India: ‘Draft bill’ real or fake? Leaked legal documents are as authentic as Monopoly money

India’s battle against cryptocurrencies took a new turn after pictures of a “proposed” bill circulated on social media. However, it was rejected by various prominent publications and personalities in the crypto-circle, due to its lack of authenticity.
And that is how a bill becomes a law…
If for a moment we believe that the pictures circulated were indeed a part of the ‘draft bill’ on cryptocurrencies, it does not give it the status of law. This bill, after formulation by the committee spearheaded by Subhash Chandra Garg, must be passed on to the Finance Minister, who will then take it to the Parliament for further debate and discussions. Only after this bill is sanctioned by both houses of the parliament, will it reach the President for his final assent. It is then, that the bill will become a law.
According to a recent report, the draft is ready to be presented to the Finance Minister, Nirmala Sitharaman. Following her approval, the bill will be presented to the parliament. AMBCrypto spoke to a prominent crypto advocate and co-founder of Crypto Kanoon, Mohammed Danish, who also had reservations about the looks of the document in question. He commented,
“I would have believed the authenticity of the bill if there was some proof on the document like a seal or a mark from the Department of Economic affair, however, there is nothing.”
Source: Twitter
Despite the fact that Danish noted that the language used in the document was in line with other legal documents, he added that there was no way to identify it as a part of the bill before the committee. He further noted that since the bill was under consideration and discussion, it cannot be made public in any way. Danish cited the example of an Indian crypto-journalist who had filed an RTI [Right to Information] for this very bill, but was denied a reply under the Section 8(1)(i) of the RTI Act which states,
“Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen,—cabinet papers including records of deliberations of the Council of Ministers, Secretaries and other officers:
Provided that the decisions of Council of Ministers, the reasons thereof, and the material on the basis of which the decisions were taken shall be made public after the decision has been taken, and the matter is complete, or over:”
The advocate circled back to the authenticity of these papers and the means by which the person who reported it got the draft. Ever since India was introduced to the concept of crypto, government officials and ministers have spoken about its benefits and future plans. None of the official statements from the government can be said to have expressed any intention to ban it, Danish pointed out that,
“Various publications have covered this news regarding the bill, has any publication named any credible source or an identified Govt. official with a negative view towards Crypto? No! It is always the anonymous sources who have been quoted for any news on banning crypto.”
He further added,
“If the Government had anything negative about Crypto, why would the Ministry not come forward and say it publicly? What is the reason to conceal their intention? After all, they are performing their duty!”
Law of the jungle 
The crypto bill does not ask for a blanket crypto-ban and outlines offenses pertaining to the use of crypto for money laundering and other financial frauds. If the bill that seeks a “blanket ban on crypto” is passed by the Parliament then, not only is it not helping small-time investors and traders, it is instead helping ill-players and scammers. For instance,
A scammer scamming people on the web does not have to worry about banks shutting their accounts like small-time investors. If these investors fall prey to these scams, they would not be able to approach the authorities due to a blanket ban. This will contribute to the criminals being given a clean chit and criminalizing small-time traders and investors.
The government might not be able to remove all traces of crypto from the web. As history suggests [porn, torrents, marijuana etc.], a ban on anything usually leads to the creation of several parallel illegal markets. However, that does not mean the government should stop drafting laws that may help protect the interests of investors who may be at risk from such scammers.
The post India: ‘Draft bill’ real or fake? Leaked legal documents are as authentic as Monopoly money appeared first on AMBCrypto.
Source: AMB Crypto

This Week in Cryptos: Binance Goes Stablecoins Way While Justin Sun Wins a Lunch Date With Buffet

Key highlights

Binance will launch stablecoins
Justin Sun wins lunch w/ Buffett
SL Benfica now accepts Bitcoin
OKCoin launches in Europe
Samourai Wallet raises money
India to go tough on cryptos

