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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