Crypto 2021: The good, bad and ugly

·2-min read

CRYPTO HIGHS AND LOWS IN 2021:

* The world's richest man, Elon Musk, sparks wild swings in Bitcoin, Ethereum and Doge (which he holds) and Shiba Inu (which he does not) with impromptu tweets ... again.

* Australia's federal inquiry quizzes the financial technology industry and makes 12 bipartisan recommendations for cryptocurrency regulation.

* The tax office tracks more than 800,000 Australians transacting in cryptocurrency, as participation surges year-on-year.

* US Federal Reserve agencies pledge a crypto-asset "policy sprint" in 2022 but make no immediate changes to rules and regulations.

* US says greater clarity is coming for crypto-asset safekeeping and custody services, buying and selling of crypto-assets, loans collateralised by crypto-assets, issuance and distribution of stablecoins, and the treatment of crypto-assets on balance sheets.

* China's central bank bans crypto mining and all cryptocurrency transactions.

* China develops blockchain technology for its own future state-controlled digital yuan and payment system.

* Bank of Russia warns of great risks for investors, citing high volatility and use in illegal activities, and advises financial institutions not to facilitate cryptocurrency transactions.

* Russia's parliament wants new laws for crypto miners who earn $US2 billion ($A2.8 billion) per year tax free.

* Visa announces a Global Crypto Advisory Practice for retailers looking to expand payment options, banks eager to attract or retain customers with a crypto offering, and central banks thinking about a central bank digital currency (CBDC).

* Commonwealth Bank becomes the first Australian bank to offer customers limited ability to buy, sell and hold crypto assets, with plans for a broader roll out in 2022.

* Blockchain Global, the developer of defunct crypto exchange ACX, collapses owing more than $20 million after failing to comply with a Victoria Supreme Court order to disclose assets.

* MyCryptoWallet collapses with SV Partners appointed liquidators.

* The Reserve Bank of Australia completes Project Atom, a trial of a wholesale CBDC between banks.

* Solarcoin and Cardano lead a range of greener cryptocurrencies amid more global attention on the carbon footprint.

* Treasurer Josh Frydenberg announces crypto exchange licensing and custody regime laws to be developed in 2022 and considers a retail CBDC.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting