Warning: India is Heading Towards Clueless Bitcoin Regulation, Here’s Why

When the Reserve Bank of India (RBI) warned its citizens about the risks of trading and holding cryptocurrencies in December 2013, it was a reformist move. Cryptocurrencies, or should we say bitcoin, was a new phenomenon back then.
Every country out there had its share of doubts about it. And correspondingly, they all, like India, warned their citizens of its potential ills.
Five years and three months later, countries started to learn more about bitcoin and its unique technological capabilities to reform finance. Developed economies such as the US, the UK, the European Union, Singapore, Japan, and South Korea moved from being cautious to more welcoming.
But India remained where it was, still looking at bitcoin as if it was a bomb waiting to go off at any moment.

Dear @arunjaitley @narendramodi
Russia has moved one step closer to positive crypto regulations. The law makers there are calling Crypto the "Economy of the Future"
Crypto is indeed the Economy of the Future and India should embrace this and win #IndiaWantsCrypto
— Nischal (WazirX) (@NischalShetty) March 6, 2019

The only concrete steps the world’s sixth largest economy took all these years were: raid cryptocurrency startups, portray bitcoin as a scam via half-baked media coverages, and – to top all – ban its banking sector from offering services to cryptocurrency industry. When the Western economy had moved forward with bitcoin, India started walking backward.
The crypto sector fought back hard. It took the RBI to the Supreme Court of India to challenge its ban. After several delays, the apex court eventually directed the RBI and the government to come up with a bitcoin regulation – that too, in just four weeks.
It leads the Indian crypto sector to ask that how does an authority, which sleepwalked through the entire Supreme Court process, can suddenly introduce a regulatory framework for a complex cryptocurrency economy.
Less Time, More Work
There is no clarity about how the Indian government perceives decentralized, permission-less blockchains. In its earlier comments, the RBI clarified that it could not regulate cryptocurrencies because the Indian laws had never defined such asset classes. At the same time, Indian securities regulators, the Securities and Exchange Board of India (SEBI), remained mum on the matter.

The reason could be the multifaceted nature of cryptocurrencies. The technology converges multiple disciplines – of securities, currency, and commodities – making it difficult for regulators to assess its exact use case from a user’s point of view. Before the banking ban, RBI and SEBI passed the burden of regulating cryptos to each other, never realizing how they would define the asset class. It is one of the reasons why one cannot help but be skeptical about their intentions to deliver a robust legal framework in four weeks.
What to Expect
With any luck, RBI would have realized by now that its banking ban is not working. On the contrary, it has moved the bitcoin market underground.
SEBI, thanks to all those crypto-education trips to Japan and Switzerland, must have also understood the necessity of categorizing bitcoin and other cryptocurrencies per their underlying use-case.
If sense prevails, both the regulators would first define how they would separate utility tokens like bitcoin from security tokens like a company-backed equity coin.

#Indian #Government: No decision on licensing and authorising any entity or company to operate such schemes or deal with #bitcoins or any #virtualcurrency has been made as yet.#cryptonewsindia #cryptoindia #bitcoinindia 1/1
— Crypto News INDIA (@CryptoNews_IN) February 13, 2019

In the worst case scenario, SEBI and RBI would call an outright bitcoin ban after taking inspirations from their neighbor China. Practically, that does not change anything for Indian crypto users, which are already trading bitcoin via peer-to-peer methods. However, for an economy that boasts of being the world’s largest IT hub, India will lose a lot that it would gain by shunning an emerging sector.
In either case, Indian will remain a clueless destination for all bitcoin lovers unless RBI/SEBI has a beautiful surprise under its sleeves.
The post Warning: India is Heading Towards Clueless Bitcoin Regulation, Here’s Why appeared first on NewsBTC.
Source: New feedNewsBTC.com

India: Bahrain joins hands with Indian government and businesses in the field of blockchain and crypto-assets

