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Indians Hungry For Bitcoin Despite Premium

Welcome to The Daily Forkast, February 23r, 2022, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show: 00:00 Coming up 00:51 Chinese court reiterates stance that the law cannot cover crypto losses. 01:49 Chinese tech giant Alibaba offers NFTs as blockchain game rewards. 02:47 Indian investors hungry for bitcoin despite premium. --- First up, a Chinese court has reiterated the stance that the law in China cannot cover Crypto losses. A group had been accused of deleting private keys for the cryptocurrency Xin, which led to the plaintiffs suffering a loss of US$1.9 million. However, the High Court in the southeastern province of Guangdong ruled that Xin does not carry the legitimacy of a fiat currency, and related investment activities are not protected by law so investors can kiss their losses goodbye. That echoes an August ruling in the eastern province of Shandong that cryptocurrency trading and investing is not protected by law. For China, these rulings could be far more effective than the laws that actually ban crypto activity itself, which probably is the point here. Staying in China, tech giant Alibaba is offering NFTs as rewards in its first blockchain game powered by Alibaba's Antchain, Ant Adventure takes players through a series of quizzes designed to educate the public on fraud. The points that players earn can then be traded for NFTs, which are viewable on the Jingtan NFT market. However, they can't be transferred to anyone else before a 180 day period. Why? Well, that's because Alibaba set a time threshold for transfers to prevent what it calls malicious hype after criticism that appeared in state media over NFT speculation. Still, it seems that China cannot get enough of NFTs despite those warnings. The question is who will make the next move? It could very well define the industry for China. Over in India, investors are paying a hefty premium of around five percent when buying Bitcoin compared to the global average. As of Wednesday morning Asia time, Bitcoin was trading at around INR2.97 million, or US$39,800, on India's Wazirx Exchange. Now that's a premium of 5.6 percent on Bitcoin's global price, according to CoinMarketCap of US$37,759. And that extra cost comes amid regulatory uncertainty in the country, as while fears of a ban were initially dispelled by the announcement of a 30 percent tax on crypto income, the Reserve Bank of India governor and deputy governor have since repeatedly warned against crypto and called for an outright ban. But despite those concerns, Indian investors have not been put off, with one expert telling Forkast that people are paying the premium as supply and demand is an issue. However, while the cost is more for buyers, an exeprt says that the premium works both ways. Exchanges are hoping that more clarity and certainty over crypto regulations will help expand integration with global markets, and that may flatten out the price discrepancies in future. Well disputes over authenticity, trademarks and proof of ownership, well they're piling up when it comes to NFTs, a bit ironic given non-fungible tokens are actually supposed to be unique and not able to copy. So what's going on here? And Duc Luu, Executive Chairman of Spores Network, a Gamefi/metaverse publisher, incubator and launch pad, joins us to help shed light on the situation. Good to have you with us, Duc. Angie Lau: Well, let's kick off with Larva Labs, creators of the uber popular CryptoPunks. The firm scrapped the first edition of Punks. We all know that minted in 2017 due to a glitch. And those recently kind of reappeared and were sold, even as Larva Labs claimed them not to be official, CryptoPunks. What are we seeing here? Duc Luu: So I think the legality is pretty clear when the owner of the item disavows it as a product, then it's disavowed as a product. Now that doesn't stop the product from having some base value. Think of the U.S. Mint minting bad copies of coins, and it's not officially sanctioned. But it is a coin that exists and depending on its limited availability, exists in the collector ecosystem. But the trickier question is, even if it was, you know, there was a clear legal precedent, does it stop a certain type of collector valuing that asset as a tenth of the real value of CryptoPunks, right? --- #Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Alibaba #NFT #China #Bitcoin #Law #Antchain #Wazirx #CryptoExchange #Technology --- RECOMMENDED PLAYLISTS: Word On The Block: https://youtube.com/playlist?list=PLENVHIZFjdMT-q2_LSNncbuoS_LGiuLz2 The Daily Forkast: https://youtube.com/playlist?list=PLENVHIZFjdMRfYkVfu0Mg30_NmcV5Xnit