A Variety of Opinions (Weekly Digest, Feb 04—08)

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5,267 USD


72.33 USD


0.2910 USD


268.15 USD

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India Progressing on Crypto Regulation Amid Ban Rumor

The Indian government has been progressing on cryptocurrency regulation. A recent report from the Ministry of Finance confirms some recommendations. Meanwhile, local media reported Friday that a draft bill on the regulatory framework for cryptocurrencies is being circulated among relevant government departments. Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request Ministry of Finance’s Confirmation The Ministry of Finance recently published a summary report of the government’s activities in 2018. “An inter-ministerial committee under the chairmanship of Secretary, Department of Economic Affairs with representatives from concerned departments has been constituted for considering all aspects related to virtual currencies and crypto assets,” the document begins to explain. The Indian government was supposed to submit a report containing the legal framework for cryptocurrency to the supreme court in March but the court adjourned without addressing the matter. The next hearing date is July 23 and the community expects this matter to be addressed at that time. The Ministry of Finance’s report reads: Various options for treating virtual currencies and crypto assets including banning/regulating are being examined by the committee. India Working With FATF The report also reveals that India’s Department of Revenue has been working with the Financial Action Task Force (FATF) on various aspects including cryptocurrency. India is a member of the FATF, an international body which sets standards and promotes the implementation of legal, regulatory and operational measures for combating money laundering and terrorist financing globally. The Department of Economic Affairs used to work with the FATF but the work was transferred to the Department of Revenue per Gazette Notification dated Nov. 9, 2017, the Finance Ministry detailed, noting: Department of Revenue has been actively involved in the working papers being developed by the FATF on various issues (such as virtual currency, proliferation financing among) which will act as guidance for the member countries. FATF’s Recommendations The G20 countries, including India, have reaffirmed their support for the FATF as “the global anti-money laundering, counter terrorist financing, and proliferation financing standard-setting body,” according to the FAFT report submitted to the G20 this month. The G20 also asked the FATF to clarify how its standards apply to virtual asset activities. Among other recommendations, the FATF replied: Jurisdictions should apply a risk-based approach to virtual assets, virtual asset financial activities, and virtual asset service providers. The FATF further stated that it will update the “Risk-based Approach Guidance on Virtual Currencies” by June for the G20 summit. This approach will assist “jurisdictions and the private sector, in implementing a risk-based approach to regulating virtual asset service providers, including their supervision and monitoring,” the FATF wrote. Rumor of a Ban Recommendation Local media reported Friday that the Indian government is in the process of discussing a draft bill on cryptocurrency. The Economic Times claims to have reviewed the minutes of a meeting of the government committee which includes representatives of the Department of Economic Affairs, the Central Board of Direct Taxes, the Central Board of Indirect Taxes and Customs, and the Investor Education and Protection Fund Authority. According to the publication, the minutes showed that the ministries were “of the view that already there is a lot of delay in taking action against cryptocurrency. There is an urgent need to ban [the] sale, purchase and issuance of cryptocurrency.” An unnamed government official claiming to know the details told the news outlet that the draft bill entitled “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019” has been circulated to relevant government departments for discussion. The publication, however, did not explain the “Regulation of Official Digital Currencies” part. In addition to this being a draft bill and information was based on anonymous sources, the news outlet emphasized that based on the feedback: A final law will be proposed to the next government that takes charge after elections at the end of May. This is also not the first time the media have reported that the Indian government is considering banning cryptocurrency based on anonymous sources. In December last year, Cnbc TV18 reported on a ban recommendation. However, another media outlet reported soon afterward that there was also a recommendation to legalize cryptocurrency with strong riders, leaving the public confused about what the recommendations actually were. What crypto regulation do you think the Indian government will finally implement? Let us know in the comments section below. Images courtesy of Shutterstock and India’s Ministry of Finance. Are you feeling lucky? Visit our official Bitcoin casino where you can play BCH slots, BCH poker, and many more BCH games. Every game has a progressive Bitcoin Cash jackpot to be won! The post India Progressing on Crypto Regulation Amid Ban Rumor appeared first on Bitcoin News.
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XRP Price Analysis: XRP/USD Remains Bearish, Targets $0.27 Level