Binance will launch stablecoins
The stablecoin mania doesn’t seem to be ending as newer and newer players announce their arrival on the fiat-linked coin stage. And this time its Binance, the exchange giant, that wants to give its users an umbrella again the storms of volatility. According to the latest reports, in a phone interview with Bloomberg, Binance’s chief financial officer, Wei Zhou, said the first stablecoin will be launched on the platform “in a matter of weeks to a month or two.” According to Zhou, this could be linked to GBP and may be called Binance GBP. Although the exchange inked stablecoin have had a “dirty” past, Binance would definitely look to change that.
Justin Sun wins lunch w/ Buffett
Well, the new age crypto guy meets the old age talisman investor. The TRON Founder- Justin Sun has paid 4.5 Million U.S. Dollars after winning the opportunity to be a part of the 20th Anniversary charity lunch hosted by Warren Buffett which will take place in the New York City. Will Sun be successful in changing the mindset of Buffet who till date has called Bitcoin “Rat Poison Squared”. All eyes will be in New York
Also Read: Binance CEO Turns Down Justin Sun’s Invite to a Lunch with Warren Buffet
SL Benfica now accepts Bitcoin
Well, the sports world seems to be getting well with crypto world and defiantly football has led from the front. Yet again another football club is getting around with cryptos. According to the reports, SL Benfica partnered with cryptocurrency service Utrust to provide the new payments option. Fans and customers can now buy tickets any products on the club’s website with Utrust’s native token (UTK) or with top cryptocurrencies bitcoin (BTC) and ether (ETH).
OKCoin launches in Europe
Another Asian exchange this week has spilled over and expanded to Europe to make the nest of the growing market in the continent. Cryptocurrency exchange OKCoin has launched in the EU, opening up euro pairs to traders for the first time. Available from Tuesday for non-U.S. users, OKCoin’s new spot trading offerings cover euro pairs with bitcoin (BTC), ether (ETH) and bitcoin cash (BCH) at launch, with more pairs planned. The firm said on its blog that until Sept. 4, euros can be deposited and withdrawn fee-free.
Samourai Wallet raises money
More private money is flowing into crypto businesses with an anticipation of a better future. According to the latest reports, the team behind the privacy-obsessed bitcoin app, Samourai Wallet, has gotten its first round of venture funding. Founded by two former developers at Blockchain.info, Keonne Rodriguez and William Hill, the wallet’s maintainer, Katana Cryptographic, has received a $100,000 investment from Cypherpunk Holdings.
India to go tough on cryptos
According to the reports coming from India, Anybody in India dealing in cryptocurrencies will be sent to jail for 10 years, says a proposal in the draft of Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019. The draft bill also states that the penalty is applicable to those who “mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies directly or indirectly.”While this cripples hope for a lot of crypto businesses in the country, it also advocates the introduction of an official digital currency for India. The ‘Digital Rupee’ will be introduced after consulting the central board of the Reserve Bank of India (RBI).
Also Read: India: Top Crypto Leaders Shouting Loud at `10 Year Jail Report’, Doubting on Draft Bill Approval
The post This Week in Cryptos: Binance Goes Stablecoins Way While Justin Sun Wins a Lunch Date With Buffet appeared first on Coingape.
Source: CoinGape

If Bitcoin Ban Bill in India Passes, Privacy Crypto Assets Could Boom: Binance CEO

Yesterday, the Bitcoin (BTC) and crypto asset community woke up to a harrowing tidbit of news from Bloomberg Quint. An article, which cited a “draft bill”, revealed that regulators in India, from multiple financial and judiciary agencies, revealed that those who involve themselves in the “sale, purchase and issuance of all types” of crypto assets, including Bitcoin, could lead to a ten-year jail sentence and/or fine.
At the same time, the Reserve Bank of India and its partners have purportedly also proposed the creation of a “Digital Rupee” to fill in the void left by a ban on Bitcoin. This exact strategy has purportedly been “recommended by a panel headed by Economic Affairs Secretary Subhash Chandra Garg”, and has been backed by an array of other respected governmental agencies.
Some have stated that the bill — if put in place — may have some unintended consequences for the Indian government. In fact, this bill may backfire altogether.
A Net Benefit For Bitcoin And Crypto? 
As this news spread, many tried to spin it positively. The crypto community does, after all, have roots in distaste towards and mistrust of governments. Changpeng “CZ” Zhao, the beloved chief executive of Binance, postulated that the Indian bill will “really push privacy coin adoption forward”.
While it is unclear how many in India are involved in cryptocurrency, there is believed to be a massive community of users, especially due to the largely unbanked population in the nation. With the ban, it may make sense for consumers to use privacy-enabling digital assets, like Monero or ZCash, that disallow government surveillance.

That Bill in India will really push privacy coin adoption forward.
— CZ Binance (@cz_binance) June 7, 2019

Some have gone a step further, saying that not only will privacy coin adoption boom, but Bitcoin adoption and awareness too. In fact, a multitude of Bitcoin industry insiders — Samson Mow of Blockstream, DCG’s Barry Silbert, and Michael Goldstein to name a few — have gone as far to say that the draft bill is more an advertisement for Bitcoin than anything. This is likely in reference to the Streisand effect, or the fact that consumers like to embark on small rebellions against state power.
Is The Bill Even Real? 
Despite the fact that there are numerous outlets and sources corroborating the existence of the bill, some are skeptical that Indian regulators want to fully ban Bitcoin. In fact, in a statement published June 4th — prior to the Bloomberg Quint article — India’s central bank claimed that they had no knowledge of a newfangled bill on the ban of cryptocurrency, nor were in contact with other agencies in regards to the subject matter.
This doesn’t imply that the draft bill does not exist though. Yet, the Reserve Bank should be involved if it truly is in the works, as the entity was involved in prior regulations involving cryptocurrency.
Even if the bill somehow exists and goes through, legendary Bitcoin coder Jameson Lopp recently reminded his followers that China has technically “banned” Bitcoin, but not really. Indeed, Chinese exchanges, which somehow find a way to serve clients from the mainland, were recently revealed by Diar to have processed the most Tether (USDT) on-chain volumes than platforms from any other region.
Related Reading: Crypto Community Reacts to China Mining FUD, Will Bitcoin Price React Next?
What’s more, there’s rampant speculation that China’s over-the-counter Bitcoin market is much bigger than we realize, signifying that the region and its investors still have control in the broader crypto industry.
So, even if the bill goes through, Indian investors will likely find themselves not under pressure from the government. And more importantly, will continue to interact with digital assets and related technologies.