The adoption of cryptocurrencies is gaining momentum in many countries, including Bahrain and India, as institutions and authorities decipher the use of blockchain. Recently, Bahrain’s Economic Board [EDB] invited Indian companies to set up base in the country as they are providing “a plethora of opportunities to Indian fin-tech firms for open banking, blockchain, crypto-assets, robo-advisory and remittances,” reported The Economic Times.
EDB is the public agency charged with attracting investment in the country and thus, the agency has been collaborating with the Indian government in many business arenas. The agency, which has offices in New Delhi and Mumbai as well, has also been working on improving the working conditions of Indian workers in the Gulf state.
The Senior Manager of EDB, Dalal Buhejji, noted that India is an important market for Bahrain and added that its board held a roadshow in Mumbai to attract fin-tech companies in December 2018. It’s Managing Director, Simon Galpin said,
“We are very keen to tap into not only the early stage startups that are coming out of leading Indian cities, but also scale-ups. Bahrain is a great test market for companies which want to diversify outside of India.”
The two countries have been working towards the adoption of cryptocurrencies actively. The Central Bank of Bahrain, on February 25, announced the issuance of “final rules on a range of activities relevant to crypto-assets,” reported Trade Arabia. The publication further added,
“The CBB crypto-asset rules deal with the rules for licensing, governance, minimum capital, control environment, risk management, AML/CFT, standards of business conduct, avoidance of conflicts of interest, reporting, and cyber security for crypto-asset services.”
In India, the Supreme Court has granted four weeks time to the Union government to come up with a policy on cryptocurrencies. The Union Government has been working to understand the functioning and the possible regulations associated with cryptocurrencies. The Supreme Court said that the court will come up with regulations if the Union government failed to do so within the deadline.
The EDB also emphasized on the benefits for companies moving to Bahrain such as “a simplified licensing process for foreign corporation, taxation incentives, a welcoming environment and unlimited access to Gulf and Middle Eastern markets.” The public agency is also looking to create an enabling ecosystem for startups, including viable financing options.
In December 2018, the government of the state of Maharashtra, India, signed an MoU with the EDB to present a cooperative framework, promoting the fin-tech sector in Bahrain and India. Under the agreement, the governments of both the nations will collaborate to encourage delegation visits, fin-tech educational programs, and cooperation between startups, financial institutions, government agencies, and universities.
The post India: Bahrain joins hands with Indian government and businesses in the field of blockchain and crypto-assets appeared first on AMBCrypto.
Source: AMB Crypto

Supreme Court Update: Indian Govt Has Four Weeks To File Policy Decision on Cryptocurrency

Cryptocurrency and India appear with more uncertain topics every time –but this time, the case is quite different. As per the latest report, the Union Government of India has got the final four weeks of time from the Supreme court of India to share the ‘regulations around cryptocurrency in India’.
The uniqueness of this update is that – If in case the regulations remain unheard from the Union Govt within a four-week span, the Supreme court itself would come forth and finalize the case.
While every hearing has nothing more than ‘just DATES’, today’s hearing i.e on Feb 25, 2019, is hopefully the final version of it. Today’s case, fortunately, heard under ‘miscellaneous cases’ on the 53rd position on Monday that they were expected it to address on Tuesday or Wednesday under normal cases.
As for now – the crypto community in India is expecting positive headlines from Government after four weeks (possibly 25th March – considering four weeks from 25th Feb). However, if not from Govt, the optimistic hopes remain around Supreme court hearing very soon.
Also Read: The Great Indian Crypto Drama: Apex Court Pushes Hearing to Q1 FY19
To note, India has banned banks to participate in crypto affairs thus making it difficult for crypto enthusiasts in India to trade, invest or withdraw their money on cryptocurrency exchanges. With this, it’s quite important to note that only peer to peer exchanges are the way for Indians to participate in crypto activities.
What do you think about the possible ‘policy decision’ by Indian Govt? Will, there be clear regulations this time or the dates will usually forward? Share your opinion with us.
The post Supreme Court Update: Indian Govt Has Four Weeks To File Policy Decision on Cryptocurrency appeared first on Coingape.
Source: CoinGape

India: Union Government given four weeks by Supreme Court to draft cryptocurrency regulations and policy

