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Central Bank of India Asks Local Banks Not to Quote 2018 Circular to Restrict Crypto Trading

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RBI notifies that its 2018 circular banning local banks from establishing ties with crypto businesses is no longer valid after the Supreme Court circular released in March 2020.

On Monday, May 31, the Indian central bank – Reserve Bank of India (RBI) – issued a circular asking all local banking institutions not to quote its 2018 circular to restrict crypto trading activities at their end. This circular came following complaints from many crypto traders earlier on Sunday.

Crypto Trading in India

Some of the top banking institutions in India restricted fund flows to crypto exchanges. The institutions cited a 2018 circular from RBI that issued a liquidity ban for crypto traders. However, in March 2020, the Supreme Court of India lifted the ban after no explanation from RBI.

As the crypto trading activity in India has surged over the last year, banks have been staying cautious. But clearing the air, RBI released its clarification stating:

“It has come to our attention through media reports that certain banks/regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular dated April 06, 2018. Such references to the above circular by banks/regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 4, 2020. As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from”.

This is certainly a welcome development from the Indian central bank. It also hints that the next set of regulations could be somewhat crypto-friendly.

Investors Rejoice After the RBI Circular

It has certainly been a sigh of relief for the Indian crypto investors who have been on a regulatory roller-coaster over the last few years. ZebPay CEO Avinash Shekhar thinks that this clarification will bring more investors to the crypto market. Speaking to Bloomberg, Shekhar further added:

“Investing in crypto has always been 100% legal in India and the new RBI circular clearly confirms the right to do business with crypto firms”.

However, in its recent circular, the RBI has said that the banks should follow AML and KYC rules strictly. They should follow the due diligence as per the regulatory measures of the RBI. Sumit Gupta, CEO and co-founder of crypto exchange CoinDCX said that RBI’s concerns with money laundering will help to boost the industry thereby making it safer and stronger.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Charles Hoskinson hits back after billionaire calls Cardano a ‘cult’

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Galaxy Digital CEO Mike Novogratz said over the weekend that he was ‘shocked’ over Cardano’s valuation while calling the community a weird cult.

“And so things like Cardano, it shocks me, the valuation. And it shocks every smart developer I know. They have done something to create this weird cult,” he said.

Cardano, the number five cryptocurrency has a market cap of just under $50 billion and is within striking distance of Binance Coin (BNB). The high-speed blockchain logged one of the highest ‘commits’ on GitHub last week, but some bigwigs remain unimpressed.

Novogratz picked up on a common criticism of the project. That is, how can a half-complete network with no operational smart contracts be valued so highly?

While there is some validity to this point, the “weird cult” comment has drawn a barrage of disapproval from Cardano supporters. Input Output Global (IOG) CEO Charles Hoskinson himself waded into the controversy by accusing Novogratz of bitterness.

“Let me translate the billionaire speak for you guys. He’s saying that he doesn’t see a backdoor to get in at a favorable price or manipulate the market like the rest of the VC coins,” Hoskinson tweeted.

Novogratz says Cardano is all show and no go

Novogratz dropped the bombshell speaking to Yahoo Finance Anchor Zack Guzman, in which he remarked that value is no longer derived from code. Instead, it’s a “social construct,” or as he made more explicit, all about the branding.

Hoskinson has addressed the issue of the lack of smart contracts on several occasions, saying they are on the way. But to accuse IOG and Cardano of criminality is a step too far and grossly misrepresenting the situation.

More recently, addressing the differences between Cardano and Ethereum, Hoskinson said Cardano’s slow and steady “scientific method” is, in his mind, the best way to counter system failure.

“The way we do things is a bit more mature and responsible because the way that we do things results in a better assurance that the systems we build won’t fail,” he said in a recent video.

The question is, is Novogratz’s anti-Cardano stance coming from a pro-Ethereum perspective? Or does he sincerely believe Cardano is all fluff?

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Source: https://cryptoslate.com/charles-hoskinson-hits-back-after-billionaire-calls-cardano-a-cult/

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Bitcoin Made Americans More Than $4.1 Billion In 2020, New Data Reveals

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During the peak months of COVID, interest in bitcoin and cryptocurrencies skyrocketed in the United States, and now many traders in the country are profiting from it. According to Chainalysis, an analytical firm specializing in blockchain technology, Americans have seen their bitcoin assets return more than $4 billion.

Bitcoin Made People Rich

While bitcoin is currently trading at a loss, it has recently completed what is likely the currency’s largest and longest bull run in its 12-year history. The coronavirus epidemic started wreaking havoc on global financial markets in March of 2020. As the economy was forced to shut down, stocks and many businesses fell to historic lows around the world.

The digital coin was purchased by notable investors such as Stanley Druckenmiller and Paul Tudor Jones; corporations like as Square, Tesla, and MicroStrategy incorporated bitcoin to their balance sheets; and regular traders joined institutional investors in swarming the market.

As a result, a large number of Americans benefited. According to a new research from software startup Chainalysis, investors in the United States generated an estimated $4.1 billion in realized bitcoin gains in 2020.

According to Chainalysis, this is more than three times as much as the next largest country, China, where investors made $1.1 billion in profit.

