In April 2018, the Reserve Bank of India (RBI) asked local banks to stop providing services to cryptocurrency exchanges and related businesses, subsequently halting fiat-to-crypto trading in the country. Since then, many Indian exchanges have been struggling to keep up their payment channels as the banks sever ties with them despite the Supreme Court ruling against RBI and lifting the ban.
India, the world’s second-most populous country after China, often makes headlines for its attempts to outlaw crypto, real or rumored. The mixed signals sent by the authorities in the country are keeping some Indians from adopting bitcoin. However, a reassuring signal has come from the RBI which clarified on May 31 that there is presently no ban on banking institutions providing services to crypto firms.
The RBI indicated that it is aware of media reports that some banks are warning their customers against using their services for cryptocurrency trading by referencing the central bank’s quashed circular dated April 2018.
“Such references to the above circular by banks and regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 4, 2020 in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of India v. Reserve Bank of India). As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.”
The RBI’s clarification comes after reports that some of India’s top banks including HDFC, SBI Card, and State Bank of India have warned their customers against conducting crypto-related transactions citing the RBI’s 2018 order which prohibited banks from servicing crypto exchanges.
In its Monday statement, the RBI has advised banks to undertake the necessary AML and KYC compliance.
“Banks, as well as other entities addressed above, may, however, continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act (PMLA), 2002 in addition to ensuring compliance with relevant provisions under Foreign Exchange Management,” the statement explained.
It should be noted that RBI’s latest statement only clarifies that the central bank has not asked banks to stop providing services to crypto exchanges. It does not clearly ask banking institutions to reinstitute services to cryptocurrency exchanges.
Dimitra (DMTR) Listed On Kucoin
Dear Dimitra Community, We have some fantastic news to share with you. Dimitra is excited to announce the listing of the $DMTR token on KuCoin, recognized as one of the world’s leading crypto currency exchanges. The exchange’s user base is global and it is considered to be one of the leading trading venues for emerging […]
Dear Dimitra Community,
We have some fantastic news to share with you. Dimitra is excited to announce the listing of the $DMTR token on KuCoin, recognized as one of the world’s leading crypto currency exchanges. The exchange’s user base is global and it is considered to be one of the leading trading venues for emerging and established altcoins.
KuCoin is the first exchange to list $DMTR. This listing, to be followed by other centralized and decentralized listings, will facilitate and accelerate Dimitra’s goal of democratizing agriculture technology for farmers globally.
The Dimitra $DMTR token will be available for deposit initially with the DMTR/USDT trading pair.
– Deposits will open at 11:00am UTC on September 21, 2021
– Trading will start at 09:00am UTC on September 22, 2021
All trading execution is done through the official website at www.kucoin.com or within the KuCoin Android and iOS apps
Dimitra is grateful and fortunate to experience the growth of such an active and loyal community! We are looking forward to continuing to grow together.
📢 WORLD PREMIERE LISTING
🔹Deposit: now open (supported network: ERC-20)
🔹Trading: 09:00 am on September 22, 2021 (UTC)
🔹Withdrawal: 10:00 am on September 25, 2021 (UTC)
— KUCOIN (@kucoincom) September 21, 2021
Check out KuCoin’s listing announcement here: https://www.kucoin.com/news/en-dimitra-dmtr-gets-listed-on-kucoin-world-premiere?utm_source=twitterinfo
Dimitra (DMTR) is a blockchain platform that is democratizing the agricultural technology space for smallholder farmers globally. Dimitra provides access to the blockchain, machine learning, Internet of Things sensors, and Satellite Technology through a mobile platform that helps farmers globally increase their yield, reduce costs and mitigate risks. Current farming practices are not sustainable; creating an evolution of practices will contribute to solving some of today’s largest issues for farmers. Issues like poverty, hunger, global warming, carbon emissions, freshwater, and soil preservation are all impacted by the adoption of Dimitra. Dimitra’s platform provides utility by combining the crypto investment cycle with agricultural development practices within nations globally.
MiamiCoin Could Free Residents Of Tax Burden, Says Mayor
Thanks to its recently launched cryptocurrency, Miami is exploring a new way to fund municipal expenditures. ICYMI my interview on MiamiCoin w/ @FoxBusiness ✅The revolutionary concept of @mineCityCoins ✅Understanding how it’s generated $5M+ for the City ✅How these benefits translate into a better quality of life for Miamians pic.twitter.com/ipewPwBMdw — Mayor Francis Suarez (@FrancisSuarez) September […]
The post MiamiCoin Could Free Residents Of Tax Burden, Says Mayor appeared first on CryptoCoin.News.