Blockchain technology and cryptocurrencies are still in their nascent stage and many countries, including India, are looking to bring in regulations in the decentralized sphere. According to recent developments, the Supreme Court of India gave the Union government an opportunity to make policy decisions about cryptocurrencies and their functions within four weeks, reported Crypto Kanoon.
A tweet from Crypto Kanoon’s Twitter handle read,
“#CryptovsRBI update!
Supreme Court has granted 4 weeks to Indian Government as the final opportunity to bring about a policy (Rules and Regulations) on Crypto currencies!”
On February 25, the apex court ruled that it is giving an opportunity to the Central government to make a policy decision before taking a stance on its own. If the Centre fails to draft a viable policy in four weeks, the Court will take a decision by itself. However, it is highly unlikely as the Union government is already working towards understanding blockchain technology and cryptocurrencies and its implications.
Before the declaration, the Internet and Mobile Association of India had challenged the Reserve Bank Of India’s [RBI] decision to ban any transaction related to cryptocurrencies. The Association called the ban unconstitutional and according to Crypto Kanoon, the Supreme Court pushed the date of hearing to late February.
India’s National Association Software and Services Companies [NASSCOM] recently released a report before a panel explaining the current scenario of India’s blockchain and cryptocurrency space. The vice-president of NASSCOM, Sangeeta Gupta, presented her findings at the NASSCOM Technology and Leadership Forum 2019. The report, titled ‘Blockchain: Hype to Hope,’ detailed the current state of the blockchain market and highlighted the opportunities that the technology could offer the global citizen.
This report stated,
“India needs to act fast & work with key stakeholders to provide regulatory certainty around Blockchain & Cryptocurrencies.”
The report also stated that new, sizable home-grown crypto exchanges suffered due to RBI’s directive to ban crypto-related trading. Debjani Ghosh, the president of NASSCOM, said that investment in the technology space has been the highest over the past five years. However, stats revealed that funds allotted for the blockchain sector have not been utilized to drive growth due to the lack of legal clarity.
The NASSCOM report stated,
“Despite VC investments pouring in blockchain, India had less than 0.2% of global investments due to uncertain policy & regulatory environment.”
The post India: Union Government given four weeks by Supreme Court to draft cryptocurrency regulations and policy appeared first on AMBCrypto.
Source: AMB Crypto

NASSCOM-Avasant calls for ‘proactive, consultative and defined regulatory approach’ to cryptocurrency

India’s National Association Software and Services Companies (NASSCOM) released a comprehensive report before a panel detailing the present scenario in India’s blockchain and more specifically, the cryptocurrency space.
At the recent NASSCOM Technology and Leadership Forum 2019 in Mumbai, Vice President of NASSCOM, Sangeeta Gupta and Akshay Khanna, presented the report ‘Blockchain: Hype to Hope,’ which elaborated on the current state of the blockchain market as well as emphasized the opportunities present across both India and globally.
This report stated,
“India needs to act fast & work with key stakeholders to provide regulatory certainty around Blockchain & Cryptocurrencies”
The NASSCOM-Avasant report stated that few sizable home-grown crypto exchanges suffered after the RBI directive to disable trading.
NASSCOM President, Debjani Ghosh, stated that the expenditure in the technology space had been the highest in the past five years. However, stats revealed that the funds deployed into the blockchain sector have not been utilized to drive growth due to the lack of legal clarity. The NASSCOM Report stated,
“Despite VC investments pouring in blockchain, India had less than 0.2% of global investments due to uncertain policy & regulatory environment”
The report further provided insight into the Indian states that have forayed into blockchain by developing new projects. The governments of these states have taken an initiative to provide a ‘conducive framework’ to bolster growth and investment for the firms.
The findings of the report also observed that the BFSI [banking, financial services and industrial] sector identified the use cases and initiated experimenting in the blockchain space. Healthcare, retail and logistics sectors also witnessed a soar in adoption.
Many countries employ existing trade regulations for blockchain and 7 countries developed exclusive Blockchain/DLT-specific regulation, while Japan recognizes crypto assets including Bitcoin [BTC] registered under the Japanese Financial Services Agency, as legal tender.
Paving the way for active adoption with legal clarity is what the country’s investors and the stakeholders anticipate in order to steer India’s blockchain startup industry forward. Swapnil Bhatnagar, Avasant’s Research Director and lead author of the report, stated,
“Blockchain projects now go through stringent business case evaluations and this is a true indicator that there is, indeed, hope beyond hype for blockchain.”
The post NASSCOM-Avasant calls for ‘proactive, consultative and defined regulatory approach’ to cryptocurrency appeared first on AMBCrypto.
Source: AMB Crypto

Blockchain Summit backed by India’s Department of Science and Technology offers new hope to crypto-enthusiasts

