Visa Cryptocurrency Partners

Crypto 2021: The good, bad and ugly

Crypto 2021: The good, bad and ugly
Written by publishing team

CRYPTO’s Tops and Bottoms in 2021:

* The world’s richest man, Elon Musk, stirs up wild swings in Bitcoin, Ethereum, Doge (which he owns) and Shiba Inu (which he doesn’t own) with impromptu tweets…again.

*Australia’s federal investigation tests the fintech industry and makes 12 bipartisan recommendations for regulating cryptocurrency.

* The Tax Office is tracking more than 800,000 Australians dealing in cryptocurrency, with participation increasing year by year.

* US Federal Reserve agencies have pledged to implement a “policy fast race” for crypto assets in 2022, but they have not made any immediate changes to rules and regulations.

* The US says more clarity is coming regarding safe custody and custody services for crypto assets, buying and selling of crypto assets, loans secured by crypto assets, issuance and distribution of stablecoins, and handling of crypto assets on balance sheets.

* The Central Bank of China prohibits cryptocurrency mining and all cryptocurrency transactions.

* China is developing blockchain technology for the digital yuan and the future state-controlled payment system.

* The Bank of Russia warns of significant risks for investors, citing high volatility and use in illegal activities, and advises financial institutions not to facilitate cryptocurrency transactions.

* The Russian parliament wants new laws for crypto miners who earn $2 billion (A$2.8 billion) a year tax-free.

*Visa announces a global cryptocurrency advisory practice for retailers looking to expand payment options, banks keen to attract or retain customers through a crypto offering, and central banks considering Central Bank Digital Currency (CBDC).

* The Commonwealth Bank has become the first Australian bank to offer clients a limited ability to buy, sell and hold crypto assets, with plans to roll it out more widely in 2022.

* Blockchain Global, developer of defunct crypto exchange ACX, collapses due to over $20 million after failing to comply with a Victorian High Court order to disclose assets.

* MyCryptoWallet collapses with liquidators appointed by SV Partners.

* The Reserve Bank of Australia is completing Project Atom, a live cryptocurrency pilot for interbank cryptocurrency.

* Solarcoin and Cardano lead a group of greener cryptocurrencies amid more global concern about the carbon footprint.

* Treasurer Josh Frydenberg has announced crypto-exchange licensing laws and a custody system that will be developed in 2022 and considers issuing a retail CBDC.


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