India news

The Finance Minister received panel recommendations on crypto regulations. The contents are not yet revealed. And the Ministry of Finance says 'private cryptocurrencies' are banned but using DLT is encouraged. The Reserve Bank of India says Bitcoin is not recognized in the country.

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Crypto exchange Bithumb Global opens up access to users in India

Crypto exchange Bithumb Global opens up access to users in India - CryptoNinjas Bithumb Global, the South Korean based exchange company’s leveraged crypto trading exchange, has announced its plans for accepting users from India. The trading platform will now onboard Indian customers with a sign-up incentive along with the opportunity for Indian exchanges to become a Bithumb Global partner. Bithumb Global Partner Program The Bithumb Global Partner program […] Crypto exchange Bithumb Global opens up access to users in India - CryptoNinjas
CryptoNinjas

Bithumb Global Launches in India

BENGALURU, India, Sept. 23, 2019 /PRNewswire/ -- Bithumb Global, the global platform for Bithumb - South Korea's top digital asset exchange has announced its plans of coming to India. The trading platform will now onboard Indian customers with a sign-up incentive along with the opportunity for Indian exchanges to become a Bithumb Global partner, giving them a sound liquidity base to grow.  Founded in 2014, Bithumb is the most influential digital asset exchanges in Korea. The exchange currently has over 10 million registered traders with the cumulative transaction volume exceeding 1 trillion USD. As of today, Bithumb currently owns 59.19% of the entire Korean market Bitcoin transaction volume and accounts for 15% of the global market. What does this mean for India? Bithumb Global's step into the Indian borders means progress for the Indian crypto community. With the current banking ban laid on conversions of cryptocurrencies to INR and vice versa, Bithumb's ...Full story available on Benzinga.com
Benzinga

India’s last standing cryptocurrency exchange—WazirX’s Nischal Shetty [INTERVIEW]

Nischal Shetty, founder of WazirX, shares his story building the only crypto exchange left standing in a country hostile to cryptocurrency.  WazirX dodged the regulatory pressure through innovation. By engineering the first auto-matching P2P engine he was able to dodge regulatory pressure that shuttered all other major exchanges in India. Nishchal Shetty Nischal, tell us about your journey starting WazirX? “Nischal: I’ve been a believer in blockchain for many years, but it wasn’t until 2017 that I went down the blockchain rabbit hole.” … “I tried using Indian cryptocurrency exchanges and my experience was pretty disappointing. I felt that the products lacked good UX and transparency. Having built Crowdfire—a social media management product with 20 Million users—our team well understood what it takes to build and scale a global tech product out of India.” … “We love challenges, and decided to build WazirX—a cryptocurrency exchange for India which offers world-class UX, transparency and trust. WazirX is available on Web, Android, iOS in India and around the world.” What is your opinion on the shut-down of Indian exchanges Koinex and Zebpay? “Nischal: The news of Koinex and Zebpay shutting down was unfortunate for the Indian cryptocurrency ecosystem. But when you look at the bigger picture, you’ll see that crypto is here to stay forever.” … “It’s the next big revolution after the Internet.” … “Regulatory uncertainties require exchanges to adapt accordingly and I’m proud that we did exactly that at WazirX. When the banking ban came into effect we were the first exchange to launch an innovative P2P solution. This gave us a huge boost and helped us quickly become India’s largest and most trusted crypto exchange.” What are your struggles in currently operating WazirX? How are you dealing with challenges which made Koinex/Zebpay exit the Indian market?  “Nischal: Companies have their own life cycles and their own set of reasons to start or stop their business. At WazirX, we’re fighting hard for cryptocurrency regulations in India. I’ve been running a Twitter campaign called #IndiaWantsCrypto for 320 days. Many people have joined this campaign, and it’s been picked up by journalists and influencers globally.” … “We’re continuously innovating and launching features that will help us bring the next million people into cryptocurrency. WazirX crypto-to-crypto trading is already available for all countries. We have also launched our one-of-a-kind P2P system in eight new countries.” What is your opinion on the current crypto bill which is circulating on Indian media? “Nischal: I strongly believe that the recent report by the inter-ministerial committee (IMC) is fundamentally flawed and doesn’t understand crypto principles. Blockchain is a nascent technology, and Indian government should involve the crypto industry of India in understanding it, and follow the lead of developed nations like Japan, and the U.S. Banning is not a solution. Here are some key points about the report: A team of non-technologists made this report, and no industry experts were consulted during the process. The committee highlighted crypto’s use as a “currency”, but left its other use-cases like asset, security and utility. India isn’t comfortable with crypto being used as a currency and that’s understandable. But not realising the fact that maximum crypto activity in India is in the domain of asset and utility is a grave error that the IMC report has made. They talk about promoting DLT but banning crypto. That’s like saying we want the internet but no websites. I’ve even written a detailed post explaining the problems with the recommendation. How is WazirX operating without banking support? Is it purely P2P? “Nischal: Shortly after the Indian central bank imposed a banking ban on cryptocurrency exchanges in India, we innovated and launched WazirX P2P. It’s the world’s first auto-matching P2P engine, and has been a gamechanger in the Indian cryptocurrency ecosystem! WazirX P2P is the cheapest, fastest and simplest way to buy/sell crypto using Indian Rupees in India. We’re seeing several P2P trades happening every minute, and rapid growth in our P2P volume every month.” … “Due to its unique nature, WazirX P2P is the best solution to the fiat to crypto conversion problem around the world. We have also launched P2P in new countries like Indonesia, Russia, Ukraine, Nigeria, Italy, Turkey, and Saudi Arabia. We’ll take P2P to more countries soon.” Where do you think Indian market is headed? Opinion on current government stance? “Nischal: The crypto-ban recommendation has brought us to a very crucial point in the crypto revolution. The entire industry, including exchanges, lawyers, traders, influencers have come together so that this draconian proposal is not accepted by the government. I’m optimistic that the government will listen to us, and positively regulate crypto in India.” … “Earlier in September, the Steering Committee on Fintech-Related Issues submitted its final report to the Indian Finance Minister. The report is well-researched, and talks about crypto use cases, smart contracts, ICOs. This is definitely a positive step towards crypto by India.” … “Last week, Rajeev Chandrashekhar, a visionary technologist, entrepreneur and a Member of Parliament, gave us an audience. He’ll be helping and guiding us towards positive regulations.” Anything else you’d like to share with our readers? “Nischal: I’d say Blockchain and cryptocurrency are innovative technologies. This innovation has led to various use cases, good and bad. While knee jerk reaction by the Indian central bank was to prohibit banking access, I’m confident that as a community we will be able to convince our government to regulate and not ban such innovative technologies.” … “We need help and support from everyone around the world. You can use the hashtag #IndiaWantsCrypto to voice your support for positive crypto regulations in India.” The post India’s last standing cryptocurrency exchange—WazirX’s Nischal Shetty [INTERVIEW] appeared first on CryptoSlate.
Cryptoslate

