India prime minister Narendra Modi’s Twitter account was “briefly compromised” on Dec 11 — a tweet from the account said India has officially adopted bitcoin as a legal tender. The matter was escalated to Twitter and the account has been immediately secured, said the Indian prime minister’s office in a tweet.

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A screenshot of the now-deleted tweet

Meanwhile, Myanmar’s government-in-exile, the National Unity Government, has issued an announcement that stablecoin Tether is officially recognised for usage within the nation. This is amid the junta’s tight control over the banks and the internet.

Pegged to the US dollar, Tether is the first stablecoin to be created and the largest by circulation as well as market capitalisation.

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See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/cryptocurrency/singapore-turned-conservative-crypto-after-ftx-says-binances-zhao?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Singapore turned conservative on crypto after FTX, says Binance's Zhao</a>

Tether performance YTD. Source: CoinGecko

Through a blogpost dated Dec 9, the International Monetary Fund (IMF) warned against risks posed by cryptocurrencies and outlined a proposal for establishing a global regulatory framework.

“While the nearly US$2.5 trillion market capitalisation indicates significant economic value of the underlying technological innovations such as the blockchain, it might also reflect froth in an environment of stretched valuations,” it said in the post.

The IMF suggested three core elements to be present for the development of a global regulatory framework — cryptoasset service providers that deliver critical functions should be licensed or authorised; requirements should be tailored to the main use case of cryptoassets and stablecoins; and authorities should provide clear requirements on regulated financial institutions concerning their exposure to and engagement with crypto.

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