India wants to introduce e-rupee - Simon Peters' Cryptocurrency Corner

Bitcoin hit $ 20 again last week. It stayed above this price level for an extended period for the second week in a row. The downward trend has returned, however, following recent US employment data.

Bitcoin remains at around $ 19

The world's largest cryptocurrency started the week under $ 19before it jumped above $ 20 mid-week. Recent US labor data weakened the results, bringing price levels back below $ 000. Currently, the price is around $ 19.

Ethereum meanwhile, it recorded its own mid-week rally, soaring above $ 1 after starting the week below $ 360. It also lost a streak on Friday and is now around $ 1.

India wants to introduce e-rupee

Things have looked calm in recent months on the central bank's digital currency (CBDC) front, but India has just announced that it is working on the gradual introduction of its own digital asset in the near future - the e-rupee.

The Central Bank of India did not provide much detail, but confirmed that it is considering introducing an account-based CBDC with a segment for wholesale use by financial institutions and digital currency for retail use by consumers.

India is lagging behind other countries in the use of physical cash, so the successful introduction of the digital currency could be a big step forward in terms of
economic for the nation. CBDCs are not without controversy, however, and some subgroups of the cryptocurrency community are against, as they are ultimately controlled by powerful centralized government institutions.

Brazil breaks cryptocurrency records

New data from Brazil shows a record number of organizations owning cryptocurrencies in August. Figures from the Brazilian Tax Office (RFB) show that a record number of companies and other institutions now own cryptocurrencies. Interestingly, the most commonly owned cryptocurrency among these organizations is Tether stablecoin USDT.

This makes sense in the context of the use of stablecoins, a key on-ramp to the wider cryptocurrency ecosphere. More than $ 1,4 billion is owned by less than 80 organizations. It's worth watching the use of cryptocurrencies and movements in the wider world outside of Europe and the US.

Cryptocurrencies have gained ground in countries like Brazil and El Salvador, where local financial institutions, currencies, and other aspects of finance suffer from a general mistrust. This phenomenon is exacerbated as traditional assets suffer and the US dollar appears to be all-powerful.

Cool Cats NFT gets a new investment

The well-known NFT Cool Cats project has won a significant new investment in its project by Animoca Brands. The company has already participated in the Cool Cats ecosphere through its subsidiary GAMEE, but the new partnership expands the NFT and gaming proposition. Animoca says it wants to become a leader in the NFT, gaming metaverse and brand media, and that it recently got a $ 110 million capital injection from a consortium of investors. The current valuation of the company is above $ 5 billion, which makes it a significant player in the market. So it's not surprising that the Cool Cats NFTs base price responded well to the announcement.

This news is another encouraging example of "bearish" in the market. It is notable due to the significant fall in price levels in recent months. NFT companies hit high valuations last year and many believe they are now facing a severe bear market. However, there is evidence that the technology and ideas around it are still developing for the future.