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
The post If Bitcoin Ban Bill in India Passes, Privacy Crypto Assets Could Boom: Binance CEO appeared first on NewsBTC.
Source: New feedNewsBTC.com

These 7 Tools Will Help You Calculate Your Crypto Taxes

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These 7 Tools Will Help You Calculate Your Crypto Taxes
It takes a genuine accounting guru to understand how the new system functions, but you can cut the long story short by using one of many apps or platforms developed to calculate crypto taxes. In this article, we will show you the seven best options.
These 7 Tools Will Help You Calculate Your Crypto Taxes

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Source: CoinSpeaker

Max’s Corner: How the Crypto West Is Being Won

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Max’s Corner: How the Crypto West Is Being Won
This edition of Max’s Corner takes a look at the evolving regulatory parameters of the cryptocurrency industry.
Max’s Corner: How the Crypto West Is Being Won

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Source: CoinSpeaker

Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative

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Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative
Facebook is in talks with the U.S CFTC to find out whether its GlobalCoin project will fall under the agency’s regulatory requirements.
Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative

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Source: CoinSpeaker

Max’s Corner: NYC Blockchain Week and Questions in Venezuela

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Max’s Corner: NYC Blockchain Week and Questions in Venezuela
This edition of Max’s Corner takes a look at some of the themes touched upon during Blockchain Week in New York City and how they reflect larger trends and questions currently in play in the industry.
Max’s Corner: NYC Blockchain Week and Questions in Venezuela

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Source: CoinSpeaker

Grayscale Gets FINRA Approval to Offer Ethereum Trust to Individual Investors

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Grayscale Gets FINRA Approval to Offer Ethereum Trust to Individual Investors
Under the approval from FINRA, Grayscale’s Ethereum Trust (ETHE) will be available for retail investors which is a positive sign for the entire industry.
Grayscale Gets FINRA Approval to Offer Ethereum Trust to Individual Investors

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Source: CoinSpeaker

South Korean Government to Run Second Study Group on Blockchain Regulation

The South Korean Ministry of Science and ICT has announced plans to run a follow-up study on blockchain regulations.
The study is a part of the South Korean government’s science and tech initiative aimed at figuring out how to improve blockchain regulation. This is part of the government’s plan to increase crypto adoption within its border.
First Study Group Was in June 2018
South Korean Ministry of Science and ICT
Reportedly, the South Korean Blockchain Regulation Improvement Study Group was launched in June 2018. Initially, the main focus of the study group is to help improve legal regulations pertaining to blockchain technology.
The areas of focus listed for the study group then were: the application of distributed computing systems, smart contracts, personal privacy, digital signatures, and electronic documents.
This year’s research group will focus on five institutional areas where blockchain tech can achieve widespread adoption: logistics and distribution, public services, healthcare, finance, and energy.
Five Strategic Industries Only
Reportedly, the second study group program will focus on five strategic industries only. The industries listed as part of the second study group are logistics and distribution, public service, healthcare, finance, and energy sector.
The South Korean Ministry of Science and ICT has confirmed the reason why it is so invested in improving crypto regulation in the country. The ministry explained that:
“We plan to study ways to improve regulations in preparation for full-fledged pilot projects,”
It continued that:
“We plan to utilize research results derived from future study groups through industry hearings through public hearings, and through consultation with related departments, to lead to improvement of actual regulation.”
South Korean Crypto Investors Increase Holdings
Reportedly, South Koreans are increasing their crypto holdings. This was made known via the result of a survey conducted by the Korea Financial Investment Association (KOFIA).
A total of 2,500 South Korean residents who invested in cryptocurrencies like BCH, ETH, and BTC took part in the survey. Importantly, the result of the survey was from a poll conducted in December 2018. The poll revealed that 7.4% of the 2,500 individuals surveyed said they currently own digital currencies.
Moreover, residents of the country between the age of 25-64 years old who have at one point in time purchased cryptocurrencies over the last year have invested more than $6,000 on average.
The post South Korean Government to Run Second Study Group on Blockchain Regulation appeared first on Coingape.
Source: CoinGape

Venezuela Turns to Crypto and Rubles to Bypass US Sanctions

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Venezuela Turns to Crypto and Rubles to Bypass US Sanctions
Venezuela and Russia are discussing an option to use the Ruble and the Petro in their mutual trade settlements.
Venezuela Turns to Crypto and Rubles to Bypass US Sanctions

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Source: CoinSpeaker

The SEC-Registered Long-Term Stock Exchange: Another Try to Encourage Crypto Investments

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The SEC-Registered Long-Term Stock Exchange: Another Try to Encourage Crypto Investments
SEC-approved Long-Term Stock Exchange set to enable companies raise funds using traditional means and empower investors committed to long-term success.
The SEC-Registered Long-Term Stock Exchange: Another Try to Encourage Crypto Investments

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Source: CoinSpeaker

Crypto Valley: The Most Innovative Place You’ve Never Heard Of

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Crypto Valley: The Most Innovative Place You’ve Never Heard Of
While all of us have heard of Silicon Valley, Crypto Valley still seems to be quite a mysterious place for many. So what is that destination that attracts the most talented people in the crypto industry? Find out below.
Crypto Valley: The Most Innovative Place You’ve Never Heard Of

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Source: CoinSpeaker

NY Supreme Court Forbids Tether to Do Any Transfers to Bitfinex

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NY Supreme Court Forbids Tether to Do Any Transfers to Bitfinex
The New York Supreme Court has ordered Tether to stop loaning funds to its associated exchange Bitfinex. The orders also include Tether not, distributing any funds to executives, employees or others except regular business-related purposes.
NY Supreme Court Forbids Tether to Do Any Transfers to Bitfinex

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Source: CoinSpeaker

Telegram Gets Set to Emerge with Secure Crypto Revolution

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Telegram Gets Set to Emerge with Secure Crypto Revolution
Dr. Demetrios Zamboglou, Fintech Executive, Blockchain Expert, and ICO Advisor, shares his insights into Telegram potential: be it their own TON Network, or Gram cryptocurrency, explaining why it may be a case for investors of cashing in at the right time.
Telegram Gets Set to Emerge with Secure Crypto Revolution

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Source: CoinSpeaker

CFTC Ready For Ethereum Futures, Will ETH Price Rise to $200?

