PRViously on Crypto: SHIB now accepted by VR World, Reserve Bank of India requests total ban on crypto

SHIB as payment method for VR World, Reserve Bank of India requesting total ban on crypto, we got it covered.

From the news that SHIB is now accepted by America’s largest Virtual Reality Club, to the Reserve Bank of India requesting the board to impose a total ban on crypto, we got it covered.

It’s a brand-new week for the cryptoverse, and we are here to give you the latest happenings and trends that caught our eyes. It’s been a week of roller coasters, and we are here to update you on the hottest news.

Are you ready for it? Let’s go! Here are last week’s top headlines!

PRViously on Crypto, Shiba Inu now accepted by America’s Largest Virtual Reality Club, Reserve Bank of India requests the board to impose a total ban on crypto.

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SHIB racks up another impressive achievement as SHIB is now accepted by America’s largest virtual reality club

VR World, North and South America’s largest virtual reality experience facility, has announced that the meme cryptocurrency would be accepted as a payment option on its platform. This is another major victory for the SHIBArmy.

VR World adds support For SHIB using BitPay.

In conjunction with payment processor BitPay, VR World will take Shiba Inu and other cryptocurrencies. This implies SHIB may be used to make purchases at retailers who accept BitPay or where digital gift cards can be purchased using its wallet app.

BitPay, which was founded in 2011, has grown to become one of the world’s largest bitcoin payment service providers. 

BitPay has been integrated by a number of firms to take Bitcoin and other crypto-assets as payment. BitPay, for example, just recently began supporting Shiba Inu for retailers.

VR World is a major participant in the non-fungible token (NFT) space, having even hosted the NFT.NYC conference’s after-party last month. 

According to Leo Tsimmer, CEO of VR World, it was evident after this event that “cryptocurrency has penetrated everyday life.”

SHIB On A Hot Streak

Shiba Inu started out in the crypto world with little to brag about. It was nothing more than a meme currency. However, the canine-themed cryptocurrency has seen a surge in use cases in the payments system since then. 

The token has been warmly received by the payment industry, owing to its ability to facilitate low-cost and secure transactions.

SHIB is currently accepted by millions of retailers all over the world. Flexa, a Gemini-backed digital payments company, recently announced to its followers that SHIB may now be used to make payments at over 40,000 stores throughout the United States.

This month, Travala, a blockchain-based vacation booking site, and Newegg, an online electronics shop, both announced that they would accept SHIB as a means of payment.

At press time, Shiba Inu was trading at $0.00003238, marking a 3.70 percent day-to-day loss. By market capitalization, SHIB is the thirteenth biggest cryptocurrency.

Reserve Bank of India requests the board to impose a total ban on crypto.

According to those familiar with the deliberations at the Reserve Bank of India’s board meeting on Friday, December 17, the central bank notified its central board that it favors a blanket ban on cryptocurrencies.

According to one person who spoke to The Economic Times, India’s central bank made a lengthy presentation to the board, noting “severe worries” about macroeconomic and financial stability, as well as exchange management.

“The board was informed of RBI’s view on the topic,” the source said.

The central bank also highlighted the complexity of regulating intangible assets with international origins. 

According to another source, RBI officials have said that these are available for trade on international exchanges, citing concerns regarding transaction confidentiality.

Some board members want a balanced perspective.

According to a second source, some board members desired a more balanced approach to digital assets, one that took into account technological improvements as well as the financial sector’s larger implications. 

The Reserve Bank of India issued a statement on Friday stating: “Various features of the Central Bank Digital Currency and private cryptocurrencies were also considered by the board.”

The government’s list of bills to be tabled in the Lok Sabha during the winter session of parliament includes the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

It is supposed to be introduced during the budget session as well, but it was unable to do so since the government chose to amend it.

Bill to provide a digital currency framework

The proposed bill proposes to create a framework for the development of an official digital currency that would be issued by the Reserve Bank of India. 

In particular, it aims to limit private cryptocurrencies in India while allowing for specified exclusions in order to promote crypto’s underlying technology and uses.

Finally, Prime Minister Narendra Modi will approve the parameters of the proposed framework for cryptocurrencies, and he will make the final decision.

Despite the fact that the Prime Minister has already had many rounds of conversations on the issue, the law is unlikely to be submitted during the current legislative session since the government wants to undertake more thorough consultations beforehand.

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