Regarding the "India is going to ban Bitcoin" rumors… remember the dozen times that China banned Bitcoin?  https://t.co/eDEX6p5Rgl
— Jameson Lopp (@lopp) June 7, 2019

Featured Image from Shutterstock
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Source: New feedNewsBTC.com

India’s cryptocurrency ban? Experts weigh in on ‘draft bill’ that proposes 10-yr prison term for dealing in crypto

The regulatory clarity surrounding Bitcoin and other cryptocurrencies has been lacking in many countries. China and India have always shunned away from cryptocurrencies while encouraging blockchain.
A recent post by Bloomberg Quint regarding a draft bill that calls for the sentencing of one to ten years in jail if caught dealing with cryptocurrencies has turned a lot of heads. However, the authenticity of the draft bill has not yet been validated; the two images of the bills that are being circulated on crypto Twitter had not been authenticated by the officials, at press time.
The ‘draft bill’ stated:
“Whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency or any combination thereof with an intent to use it for any of the purposes mentioned in, or directly or indirectly uses cryptocurrency for any activities mentioned in clauses… shall be punishable with fine as may be prescribed by the Central Government in the First Schedule or with imprisonment which shall not be less than a year but which may extend up to ten years or both.”
In addition, the “bill” makes it clear that the above-mentioned offense will be non-bailable. The news caused a lot of panic and turned quite a lot of heads as prominent people in the space responded negatively to the draft bill.
CZ, the co-founder of Binance, tweeted:
“That Bill in India will really push privacy coin adoption forward. To 1/5th of the population of the world”
Barry Silbert of the founder of Digital Currency Group and the proponent of the #DropGold initiative tweeted:
“India ain’t messing around. This will, of course, have the opposite of the desired effect on bitcoin awareness and interest in the country”
CNBC Cryptotrader Ran NeuNer tweeted:
“This is so f@cking stupid. One of the biggest industries that could receive the Indian economy is tech and specifically blockchain. What a bunch of idiots!”
The post India’s cryptocurrency ban? Experts weigh in on ‘draft bill’ that proposes 10-yr prison term for dealing in crypto appeared first on AMBCrypto.
Source: AMB Crypto

Venture Capitalist: India’s Ban on Bitcoin Will Only Increase Interest in the Country

This week, a report claims that certain government departments across the country are supporting an outright ban on the “sale, purchase and issuance of all types” or crypto including Bitcoin, and could lead to a jail sentence for up to 10-years in prison for using the digital asset class as its intended.
And while the Reserve Bank of India – the country’s central reserve bank, has denied the claims of any draft bill that would see cryptocurrencies banned, given the country’s opposition to the emerging financial technology, many expect the the RBI to follow through with signing the bill into law. However, should that happen, the crypto industry’s most prominent and influential venture capitalist believes it’ll only cause the interest in Bitcoin and other cryptocurrencies in the region to increase, having an opposite effect that the bill intends to.
India Moves to Ban Crypto Outright, 10-Years in Prison For Using
According to an exclusive report from Bloomberg Quint, India has proposed up to a 10-year jail sentence for using, mining, selling, or holding cryptocurrencies. India already has strict rules governing its citizens use of the digital asset class, but this proposed bill would further tighten the government’s grasp.
Related Reading | India Still Cautious Over Crypto, RBI Shelves Plans For Own Cryptocurrency
A response from the Reserve Bank of India to blockchain lawyer Varun Sethi denies any knowledge of such a draft bill, and says it received no communication from the central government regarding it. It further states it hasn’t endorsed such a ban.
RBI avoided answering other questions posed by the lawyer, including if the draft bill could be passed without the RBI’s support.

India Banning Bitcoin Will Have Opposite of Intended Effect
Thus far, the nation hasn’t been supportive of the budding financial technology, and has taken steps that prevent the growth of the industry. However, an outright ban of crypto has thus far not been part of the discussion.
Given the RBI’s denial, the report can only be considered a rumor until the government of India issues such a bill. But if such a proposal exists, and is set into law, one prominent crypto-focused venture capitalist says that it’ll have the opposite effect India is looking for.

