Connect with us
[crypto-donation-box]

News

RBI Asks Banks to Stop Quoting Its ‘No Longer Valid’ Circular on Crypto

Avatar

Published

on

  • RBI has advised banks to stop mentioning its “no longer valid” crypto ban quote.
  • Some banks still restrict users on crypto transactions.

The Reserve Bank of India (RBI) has asked to stop mentioning its circular crypto ban is “no longer valid”. According to the RBI, India’s Supreme Court lifted their crypto ban over a year ago.

The RBI issued a report on Monday clarifying its status regarding cryptos. The report, called “Customer Due Diligence for Transactions in Virtual Currencies (VC).” Also, it points to commercial and cooperative banks, payments banks, NBFCs, small finance banks, and payment system providers.

The RBI wrote,

“As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from”.

Of note, despite the Supreme Court’s decision, RBI says that banks continue to quote its ban when it comes to crypto. For this reason, the RBI has advised banks to avoid quoting it’s “no longer valid” ban whenever they are dealing with crypto.

Further, RBI also said that Banks and other entities addressed above may continue to carry out customer due diligence processes. Besides, it will be in line with regulations governing standards. Also, the obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002.

This ensures compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances.

Despite the Supreme Court lifting the ban, many Indian banks still restrict users on possible digital asset transactions.

Furthermore, customers reportedly received crypto warning emails from their banks. The emails say that they should avoid using their bank account or debit cards for crypto-related activities. Meanwhile, the Indian government is still on crypto regulation.  

Source: https://coinquora.com/rbi-asks-banks-to-stop-quoting-its-no-longer-valid-circular-on-crypto/

Blockchain

Eswar Prasad: BTC Needs to Solve These Three Issues to Be Truly Effective

Republished by Plato

Published

on

A professor at Cornell University believes that bitcoin can never accomplish all it has set out to do unless it manages to get past three big hindrances. According to Eswar Prasad, professor of economics at the educational institution, bitcoin still suffers from several flaws that are preventing it from being stronger than many of its altcoin cousins.

Eswar Prasad: BTC Still Has a Way to Go

In an interview, Prasad points to the idea that bitcoin mining is extremely expensive and hazardous to the environment. This is an argument we have heard time and time again over the past few months. Everyone from Kevin O’Leary of “Shark Tank” fame to Elon Musk – the South African entrepreneur behind billion-dollar companies such as SpaceX and Tesla – have said that bitcoin mining is simply too dangerous for Mother Earth to carry on.

As a means of making themselves more appealing than bitcoin, Prasad says that many cryptocurrencies which came after BTC have looked at the currency’s infrastructure and worked to ensure their mining operations are nowhere near as energy driven.

For example, Ethereum has already implemented a new method of mining it is calling “proof of stake,” which is allegedly built to limit the amount of computing power necessary to extract new units from the network. In fact, according to the Ethereum Foundation, the process requires approximately 99 percent less energy than before.

Prasad says:

That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker.

Another issue he says bitcoin needs to solve is its anonymity. Many believe that bitcoin is an anonymous currency, though according to Prasad, this is not entirely true. To prove this, he points to a recent incident in which the Federal Bureau of Investigation (FBI) was able to intercede and prevent a bitcoin-based ransomware attack on the Colonial Pipeline. He says they would not have been able to do this if bitcoin was as anonymous as people claim.

He mentions:

The main idea of bitcoin… was to provide pseudonymity, but it turns out that if you use bitcoin a lot, and especially if you use bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.

In the long run, he says that Monero and Zcash are far better alternatives as privacy coins.

Volatility Prevents Its Use as a Currency

Lastly, he claims that bitcoin does not work well as a currency given that it is so volatile. He comments:

So, you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. That does not work well for the medium of exchange.

Tags: bitcoin, Cornell, Eswar Prasad Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/eswar-prasad-btc-needs-to-solve-these-three-things-to-be-truly-effective/

Continue Reading

Blockchain

Breaking down the 2 sides of the Ethereum price argument

Republished by Plato

Published

on

The crypto market has continued bleeding, Ethereum’s price has dropped to the $2000 level based on data from coinmarketcap.com. Ethereum’s price has dropped over 20% in the past week and this may be a result of the increased selling pressure. The trade volume was up over 50% in the past 24 hours and this was indicative of the selling pressure. The price is currently over 50% away from the ATH of $4363, a month ago and despite that, it is likely to recover since the demand has increased despite the drop in price.

ETH's price may drop below $1800, demand is on the rise

ETH price chart | Source: CoinGecko

The two sides of the ETH argument:

1. ETH is undervalued below $3000 and the bullish break is close since accumulation has increased below $2200, and

2. Based on analysts on crypto Twitter ADA and ETH are overpriced, while ETH is close to the $2000 level.

If we follow ETH‘s price, based on the chart and the resistance, since the resistance is at the $2200 level currently, there is a possibility of a 15% drop in price. Buying at this level is likely to lead to a loss in the short term if the selling pressure continues to rise. However, once the price is up, and rallies back, it may face challenges from short-term resistance up at $2,275.

