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Best cryptocurrency news on June 11: RBI repeats 'risky' crypto position, Mastercard opens NFT buys by means of cards and more

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 Cryptocurrencies traded in the red early on June 11. The global crypto market cap is $1.19 trillion, a 2.91 percent decrease over the last day. The total crypto market volume over the last 24 hours is $67.62 billion, which makes a 11.34 percent increase.

The total volume in DeFi stands at $5.97 billion, 8.83 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $57.31 billion, which is 84.75 percent of the total crypto market 24-hour volume. The price of Bitcoin is currently Rs 24 lakh, with a dominance of 46.65 percent. This was a 0.30 percent increase over the day, according to data from CoinMarketCap. Read full here

Big Story

Cryptocurrencies pose 'huge risk' to financial stability: RBI Guv Shaktikanta Das

Cryptocurrencies pose huge financial stability risks in the economy, Reserve Bank of India (RBI) Governor Shaktikanta Das said. “We have already conveyed our stance (on cryptocurrencies) to the government. They pose huge risks to financial stability. The central bank will wait for the government consultation paper on cryptocurrencies to come out,” Das said at an event in Mumbai. Further, Das said that the central bank will come out with guidelines on digital lending “soon".

The RBI has been cautioning investors regarding trading in cryptocurrencies amid the ongoing crypto market crash. Das has repeatedly conveyed his stance that trading in cryptocurrencies involves a great deal of risk and may lead to instability in the financial market. Read details here

NFT Moves

Mastercard to allow NFT purchases with cards

Payments giant Mastercard has tied up with a raft of crypto marketplaces to allow its cardholders to pay for the purchase of Non-Fungible Tokens (NFTs). Mastercard is working to enable NFT commerce with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay.

Theft Aware

OpenSea to step up efforts in preventing scams, thefts

Days after NFT trading platform OpenSea’s former executive was charged for insider trading of the digital assets, the company’s co-founder and CEO Derin Finzer has committed to step up efforts in preventing thefts, scams, and IP infringements on the marketplace. Finzer in a blog post said while plagiarism, IP infringements, and thefts are prohibited under OpenSea’s Terms, “at our scale, comprehensive policies aren’t enough”. He said the company recently launched a new verification system that identifies authentic accounts and content more prominently to keep scammers out and that OpenSea’s copy mint prevention system is the most sophisticated spam and fraud reduction tool the company has built. Read more here

Payments Game

Most US retailers give high priority to enabling crypto payments: Deloitte

More than 85 percent of US retailers give high or very high priority to enabling cryptocurrency payments, given the significant interest in digital solutions among the younger generations, a survey by Deloitte has shown. Roughly 83 percent are doing the same for stablecoins.

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