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Reserve Bank of India (RBI) Says Crypto Businesses OK for Indian Banks

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A new official notice published by the Reserve Bank of India (RBI) has positively impacted crypto enthusiasts in India as the central bank pointed out that a previous circular preventing banks from making business with crypto industries is no longer valid.

The notice was addressed to all commercials and cooperative banks, payment banks, small finance banks, and other financial institutions on Monday 31st as a result of media reports about certain entities cautioning customers against virtual currencies based on a previous circular.

The RBI circular referred by the notice was originally published on April 06 of 2018 and was titled “Prohibition on dealing in Virtual Currencies (VCs)”. It prohibited all entities regulated by the reserve bank from dealing with or providing services involving any form of virtual currencies.

This forced any entity that was providing such services to stop during the following 3 months.

The circular, which had been cited by some of the country’s biggest banks when cautioning users about Virtual currencies, was later overturned by India’s Supreme Court in 2020. T

he RBI told financial institutions that as a result of the supreme court’s decision, the circular is not only valid but also can’t be cited or quoted from.

The RBI also noted that regulated financial institutions were still able to carry out customer due to diligence processes based on governing standards.

These standards cover 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.

RBI Move Floods Indian Crypto Industry With New Optimism

Despite the increasing uncertainty around the future of the cryptocurrency industry in the world’s 5th largest economy, the news was received with optimism by crypto leaders in the country.

Sumit Gupta, Co-founder, and CEO at CoinDCX, referred to the news by tweeting:

“This is great news directly coming from RBI. RBI clarified the stand around the old circular which was set aside by the honorable Supreme Court. Simply put this is a testament, that banks cannot stop people from investing in crypto.”

The hashtag “IndiaWantsCrypto” was trending in the country soon after the news made it through the country, reflecting the increasing pressure government institution are experiencing when it comes to allowing cryptocurrency companies to operate under a legal framework.

The uncertainty around the legal status of cryptocurrency in the country is also shared by crypto enthusiasts around the world, as the increasing popularity of crypto has increased regulators’ concerns about the implications of widespread adoption.

The Regulatory Landscape In India

Back in February of 2021, the Indian Crypto industry received with concern the news concerning the introduction of legislation that could result in a widespread ban of cryptocurrencies in the country as the government prepared to develop its own digital currency.

The legislation, which was titled “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”, could result in the banning of cryptocurrencies while allowing “for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

The increasing media coverage around the topic of crypto regulation, which was especially prominent during the second half of May when it cited the 2018 circular, has resulted in increased pressure for the clarification of crypto’s legal status as millions of Indian investors campaign for the repeal of legislation against crypto.

The clarification published by the RBI is widely considered a result of citizen pressure, as some experts believe there were concerns regarding possible lawsuits.

Financial entities in the country have also been using the past circular as a pretext for their position against crypto, which means the reversal could result in the pressure moving from the RBI to them.

With Indian citizens and companies starting to campaign in favor of crypto while the RIB is looking to implement a Central Bank Digital Currency that operates using the technology behind crypto, the need for a clear regulatory framework in the country is clearer than ever.

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Source: https://blockonomi.com/rbi-crypto-ok-for-indian-banks/

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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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Coinsmart. Beste Bitcoin-Börse in Europa
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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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/why-this-market-veteran-is-a-fan-of-cardano-and-polkadot

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