Cryptocurrency regulation necessary for money laundering, not ban in India; tweets WazirX CEO

The ‘draft bill’ in India for banning digital assets that circulated through social media stunned the entire crypto community as the regulatory bodies are yet to clarify its stance on the matter. Under the proposed Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019, mining, trading or owning cryptocurrency in India which calls for penalties of up to 10 years in jail.
The Indian cryptocurrency ecosystem is on the fence due to lack of transparency in the regulatory climate. According to a report by ET, government departments in the country were aware and very much in support of the circulated draft.
Nischal Shetty, the CEO of WazirX, a Mumbai-based cryptocurrency exchange, in a recent tweet, insisted that regulations in the cryptocurrency sector is important and not a blanket ban which would only stimulate money laundering. Shetty’s tweet comes at a time when cryptocurrency exchanges were geo-blocking/geo-fencing certain regions to comply with the native regulations, His tweet read,

BAN Crypto to PROMOTE Money Laundering
REGULATE Crypto to PREVENT Money Laundering
Any subject matter expert will agree
Regulation > Ban
Dear @nsitharaman @narendramodi
Ban is the opposite of what India wants to achieve. Hence US & EU aren’t banning it#IndiaWantsCrypto
— Nischal (WazirX) (@NischalShetty) June 15, 2019

The CEO also hoped that the much-hyped Facebook cryptocurrency which, according to him, is a “game changer”, will foster mass adoption by firms globally and India would not want to be left behind. The narrative of “blockchain and not cryptocurrency” in the country is flawed, Shetty in another tweet said.
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Source: AMB Crypto

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

Indian cryptocurrency exchange WazirX completes Rs 100 crores worth of P2P trades

The Indian cryptocurrency exchange WazirX recently announced on Twitter that they had completed P2P trades with a net value of Rs. 100 crores on its trading platform. The announcement was made by Founder and CEO of WazirX Nischal Shetty via Twitter.
The announcement comes as welcome news for India’s beleaguered cryptocurrency market and traders as well as an exchange that had posted a total trade volume of Rs. 60 crores in the month of December.
Source: Twitter
Its founders, all of whom also co-founded Crowdfire, the social media management app have been at the forefront of the campaign to introduce cryptocurrency and promote the development of blockchain technology in India. Often citing cryptocurrency as the future of finance and banking technology, each of them has consistently campaigned for the wider introduction of cryptocurrency and blockchain in India.
The growing worth of WazirX is perhaps symbolic of the growing number of people in India who are participating in cryptocurrency trades, despite the strict regulatory environment in place at this moment. Back in December when WazirX had also posted a significant jump in trade volume, CEO Nischal Shetty had said:
“The recent uptick in the crypto prices has gotten a lot of Indians trading again … whenever there’s volatility people forget the problems and start trading. That’s exactly the reason why we’re seeing our volumes shooting up so fast.”
WazirX’s success offers hope to many exchanges and traders across India who were hit significantly by the Reserve Bank of India’s [RBI] decision to ban financial institutions such as banks from facilitating services to entities or individuals engaged in cryptocurrency trading services. Such issues have been given innovative solutions to by exchanges such as WazirX and Unocoin with the P2P trading facilities.
Presently, the Supreme Court is yet to hear several petitions filed against the said RBI circular and exchanges such as WazirX remain at the fore of such a campaign to allow the wider trade of cryptocurrencies in India.
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Source: AMB Crypto

Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

CoinSpeaker

Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

Ethereum is preparing for its next milestone – Constantinople hard fork. The launch is planned in four stages: Frontier (beta stage to develop and test dapps), Homestead (to stabilize the platform), Metropolis (ongoing) and Serenity (upcoming).

Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

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Source: CoinSpeaker

India Ready to Announce Its Stance on Cryptocurrencies

CoinSpeaker

India Ready to Announce Its Stance on Cryptocurrencies

After years of ambiguity, the Indian government might finally reveal a regulatory draft for the cryptocurrency sector in the country before the turn of the year.

India Ready to Announce Its Stance on Cryptocurrencies

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Source: CoinSpeaker