India ain't messing around. This will, of course, have the opposite of the desired effect on bitcoin awareness and interest in the country https://t.co/S7OehKgNS1
— Barry Silbert (@barrysilbert) June 7, 2019

Venture capitalist and founder of Digital Currency Group Barry Silbert, who is one of the most influential names in the crypto space known for driving the industry forward, says that the ban will only cause citizens in the country to become increasingly interested in Bitcoin and other cryptocurrencies.
Related Reading | Indian Bitcoin Trader Commits Suicide Over Losses Trading Crypto for Local Officials
Bitcoin was designed to be decentralized for the sake of removing the control governments have over their citizen’s money. It’s not too surprising for some governments and banks to see the risk Bitcoin and other cryptocurrencies pose to their longevity, which is why these countries are taking steps to derail any progress the asset class makes.
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Source: New feedNewsBTC.com

India: Top Crypto Leaders Shouting Loud at `10 Year Jail Report’, Doubting on Draft Bill Approval

So on June 07, 2019, Bloombergquint media published a click-bait article by hiding many secretive facts behind paywall about upcoming crypto-ecosystem in India. While many perceive it just a piece of unbiased news, on the other side, the crypto community is widely shouting at the Govt of India and the possible effect it brings.
Clait-Bait Article Or Real Report?
Nikunj Ohri, author of Bloombergquint media published an article entitling “Exclusive: India Proposes 10-Year Jail for cryptocurrency Use, May Introduce Its Own Digital Currency”, cites the draft report that supposedly entitled ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019”. Although the truth behind this report is still unclear because what said to be the draft is still not officially shared by Govt officials – also it is not been published yet. The report mentioned that committee sent out a draft report to the Govt of India that proposes 10 years jail for those dealing with cryptocurrency mining, trading, holding and so on – also, it added that India will launch Digital Rupee, a possible alternative to cryptocurrency for Indians.
So as far as Bloombergquint’s report is concerned, many analysts/leaders of crypto industry discussed possible scenarios that might be happening in India. Although Bloombergquint is quite a reliable source for crypto news so far. Economic times had published a similar report on cryptocurrency usage within the country which had not confirmed by Govt of India until now.
Moreover, as a response to recent Right to information ( RTI ) filing by Varun Sethi, India-based blockchain lawyer on ‘proposed ban on Cryptocurrency’, Reserve Bank of India (RBI) says it has no knowledge about such report. It openly denies the report that once mentioned by Economic Times as ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″ draft,
What do crypto leaders think about jail report?
In case if we believe such reports, here are the opinions of crypto leaders.
According to Barry Silbert, the Founder & CEO of Digital Currency Group, India’s 10 year Crypto Jail report will in turn increase bitcoin awareness and interest in the country. He says;

India ain’t messing around. This will, of course, have the opposite of the desired effect on bitcoin awareness and interest in the country https://t.co/S7OehKgNS1
— Barry Silbert (@barrysilbert) June 7, 2019

Another leader, Anthony Pompliano, Co-founder & Partner at Morgan Creek Digital followed the similar tone and adds his doubt of bill to get past. With that, he points if it does, the scenario will be in turn drive adoption.

India is proposing a 10-year jail sentence for those who mine, hold, or transact with cryptocurrencies.
I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption.
People don’t like being told what to do with their wealth.
— Pomp 🌪 (@APompliano) June 7, 2019

While many Indians doubt Bloombergquint report, Bloomberg author Nikunj Ohri shared the screenshot of the draft report which reads;
Whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency or any combination thereof with an intent to use it for any of the purposes mentioned in, or directly or indirectly uses cryptocurrency for any of the activities mentioned in, clauses (e), (g) and /or (h) of sub-section (1) of Section 8 shall be punishable with fines as may be prescribed by the Central Government in the First Schedule or with imprisonment which shall not be less than one year but which may extend up to ten years, or both.
 
 That being said, it isn’t something that surprise crypto enthusiasts residing in India, many Indian crypto influencers called this article as FUD for having no official source. In fact, while responding to a user’s comment, founder & CEO of Indian cryptocurrency Exchange WazirX, Nischal Shetty states that he highly doubt country’s prime ministry and the finance minister will proceed such draft report. In his words;
Source: Twitter
This jail report didn’t go without being seen as India is the second largest country in terms of population and if it passes positive regulations, it would possibly be the best opportunity to bring India at the forefront of the emerging crypto industry. In fact, Ran NeuNer, CNBC crypto trader also shared his view, shouting this system as ‘what a bunch of idiots’.

This is so f@cking stupid. One of the biggest industries that could receive the Indian economy is tech and specifically blockchain. What a bunch of idiots!https://t.co/LMrVajqZ1i
— Ran NeuNer (@cryptomanran) June 7, 2019

In addition, CZ, CEO of one of the Binance Crypto Exchange shared a quite unique view and says that the bill will push privacy coin adoption forward.