Policymakers in India are being persuaded by a soon-to-be-held blockchain summit backed by the Indian government. The summit, taking place between 22-23 February aims to speed up the development of cryptocurrency regulations in India. Officials from the Indian Ministry of Finance and the panel drafting the regulatory framework for cryptocurrencies are expected to attend the summit, reported Bitcoin News.
This summit is supported by the Indian government’s Department of Science and Technology and the State Government of Uttar Pradesh. Apart from the aforementioned support, the Ministry of Law and Justice, the Ministry of Human Resources Development, and the Department of Information Technology are also participating as well. As per the summit’s website,
“The summit is targeted towards enabling Indian government and ministries to speed up the process of developing a flourished blockchain and cryptocurrency ecosystem.”
As per the publications, Cashaa is the upcoming event’s fin-tech partner. Cashaa’s Marketing VP, Janina Lowisz said,
“For the first time, the ministers from all relevant departments have come together with experts from the space as well as from leading universities and global brands to learn about and speed up the process of regulating cryptocurrency.”
Currently, India has formed a committee headed by Subhash Chandra Garg, Secretary of Economic Affairs for drafting a framework for cryptocurrencies in the country. Lowisz confirmed to the publication that Ministry of Finance officials will be a part of the summit and that Subhash Chandra Garg has also been sent an invitation for the same. However, the head of the committee is out of the country and as per Lowisz, his team will be present to take notes on the second day.
According to reports, the Ministry of Finance has told the Lok Sabha that it is pursuing the matter with caution and noted that it is difficult to state a specific timeline to come up with clear recommendations. The ministry, back in January had invited a prominent law firm, Nishith Desai Associates to present its suggestions for crypto-regulation.
However, the banks in the nation have imposed a ban on any cryptocurrency related transactions, on the lines of the notice circulated by the Reserve Banks of India. The case with respect to the bans will be heard in the Supreme Court of India by February end.
The post Blockchain Summit backed by India’s Department of Science and Technology offers new hope to crypto-enthusiasts appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase Eyes Emerging Markets For Next Leg Of Growth :Research

Crypto trading has grown leaps and bounds and so have exchanges in the past couple of years. But most of the trading volumes were restricted to advanced countries such as USA, Japan, and Korea. Having seen success in these countries, crypto exchanges are slowly hunting for a newer destination to sustain their growth and which happens to be the emerging markets.
Coinbase Eyes Emerging Markets
According to the recent report released by Diar research, Coinbase is eyeing emerging markets to tap the next leg of growth in crypto trading as part of is 2019 strategic plans. According to the report Coinbase’s Vice President focusing on international expansion, Dan Romero gave an interview to Diar where he discussed the exchange’s growth plans and strategy for 2019. With Japanese license procedure already underway and business nearly settled in the developed countries, Coinbase believes moving to emerging countries should give them a similar response and continue to accelerate the company’s growth.
To quote Dan’s excerpts from the interview, who says that the exchange is currently trying to understand specific solution for emerging markets, he mentioned
“Use cases in developed markets will be different to those in emerging markets as the US and Europe have a fairly well-developed financial system. Our mission is to build out the ecosystem so that we can move away from the narrative of crypto only being a speculative investment. We need to move the technology into the Utility Phase”
While he did not mention any specific countries that the exchange is looking at he mentioned
“What you’ll see in 2019 and beyond is a big push to dramatically expand the number of countries offering an easy on-ramp into crypto. We are actively exploring countries in Latin America, Africa, and South East Asia.”
“People speak about remittances as a use case for crypto but the reality is that in emerging markets the access for fiat on and off ramps is very low”
Crypto volumes gaining strength in Emerging countries
While the crypto markets are still bearish and bitcoin prices in languishing way below USD 4000, volumes from the peer to peer bitcoin trading site local bitcoins, which is now back online, shows the usage is rising steadily in emerging market countries such as India, Kenya, Nigeria, and across Latin America.
According to data provided on Coin.Dance, the volumes are slowly seeing a rise in these countries somehow adding color to the strategies of these exchanges

Crypto volumes Chart for India

Crypto volumes Chart for Kenya

Crypto volumes Chart for Nigeria
While the story and growth prospects look interesting, the challenges in these emerging countries are not going to be easy regulators and lawmakers have been continuously issuing warnings that the freewheeling crypto sector is vulnerable to hacks, fraud and money laundering. Getting regulators on their side would be the biggest challenge for these exchanges
Will crypto exchanges be able to reap benefits from emerging markets? Do let us know your views on the same.
The post Coinbase Eyes Emerging Markets For Next Leg Of Growth :Research appeared first on Coingape.
Source: CoinGape

QuadrigaCX Update: Jaipur Hospital Reports on CEO’s Death – Shared Details of Demise

Fortis Escorts hospital in Jaipur, India is latest to report the death of QuadrigaCX’s CEO. Per the report from Indian media, CEO, Gerald Cotton spent just one day in Jaipur’s Fortis Hospital on a case of Crohn’s disease.
The hospital has released the details on the demise of CEO – as the death of a man sends QuadrigaCX exchange into chaos. According to the details shared by Hospital, he was admitted to Fortis Private hospital on Dec 08, 2018 at 9:45 p.m. IST and died at around 7:26 p.m. IST the next day on Dec 09, 2018 due to cardiac arrest. Eventually, the exchange CEO lasted less than a day in Fortis Hospital. Reportedly, he was also suffering from Crohn’s Disease. Doctors also diagnosed septic shock, peritonitis, perforation, and intestinal obstruction.
The hospital statement notes  that;
“Despite the best efforts of our clinicians the patient could not be revived and was declared dead approximately at 7:26 pm. All standard medical procedures and guidelines were followed to treat the patient. The information of his death was communicated to the relevant authorities.”

