In a recent statement at Mint's BFSI Summit, Reserve Bank of India (RBI) Governor Shaktikanta Das reiterated the central bank's cautious stance on cryptocurrencies, emphasizing the potential risks associated with their proliferation. Governor Das expressed concerns about the global and emerging markets grappling with a crypto mania akin to the historic Tulip mania.Last year, Governor Das maintained the RBI's unwavering position on banning crypto assets, labeling them as a "serious threat to financial stability, particularly for emerging markets." During the summit, he questioned the feasibility of regulating the cryptocurrency industry, citing the need for clear regulations and expressing skepticism about the task of regulating a rapidly evolving sector.Referencing a recent International Monetary Fund (IMF) paper, Governor Das pointed out the IMF's acknowledgment of the necessity for countries to consider imposing additional restrictions on cryptocurrencies. This underscores the global concern surrounding the potential implications of unregulated digital currencies.Despite these reservations, Governor Das commended private companies for their role in making India a leader in the UPI payment system. He highlighted the acceptance of digital lending guidelines and the growth of the fintech sector, emphasizing the importance of sustainable growth in this rapidly evolving landscape.He acknowledged the challenges posed by cyber threats to the robustness of IT systems and reaffirmed the RBI's commitment to strengthening India's banking and financial systems.In a notable move, Governor Das also unveiled the RBI's plan for a Central Bank Digital Currency (CBDC) during the Mint BFSI Summit. While outlining the expansion of wholesale CBDC, he emphasized exploring programmable features in retail CBDC to enable senders to define specific end uses. This announcement aligns with the global trend of central banks exploring the potential of digital currencies.As the world navigates the evolving landscape of digital finance, Governor Das's remarks shed light on the RBI's cautious approach to cryptocurrencies and its commitment to fostering a secure and sustainable financial ecosystem.#CBDC #IndiaCrypto #warning #cryptocurrency!!! #CryptoSaga $BTC $ETH $BNB

RagnarShib, a team member of the Shiba Inu ecosystem and an admin of the Shibarium Telegram group, has shared an update about the progress of developing Shibarium’s automatic SHIB token-burning system.

Cryptos Headlines Platform Has Launched Its Native Token, Early Public Sale Is Live On CryptosHeadlinesToken.com
In a recent tweet, RagnarShib mentioned that testing has begun on the burn portal, which the community has been eagerly awaiting. The burn mechanism for Shibarium was rolled out last month on Puppynet, the testnet edition of the L2 scaling solution.

Clarification on Shibarium Burn Portal Deployment

RagnarShib’s recent message carried significant importance, especially considering the expectations of some SHIB community members regarding the launch of the highly-anticipated burn portal on the mainnet in January. Several enthusiasts expressed their frustration across various social media platforms, including X.
In response to these reactions, RagnarShib addressed a misunderstanding regarding the deployment of the burn mechanism. He highlighted that The Shib Magazine, a bi-weekly journal dedicated to Shiba Inu, explicitly stated that the burn mechanism would undergo deployment on Puppynet for testing purposes in January.
To support his statement, RagnarShib shared an excerpt from the magazine, which clearly stated: “Starting in January, the mechanism will evolve into an automated system on Puppynet for testing purposes.”

It’s important to note that the initial phase of deploying the burn mechanism holds significant importance in refining the solution, ensuring its efficiency, and enhancing its reliability before its eventual deployment on the mainnet.
Transitioning to Automated SHIB Token Burns
The Shibarium team has been actively burning SHIB tokens using a portion of Shibarium fees. These burns, powered by Shibarium, have been conducted manually, with the team sending SHIB tokens to the cryptocurrency dead wallet.
To date, five Shibarium-powered burns have been initiated, resulting in the incineration of over 43 billion SHIB tokens, valued at $390,440 at the time of writing.
Despite the successes achieved thus far, the current manual burn model faces issues of inefficient performance and lack of transparency. However, the upcoming automatic burn mechanism aims to address these concerns by operating based on predefined rules.
While there is no specific date for the transition of the automated burn mechanism to the mainnet, it is anticipated to go live before the end of the year.
The launch of the Shibarium burn mechanism on the mainnet is expected to significantly contribute to SHIB’s deflationary model. By reducing SHIB’s massive circulating supply of 581.32 trillion tokens, the burn portal is poised to potentially stimulate a surge in price.
Encouraging Shibarium Usage for Increased Burns
RagnarShib’s message follows shortly after another member of the Shiba Inu ecosystem team, DaVinci, advised the community to make use of Shibarium for their transactions. DaVinci addressed the community’s growing calls for more burns via Telegram.
DaVinci emphasized that utilizing Shibarium would lead to higher fees generated by the network, consequently positively impacting burns.

In his message, DaVinci stressed the importance of active participation from the community in sustaining the burn initiative. He cautioned that failure to utilize Shibarium might be perceived as engaging in behavior resembling scams.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#ShibaInu #ShibariumBlockchain #Bitcoin #Altcoin #cryptocurrency!!!

Like any other currency, cryptocurrency can be used to buy everyday things, from food to cars. But unlike cash, cryptocurrency payments exist solely online as digital entries in a database describing specific transactions, otherwise known as a ledger. This is made possible by Blockchain #Technology  — a digital, decentralized ledger that is composed of encrypted blocks of data, which are “chained” together and secured (often by using complex math problems). 
New units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated #Mathematical problems that generate coins. 
People can also buy existing coins on specific trading platforms, or exchanges. Whether you mine it yourself or purchase it from others, when you own cryptocurrency, you don’t own anything tangible. Instead, you own a sort of key that allows you to transfer a record, or unit, from one person to another on the ledger, without a third-party entity, such as a bank.
#cryptocurrency!!! is stored and spent using cryptographically secure digital wallets — also known as crypto wallets. When people want to transfer funds and make purchases, it is recorded in a database and secured using cryptography, creating an irrefutable record of the transaction and who the new owner of the crypto is.
Cryptocurrencies and the blockchains that support them are mostly built on open source technology, meaning anyone can view the code and build upon it for future projects. Because of this, cryptocurrency issuers say that using crypto makes transferring money and making purchases an easy, private, secure and relatively low-cost alternative to our traditional financial system.

#Write2Earn #The_Bitcoinbull

By @Bitcoin Bull