🚨 Crypto adoption booming

All Things Flooz newsletter is for innovators, creators and traders.

Flooz

6 min read Apr 7, 2023


Talking points

  • 👀 MetaMask NFT update

  • 🏯 Japan crypto empire

  • 🤯 India one million users

Quick market outlook 👀

As we enter our first week in April, will we have a different narrative in store for Bitcoin and the crypto market? Could we see above $30k this month or are we destined to drop?

Well, first let’s take a quick look at how Bitcoin has been doing over the past 7 days.

BTC Graph 3

As you can see, Bitcoin has been ranging comfortably between $28.7k and $27.6k which isn't so bad for the start of the month and the small added aspect that the UK tax year just reset, with that occurring on 6th April.

Bitcoin volatility seems to have slowed down a bit entering in April, but we are still pivoting on the question as to whether we will see $30k broken or not.

Could we see that this month, or are we going to see a drop lower? 🤔

👀 MetaMask NFT update

MetaMask, the popular Ethereum wallet, has just made an announcement that may just start those streams of excitement through the NFT community. They have revealed that they will soon be adding a brand new NFT viewing feature to their wallets, allowing users to see the image represented by the metadata with the new NFT auto-detection setting, pretty cool, right?

This means that collectors will be able to view their 721 token standards first, with 1155 tokens following soon after. What a brilliant and convenient addition, that has also been sought after for a while.

Although the NFT market has seen a decline in recent months there has definitely been some positives, especially with Ordinals and Blur keeping the interest up. The community has eagerly welcomed this new feature, which many feel is long overdue, especially with it perceived as an easy implementation, although that is not always the case, hence the wait time. It's clear that MetaMask and ConsenSys, the company behind it, are not resting on their laurels when it comes to improving and innovating their blockchain wallet technology.

Despite the sluggish pace of the crypto market, they are determined to continue to provide their users with cutting-edge tools and features that keep them at the forefront of the industry.

With MetaMask's new NFT viewing feature, users will be able to easily view their collections and appreciate the artwork in all its glory.

MetaMask's latest announcement is an exciting development for NFT enthusiasts, and a sign that the industry is still evolving and growing even if it does seem small, every addition is a positive and a move forward. With new innovations like this, it's clear that blockchain technology is here to stay, and that MetaMask will continue to play an important role in shaping the future of the crypto world.

🏯 Japan crypto empire?

Japan is taking some super serious steps to kickstart its crypto industry into a better situation, and it's all part of the "Cool Japan" project initiated by Prime Minister Fumio Kishida to promote technology.

The ruling Liberal Democratic Party's Web3 project team has published a white paper with recommendations to make Japan a friendlier environment for crypto, and it's a welcome change of pace from other countries that are focusing on regulations to protect consumers. This is huge and let’s not forget that Asia is leading the charge again, with China also steaming ahead and embracing the crypto world.

The Web3 project team has been bypassing the usual bureaucratic processes to formulate regulatory proposals for everything from NFTs to decentralized autonomous organizations, which again we are seeing a lack of in the US. This is a big deal because it means that Japan is serious about becoming a leader in the Web3 space and that is only a positive for everyone involved. Major companies in Japan have already started to enter the market, with NTT Docomo pledging to invest up to $4 billion into Web3 infrastructure and large financial institutions looking to issue stablecoins.

Japan's Web3 project team has released a white paper outlining several proposals to boost the country's crypto industry. If you’re not sure what a white paper is, it is simply the plans for the project so that potential investors know what to expect. Among the key recommendations is also suggestions for changes to tax regulations, including tax exclusions for companies holding tokens issued by other companies that aren't going to be traded short-term and allowing investors to carry over losses for three years, which is a fantastic addition for any investor.

The lack of accounting standards for Web3 companies has been recognized by Japan and is also addressed in the white paper which makes sense and shows Japan are taking EVERYTHING into consideration. The Japanese Institute of Certified Public Accountants is proposed to receive support from ministries and agencies in formulating guidelines which is a good sign also.

But wait, because there’s more!

As well as mentioning that they should be a part of The Group of Seven (G7) summit this year to demonstrate leadership within crypto. The paper also proposes a process for stablecoin registration which signals some serious thoughts for complete adoption in Japan! Good news for Web3 and crypto lovers for sure.

To promote these policies and encourage cooperation with other countries, the paper suggests the appointment of a Web3 minister. Additionally, the paper proposes the issuance of crypto visas to skilled workers and expanding the startup visa system.

Japan's Web3 project team is taking bold steps to make Japan a leader in the Web3 space. It's exciting to see a country embracing crypto with such a positive approach, and we look forward to seeing what the future holds for Japan's crypto industry.

🤯 India one million users?

We’ve got a controversial one for you here, because India's central bank digital currency (CBDC) is making waves once again. According to insiders, the Reserve Bank of India (RBI) is aiming to scale the user base of their digital rupee to one million users this year, which is INSANE!

That's double their previous target of 500,000 users by July! And with India being the world's second-most populous country, the insiders predict that reaching the one million milestone will not be a difficult feat and indeed a positive outlook on crypto, even if CBDCs are an uncertainty for many people.

However, not everything is as easy as it seems, and there are still some problems. One of the main challenges facing the RBI's CBDC architects is creating an offline version that can enable transactions in areas without internet connectivity. They've even initiated a Hackathon to find solutions to this and other scalability issues, which could also be fantastic for the future of the Web3 space.

Despite these challenges, the retail CBDC pilot has been active in at least 15 cities with over 13 banks participating. More than 100,000 customers have already participated in the four months since its launch in December 2022 which is a remarkable step for India. And on top of this, the digital rupee was the subject of great interest at a recent G-20 meeting, with one international financial expert complimenting its design and even lamenting the lack of the "smell of new currency."

This is interesting either way, especially with crypto being unregulated while also increasing crypto tax to 30% plus a 1% tax deducted at source.

And as you can see below, declaring and paying tax on cryptocurrency in India was not on the agenda.

As for, the RBI they are also hoping to conduct offline transactions using wearables, debit and credit cards, Bluetooth technology, and smartphones. And with financial inclusion being a top priority, a digital currency system that can facilitate offline transactions could be a game-changer for emerging economies like India.

So, while we don't know the exact timeline for the full-scale retail CBDC rollout, we're keeping our eyes peeled for any updates. In the meantime, let's raise a virtual toast to the future of digital currency in India!

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