Cryptos Stuck Amidst Nations Launching and Banning Them

NASSCOM clarifies its stance on cryptos, reopening of Bitcoin Max’s Bank accounts, FSDC plans a blanket ban on cryptos in India, cryptocurrency derivatives face threat in the U.K., Petro is up for public sale

  • Soon after the arrest of the second co-founder of Unocoin for the installing India’s first Bitcoin ATM, a report published on Hindu Business Live suggested that NASSCOM considers cryptocurrencies as illegal. However, NASSCOM soon tweeted clarified that they only quoted the stance of RBI on cryptocurrencies and it had nothing to do with their own perspective of the same.

It is law of the land and hence, we have to work with it. If we do not agree, we have to go back to the government and speak about why cryptocurrencies aren’t correct.

Nasscom president Debjani Ghosh to Hindu Business Live

  • Brazil’s Federal District Court ordered the reopening of the bank accounts entitled to the cryptocurrency exchange Bitcoin Max. The bank accounts were closed by Banco do Brasil and Banco Santander in the month of September without any explanation or warning. Be it that the banks fail to comply with the court’s order, a fine will be imposed upon both the banks.
  • A potential plan for a blanket ban on cryptocurrencies in India reflected in the report published of the meeting of Financial Stability and Development Council (FSDC) chaired by Arun Jaitley, India’s finance minister. The report read: The Council also deliberated on the issue and challenges of Crypto Asset/Currency and was briefed about the deliberations in the High-Level committee chaired by the Secretary (Economic Affairs) to devise an appropriate legal framework to ban the use of private cryptocurrencies in India and encouraging the use of Distributed Ledger Technology, as announced in Budget 2018-19.
  • Cryptocurrency-linked derivates face threat in the U.K. as the Financial Conduct Authority reported its plan to consult whether to ban crypto derivatives or not. Consumer protection and market integrity stand as the financial watchdog’s major concern in regard to crypto derivatives.

Although regulated, financial instruments that reference cryptoassets also produce some specific risks to consumers. Leveraged derivatives, such as CFDs and futures, can cause losses that go beyond the initial investment. The risk of trading losses can be exacerbated by product fees such as financing costs and spreads, as well as by a lack of transparency in the price formation of the underlying cryptoasset.

Cryptoassets Taskforce: final report, published by FCA

  • After much controversy and criticism, Venezuela’s Petro is finally up for public sale. Traders will now be able to directly buy Petro from the Superintendency of Cryptoassets and Related Activities (Sunacrip) through various fiat as well as cryptocurrencies. Petro was previously backed by only oil but a recent upgrade suggests that it is also backed by gold, diamond and iron.

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UK Crypto Gets Green Light as Lawmakers Classify Them as Property

Britain’s crypto industry was given a boost yesterday when a panel of lawmakers finally classified digital assets as property. The move clears a path for businesses to start utilizing blockchain based tokens and moving forward with crypto development. Crypto is Property While the US is still falling behind grappling with its definition of what defines a security, the UK has taken a step forward by classifying crypto assets as property. A panel, led by the senior High Court judge Sir Geoffrey Vos, issued a legal statement on Monday that took significant steps to address uncertainty around crypto assets and their underlying technologies. According to reports, the public consultation aimed to provide more clarity on the definition of digital currencies, with Vos adding; The answers to those legal questions will provide a dependable foundation for the mainstream utilisation of cryptoassets and smart legal contracts. A legal statement said that crypto assets ‘have all of the indicia of property’, which would grant them a similar legal standing. The panel elaborated … novel or distinctive features possessed by some crypto-assets — intangibility, cryptographic authentication, use of a distributed transaction ledger, decentralisation, rule by consensus — do not disqualify them from being property The decision has been lauded by industry observers as it will serve as a foundation for the mainstream adoption of crypto assets and smart contracts in the UK. Additionally the clarification could provide a strategic advantage to blockchain startups operating in the country. Government backed industry initiative, Lawtech, is part of the UK Jurisdiction Task Force that made the announcement. Director of the Lawtech Delivery Panel, Jenifer Swallow, added; It is great to see the adaptability of our common law system to fast-changing technology, demonstrated in this landmark legal statement from the UKJT. Tech Nation is excited to work with the Lawtech Delivery Panel on leading initiatives such as this, to support business growth, clarity in law and the evolution of new tech. She continued to state that the worldwide smart contract market is expected to reach $300 million by 2023, and the World Economic Forum predicts 10% of global GDP will be stored on the blockchain by 2027. Panel chair, Christina Blacklaws, was equally enthusiastic about the classification of crypto assets; It is excellent to see that English and Welsh law has no issue embracing new technology – recognising cryptoassets as tradable property and smart contracts as enforceable. While the US still flounders over its own regulatory hurdles China and now the UK are going full steam ahead on blockchain and crypto. Will ease of UK regulation boost crypto markets? Add your comments below. Images via Shutterstock The post UK Crypto Gets Green Light as Lawmakers Classify Them as Property appeared first on Bitcoinist.com.
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Bitcoin Price Analysis: BTC Breaks Down The Wedge. Now, Will $8000 Hold?

On our recent price analysis, we had discussed the colossal move that was coming up, which should have been the breakout of the wedge pattern that Bitcoin had gone through over the past three weeks. Unfortunately, if you ask the Bulls, Bitcoin broke down violently: The coin had lost $500 from its price on the daily, marking $8010 as its yesterday’s low (Bitstamp). We anticipated this violent move and stated that “if Bitcoin breaks down the wedge around the $8400 support, there is likely to be a quick move towards the $8000.” This is exactly what Bitcoin is up to, as of now. The question is, if the $8K level will hold. The $8000 support is combined with the mid-term ascending trend-line, along with the 78.6% Fibonacci retracement level from the October 26 daily 42% price surge. Total Market Cap: $224 billion Bitcoin Market Cap: $148 billion BTC Dominance Index: 66.1% *Data by CoinGecko Key Levels to Watch – Support/Resistance: Following the breakdown of the wedge pattern, the first level of support is the $8000, which should serve as a secure demand area. In case Bitcoin breaks down further from here, then the next support lies around $7700 – $7800. If the last doesn’t hold, then $7400 is the next target, which is Bitcoin’s lowest prices since the parabolic move of June 2019. From above, in the likely case of a correction, Bitcoin can reach $8300 – $8400 support turned resistance as the first target (for a correction). Further above is the $8500 area – which is the wedge’s descending trend-line, along with the 50-days moving average line (marked pink on the following daily chart). – The RSI Indicator: Looking on the chart, the RSI tried to find support on the mid-term ascending trend-line (which started forming a month ago) but failed to do so. The line got broken and the RSI is on its way to the oversold territories. Stochastic RSI oscillator is pointing on oversold both on the 4-hour and the 1-day chart. This can lead to a possible positive correction in the case of a cross-over. – Trading volume: Despite the recent price action, the heavy traders hadn’t arrived yet, as the trading volume spiked, but just a little. Not something significant as of now. BTC/USD BitStamp 4-Hour Chart BTC/USD BitStamp 1-Day Chart The post Bitcoin Price Analysis: BTC Breaks Down The Wedge. Now, Will $8000 Hold? appeared first on CryptoPotato.
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Bears Have Been Proved Wrong, Bitcoin is Still Strong

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