Latest Crypto News: Bitcoin Cash Home To Innovative Leverage Trading App, No Payment Gateway For Non-Permissible e-Games

Here are some of the major developments from the world of crypto over the past few days

Bitcoin Cash offers several advantages for DeFi applications because of its UTXO model, thereby, potentially offering better scalability and security.

The growth of DeFi’s popularity was volatile and quick, which follows suit with the overall development of the crypto industry. During the peaks of 2021, the sector saw almost $180 billion in total value locked in the many protocols that still exist today.

Recently, DeFi stood out in the market upturn during the first quarter of 2023. The DeFi space rose $29.6 billion in value, making the sector stand out against the performances of major asset classes like gold and oil.

The popularity of DeFi can be attributed to the increasing number of decentralised applications (DApps) and the flow of users from centralised to decentralised exchanges, among others. However, while the increasing popularity is a positive development, there are some caveats. Incidentally, the DeFi space also got hit by the crypto winter.

No Payment Gateway For Non-Permissible e-Games

The Ministry of Electronics and Information Technology, Govt of India, is taking action to forbid non-permissible platforms which may be enabling illicit betting and gambling enterprises to operate as the online gaming industry. The government is working towards adopting a self-regulatory structure for the sector.

The ministry is now planning to close loopholes that could potentially let illegal betting and gambling platforms to flourish. The ministry is likely to issue a set of orders for financial services companies asking them to disallow their payment gateways for games that are non-permissible by the self-regulatory organisation, according to a report in Economic Times.

Officials further said that the move will make sure that whitelisted games do not face issues from banks and payment gateways.

Bitcoin, Ether Gain, US. Equity Futures Lose Ground

Bitcoin opened the week higher on Monday morning in Asia, but was boxed in below $28,000 after a slide over the weekend. Ether and most other top-10 non-Stablecoin cryptocurrencies edged up, but still logged losses for the last seven days from a correction that kicked in after recent rallies.

XRP led the winners. Elsewhere, US equity futures also fell in Asia ahead of a raft of first-quarter earnings from major US corporations in the week ahead, with one forecast predicting an overall decline in the numbers.

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