His visit to Jaipur with his wife Jennifer Kathleen Margaret Robertson was to open an orphanage. On account of death, the Jaipur Police released ‘no objection certificate (NOC)’ to Cotton’s wife on December 10, allowing her to take the dead body to Canada. Moreover, the municipal corporation issued a death certificate.
Also Read: QuadrigaCX: Canadian Apex Court Appoints Ernst & Young Inc. to Investigate Into the Lost Funds
Although he died, the case on it is still alive – because along with death, Cotton took the password of a wallet wherein $190 million cryptocurrencies were stored. This incident leaves clients with empty handed and no expert can unlock the encrypted password yet.
The post QuadrigaCX Update: Jaipur Hospital Reports on CEO’s Death – Shared Details of Demise appeared first on Coingape.
Source: CoinGape

India: Cryptocurrency adoption delayed as high-level panel concerned it will destabilize Indian Rupee, says insider

The risk and instability associated with cryptocurrencies over the last decade have managed to keep a rapid pace with its popularity and growth. From the incident at Mt Gox exchange, where over 850,000 bitcoins were stolen, to the recent coalition with terror financing, cryptocurrencies have had their fair share of despondency. India is relatively new to the crypto universe and now a high panel has been assigned with the responsibility of drafting regulations regarding India’s virtual currency ecosystem.
According to a report on Quartz, Subhash Chandra Garg, Economic Affairs Secretary of India, who is leading the committee, is believed to be unsure of the repercussions digital currency will have on the fiat currency [INR] of the country if it is legitimized to make payments across the subcontinent.
The Indian government has also raised it’s concerned and consistently held a stance that it is not comfortable with virtual currencies, even though the common consensus is to push forward to promote blockchain technology, a decentralized public ledger for cryptocurrency transactions.
One of the cryptocurrency ecosystem representatives [who requested anonymity] recently met up with the ministers and stated:
“If bitcoin and other digital currencies are going to be allowed to be used for payments, then whether it will end up destabilizing the fiat currency is a major concern for them [the Garg panel]. The overall impact on the financial ecosystem that it is likely to have is still unclear and it has been a challenge to convince them on this particular point.”
Bank of International Settlements [BIS] based in Basel, Switzerland, recently released a report which further heightened the doubts regarding the introduction of cryptocurrency in the system. The report stated that digital currencies can possibly be regularized by policymakers for settling payments among financial institutions, but there is a general concern that digital coins might destabilize traditional banks if they are offered widely to the general masses. However, the crypto enthusiasts believe that such negative prospects might not arise in the near-term.
Rahul Raj, founder of Koinex, an Indian cryptocurrency exchanged, stated:
“At this point it may be a bit premature to worry about this as right now even globally only a handful of payments are made using virtual currencies and that will be the case till blockchain reaches the scale of say Mastercard or Visa have, therefore, there is a considerable time before that concern even comes up.”
The Indian government had made it clear on several occasions that it does not recognize these new-age coins as legal tender and is unlikely to do so due to concerns regarding money laundering or other fraudulent transactions which can be used to con gullible investors.
Rahul Raj also added:
“You can’t buy goods and services in India using any other currency such as the dollar, pound or even gold and it needs to be converted first into rupee to complete payments, a stance that can also be adopted for cryptocurrencies.”
The post India: Cryptocurrency adoption delayed as high-level panel concerned it will destabilize Indian Rupee, says insider appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] and cryptocurrency regulation in India: lawyers invited by Indian government

