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Finally, India’s RBI breaks its silence on ‘crypto ban’

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Indian cryptocurrency holders and users can finally breathe a sigh of relief as RBI released its objection to banks using its old circular to refrain from processing crypto payments. As per the Reserve Bank of India, its aforementioned circular “is no longer valid” and should not be “cited or quoted from.”

RBI noted that the Supreme Court had quashed its 2018 circular in the matter of Writ Petition of the Internet and Mobile Association of India v. Reserve Bank of India case. It added:

“As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.”

RBI vs. Crypto

After cautioning the holders of cryptocurrencies in 2017, the Reserve Bank of India had prohibited the entities under its regulation from dealing with virtual currencies. This prohibition caused many crypto users to lose their accounts with several banks, while many crypto businesses like Zebpay had to shut shop. However, the crypto followers challenged this decision and saw the Supreme Court overturn this circular calling it ‘unconstitutional.’

The Supreme Court in its judgment also cited the lack of “proportionality” in the RBI’s ruling against crypto business. Despite this, many private banks were still denying to process crypto transactions which were causing day-to-day issues for businesses and traders.

A statement from HDFC bank read:

“We have observed that your account reflects probable virtual currency transactions, which aren’t permitted as per RBI guidelines.”

It added:

“To comply with the regulatory guidelines (RBI vide guidelines DBR.No.BP.BC.104 /08.13.102/2017-18 dated April 06, 2018), the banks are advised to exercise due diligence by closely examining the transactions carried out in the account on an ongoing basis”

Many users took to social media to question the RBI and the banks.

Now, Indian crypto users have officially received a green light from the central bank to use crypto without deeming it an offense or illegal.

India for crypto?

As Indian crypto users and businesses received clarity over trading crypto within the country, we can expect a boom in users. This would not only support the striving crypto space in the country but can also lead to an addition of $12.9 billion worth of revenue to the Indian economy.

With that in mind, the crypto space has a long way to go in India. Earlier this year, the central bank reportedly sent informal guidance to financial institutions which demanded them to steer clear of crypto exchanges and companies. This led many banks to withdraw their services from these companies, forcing crypto exchanges to stop accepting Indian National Rupee [INR] deposits from users.


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Source: https://ambcrypto.com/finally-indias-rbi-breaks-its-silence-on-crypto-ban

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The World Economic Forum’s Cryptocurrency Guide Lists Its Choice Of “Winning” Projects

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The World Economic Forum (WEF) has published its community paper on cryptocurrency. It contains information on getting started, exploring the blockchain, and so on. It also lists several cryptocurrencies that meet its scalability stamp of approval.

As an influential body, some have taken this to mean the WEF has selected its choice of winning cryptocurrency projects, which, if rumors are to be believed, will receive a significant push over the coming years.

The WEF See Cryptocurrency As Transformational

Various centralized authorities, and their representatives, have sent mixed messages surrounding cryptocurrency and its role in future society.

This includes ECB President Christine Lagarde, who earlier this year blasted Bitcoin’s “funny business” in facilitating money laundering, and U.S Treasury Secretary Janet Yellen, who pointed out Bitcoin’s limitations as a payment mechanism, and much like Lagarde, its use in illicit financing.

“To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.”

Nonetheless, the Swiss-based international organization for public-private cooperation has signaled its approval of cryptocurrency via its latest guide. The 22-page report details practical guidance, for both individuals and corporate professionals, on transacting, dapps, governance systems, scalability, and consideration of regulations.

As cryptocurrencies transform how we trade, transact and interact online, it has become more important than ever for technology leaders to have experience with these innovations.

As expected, the report mentions the big two, Bitcoin and Ethereum, even dedicating an entire section to Ethereum to discuss its programmability and usefulness in facilitating technological innovation.

Along with that, in the throughput and scalability section, the report also lists six cryptocurrency projects with brief text on their ability to handle large volumes of transactions. They are Algorand, Cardano, Celo, XRPL, Solano, and Stellar.

The Great Reset

During covid times, the WEF has caught the attention of many truth seekers. They raise concerns over the WEF’s role in steering the world recovery.

Among the WEF’s predictions by 2030 is “you’ll own nothing. And you’ll be happy.

Some have described this future scenario as a centralized system of control and manipulation. Even a throwback to Medieval feudal society, which consisted of a bottom rung of the peasantry who were slaves to the landowners.

Reuters have fact-checked this “stated goal” and dismissed it because it was a reference to the trend towards the prevalence of renting over ownership.

“False. The World Economic Forum does not have a stated goal to have people ‘own nothing and be happy’ by 2030. Its Agenda 2030 framework outlines an aim to ensure all people have access to ownership and control over land and other forms of property.”

Either way, should investors take the WEF’s mention of Algorand, Cardano, Celo, XRPL, Solano, and Stellar as cryptocurrency projects to watch in the future?