Narendra Modi wants to move India towards digital payment solutions, claims BJP MP Rajeev Chandrasekhar

Charlie Shrem, one of the most prominent entrepreneurs in the cryptospace, recently interviewed Rajeev Chandrasekhar to get an update on India’s crypto revolution. As a Member of Parliament, Chandrasekhar started the discussion by explaining the current government’s efforts to leverage technology and remediate years of economic uncertainty. The seasoned technologist also believed, “We (India) will have […] The post Narendra Modi wants to move India towards digital payment solutions, claims BJP MP Rajeev Chandrasekhar appeared first on AMBCrypto.
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DIGEST

Updates on Shift Card, Bank of Lithuania and ETF rules in Indonesia, police to tackle some crimes in Canada India and Turkey, IIT Bombay to join Ripple's UBRI, UAE waste permit portal on blockchain, Germany's interest and Spain's skepticism, Oracle for Czech SDK.finance

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DIGEST

Zcash unveiled an already fixed vulnerability, US presidential candidate McAfee the debtor, QuadrigaCX seeking protection and justice, Kraken's new partnership, evidence of BTC decentralization improvements, rumors as for Bakkt, a bunch of news from Ripple and Telegram TON updates

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DIGEST

Russia edits its draft law on cryptos, Japanese crypto exchanges gain power to self-regulate, Albania plans for regulatory framework, FATF to come up with its first set of crypto rules, CGL partners with National Bank of Canada and Skuchain, China plans implementation of new rules, SEC confirms the launch of FinHub, owner of Unocoin arrested for operating BTC ATM

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DIGEST

Bitfinex introduces a new system, BTCC launches in South Korea, the Bitcoin Unlimited upgrades features, the Maldives denies giving permits, IAMAI attracts big players, Huobi lists stablecoins, Binance opens in Uganda

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Bakkt Launches Futures Contracts, Bitcoin Price Falls

Bakkt, a subsidiary of New York Stock Exchange owner Intercontinental Exchange Inc (NYSE: ICE), launched its long-awaited physically backed Bitcoin futures Monday.  The first Bakkt/ICE futures contract changed hands at $10,115 and the number of contracts in the first hour stood at just five total, CoinDesk reported. It's widely belived in the ...Full story available on Benzinga.com
Benzinga