There seems to be a beacon of hope for the Indian crypto space which was in a quandary phase for quite a long time. According to the latest development, the Indian government has called upon lawyers of the firm Nishith Desai Associates to put forward suggestions for accommodating for Bitcoin and cryptocurrency regulations in India.
This move comes shortly after the lawyers representing Internet and Mobile Association of India [IAMAI] filed an appeal to the Supreme Court against the circular by the Reserve Bank of India [RBI] that called for a ban on all kinds of financial dealings and involvement with the digital asset.
The document was put forward by three lawyers of the firm constituting recommendations for structuring the cryptocurrency regulations. Lawyer Jaideep Reddy, representing IAMAI, and one of the writers of the framework that proposed regulations, to a news outlet, said:
“Our submission was responded to by the Finance Ministry which was kind enough to invite us to present our suggestions. The presentation mainly consisted of us explaining the suggestions made in the paper. They listened to our proposals with interest.”
Referring history to be the greatest teacher, the submitted document has urged to establish proper regulations and not imposing a ban on the new technology. The paper stated:
“An outright ban on crypto-asset activity should not be considered for several reasons.”
Some of the suggestions in the paper to regulate the digital asset’s activity included- incorporating new rules under the existing laws, categorizing digital currency into three types due to their uniqueness in nature – Payment tokens, Security tokens [regulated by SEBI] and Utility tokens.
The paper also emphasized introducing know your customer [KYC] and anti-money laundering [AML] regimes. It stated:
“Trading activity with regard to all other crypto-assets falls in something of a regulatory vacuum, although existing laws like the Consumer Protection Act continue to apply to a significant extent.”
This crucial development emerged at a time after the Indian government responded to an RTI filed by a news outlet on December 13, 2018, seeking the legal state of Bitcoin and other cryptocurrencies, wherein the Ministry of Finance answered a few questions in a Lok Sabha session stating that the government is in its final stages of drafting the regulations.
Arun Jaitley, Minister of Finance and Corporate Affairs stated that the government will not recognize the digital asset as a legitimate tender, almost a year ago. The panel that was set up in 2017, has failed to come up with any clarity and has continuously delayed in suggesting a mechanism in dealing and trading with cryptocurrency for a great deal of time.
The post Bitcoin [BTC] and cryptocurrency regulation in India: lawyers invited by Indian government appeared first on AMBCrypto.
Source: AMB Crypto

India: Banks ask customer to sign consent form over cryptocurrency regulation breach

The cryptocurrency market in India has not been up and running and maybe a far fetched dream at the moment. The banks in the country are also taking all step possible to prohibit their customers from using their services for cryptocurrency transactions. Recently, HDFC bank joined the wagon of banks forcing their customers to sign a contract.
Source: Twitter
According to Twitter user Crypto India YT, the HDFC bank made their customer sign a consent form after tracking some crypto trading activities. As per the Twitter user, the bank asks the customer to come to the bank and sign a form where they consent to the bank’s decision of shutting their account if they continue with crypto trading. An excerpt from the letter read:
“I/We authorize the bank to close the above account without any further notice if it is observed in future that transactions have been carried out for Bitcoin/ virtual currencies.”
Previously, many crypto-users in India had called out Kotak bank and Digibank for forcing the customers into signing the terms and conditions that forced the users to not do any transactions related to cryptocurrency. Recently, Kotak bank was in news, as it sent a notice to the account holder who had made a certain transaction in crypto, of shutting down the account within 30 days. The statement from the bank read:
“We have observed few transactions in your account with brokers / traders, dealing in virtual currencies. Since these types of transactions are not permitted in India, we are constrained to place a credit freeze in your account. Further as per the extant guidelines, we are required to exit such relationships where transactions with brokers / traders, dealing in virtual currencies are observed.”
However, the crypto-users have found a way to hack the system and continue the way they use their bank accounts without being flagged. The users informed the crypto community in India to not mention terms in relation to cryptocurrency while performing any transactions.
The Chief Executive Officer [CEO] of crypto exchange in India WazirX, Nischal Shetty told the publication:
“Majority of the people understand not to enter such terms in the remarks. So simply avoiding entering anything related to crypto in the payment remarks is more than enough to avoid any problems from banks. There’s no other way for banks to know if a P2P transaction was done to transact in crypto.”
The post India: Banks ask customer to sign consent form over cryptocurrency regulation breach appeared first on AMBCrypto.
Source: AMB Crypto

Top Trending Cryptocurrency News of The Week; Constantinople, Cryptopia, Bitmex and Tron Among Major Newsmakers

