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India Comes A Full Circle In Legalization Of Crypto; Indian Crypto Startups Believe Its A FUD

The Indian Ministry of Finance has reportedly moved a note urging the ban on cryptocurrencies in India after Supreme Court revoked the ban in March 2020.  Indian crypto influencers believe the government should consult relevant people of the crypto community before taking a decision. Indian Crypto Scene Takes 360 Degree Turn In terms of adoption,

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The Indian Ministry of Finance has reportedly moved a note urging the ban on cryptocurrencies in India after Supreme Court revoked the ban in March 2020.  Indian crypto influencers believe the government should consult relevant people of the crypto community before taking a decision.

Indian Crypto Scene Takes 360 Degree Turn

In terms of adoption, the cryptocurrency industry has witnessed a significant uptrend. While these digital assets have been legalized in certain countries a few other governments view it is a currency that paves the way for illicit activities. However, the cryptocurrency scene in many other nations still remains uncertain.

India, a country with a population of more than 1 billion people, could have driven the adoption rate of cryptocurrencies into new highs. While the status of digital assets in the country was uncertain for many years, last year in July, Subhash Chandra Garg, the former finance secretary of the country had drafted a law urging for a ban on cryptocurrencies which would prohibit Indian citizens from mining, holding, selling, buying, or using cryptocurrencies in any manner. Citizens going against the law were to be slapped with a fine of Rs.25 crore along with 10 years of imprisonment.

4 March 2020, the day the Indian crypto community had been anticipating as the Supreme Court in the country had revoked the Reserve Bank of India’s ban on cryptocurrencies. While the SC brushed off RBI’s ban labeling it as “unconstitutional”, the country rejoiced the legalization of cryptocurrencies.

The latest report from The Economic Times states that the Indian Ministry of Finance has been once again fueling the ban on cryptocurrencies. A government official revealed that a proposal would be submitted before the Parliament only after it is reviewed by the Union Council of Ministers. The official said,

“A note has been moved (by the finance ministry) for inter-ministerial consultations.”

While the crypto community has been once again put under a state of uncertainty, prominent faces of the Indian crypto scene have been probing the matter. Nischal Shetty, the founder of the Binance acquired platform, WazirX told CoinGape, that the status quo of the matter remains ambiguous as the community has been awaiting access to the information on the note. Shetty suggested that the Indian Finance Ministry could be working on the old crypto bill or also be working towards rolling out an updated bill.

Shetty added,

“Currently, the Internet and Mobile Association of India (IAMAI) is working on a code of conduct for crypto-currency companies in India. We have a draft version ready and are working on updating the guidelines in line with the technology changes that have happened in the last few years.”

Furthermore, he insinuated that the government should rather utilize cryptocurrencies as several accounts, trades could be tracked to identify criminals than banning crypto-related businesses. Fighting crime and fostering innovation should go hand in hand, said Shetty.

CoinDCX’s co-founder and CEO, Sumit Gupta also spoke about the latest update with CoinGape. Gupta suggested that the crypto community should look at the news with an objective lens instead of spreading misinformation and rearing panic. He further stated,

“We trust and believe that the Indian government will consult the relevant stakeholders from the Indian crypto community, and listen to our voices before any decisions are made. Smart and sensible crypto regulations are the right way forward, and CoinDCX as well as the Indian crypto community are prepared to foster open and transparent dialogue with the government in order to present our case for why crypto has a future in India.”

The Supreme Court’s green signal towards cryptocurrencies had given rise to a number of exchanges venturing into the country. However, the latest news might endanger the fate of these cryptocurrency exchanges. Commenting about the same, Gupta highlighted the fact that the Supreme Court lifting the ban on cryptocurrencies has bolstered the Indian economy as well as the crypto industry in India. He added,

“The result of this was that crypto markets flourished, andwe have seen record numbers in trading volumes and user adoption of cryptocurrencies following the
decision, proving its strengths as an asset class to protect the wealth of Indian investors.”

Source: https://coingape.com/india-comes-a-full-circle-in-legalization-of-crypto-indian-startups-believe-its-a-fud/

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I Disagree With Armostrong: Ripple CEO on Coinbase Apolitical Policy

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Ripple CEO Brad Garlinghouse is the latest popular individual to criticize the apolitical approach recently taken by the cryptocurrency exchange Coinbase. Just the opposite, Ripple has offered employees paid time off to vote and volunteer in the upcoming US Presidential elections.

Ripple CEO Disagrees With Coinbase CEO

Brian Armstrong, the Chief Executive Officer of the veteran US-based digital asset platform Coinbase, raised lots of controversies recently after a blog post. He argued that his company should remain laser-focused on its mission to ascend as a cryptocurrency exchange and its employees need to avert from any political discussions or endeavors.

This so-called “apolitical” approach received reactions from people within and outside of the cryptocurrency space. Most, such as Twitter’s CEO Jack Dorsey, criticized Armstrong’s actions.

The latest to join the “I don’t agree with Armstrong bandwagon” is Brad Garlinghouse – the CEO of the payment protocol Ripple. He asserted that technology companies have the “obligation” to assist with solving social issues.

“We think about our mission as enabling an internet of value, but we seek positive outcomes for society. I think tech companies have an opportunity – but actually an obligation – to lean into being part of the solution.”

Ripple CEO Brad Garlinghouse. Source: Fortune
Ripple CEO Brad Garlinghouse. Source: Fortune

He called some of these social problems “exacerbated” by the tech sectors. As such, Ripple has decided to take the precisely opposite approach. The Silicon Valley-based company will offer its employees paid time off to volunteer and vote in the upcoming US Presidential elections.

