Stock Markets and Cryptos Tumble on Rate Hike Fears
The Dow Jones nosedived by 506 points, and Bitcoin fell to $30,600 amid fears of rate hikes driven by robust labor market data and the Fed's hawkish stance.
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Singapore's Gambling Regulatory Authority says that it has no plans to legalise the use of crypto within its casinos.
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GRA General Counsel Albert Yeo told a regulatory gathering in Sydney last week that crypto was one of the key issues the regulator is currently examining – particularly as it applies to new technologies.
The GRA's concerns are on the nature of cryptocurrencies, since unlike traditional gaming currencies, these currencies can be taken out of the games and put on exchanges. They are currently examining whether these tokens can be considered money, money equivalents, or anything of value.
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