In a recent interview, Kim Grauer, director of research at Chainalysis, stated that one of the big contributing factors to such a large number was the fact that several institutions based in America found themselves quickly attracted to BTC. Kim states:

We know from past research that there is growing institutional investment in crypto assets, notably in the U.S. Institutional investors work with large quantities of cryptocurrencies and have been stockpiling bitcoin over the past year. The gains in the U.S. mostly came in toward the end of the year and, therefore, we suspect many institutional traders who fit this profile took in gains as the price rose in late 2020.

Source: Chinanalysis

Chainalysis stated that the quoted figures are estimations based on transaction data it collects, and that due to the blockchain’s decentralized design, it is impossible to know for certain where parties are situated.

Related article | Bullish for Bitcoin: Data Reveals Spike in Activity from New BTC Investors

China Was Always The First

Though China historically has the one of the highest cryptocurrency transaction volumes, Chainalysis reports, U.S. exchanges saw “huge inflows” in 2020.

“We know from past research that there is growing institutional investment in crypto assets, notably in the U.S. Institutional investors work with large quantities of cryptocurrencies and have been stockpiling bitcoin over the past year,” Kim said.

In addition, “the gains in the U.S. mostly came in toward the end of the year and, therefore, we suspect many institutional traders who fit this profile took in gains as the price rose in late 2020.”

After China, investors in Japan earned the next highest amount, with an estimated $929 million in realized bitcoin gains. After that, U.K. investors realized $829 million, Russian investors realized $632 million and German investors realized $607 million.

“We can start to see country-level variation in the way gains are taken,” Grauer says. “For example, we know that certain countries with a robust cryptocurrency ecosystem, such as Vietnam, took in outsized gains given the overall size of the economy.”

BTC/USD just breached $40k. Source: TradingView

Related article | Why Crypto Investors Withdrawing BTC En Masse From Exchanges is Optimistic

Featured image from Pixabay, Charts from TradingView.com

Source: https://bitcoinist.com/bitcoin-made-americans-more-than-4-1-billion-new-data-reveals/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-made-americans-more-than-4-1-billion-new-data-reveals

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French Football Partners With Sorare To Release NFT Cards For Men’s National Team

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Sorare announced a new licensing agreement with the French Football Federation (FFF) this morning for the issuance of non-fungible tokens (NFTs).

French National Team To Release NFTs

With the Euro 2020 tournament currently underway, blockchain-based fantasy soccer game Sorare has announced a licensing arrangement with a national sports body to create nonfungible tokens of its players.

Prior to the team’s match against Germany on Tuesday, Sorare announced that the France Football Federation, or FFF, had introduced its own line of player nonfungible tokens, or NFTs. The French National Team is currently competing in the 2020 Union of European Football Associations European Football Championship, dubbed “The Blues” due to the color of their jersey. Due to the epidemic, the Euro 2020 event was postponed last year.

The national squad’s new digital cards will join more than 140 other licensed teams that Sorare has secured such as Bayern Munich, Juventus, Liverpool, Paris Saint-Germain, and Real Madrid.

The addition of national teams to the NFT collection is a logical next step for the digital collectible platform. The platform has a large international fan base to draw from, with approximately 100,000 active monthly users from 140 countries. France was an obvious option to be the first national team to partner with, given that they are the reigning world champions.

France is one of the first national football associations to enter into a licensing arrangement for official digital artifacts, having won the European Football Championship in 1984 and 2000. Sorare, on the other hand, stated that it was “in active discussion” with other associations throughout the world.

Sorare’s CEO, Nicolas Julia, stated that: “Today is an historic day for Sorare as we release the World Champions to the game through our unique collaboration with the French Football Federation!”

“The team is on fire and much more is coming soon to bring you the best of the world of football,” he added.

Related article | Thailand’s SEC Has Banned NFTs And Meme-Based Tokens

Sorare Will Tokenize French Players

The licensing agreement will allow NFT digital cards of the French men’s team to be created for the Euro competition. The cards will be useful in the same way that the club versions of each player’s card are useful. Each NFT is also included in the current supply of each player’s 111-card 2020 season release.

For the 2020 season, the company will tokenize France national team players such as Antoine Griezmann, Paul Pogba, and Hugo Lloris into digital cards. Player cards for the fantasy football game will have varied scores and rarity based on their performance stats stored on the blockchain.

Top players from ongoing Global Nations competitions will be issued National Team cards beginning in Game Week 174, and their numbers will grow as teams are eliminated from play. The top three finishers in each event will automatically get a random FFF Super Rare card.

Sorare said it had sold more than $70 million in digital cards since January and currently has 90,000 monthly active users from 140 countries. Residents of more than 200 countries play football — or soccer, as it’s called in the United States and a few other nations.

“We’ve onboarded the World Champions: the French team,” said Sorare CEO Nicolas. “It is the first of many football associations that will be joining us in the coming weeks and months.”

ETH/USD may rise above $3k this week. Source: TradingView

Related article | NFTs In A Nutshell: A Weekly Review

Featured image from Pixabay, Charts from TradingView.com

Source: https://bitcoinist.com/french-football-partner-with-sorare-to-release-nft-cards-for-mens-national-team/?utm_source=rss&utm_medium=rss&utm_campaign=french-football-partner-with-sorare-to-release-nft-cards-for-mens-national-team

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