockchain Analytics firm, has found that miners dumped approximately 16,000 ETH tokens between September 12 and September 19. This was more than $300 million.
In an interview with Coindesk, Lucas Ontumuro (head of research, IntoTheBlock), stated that miners are shifting onto other blockchains because they can take their profits from ETH holdings.
Coindesk reported that miners are dumping their Ethereum. This is an overhang we will have to overcome over the next months to resume up-only mode.