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RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Sunday, down 0.56 percent to $40,296 as of 08.15 a.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $3.037, down 0.27 percent, according to data from Coindesk
The Brazilian Congress may approve a legal framework for cryptocurrency
The proponents of various proposed law projects presented in the Senate and the Congress have stated they will seek the unification of the projects due to their similarity, according to reports from local media.
This new consolidated project provides incentives for green mining and the inclusion of crypto-related fraud as a crime, according to Bitcoin.com.
“There is a market demand for a safer business environment and the need for criminal classification to avoid fraud, in addition to adjusting Brazil to international agreements,” senator Iraja Abreu said.
The senator believes that with a clear and well-established legal framework for cryptocurrencies in place that adapts the recommendations of the Financial Action Task Force, known as FATF, the sector will be more suitable for investors interested in Brazil.
Oman integrates real estate tokenization in virtual assets regulatory framework
The Oman Capital Market Authority, known as OCMA, is set to include real estate tokenization in its virtual asset regulatory framework, Bitcoin.com reported.
Oman expects to complete the drafting of the regulatory framework for virtual assets by the third quarter of 2022, according to the report.
“The Regulatory Framework for Virtual Assets and Virtual asset service providers currently being established will allow the issuance of virtual assets such as real estate tokens for the first time in the Sultanate of Oman,” the advisor Kemal Rizadi said at the real estate conference held in Muscat.
Rizadi suggested the tokenization of real estate — the supposed conversion of real estate property into several blockchain-based tokens — will likely open up investment opportunities in the real estate sector for local and foreign investors.
North Korean hackers blamed for crypto theft
The US has linked North Korean hackers to the theft of hundreds of millions of dollars worth of cryptocurrency tied to the popular online game Axie Infinity, the US Treasury Department said on April 14.
Ronin, a blockchain network that lets users transfer crypto in and out of the game, said digital cash worth almost $615 million was stolen on March 23.
No one has explicitly assigned blame for the hack, but on Thursday the US Treasury identified a digital currency address used by the hackers as being under the control of a North Korean hacking group often dubbed “Lazarus.”
“The US is aware that the DPRK has increasingly relied on illicit activities — including cybercrime — to generate revenue for its weapons of mass destruction and ballistic missile programs as it tries to evade robust US and UN sanctions,” a Treasury Department spokesperson said, using the initials of North Korea’s official name.
The spokesperson warned that those transacting with the wallet risk exposure to US sanctions.
Amazon not ready for crypto payments
Amazon.com Inc. CEO Andy Jassy said the e-commerce giant is not close to adding cryptocurrency as a payment option to its retail business, in an interview with CNBC on April 14.
He also said it might be possible to sell NFTs on its e-commerce platform and expects NFTs to continue to grow “significantly.”
NFT, a type of digital asset that exists on a blockchain, has exploded in popularity in 2021, with NFT artworks selling for millions of dollars.
Jassy said cryptocurrencies will become bigger in the longer term, but added he himself does not own any bitcoin.
A growing number of companies have started to accept virtual currencies for payment, bringing an asset class shunned by major financial institutions until a few years ago closer to the mainstream.
Last year, eBay Inc. allowed the sale of NFTs for digital collectibles like trading cards, images, or video clips on its platform, the first e-commerce company to tap into the frenzy around NFTs.
eBay had also said it was open to the possibility of accepting cryptocurrency as a form of payment in the future.
(With inputs from Reuters)