Daily Digest 11/29

Insight on the biggest news stories of the day.

India has been making headlines lately as rumors began to swirl that they may be the next country to recognize Bitcoin as legal tender. While the Winter Session of Parliament has already started in India the Finance Minister has already made it clear that they will not be recognizing BTC as a currency.
This is not the only crypto matter on the table at the winter meetings though. The country is also planning on launching its own central bank digital currency. In fact one of the bills is proposing that all “private” cryptocurrencies be banned in favor of the non-volatile CBDC that will be sovereignly back and controllable.
Back in May India sent out a memorandum to all regulated institutions to comply with KYC / AML laws but also stated that cryptocurrency is unregulated in India so those institutions did not receive that memorandum. This would essentially make the broad definition of “private” cryptocurrencies illegal in India but an outright ban is unlikely as it will take long and numerous processes for that to happen.
Kazim Rizvi, who is from a privacy policy think tank, suggests that the open nature of BTC and ETH should exclude them from the “private” tag since you can see all the transactions on the public blockchain.

If you asked someone what they knew about Jack Dorsey you would get at least 5 different answers. He’s most well known for having been the CEO of two fortune 500 companies, Twitter and Square, as well as one of the faces of the Bitcoin community.
Today he resigned from one of those high profile roles as he announced on his twitter account that he was, in fact, resigning from his CEO position at Twitter. This comes less than a week after announcement of the white paper for his decentralized Bitcoin exchange and just a couple months after launching BTC tips for twitter content creators.
If there is anything that we have learned about Dorsey it is that he is always working on something so now that he has freed himself up to an extent it will be interesting to see what he comes up with next.
“After almost 16 years of having a role at our company… from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO… I decided it’s finally time for me to leave… I want you all to know that this was my decision and I own it.”

On Sunday the creator of Off-White and Louis Vuittons creative director for menswear, Virgil Abloh, passed away after privately dealing with a rare form of cancer for the last couple of years. He was an icon in the fashion industry for years and was planning on pushing his reach into the world of web3 as well.
Before he passed Abloh was exploring launching a DAO as well as NFTs. This goes to show how he was always ahead of the curve as a creative as he also inspired artists to get into the NFT boom. He saw NFTs as a way to "change the balance of power in favor of creators.”
If Abloh were able to complete his task of creating a DAO it would have put it on the map for all fashion houses and creatives to start doing so as well because that is the kind of influence he had. To see someone of his stature in culture be on board with something that could destroy current flawed systems would have been the push a lot of people needed to shift the paradigm back to the creators.

This was supposed to be Ablohs first launched NFT which depicts the DAO he was creating smashing through the Louvre in a representation of Web3’s potential to disrupt the traditional art world.

ETH Shows Strength