It’s worth noting that Coinbase has seen at least 5% of its staff leaving following Armstrong’s apolitical urge. The exchange offered “generous exit packages” to all that disagreed with its politics.

Garlinghouse On The Ongoing YouTube Legal Battle

As CryptoPotato reported in April, Ripple filed a lawsuit against the most widely used video-sharing platform – YouTube. Ripple claimed that the Google-owned giant hadn’t done enough to fight the growing number of fake giveaways impersonating company executives and duping thousands and thousands of dollars from victims.

During the CNBC interview, Garlinghouse used the opportunity to criticize YouTube and its lack of appropriate actions once more. He doubled-down that Ripple doesn’t do such giveaways, and people need to be extremely cautious when they see one, even if it’s on a trusted platform.

“We didn’t need to do that [giveaways]; it doesn’t help Ripple. But what it highlights is that platforms need to take ownership of the problems they are contributing to.”

Featured Image Courtesy of VOX

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Source: https://cryptopotato.com/i-disagree-with-armostrong-ripple-ceo-on-coinbase-apolitical-policy/

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The PayPal Effect: Billionaire Chamath Palihapitiya And Libra’s Chief Believe Banks Will Support Bitcoin

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PayPal’s decision to enable its users to interact with cryptocurrencies directly on its platform continues to attract popular individuals’ attention. The latest to acknowledge the significance of this move were the Head of Facebook Financial, David Marcus, and Social Capital CEO Chamath Palihapitiya.

Banks Will Follow PayPal, Says Marcus

Arguably the most significant piece of news recently came last week when the giant online payment processor PayPal announced it will soon enable its US-based customer to purchase, sell, and store several cryptocurrencies, including Bitcoin and Ethereum. Clients based outside the US will have this option available next year.

Apart from the immediate price reaction the news had on the cryptocurrency market, the community also accepted the announcement as a significantly bullish development.

In fact, most believe that this is just the beginning, and more centralized and trusted establishments, such as banks, will follow suit. Co-creator and board member of Facebook’s future cryptocurrency Libra, David Marcus, also weighed in on the news.

He asserted that the cryptocurrency industry is “turning a corner” as banks will pursue Bitcoin and stablecoins support.

Bitcoin Is No Longer Optional

Another famous individual to comment on the PayPal developments was the Social Capital CEO and former Facebook executive, Chamath Palihapitiya.

Being also a vocal supporter of Bitcoin, Palihapitiya, similarly to Marcus, highlighted that “every major bank is having a meeting about how to support Bitcoin. It’s no longer optional…”

Palihapitiya recently said that his first BTC purchase came at the start of the previous decade. He bought one million bitcoins for $80. Later on, he outlined the primary cryptocurrency as his best investment bet.

Social Capital’s CEO has also urged the public numerous times to allocate at least 1% of their investment portfolio in Bitcoin. He said that having such allocation helps him sleep “soundly at night.”

He also advised that people should avert from short-term price actions. Instead, he focuses on the long-term, knowing that Bitcoin’s fundamentally different attributes will protect him against the falling current financial infrastructure.

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Source: https://cryptopotato.com/the-paypal-effect-billionaire-chamath-palihapitiya-and-libras-chief-believe-banks-will-support-bitcoin/

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BTC Price Analysis: Bitcoin Weakens As Wall Street In Deep Red, Is $14K Target Intact?

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Bitcoin’s price remains stuck under the key 0.618 Fibonacci level at $13,360 going into this week after little bullish momentum arrived during the opening of the US traditional markets. Wall Street, meanwhile, is painted in red.

Over shorter timeframes, it’s clear that the general sentiment is still bullish as the leading asset continues to print higher lows. However, trading volumes are beginning to decline, and there’s a growing divergence between the RSI and price action, which suggests things may turn bearish soon.

Since the Paypal news broke on October 21, over $33 billion has flooded back into the crypto space and helped the leading asset’s market dominance break back over 61% for the first time since August 2, 2020.

Price Levels to Watch in the Short-term

On the weekly BTC/USD chart, we can see that the main resistance area (red shaded zone) standing in the way of Bitcoin right now is the aforementioned Fibonacci level and the June 24, 2019 high at $13,950.

This top price point also overlaps with the upper resistance of the broadening wedge pattern (yellow lines) that BTC has been tracking inside of since April 27, which makes it a particularly strong level for bulls to overcome.

If momentum picks up again, however, and bulls manage to set a new 490+-day high, then the next likely areas of resistance will probably lie somewhere around the psychological $14K mark, the $14,400 level, and $14,600.

If the strong bearish divergence on the 4-hour timeframe plays out (light blue lines), we should expect the first area of support at the 50 EMA at $12,600, followed by the first major support zone (green shaded area) between $12,300 and $11,950. Under that, we also have the 0.5 Fibonacci level at $11,400 and the support line of the broadening wedge pattern approximately around $11K to catch any dips if prices decline further.

Total market capital: $401 billion
Bitcoin market capital: $243 billion
Bitcoin dominance: 60.5%

*Data by Coingecko.

Bitstamp BTC/USD Weekly Chart

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BTC/USD chart via Tradingview.

Bitstamp BTC/USD 4-Hour Chart

Bitcoin trading BTC
BTC/USD chart via Tradingview.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/btc-price-analysis-bitcoin-weakens-as-wall-street-in-deep-red-is-14k-target-intact/

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