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Crypto Executive Pushes Against Call to Regulate Bitcoin ‘Like a Stock’

The CEO of India’s leading cryptocurrency exchange WazirX, Nischal Shetty, is pushing against a call for Bitcoin to be regulated and treated like a corporate stock. Meanwhile on Monday, the founder of BEGIN India think tank, Deepak Kapoor, suggested that Bitcoin be regulated and traded like any corporate stock. “Bitcoin should be traded like a […]

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The CEO of India’s leading cryptocurrency exchange WazirX, Nischal Shetty, is pushing against a call for Bitcoin to be regulated and treated like a corporate stock. Meanwhile on Monday, the founder of BEGIN India think tank, Deepak Kapoor, suggested that Bitcoin be regulated and traded like any corporate stock.

“Bitcoin should be traded like a stock. That is the only legal status that it can get, and it should get this status.”

Speaking to BusinessWorld on Monday, Kapoor added that it will be a mistake to legalize Bitcoin as a currency, stressing that it will put the entire Indian economy at risk. WazirX CEO, however, disagreed with this view, saying Bitcoin does not belong in the same class as corporate stocks. According to CoinDesk, the CEO said,

“Bitcoin is not a slice of a company that you can buy or invest in. Rather, it is seen as an asset, like gold for example. Hence, it can’t be seen as a stock.”

India has become a growing industry for Bitcoin after a long period of resistance by authorities. Thanks to the Indian Supreme Court, the decision to ban cryptocurrencies was recently reversed. According to Kapoor, if the cryptocurrency industry in India must continue to exist then the issue of crypto-facilitated crimes must also be addressed.

He suggests that a thorough study of the industry should be carried out to understand how it functions in order to enable proper regulation to curb cryptocurrency-related crimes.

India, with its large population, is a big market for the crypto and blockchain industry. With the support of big names such as Binance, Coinbase and Tim Draper, the industry has the capacity to expand. Earlier this year, shortly after launching, peer-to-peer BTC trading platform Paxful became the top P2P marketplace for BTC trading in the country. India’s Prime Minister Narendra Modi also recently advocated support for blockchain technology, calling it an “opportunity in frontier technology”.

If India continues to advance friendly policies, it could play a major role in the global growth of the entire cryptocurrency industry. The peer-to-peer trading market in the country recently tripled in spite of regulatory uncertainty. This means a favorable regulatory framework can help boost the industry significantly and make India one of the key crypto hubs in the world.

 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/G-Stock Studio

Source: https://dailyhodl.com/2020/09/08/crypto-executive-pushes-against-call-to-regulate-bitcoin-like-a-stock/

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Binance Coin, XRP, Dogecoin Price Analysis: 16 May

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Binance Coin headed south towards $500-$510 support – a region bolstered by the 50-SMA (yellow). XRP jumped by 16% on strong volumes but its technicals were yet to reflect a strengthening bullish trend. Finally, Dogecoin could see further dips before a rise above $0.569-resistance.

Binance Coin [BNB]

Source: BNB/USD, TradingView

On the 1-day chart, Binance Coin slipped below $600 and its 20-SMA (blue) and headed towards $500-$510 support – an area that clashed with the 50-SMA (yellow). With large-cap alts trading largely in the red after bearish cues from the market leaders, BNB was no exception. Warning signals came in the form of a bearish twin peak setup on Awesome Oscillator.

Furthermore, bearish divergence on RSI indicated weakening prior to BNB’s dip. At the time of writing, RSI traded in neutral 50-territory. On the 4-hour chart, BNB moved below its 200-SMA and although traders could go long at the current price level, a further pullback towards $500 could be on the cards depending on broader market cues.

XRP

Source: XRP/USD, TradingView

XRP bashed away multiple bearish signs and jumped by 16% in the last 24 hours. Bullish sentiment may have stemmed from Ripple’s response to the SEC’s request of an informal conference to discuss all legal advice that Ripple has solicited during the past.

A series of successive green candlesticks were spotted on XRP’s daily chart and underscored buying resurgence. According to XRP’s technicals, bulls were yet to fully assert control. MACD was close to a bullish crossover, while RSI headed towards the 60-mark. A break above $1.75-resistance could spur some additional buying, while $1.31-$1.22 would provide support in case of further pullbacks.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Even though Dogecoin was slightly bullish, the price remained below a key resistance level at $0.569. In fact, Squeeze Momentun Indicator noted weakening buying pressure and it seemed unlikely that $0.569 would be toppled over the coming days – barring any social media anomalies. Support marks stood at $0.37 and $0.44.

MACD line remained below the Signal line- underlining recent woes for DOGE. On the lower timeframe, a degree of equilibrium was noted between the buyers and sellers. If this continued over the coming hours, some consolidation can be expected before the next upswing.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/binance-coin-xrp-dogecoin-price-analysis-16-may

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Facebook’s Diem Unveils Its Latest Stablecoin Plans and Strategic Move to the United States

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Diem, the cryptocurrency project headed by Facebook originally known as Libra, recently announced its plans to launch a stablecoin with its focus scaled back to the United States. 

The company stated earlier this year that it would be relocating its primary operations from Switzerland back to the United States, and would withdraw its payment system license application from Switzerland’s financial regulators. “Diem is simplifying its plans for [its] USD stablecoin issuance by shifting its main operations from Switzerland to the United States,” they said.

This decision was later confirmed by the Swiss Financial Market Supervisory Authority. 

Stablecoins are digital currencies pegged to a fiat currency, with Tether (USDT) and USD Coin (USDC) being two prominent examples. California-based Silvergate Bank will become the sole issuer of the Diem USD, while also managing its dollar reserves. 

Diem to Launch Wholly New Subsidiary Diem Networks US Alongside Crypto Bank Silvergate

In a strategic partnership, the two firms have created a new subsidiary called Diem Networks US — which will run the Diem Payment Network (DPN) to facilitate transactions of Diem stablecoins within its network. 

“Silvergate is a leader in financial innovation and an ideal partner for Diem as we move forward with a blockchain-based payment system that protects consumers and enhances the integrity of the financial system,” said Stuart Levey, chief executive officer of Diem.

“We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper, and takes advantage of blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to realize this shared vision.” 

Diem’s strategic shift to the United States comes at a time of a rapidly evolving regulatory environment for cryptocurrencies and blockchain technology. 

Some municipalities and states such as Miami and Wisconsin have embraced the recent innovation, whereas regulators such as the newly-appointed SEC Chair Gary Gensler have critiqued the autonomy of the crypto industry. 

With crypto ETFs and related financial products under intense scrutiny by the SEC, it remains to be seen whether Diem’s decision to relocate back to the United States will bear any fruit.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states

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