Source: https://bitcoinist.com/the-world-economic-forums-cryptocurrency-guide-lists-its-choice-of-winning-projects/?utm_source=rss&utm_medium=rss&utm_campaign=the-world-economic-forums-cryptocurrency-guide-lists-its-choice-of-winning-projects

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Ethereum, Stellar Lumens, VeChain Price Analysis: 14 June

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Even though Bitcoin climbed back above $39,000 after a jump of 8% in a single day, not all coins witnessed a surge in value. Alts such as Ethereum, Stellar Lumens and VeChain saw limited gains within their down-channel and awaited further cues for a breakout.

Ethereum [ETH]

Source: ETH/USD, TradingView

A look at Ethereum’s 12-chart showed the formation of a down-channel after a break above $2,900 was denied by sellers. On the verge of a breakout from the pattern, ETH bulls tussled with the upper trendline at press time. Interestingly, the upper trendline saw some interplay between 20-SMA (red) and 50-SMA (yellow) and hence, it was an important area to retake. A successful breakout would likely result in a 13% hike back towards its upper ceiling of $2,900.

MACD was close to a bullish crossover as the Fast-moving line caught up to the Signal line. However, RSI maintained below 50 and lower highs indicated weakening. A failed breakout would likely see ETH maintain its downtrend within the channel.

Stellar Lumens [XLM]

Source: XLM/USD, TradingView

Stellar Lumens also attempted a break above its down-channel at the time of writing. A successful breakout would likely trigger a 13% jump towards 23.6% Fibonacci level ($0.388) and 50-SMA (yellow). An extended bullish outcome could even result in an additional 20% rise at the 38.2% level ($0.46) and 200-SMA (green).

Squeeze Momentum Indicator suggested that bearish momentum has declined over the past few days and backed a favorable outcome. However, RSI has remained in bearish territory since 19th May and even pointed south at press time. The index could continue towards the oversold zone before a reversal can be expected. Such an outcome would see XLM maintain within its down channel over the coming days.

VeChain [VET]

Source: VET/USD, TradingView

VeChain was in a similar predicament as its counterparts ETH and XLM. The crypto-asset also traded within a down channel and eyed a break above its upper trendline, an area that clashed with 20-SMA (red) and 50-SMA (yellow). An early breakout would likely boost VET towards its 200-SMA, close to strong resistance line of $0.152. If such an outcome is denied, further dips were possible towards defensive lines of $0.091 or $$0.0825. The presence of a demand zone within this area could cushion an extended sell-off.

VET’s RSI gave was an example of yet another altcoin that switched to a downtrend after a key breakout was denied – in this case – $0.152-resistance. The index could decline towards the oversold zone before shifting gears. Supertrend Indicator still presented a sell signal but interestingly placed a stop-loss at $0.136 and 200-SMA- making this area critical to VET’s success.


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Source: https://ambcrypto.com/ethereum-stellar-lumens-vechain-price-analysis-14-june

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Why this market veteran is a fan of Cardano and Polkadot?

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Altcoins, as a whole, have seen an unprecedented amount of development and adoption over the past year. Altcoin market dominance rose from an almost negligible share to above 55% in the present time.

Earlier,  investors who bet on Bitcoin and Ethereum (ETH) in the very early stages have made a significant chunk of profit. However, the prices of these two cryptocurrencies have appreciated. Since their meteoric rise, everyone is on the lookout for the next bitcoin and the next Ethereum.

Well, the good news is there are still cryptocurrencies out there that have great potential, and they have lower price entry points. Cardano‘s native coin ADA and Polkadot (DOT) have seen a good year. Consequently, they are neck and neck in rankings by market cap and both are among the top ten cryptos. While the former ranked 5th and was trading at the $1.45 price level, the latter ranked 9th, trading at $20.48.

The two altcoins also took the lead in total staked value.

Source: Staking rewards

Anthony Di Iorio, a Canadian entrepreneur and also one of the original members who built Ethereum network opined on these two alts in a recent interview with Anthony Pompliano.

The current CEO of Canadian blockchain startup Decentral and crypto wallet Jaxx believed in the coins’ potential to grow further because ‘the projects are managed by goal-oriented individuals.’

He stated:

“Now I’ve kind of fallen back to just simplicity. I’m in a number of different projects, but the majority of my stuff is in the top projects. I’m a big fan of Polkadot, I’m a big fan of Cardano.”

It’s no surprise, having worked with Cardano’s Charles Hoskinson, and Polkadot’s Gavin Wood, that Di Iorio forged strong relationships with these individuals.

“Big fan of Charles, let’s say that. You know, taking some different approaches in the way that they’re doing things, much more on the academic side of what he’s done and bringing stuff forward. Real big fan of Gavin Wood.”

Further adding to his remarks, he said:

“Knowing those guys from the days back at Ethereum – and knowing their drive and knowing their competitiveness and their smarts – I was able to see those projects for the last few years and know that they were gonna get to where they’ve gotten up to.”


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Source: https://ambcrypto.com/why-this-market-veteran-is-a-fan-of-cardano-and-polkadot

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