That Bill in India will really push privacy coin adoption forward.
— CZ Binance (@cz_binance) June 7, 2019

Hopes Remain on July 23
So far, many reports have come and gone and as such, this report is just a draft and has not been passed by Indian Govt yet. however, it is quite surprising to see how Bloombergquint received access to such draft report while in reality, such draft will have to be the first get passed by Govt to have complete access. Nevertheless, reported by news.bitcoin.com earlier, in the last week of next month, the Supreme Court of India will finalize the aspect of crypto & ecosystem in India. On July 23, 2019, many misunderstanding revolves around cryptocurrency might be cleared out.
Coingape has asked top leaders of Indian crypto & blockchain industry about this matter, Stay tuned to know what’s hidden behind the scene of Indian blockchain & crypto industry, Coingape will soon share the insights & secrets of this bill report according to top crypto leaders from India in upcoming news coverage. 
Featured image source – Blavity
The post India: Top Crypto Leaders Shouting Loud at `10 Year Jail Report’, Doubting on Draft Bill Approval appeared first on Coingape.
Source: CoinGape

India: Report on draconian draft bill for cryptocurrencies met with skepticism by crypto-community

Cryptocurrency users in India may be in for a rude shock again. Following rumours of a cryptocurrency ban circulating a few weeks ago, India may be contemplating a jail sentence of between one to ten years, for all investors in cryptocurrency, who are either holding, transacting or mining it. The development is said to be part of the draft ‘Banning of Cryptocurrency and Regulations of Official Digital Currency Bill, 2019,’ reported Bloomberg Quint.
Further, any offense associated with such acts will be cognizable and non-bailable . However, such a penalty will be imposed depending on the gravity and extent of the offense and the offender’s actual or intended gain.
The draft bill also introduces a time period of 90 days following the act’s commencement, for the disposal of all cryptocurrencies by crypto-holders. According to Bloomberg Quint, the act also envisions the appointment of a regulator.
One of the most striking features of this draft bill is the prospective introduction of a new government-backed digital Rupee, in consultation with the country’s central bank, the Reserve Bank of India.
Reactions online have ranged from the furious to the skeptical, after the report first broke out. While many have denounced the government and the possible introduction and implementation of such an Act, some have questioned the veracity of the Bloomberg report.
@DesiCryptoHodlr, one of India’s foremost crypto-proponents, had this to say about the report,
“Seems like yet another desperate attempt by Bloomberg to get some more views. Let’s not believe in anonymous news like this and wait for official notice from the authorities.”
There is good reason to share her skepticism since just a few days ago, the RBI’s response to a Right to Information request revealed that it had no knowledge and no involvement in any truck to pursue the ban on cryptocurrencies in the country.
The post India: Report on draconian draft bill for cryptocurrencies met with skepticism by crypto-community appeared first on AMBCrypto.
Source: AMB Crypto

India: Finance Secy claims crypto report is ready; WazirX CEO says it’s ‘too early’ for regulations

India would soon be deciding the fate of cryptocurrencies in the country; Subhash Chandra Garg, the Finance Secretary, said that the report pertaining cryptocurrency regulation was ready and would soon be submitted to the Finance Minister, cited by Business Standard.
Garg said:
“We will submit it to the finance minister (soon). Of course, once the approval is done, it will be made public.”
Subhash Chandra Garg was heading a committee to understand cryptocurrencies and decide regulations for the same. The previous hearing with the Supreme Court on March 29 was supposed to provide the crypto community some clarity on the status of crypto in the country. However, the case was adjourned.
As the newly appointed Finance Minister Nirmala Sitharam approves the said document, it will be made public, cited the report.
The Chief Executive Officer of WazirX Nischal Shetty added that once the draft becomes public, the government should consider the views of people in the crypto-space. He added:
“Inviting the crypto industry for comments on the new draft is very important since crypto is a relatively new field with less domain knowledge in the country.”
Even though regulations would ensure the protection of investors from fraudulent activities and help businesses grow, it’s imperative that the regulations are levied over time and not right away, he said. Shetty further added:
“I honestly think it’s too early to implement any regulation in this space. Every nation is working with drafts and recommendations with its industry participants. So while the draft is good for the industry, it shouldn’t be implemented without trialing it out in a sandboxed manner.”
The Supreme Court of India is scheduled to listen to the ‘Crypto Vs. RBI’ case in July 2019.
The post India: Finance Secy claims crypto report is ready; WazirX CEO says it’s ‘too early’ for regulations appeared first on AMBCrypto.
Source: AMB Crypto

India on Bitcoin: Will the Newly Elected Indian Government Pass Crypto-Friendly Laws?

The elections for the seat of power in the largest democracy of the world came to an end on 23rd May 2019. The current ruling political party won the elections again as the people of the nation chose Narendra Modi as their Prime Minister for the second time.
The election in India began on April 11th, 2019, since then India has been under ‘aachar sanhita’ or code of conduct, according to which the Government can pass no new law. Nevertheless, with the election results announced, the pending work of the lawmakers would also resume. Subsequently, cryptocurrency regulations can be expected soon as well.
Winning Party’s Manifesto Includes Blockchain Technology
The manifesto of the ruling party recognized ‘Blockchain Technology’ as a potential tool for development in agriculture and small businesses. According to their declaration,

“Machine Learning, Blockchain technology, Big Data analytics etc. for more predictive and pro table precision agriculture.” It also included, “They will expose MSMEs to Artificial Intelligence, Robotics, Internet of Things, Virtual Reality, BlockChain technology, and Etc.”