Ethereum delays its Constantinople upgrade
Problems for Ethereum continued as the much anticipated Hard Fork Constantinople upgrade was further delayed as a code audit by ChainSecuirty-  a smart contract security audit firm found some serious security vulnerabilities to Ethereum smart contracts. The Core Development team took notice of the flaw, and on the following conference, they announced that the hard fork is now scheduled to occur on, or around, February 27th on block number 7,280,000.
NZ’s popular exchange Cryptopia gets hacked
Earlier this week, 2019 saw its first hack of a cryptocurrency exchange. New Zealand-based cryptocurrency exchange Cryptopia was reported to have suffered a security breach and went under unscheduled maintenance to assess the losses incurred. The team informed the community using its official Twitter handle which said that once the hack was identified by staff, the exchange informed and involved the appropriate government agencies including the NZ police and High Tech Crime Units who were actively investigating.
Bitmex ends services for US and Quebec customers
In face of a current crackdown on unlicensed crypto exchanges, Bitmex announced that it is in the process of closing down trading accounts of those in Quebec and United States. The mouthpiece, South China Post reported BitMEX was not registered with the Canadian regulatory body Autorité des marchés financiers (AMF) and is therefore not authorized to have activities in the province of Quebec making the company’s activities were illegal.
Exchange giant OKCOin lists Tron
Among major listings this week, Tron found itself on a new exchange, this time it was OKCoin. OKCoin customers would now be able to acquire Tron tokens by using USD, BTC, and ETH. OKCoin stated in their announcement that, Tron is one of the leading coins and has 1,423,377 holders and that it is one of the top 10 cryptocurrencies in the world by market capitalization.
Russia denies buying cryptocurrencies
Last week a newsflow from Russia stated that the country was moving towards adding bitcoin to its national reserves. But it seems it was all fake. Following the last week’s news, an official with the Russian State Duma. Elina Sidorenko who chairs the Duma’s cryptocurrency group said that the news was only a rumor and the nation currently has no such plans. According to her, the nation would need at least 30 years to implement this idea.
Indian Apex Court delays Crypto hearing again
The Indian apex court has again delayed the hearing of the cryptocurrency case. The case is being delayed for the past 6 months now as the largest democracy of the world still awaits a decision on the newest form of “money”. While things still look meek, according to sources close to the case a decision may come on February 26, 2019, as the crypto case is now listed as the first case to be heard on February 26, 2019
The post Top Trending Cryptocurrency News of The Week; Constantinople, Cryptopia, Bitmex and Tron Among Major Newsmakers appeared first on Coingape.
Source: CoinGape

Cryptocurrencies considered to be included in the operations of Reliance, HDFC and Hindustan Unilever

The cryptocurrency scene in India has been quite sporadic with multiple announcements that have worked for the industry as well as against it. The recent update from various corporates in India has thrown a positive spin on the industry, with several companies deciding to experiment with virtual assets for better optimization of financial settlements.
People close to major bigwigs in India have revealed that companies like Hindustan Unilever, Reliance Industries, HDFC Bank and ABG Shipyard are trying out new programs for trade finance functions, internal treasury management, and record keeping. One of the members close to the sources stated:
“The cryptocurrency would only be used by the companies and banks internally. It will mainly be effective as a working capital management tool, where rather than actually transferring money, cryptocurrency will be transferred and accounts shall be reconciled at a later date.”
The main aim of these companies is directed to transfer payments that occur in high frequencies. Sai Venkateshwaran, partner and head of CFO advisory at KPMG gave his opinion by saying:
“Several large companies are evaluating various use cases of blockchain, including in areas such as managing intra-group transactions and as a logical extension, looking at its use as a group treasury management tool for more efficient cash and working capital management. Apart from greater efficiency and accuracy, it has the potential to bring enhanced levels of transparency for group treasury management and also cost savings.”
The officials also touched upon the legal formalities involved in bringing cryptocurrencies into the fore by pointing out to the decisions taken by the Reserve Bank of India [RBI]. RBI has been a major decider when it comes to cryptocurrencies in India, as many crypto organizations have cited the regulations as an obstacle to propagate digital assets.
This was put into play when Zebpay, one of India’s popular cryptocurrency exchanges, shut down its services in India due to regulatory issues. After the shutdown, Nischal Shetty, the Founder, and CEO of Wazir X stated:
“We’ve already found our solution to the RBI ban which was P2P and its working really well for us. We don’t see a shutdown as a response to the RBI problem. I think exchanges that adapt to these regulatory uncertainties will emerge victorious in the long run.”
The post Cryptocurrencies considered to be included in the operations of Reliance, HDFC and Hindustan Unilever appeared first on AMBCrypto.
Source: AMB Crypto