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CFTC Ready For Ethereum Futures, Will ETH Price Rise to $200?
The U.S. Commodity Futures Trading Commission (CFTC) said they are willing to approve Ethereum futures contract – provided it does everything right.
CFTC Ready For Ethereum Futures, Will ETH Price Rise to $200?

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Source: CoinSpeaker

BitGo Chief Security Officer says cryptocurrency regulation should ‘absolutely’ be at state-level

The dichotomy of regulation and security are seen by some as opposing forces, and others as one that can provide unifying stability to the cryptocurrency industry. Irrespective of the views, at a juncture where scams, frauds, and misrepresentations are running rampant in the industry, regulation and security are undoubtedly a priority.
BitGo, the digital currency security company finds itself at the intersection of this duopoly, plying their trade to maintain crypto-security, while under the radar of the United States regulators. In light of security-regulation crossroads, Tom Pageler, the Chief Security Officer at BitGo, shed light on the company’s response to regulatory concerns.
In a recent interview with BlockTV, the former US secret service operative stated that regulation should “absolutely” be at the state-level over one that is self-endorsed on an institution-by-institution level. Despite several institutions using independent measures to comply with regulations, an overarching regulatory guideline would be better for the industry, claimed the CSO.
Pagelar contends that if the cryptocurrency world wants to compete on the same level as the traditional finance sector, regulation needs to be commensurate as well. He added that federal regulators should look at the virtual currency industry like they do the banking sector.
“We think that regulation is good, and its makes it so the players who are trying to do this right and actually want to mirror the banking world, just to make it quicker and faster and more disruptive do succeed and we don’t have consumers with issues.”
In order for the cryptocurrency industry to be seen as “legitimate,” players should state clearly the controls they follow and get the same verified by the big four auditors, with the same propelled by state regulators, added the CSO.
Pagelar also shed light on the growth of auditors within the cryptocurrency space, given the increasing need for third-party oversight. However, he added that these parties have to be brought up to speed given the difference between in the projects they generally handle and cryptocurrency and several key aspects will inevitable be divulged to be public as companies operate on a distributed public ledger.
Cryptocurrency exchanges, which are one of the main targets of regulatory pressure often adopt varying protocols to deal with security. On one hand, they adopt internal measures and partnerships to maintain risk compliance, like Binance which joined forces with IdentityMind to build its KYC and risk management protocol. On the other hand, exchanges like the Winklevoss’ Gemini exchange calls for increased state-regulation on the industry as a whole rather than a case-by-case system.
Furthermore, in an era of the cases like Cryptopia, QuadrigaCX, Bithumb, and Bitfinex, it is quite clear that security cannot be ignored, and in that sense, state-regulation will play a vital role.
The post BitGo Chief Security Officer says cryptocurrency regulation should ‘absolutely’ be at state-level appeared first on AMBCrypto.
Source: AMB Crypto

Australia: Cryptocurrency trading to be scrutinized by island nation’s Taxation Authority

Cryptocurrencies serve a multitude of purposes, one of the main ones, according to their ardent proponents, is their ability to evade the clutches of the taxation authorities. However, this might not be the case in Australia, with the island country’s taxation authority taking a more stringent approach towards decentralized currencies.
According to the deputy commissioner of the Australian Taxation Office [ATO] Will Day, key information will now be collected from the cryptocurrency designated service providers [DSPs] in an effort to ensure that crypto-traders are adhering to the ATO’s tax guidelines.
Day stated:
“Cryptocurrency use can have implications for a range of tax obligations, potentially superannuation too, so its more us responding to a new and emerging marketplace in the economy.”
The ATO further made it clear that this operation was, by no means, a mere tax evasion problem with several key domestic authorities like the Australian Securities and Investments Commission and the Australian Transaction Reports and Analysis Centre also kept in the loop.
Day added that the DSPs would be key in the process of procuring information on cryptocurrency trades;
“This data will be collected under notice from the DSPs on an ongoing basis.”
According to the Sydney Morning Herald, Day confirmed that data regarding crypto-trades for the financial year of 2014/15 to the current year had already been obtained. The same was provided by DSPs, brokerage services, and cryptocurrency exchanges, among others.
Cryptocurrency taxation has been making the rounds in the halls of the ATO since 2014, with the tax authority updating their policies for the same, added the report.
A statement issued by the ATO said that the cryptocurrency and blockchain technology were to be viewed as an “enabler of existing risks” for the tax authority. This deviates from the general consensus around blockchain, as several government agencies are openly embracing the technology.
The statement references the role of cryptocurrency as an enabler of the “black economy” used to “hide money offshore” leading to “unexplained wealth and undeclared taxable capital gains”.
In terms of the regulatory effect itself, the ATO stated that investors who were suspected by the data-matching scheme would be contacted by the tax authority to back their information. The investors would have a period of 28 days to “clarify” the data obtained by the DSPs.
The ATO’s guidelines come at a time when the country’s crypto-customers have lost over AUD $6.1 to scams and frauds in the previous year alone. In 2017, the figure was AUD $2.1 million, which points to a 190 percent increase in 2018, according to a report by the Competition and Consumer Commission.
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Source: AMB Crypto