Hence, as the political visionaries have recognized the potential of Blockchain, a complete ban on cryptocurrencies would not make sense entirely. The Department of Economic Affairs in India had noted in January 2019, that the cryptocurrency regulations are in its final stages. It said,
“The report of the Committee is in the finalisation stage, hence, prohibited under section 8(3) of RTI Act, 2005,”
Complete Crypto-Ban or Stringent Regulations?
Reportedly, an economic committee under the Indian Government has drafted a bill the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.” The discussion on the bill is being held between the various branched of the Government. The bill will be introduced in the parliament for approval if sanctioned by the departments.
Also Read: Crypto Vs RBI: Indian Crypto Matter Adjourns Till July; Why Delayed at Government’s Counsel?
Evan Luthra, an entrepreneur, and blockchain expert explained the situation of cryptocurrencies in India as,
“While we see a lot of progress happening in India and multiple state governments pressing forward with blockchain and blockchain based solutions, India has also been the leader when it comes to scam projects.”
There have been many dubious Ponzi schemes in India which were able to siphon millions of dollars from investors. Furthermore, Bitcoin and cryptocurrency have also been used for money laundering. The non-regulatory nature of it also gives room for tax evasion.
Conclusion
Nevertheless, a complete ban of cryptocurrencies would also hamper the growth of the FinTech industry with major global players now working directly with Bitcoin or cryptocurrencies. IBM is working with Stellar, while Microsoft with Bitcoin itself. Cryptocurrency is a way of incentivizing the blockchain. Hence, while it maintains an affirmative standard towards blockchain, the Government must allow for legitimate value-based transactions on it as well.
Also Read: Indian Academicians Rise In Support for Cryptocurrencies, Urges Govt. to Regulate but Not Ban Cryptocurrencies
Facebook is also looking to pilot its cryptocurrency project with Whatsapp in India. Reportedly, the project Libra is currently in the development and test phase.
Moreover, the sentiments towards Bitcoin and cryptocurrency from Indian investors are healthy as well. The ban imposed by the Indian Central Bank after 5th July 2018 was put to contest before the Federal Courts. However, the apex court has withheld all proceedings until the Government passes a law.
Do you think that the regulations would be lenient or India will completely ban cryptocurrencies? Please share your views with us.
The post India on Bitcoin: Will the Newly Elected Indian Government Pass Crypto-Friendly Laws? appeared first on Coingape.
Source: CoinGape

Indian Bitcoin Trader Commits Suicide Over Losses Trading Crypto for Local Officials

A Bitcoin trader from India has taken his own life after being threatened by senior police in relation to losses he incurred whilst trading crypto assets on their behalf. Bharat Patel hanged himself on Sunday, leaving a suicide note for his widow.
In the note, Patel details how Chirag Savani, the Narmada police force’s Deputy Superintendent, along with his brother Harnish Savani had threatened him over fiat losses incurred from Bitcoin and other cryptocurrency’s price volatility. Although the two had only bought five Bitcoins for Patel to trade with, they were demand 11.575 BTC back from him.
Bitcoin Trader Hangs Himself After Receiving Threats from Senior Police
According to a local news publication, Ahmedabad Mirror, a Bitcoin trader, Bharat Patel, from the Gujarat province of India killed himself on Sunday. The article states that he left a suicide note detailing the reasons. In it, he explicitly names the individuals who drove him to suicide. It states:
“DySP [Deputy Superintendent] Chirag Savani had come to my house to invest in five bitcoins. After incurring a loss due to slide in their value, Chirag and his brother Montu [Harnish] were demanding 11.575 Bitcoin. I am distraught due to the recovery they are claiming. My life is not worth living. DySP Chirag Savani came to my house and threatened me to return the amount they had invested. I have been forced to commit suicide. The two brothers (Chirag and Harnish Savani) are responsible for my act.”
Following Patel’s death, his daughter, Darshi Patel, has appealed for Chirag Savani to be suspended from his duties. She also speculates on how the case will be handled given the seniority of the official involved. She told journalists:
“We have not given my father’s phone, tape, and laptop to the police as we don’t trust their sincerity. We fear that the evidence in these devices will be destroyed. We seek assurance from some top police official that a fair probe will be conducted in the case.”
Usha Patel, the wife of the late Bharat Patel, described the night that her husband took his life. The two were up together until 1 AM. He was reportedly looking tense and stressed. That evening he spoke with Harnish Savani but Usha does not know the details of the conversation. Bharat asked Usha to go to bed whilst he finished work. He joined her shortly after but committed suicide at some point before she woke the next morning.
According to Usha, Bharat had agreed to return 5 Bitcoin to the Savani brothers in instalments but they had demanded the fiat value they had invested returning instead. Darshi Patel added that Savani had stated that if the more than 11 Bitcoin were not returned, he would come to the Patels’ property and “not leave until my father paid up.”
Apparently, the family has received more threats following Patel’s death too. Darshi continues:
“We received two calls from Savani’s number even after my father’s death. The police asked us to switch off the mobile and not take any calls from them.”
For now, the authorities have sent the suicide note off for handwriting authentication stating that necessary action will be taken after receiving the findings of the tests.
 