“Cryptocurrencies are Not a Threat” – Remarks FSB On India’s Crypto Concern

It looks like the crypto market is celebrating the New Year in India. With RBI citing FSB’s remark, the market appears quite appreciated.
Crypto Stance in India
According to the latest coverage by Quartz Media, FSB (Financial Stability Board), an international body that monitors and review the global financial system has recently appreciated cryptocurrency and said that the virtual currencies are not a threat.
The note was added by Reserve Bank of India (RBI), an Indian central bank in a report released in connection with cryptocurrency regulation in the last week. FSB’s comment reads as follows;
”The FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets. Its initial assessment is that crypto-assets do not pose risks to global financial stability currently,”
FSB was formed in April 2009 when global financial crises hit the market. It was established by Group of Twenty (G-20) finance ministers and central bank governors including the UK, USA, India, and China.
No Clarity
Cryptocurrency in India is never so easy, it was all along challenging for two years. Since the circular sent out to banks to stop servicing cryptocurrency-related operations to a group of individuals expecting regulatory clarity, Indian regulatory bodies seem not yet serious about the cryptocurrencies within the nation.

@SecretaryDEA Please help our voices be heard. Positive crypto regulations in India will help create wealth and jobs for millions of Indians. Millions of youth in India want to see positive crypto moves by the government.
Jai Hind 🇮🇳
— Nischal (WazirX) ⚡️ (@NischalShetty) January 2, 2019

Nevertheless, in last week, Indian parliament made a serious note, where Pon Radhakrishnan, the minister of state for finance addressed Lok Sabha, the lower house of Indian parliament;
“In absence of a globally acceptable solution and the need to devise a technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations,”
The unclear signal by authorities has kept investors at bay –certainly, traders and crypto enthusiasts cannot withdraw their crypto funds in fiat yet. Besides India, the other member countries of FSB including the US are still uncertain over the adoption of cryptocurrency. As far as India and cryptocurrency are concerned, RBI with FSB’s remark had also left a reminder to all those waiting for the final assessment on digital assets within the country. It added ‘wait and watch policy towards crypto assets’, and continued;
“The market continues to evolve rapidly, however, and this initial assessment could change if crypto-assets were to become more widely used or interconnected with the core of the regulated financial system,”
What’s your best advice to regulate cryptocurrency in India? share your opinion.
The post “Cryptocurrencies are Not a Threat” – Remarks FSB On India’s Crypto Concern appeared first on Coingape.
Source: CoinGape

India Still Cautious Over Crypto, RBI Shelves Plans For Own Cryptocurrency

The situation in India regarding cryptocurrency is no clearer as we enter the new year. The government and central bank are clearly still very cautious towards the industry and are unlikely to make things easier in the near future.
No Specific Timeline
The Indian government has reportedly issued an update on its progress, or lack of, towards cryptocurrency regulation. Ministers are clearly in no hurry to finalize a timeline for a movement towards clearer regulation and acceptance of digital currencies.
According to Quartz the minister of state for finance told parliament;
“In absence of a globally acceptable solution and the need to devise technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations,”
With no further clarity the state of the crypto industry in India remains clouded. A committee which includes members from the Ministry of Electronics and Information Technology, the Reserve Bank of India, the Securities and Exchange Board of India, and the Central Board of Direct Taxes has been established to further “study all aspects of cryptocurrencies and crypto-assets including bitcoin.”
The panel was expected to draft a report this month which many hoped would bring about the legitimization of cryptocurrencies in the country. When questioned about the legality of crypto assets the minister added “The government has not recognised cryptocurrencies as legal tender. The issue of permitting trading in cryptocurrencies is currently under examination by an inter-ministerial committee.”
RBI Shelves Digital Currency Plans
The Reserve Bank of India, which has been vehemently anti-crypto, has axed plans to launch its own digital currency according to reports. In April last year it was considering its own Central Bank Digital Currency (CBDC) following a series of crackdowns on exchanges across the country. According to a source who spoke to the Hindu Business Line “The government doesn’t want the digital currency any more. It thinks it is too early to even think about a digital currency,”
The RBI is still citing money laundering and cyber security threats as its primary reasoning for the anti-crypto stance. Most central banks have adopted this policy as it is their job to control and monitor the flow of finances to and from their respective countries.
According to the founder of cyrptocurrency exchange Belfrics, Praveen Kumar, “It is premature for RBI to launch crypto-rupee, as more understanding of the crypto economy need to be achieved. It is a right decision to delay the process and see how the publicly traded peer-to-peer economy is shaping up.”
So it seems that the new year has not been a very happy one for crypto aficionados in India where there is still no progress on adoption and acceptance.
Image from Shutterstock
The post India Still Cautious Over Crypto, RBI Shelves Plans For Own Cryptocurrency appeared first on NewsBTC.
Source: New feedNewsBTC.com