If we get back to that level, there’s a 13% trade to be had. Other factors that indicate that demand is rising are the out-of-range liquidity of stablecoins in ETH markets. A metric that supports the opposite narrative was the number of addresses, hitting its highest point in the past 5 months. 

ETH's price may drop below $1800, demand is on the rise

ETH Addresses in a loss| Source: Twitter

The number of addresses currently in loss based on the 7-day moving average. The five-month high is 6.1 Million based on data from Glassnode. Based on the above metrics, ETH’s price may drop to the $1800 level, however, the demand is on the rise and despite addresses running losses, the trade volume supports the likelihood of a price rally.


Subscribe to our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/breaking-down-the-2-sides-of-the-ethereum-price-argument

Continue Reading

Blockchain

What are the chances of Bitcoin dropping to $25000?

Republished by Plato

Published

on

Bitcoin’s price has remained rangebound above the $30000 this week. Despite the crash, it is now closer to $35000 than it was two days ago. The asset has suffered a drop of nearly 20% in price in the past week, however, this has not deterred traders from buying, and accumulation continues. What’s more, even at the $32000 level, 68% HODLers are profitable, though concentration by large HODLers is currently less than 15% based on data from IntoTheBlock.

At the same time, while Bitcoin continues to trade below the $35000 level, on-chain data showed that the most significant support zone for Bitcoin was between $31700 and $33500. This is the exact same zone in which roughly over 570000 addresses bought nearly 500000 Bitcoins, thus making it an important psychological level for Bitcoin’s price. If the asset lost support at this level, it is likely that the price would hit the next demand barrier that is currently below the $25000 level, at $23400.

How likely is Bitcoin to drop below $25000

IOMAP Bitcoin | Source: Twitter

It is worth noting that if the demand barrier between $31700 and $33500 holds, Bitcoin could rebound to $37000. Considering factors like the current demand for Bitcoin across exchanges, large investment inflow across the Bitcoin network in the past week, the narrative is more bullish.

$118.58 Billion has flown into the Bitcoin network, supporting the narrative of recovery and price hitting closer to $40000, than dropping below $25000. Additionally, IOMAP shown above, suggested that $37000 represents a massive resistance zone as 1.3 Million addresses bought 643000 BTC around this price level. These addresses represent a large percentage of Bitcoin traders and HODLers and this price level is critical to the sentiment and social volume.

The social volume and dominance of Bitcoin have dropped, and it is more likely to bounce back above $35000, than drop below $25000.

How likely is Bitcoin to drop below $25000

GBTC AUM | Source: Skew

Based on the above chart, AUM by Grayscale has increased after hitting a slump in the first week of June. The AUM is now worth  $651k based on data from Skew. Most institutions that reduced their Bitcoin holdings in the first week, added through the crash, and the current dip as well. This is bullish for Bitcoin’s price and makes it less likely that the price will drop below $25000 in the current dip.


Subscribe to our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/what-are-the-chances-of-bitcoin-dropping-to-25000

Continue Reading
Uncategorized3 days ago

Sichuan Shutdown Order Cripples Chinese Bitcoin Mining Pools

Blockchain3 days ago

Coin Cloud Set to Operate 2000 Crypto Kiosks This Year

Blockchain4 days ago

Paraguayan Official Confirms: In July We Legislate Bitcoin

Blockchain4 days ago

Global Financial Indexes Provider MSCI Plans to Launch Crypto Indexes

Blockchain5 days ago

Call of Duty Warzone Season 4: Satellite Crash Sites, Red Doors

Blockchain4 days ago

This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months – Here’s What This Means

Blockchain4 days ago

Ethereum On-Chain-Analyse: Interesse trotz Drop groß

Blockchain4 days ago

U.K’s crypto-users are growing in number, but do they even understand the asset class?

Blockchain4 days ago

The End of NFTs? NFT Sale Transaction Volume Down 95% Since Early May

Blockchain4 days ago

WAVES Technical Analysis: Price Can Move Either Ways

Blockchain3 days ago

Tezos, Algorand, Zcash Price Analysis: 19 June

Uncategorized4 days ago

When does Naraka: Bladepoint release?

Blockchain3 days ago

What governments don’t realize is going to happen with Bitcoin

Blockchain3 days ago

Top DeepMind AI Products Revolutionizing The World

Uncategorized4 days ago

Alstef Group launches new software suite

Blockchain3 days ago

Sichuan province in China asks crypto miners to shut down operations

3 days ago

Alinity talks ASMR meta, Amouranth and indiefoxx Twitch bans

Blockchain3 days ago

Banks Afraid Of the Risks Associated With Crypto Assets Call for Regulation

Blockchain1 day ago

Legends: The premium NFT minting platform

4 days ago

Call of Duty League Stage 4 Major Standings

Trending