Related Reading: CEO Who Held $150M in Crypto Died in a Region Known for Having a Fake Death Mafia
Featured Image from Shutterstock.

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Zebpay’s Ajeet Khurana dismisses talk of India banning cryptocurrencies

India has been making headlines recently after the world’s largest democracy announced the formation of a committee for pursuing the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.”
While the Indian crypto community raised several concerns, the dismissal of the community’s plea gave birth to an uncertain future for cryptocurrencies in India. This debate was initially sparked in the mid-2018 when the Reserve Bank of India (RBI) released a statement directing all financial entities to “stop dealing with individuals and businesses dabbling in virtual currencies.” Subsequently, Zebpay, India’s biggest cryptocurrency exchange was forced out of the country.
In a recent interaction with Mickey Media, Zebpay CEO Ajeet Khurana insisted that the ban was hyped by the media. He said,
“I have talked to all of the top stakeholders in the Ministry of Finance, the central bank, the securities regulator and despite them having a certain amount misgiving around crypto I have never heard them talk of banning it.”
Lending credibility to his comments, Khurana added that the people responsible for placing a ban on cryptocurrencies “have never said they will ban it.” In the interview, the popular Indian crypto influencer also conceded that pulling Zebpay operations out of India was “one of the worst decisions he’s ever been forced to make.”
Like Khurana, other players in India have also proposed their support for a cryptocurrency regime in the country. WazirX’s Nischal Shetty is one of them. Shetty was in the news recently after he shared the #IndiaWantsCrypto campaign on Twitter. Shetty had this to say about the status of cryptocurrencies in India,
“Other countries try to understand crypto but we have banking ban without research.”
While an official ban on cryptocurrencies has not yet been implemented, the Indian community continues to remain optimistic about the government’s final decision.
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Source: AMB Crypto

India Crypto Saga: Earning in cryptocurrencies is not illegal, explains prominent advocate

The Indian crypto community has been promoting cryptocurrencies, digital assets that are now close to being banned, according to reports. However, the community has some hope with the scheduled hearing in July 2019. The community is now bracing itself for the probable ban which has raised multiple questions under the Prevention of Money Laundering Act [PMLA].
Vijay Dalmia, an advocate at Vaish Associates, in an interview with Crypto Kanoon, a blockchain and crypto-news portal, demystified these blurred lines between trading in crypto and laundering in crypto.
Acts of Money Laundering are handled by Enforcement Directorate [ED], an entity that has the authority to seize black money in the form of cash, property, or even cryptocurrency, informed Dalmia. He said that this could be economically paralyzing for a person booked under the Money Laundering Act.
Dalmia also spoke about people owning crypto in a hardware wallet. He said that they could travel to other countries if they had bought the crypto legally and not in an attempt to launder money. The individual will not have to seek permission from the Reserve Bank of India [RBI].
Meanwhile, there are other people in the country working for foreign clients/employers who get paid in crypto, who worry that their salary could be counted as an act of laundering money. Dalmia shed light on ‘Contract Act’ which highlights that a person can get ‘salary’ for a ‘service’. However, this salary is not necessarily in cash and that is why if an individual receives ‘salary’ in crypto, it is not an illegal payment. He said,
“If you receive payment [in crypto], you can declare while filing Income Tax and convert it into cash.” He further added that “it is legit money.”
Dalmia further explained the taxation on crypto earnings and expressed his opinion on what could happen in the next hearing in the ‘RBI Vs Crypto’ case.
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Source: AMB Crypto

India’s Crypto saga: Why Indians can’t buy cryptos

Cryptocurrencies are facing a tough time in India as there are rumors of a probable ban under the Prevention of Money Laundering Act [PMLA]. The strong crypto community in the country who owns and uses crypto are wary of this progress, and how it would impact them. However, Vijay Dalmia, an advocate at Vaish Associates, gave clarity as to which transactions could be deemed legal and which ones were illegal in India and foreign countries.
Dalmia, in an interview with Crypto Kanoon, an Indian blockchain and crypto news portal, talked about the spending limit of an individual on foreign land. He said that the limit for an individual to spend in foreign countries is $2,50,000 in a year and Reserve Bank of India [RBI] outlined certain guidelines which should be abided by.
Even though citizens do not have to seek approval from the RBI to spend money, there are certain activities that they can’t indulge in, like the purchase of cryptocurrencies. As the money that is sent from RBI is converted into USD to pay and this conversion takes place in a bank, where you have to declare the purpose of spending the specific amount. Thus, this declaration will prohibit an Indian from buying any cryptos outside of India.
If an individual is arrested under the Prevention of Money Laundering Act, they will serve seven years of jail time, adding to the punishment from the predicate offense. The advocate also informed that the money involved in money laundering will be seized by the Enforcement Directorate [ED] and this recovery can be in cash, gold, property or even, cryptocurrency.
Dalmia further explained what a person earning in crypto can do if the ban is levied and clarified whether this earning was legal or illegal payment.
The post India’s Crypto saga: Why Indians can’t buy cryptos appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin (BTC) Under Pressure, Reversing Apr-25 Losses Critical