Coinspeaker XRP Price Analysis: XRP/USD Remains Bearish, Targets $0.27 LevelKey Highlights:The Bears are still in control of the XRP market;the Bears’ pressure may push the XRP price down to $0.27 demand level;the pullback is inevitable in the XRP market.XRP/USD Price Medium-term Trend: BearishSupply levels: $0.30, $0.31, $0.32 Demand levels: $0.29, $0.28, $0.27XRP/USD is bearish on the medium-term outlook. XRP/USD was ranging within the descending channel a few days ago. As it was predicted, the supply level of $0.32 holds and the Bears’ pressure increased; this is clearly seen on the 4-hour chart with the formation of big strong bearish candle that penetrated former demand levels of $31, $30 levels and the price reached $29 on April 24.The Bulls opposed the decrease in price and pushed the coin up to a range within $0.30 and $0.29 levels. Yesterday, the Bears gained enough momentum and pushed the XRP price down to $0.27 level. Today, the market opened with a strong bullish candle that returns the price to $0.29 level.The crypto is already trading below the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 40 levels with the signal lines pointing up to indicate a buy signal.Should the Bears maintain or increase their pressure the coin will remain bearish and it may have its target at the previous low of $0.27 level in a case $0.29 and $0.28 does not hold.XRP/USD Price Short-term Trend: BearishXRP/USD is bearish on the short-term. The Bears breakout at the lower trend line of the channel and the former demand level of $0.31 placed the XRP price at the low of $0.29 on April 24 with the massive bearish candle.The interruption of the Bears by the Bulls resulted in the consolidation of the price within the range of $0.30 and $0.29 price level. The battles continued between the Bulls and the Bears. As a moment, the coin is at $0.29 level.The Stochastic Oscillator period 14 is at 70 and the signal lines bending down to connote sell signal and a further decrease in XRP price.XRP Price Analysis: XRP/USD Remains Bearish, Targets $0.27 Level

Biggest weekly losers: XRP, Litecoin [LTC], Stellar Lumens [XLM] fall by 10%; market tanks after Bitfinex-Tether fiasco

The market saw prices of most major cryptocurrencies soar earlier this week. However, the weekend has led to a new turn of events as coins are now being dragged into bearish territory. Among the top-10 coins, the five cryptocurrencies that saw the biggest fall were Stellar Lumens [XLM], EOS, Cardano [ADA], XRP, and Litecoin [LTC]. The fall in prices was a result of the Bitfinex-Tether fiasco. New York State’s Attorney General’s [NYAG] office revealed that iFinex, the company behind the crypto-exchange Bifinex, may be violating New York Law. This announcement was in relation to activities that “may have defrauded” local investors who trade in cryptocurrencies. Stellar Lumens [XLM] Source: Trading View Stellar Lumens [XLM] was valued at $0.1158 on April 20 and fell by 14.68% over the week. At press time, the coin was valued at $0.0990 with a market cap of $1.88 billion. The 24-hour trading volume was noted to be $276 million, as the coin fell by 4.50% over the past day and continued to dip by 0.43% within the past hour. EOS Source: Trading View EOS, at the beginning of the week was valued at $5.47, after which it fell by 13.97% over the past seven days. At press time, the coin was valued at $4.70, with a market cap of $4.43 billion. The 24-hour trading volume of the coin was $2.62 billion as it fell by 1.91% over the past day. The coin, at press time, was falling by 0.14% and failed to recover. Cardano [ADA] Source: Trading View Cardano [ADA] fell by 13.41% over the week, which resulted in its price falling from $0.0769 to $0.0690. The market cap of the coin was reported to be $1.78 billion and the 24-hour trading volume was $108 million. Over the past 24-hours, the coin fell by 4.47% and continued to fall by 1.35% within the past hour. XRP Source: Trading View At the beginning of the week, XRP was valued at $0.3325, after which it slipped by 11.88% and, at press time, was valued at $0.2929. The market cap of the coin was noted to be $12.30 billion and the trading volume of the coin was $1.36 billion. XRP fell by 2.49% over the past day and by 0.50% over the past hour. Litecoin [LTC]  Source: Trading View Litecoin [LTC] noted a fall of 10.79% over the past week, which reduced the price of LTC from $81.33 to $72.64. The market cap of the coin was $4.46 billion with a 24-hour trading volume of $3.15 billion. The price of the coin fell by 0.77% over the past 24-hours and by 0.94% within an hour. The post Biggest weekly losers: XRP, Litecoin [LTC], Stellar Lumens [XLM] fall by 10%; market tanks after Bitfinex-Tether fiasco appeared first on AMBCrypto.

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