Thanks to its recently launched cryptocurrency, Miami is exploring a new way to fund municipal expenditures.
ICYMI my interview on MiamiCoin w/ @FoxBusiness
✅The revolutionary concept of @mineCityCoins
✅Understanding how it’s generated $5M+ for the City
✅How these benefits translate into a better quality of life for Miamians pic.twitter.com/ipewPwBMdw
— Mayor Francis Suarez (@FrancisSuarez) September 20, 2021
MiamiCoin earns 2,000 USD every 10 minutes for the city
In February, Miami mayor Francis Suarez made first advancements to transform the city into a cryptocurrency hub. His plans were further cemented when the municipal cryptocurrency MiamiCoin launched last month with 30% of all mined coins going directly to the city.
In a recent interview with Fox Business, Suarez confirmed that the city receives roughly 2,000 USD every 10 minutes though MiamiCoin. Annualized, this transfers to a revenue of over 100 million USD, although Suarez has been more careful, estimating a yearly revenue of 60 million USD. The money is earmarked for specific projects, such as funding for underprivileged communities, crypto education, and climate change mitigation.
Crypto could revolutionize government funding, says Francis Suarez
In his interview, Suarez stated that MiamiCoin could theoretically abolish Miami’s already low tax burden altogether:
It’s interesting because it’s not an involuntary tax and it’s not philanthropy. It’s something that is completely different and could revolutionize the way governments are funded in the future.
It is still a long way to go for that though. In 2015, the City of Miami recorded a total tax revenue of roughly 240 million USD. Yet, the move towards municipal coins is a very natural development.
Using cryptographic tokens as a funding vehicle for developing DeFi platforms and other decentralized applications is a tested method and has specially made great advancements over the last year. It should be only a matter of time until this method will be tried on a municipal, or even nationwide scale.
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AMC Entertainment Could Include Dogecoin as a Payment Option
Following confirmation that AMC would begin accepting Bitcoin, Ethereum, Bitcoin Cash, and Litecoin for online payment, the company’s CEO has asked the Dogecoin community if AMC should add the meme coin among the cryptocurrency options.
Almost 80% Want to Pay for a Movie Ticket With DOGE
Adam Aron, CEO of the world’s largest movie theater chain AMC Entertainment, conducted a poll via Twitter on Tuesday (September 21st, 2021) to check whether the company should accept DOGE payment. The poll, which ends on September 22nd, has garnered a lot of responses, most of them wanting AMC to include the meme crypto.
According to Aron, the Twitter survey came amid calls from members of the Dogecoin online community to add DOGE to the list of crypto options.
“I hear from many on my Twitter feed we should accept Dogecoin too. Do you think AMC should explore accepting Dogecoin?”
Before the latest development, the AMC CEO announced that the movie theater giant will accept Ethereum, Bitcoin Cash, and Litecoin by the end of 2021. This was after Aron previously revealed during an earnings call in August that customers would be able to pay for movie tickets and concessions online with bitcoin, also at the end of the year.
The poll has so far seen 110,000 votes, with 70% responding positively to the idea of DOGE payment, while 8% also agree but say they would not use the meme coin for payment. Meanwhile, 22% of the voters were not in support of the motion.
Growing Support for Dogecoin Payment
Aron’s survey comes as the cryptocurrency market is experiencing massive price dumps, along with the global financial markets, mostly tied to the Evergrande saga. Bitcoin, which traded at $48k over the weekend, dropped to as low as $40k, with the price of other altcoins also plummeting. However, there has been a slight recovery.
Dogecoin is currently the 10th largest crypto by market capitalization and reached an all-time high (ATH) of over $0.7 back in May. Now, though, it’s down to roughly $0.2.
If AMC Entertainment goes ahead to include the meme token among the list of accepted cryptocurrencies, the movie theater giant would become the latest company to support DOGE payments. Some others who have adopted Dogecoin include American basketball team Dallas Mavericks and Newegg.
Apart from AMC’s Adam Aron, Tesla’s CEO Elon Musk also carried out a similar poll for his followers. Although many of the respondents voted in favor of the electric vehicle manufacturer including DOGE among payment options, the company is yet to make it official.
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