Bitcoin prices may slide below $5,000
To protect investors, an Indian government official suggests banning of cryptocurrencies

An Indian official believes cryptos including Bitcoin are Ponzi schemes that the country’s regulator should ban. That is despite the acceptance in Japan and other governments taxing the asset like any other commodity. Even so, Bitcoin (BTC) is under pressure and risk dropping below $5,000.
Bitcoin Price Analysis
Fundamentals
Well, after last week’s debate about BitFinex, USDT and the NY OAG suing iFinex, exchanges are yet to recover. There is a premium of around $300, and after a steady recovery last week, it looks like Bitcoin prices will slide in days ahead.
Not only is Bitcoin (BTC) down 1.6 percent in the previous week, but altcoins like BCH are slipping, with BCH dropping 16.7 percent in the same time frame. Often, Altcoins are leading indicators. Since they have a direct correlation with BTC, prices tend to bust when the former is about to dip and explode hours or days before BTC surge higher.
Even so, our stance on Bitcoin is bullish. Banking on the contrarian effect around India discussion of cryptocurrency trading and whether they should ban the digital assets is a big plus for Bitcoin which is technically in an uptrend.
One Indian government official is adamant that cryptos should be outlawed and was quoted saying crypto is a Ponzi scheme and to protect investors, the country’s regulator should ban the trading of all digital assets.
“When it comes to investor protection, the IEPFA has to take a stand against certain things. Against Ponzi schemes, we are taking a stand. We think that cryptocurrency is a Ponzi scheme and it should be banned.”
Candlestick Arrangement

Nonetheless, thanks to supportive technical candlestick arrangement and shifting sentiment around Bitcoin, our stance is bullish. Like BCH, there is a correction of BTC prices after the overpricing of Bitcoin (BTC) after the close of the week ending Apr-16. Still, visible from the weekly chart, BTC is trading above a multi-month resistance trend line.
From historical price movements, it is likely that prices will consolidate and even retest the main support trend line and $4,500 in a typical retest before bulls flow back, thrusting prices above $5,800 and $6,000.
On the worst-case scenario, our bullish outlook will be null if prices slide below Apr-2 lows, closing below $4,500 complete with high transactional volumes as bears of Q4 2018 flow back driving prices back to $3,200 in a trend continuation phase. On the flip side, gains above $5,500 will cement buyers of Apr-2 and BTC would likely rally towards $6,000.
Technical Indicators
Our anchor bar as it is Apr-2 bull bar. Despite drawdown, prices are stable, ranging and trading above $5,000. In light of today’s events, our anchor bar is Apr-25 with 21k. Supports stand at last week’s lows of $5,100. Therefore, for our bulls to be in charge, prices must be above spot levels because any drop below $5,100 with high volumes exceeding averages of 12k and 21k could trigger a sell-off towards $4,500.
Chart courtesy of Trading View
 
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Source: New feedNewsBTC.com

Indian Law Makers Call for Immediate Ban on Bitcoin and Cryptocurrency

A committee under the Indian Government has drafted a bill the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019” which seeks to ban cryptocurrency transactions within the country entirely. Reportedly, discussions and consultations on the draft bill are being held between the various portfolios of the Government.
Indian Lawmakers have taken an aggressive, hostile approach towards cryptocurrencies suggesting “an urgent need of a ban.”
In February, the Apex court in India had passed a deadline of four weeks for the Government to come with complete cryptocurrency regulations. Moreover, a committee under the Government with representatives from various ministries under Finance Secretary, Shubash Chandra Garg was drafting the bill since 2018.
The Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC), and the Investor Education and Protection Fund Authority (IEPFA) under the Indian Government have suggested an outright ban on the purchase, selling and issuance of cryptocurrencies.
The Indian Central Bank, RBI, had last year prohibited the banks from providing service to the firms dealing in cryptocurrencies. Moreover, while a case against the ban was resting with the Apex Court, it suggested first the Government must come up a law on cryptocurrencies.
The Indian lawmakers have suggested in the bill that there is an urgent need to completely ban cryptocurrencies in the country as it leads to ponzi scams and supports money laundering activities.
Also read: Crypto Vs RBI: Indian Crypto Matter Adjourns Till July; Why Delayed at Government’s Counsel?
A ministry spokesperson told the media that cryptocurrencies were being issued and sold as tremendous investment opportunities which more often than not involved frauds and Ponzi schemes to “defraud gullible investors.”
Furthermore, the draft bill also suggested that until a law is passed the transactions must be banned temporarily under the Anti-Money Laundering Act (PMLA). The new Government which will take charge of the largest democracy in the world post-May 2019 Indian Elections will finally vote on the proposed bill.
Will an outright ban in India affect the price of cryptocurrencies as a whole and put regulatory pressure on other countries as well? Please share your views with us. 
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Source: CoinGape