Late Bloomer: Why Bakkt’s Slow Start Is No Surprise

Bakkt has finally opened its platform for physically-delivered Bitcoin futures, but the response has been underwhelming. Nearly a year after the owners of the New York Stock Exchange announced their foray into cryptocurrency, markets responded to the new institutional trading venue with another 1.8% price drop. First announced last August, the long-delayed launch “was an important step toward bringing trusted infrastructure to digital assets,” wrote CEO Kelly Loeffler. The physically-settled futures platform is expected to provide a crucial infrastructure for institutional trading in cryptocurrencies. But some pundits have expressed disappointment at today’s volumes. Four hours before the market closes, only $550,000 worth of BTC futures have exchanged hands. One well-known cryptocurrency analyst described volumes as “not great,” while CoinDesk said trading on Bakkt was off to a “slow start.”   Source: Bakkt   At face value, these low volumes might suggest that institutional investors aren’t very interested in cryptocurrencies. Based on today’s activity, Bakkt volumes are unlikely to rival the futures product from CME Group, which traded $470M in its first week. But there’s an important distinction. CME’s futures are all cash-settled, meaning that all the trading is done in fiat currencies. The underlying asset may be Bitcoin, but at no point does either side have to actually hold it. From a legal perspective, that makes CME futures much simpler for institutional investors, making them no different from a similar future in wheat, maize or gold. In contrast, Bakkt’s futures are all physically delivered, meaning that the underlying assets have to be transferred on a specified date. Institutional investors have to take custody of actual bitcoins, with a lot more hoops to jump. In order to regularly trade in Bakkt bitcoin futures, institutional investors will have to consult specialized legal counsel, acquire new insurance policies, and possibly update their investors, as well as find a custodian to for the digital asset. “[S]ome of [Bakkt’s] largest prospective clients still don’t have permission to trade physically-delivered futures contracts,” wrote analysts at BeQuant Exchange in a note. “As such, [the] build it and they will come mantra may not necessarily result in an influx of new, hot money, at least not right away.” It’s hard to know what the big institutional investors were thinking when Bakkt opened up shop for the first time. But, given the fact that the platform is dealing with a volatile asset class, which has a nebulous regulatory status, it’s no surprise that many high rollers are playing wait-and-see. If there’s one lesson to be learned from Bakkt’s trading today, it’s that the cryptocurrency space still has a tendency towards overblown expectations.  Institutional investors were never going to dive headfirst into an unfamiliar asset. A cautious start to Bakkt’s futures today is a good sign, indicating that the majority of investors are still playing it safe.   The post Late Bloomer: Why Bakkt’s Slow Start Is No Surprise appeared first on Crypto Briefing.
CryptoBriefing

Bakkt’s Bitcoin Futures Goes Live: Should You be Excited?

Over the past few years, the Bitcoin futures ecosystem has grown at a remarkable pace, and it is something that is surely going to stay for years to come. Initially, these futures contracts had been launched by a handful of exchanges, but over the past year or so, the number has increased considerably. Futures Trade In a development that will come as another massive boost to the Bitcoin and cryptocurrency ecosystem, the New York Stock Exchange’s owners, ICE, through its crypto exchange Bakkt has decided to launch futures contracts that will pay out traders in Bitcoins. ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
Crypto Currency News

Tezos [XTZ] Jumps Over 4% Amids Binance Listing; CZ Hints Tezos Staking

Binance recently announced the listing of Tezos with pairs of Bitcoin(BTC), Tether(USDT) and Binance Coin(BNB).  Will Binance Enable Tezos Staking? As Per a recent tweet by Binance, it has listed Tezos and it can be paired with USDT, BTC, and BNB. Following the announcement, users can start depositing Tezos on their accounts, while the launch of trading is scheduled for the 24th of September. Source- Twitter CZ then further created hype by asking the community that did they not what was coming next. A user suggested that does the move imply Tezos staking. While CZ didn’t give a definite answer, he expressed his excitement with a “happy” emoji.  Source- Twitter The Tezos official website defines Tezos as,  “ Tezos is a self-amending blockchain that can evolve by upgrading itself, with stakeholders being able to vote on amendments to the protocol, including amendments to the voting procedure itself.” Binance. US Opens Doors for Cardano, Ethereum Classic and Stellar  Today, Binance.US opened deposits for Cardano (ADA), Basic Attention Token (BAT), Ethereum Classic (ETC), Stellar (XLM) and 0x (ZRX). Trading for these coins will begin on September 25, 2019, at 9:00 AM EST /6:00 AM PST. The announcement further mentions that the coins are temporarily only available for deposits and withdrawals will not be enabled until trading is live. Source- Twitter Also, Binance.US will commence trading on September 24, 2019 at 9:00am EST / 6:00am PST. The launch will see Binance.US list Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB) and Tether (USDT). These coins will be available for trading across 13 fiat-to-crypto and crypto-to-crypto trading pairs.  Source- Twitter Binance Announces 6th Phase of Lending Products In yet another update, Binance announced its 6th phase of lending products. The launch will take place on the 25th of September. In the sixth phase of Binance’s lending initiative, users will be able to lend Binance Coin(BNB), Bitcoin(BTC), EOS, Ethereum Classic(ETC), Ethereum(ETH), ChainLink(LINK), Tether(USDT) and Ripple(XRP) to earn interests payable from Sep. 25 to Oct. 09.  Traders are in for huge benefit as Binance. US enables trading. Will Binance continue to keep the crypto community happy with its developments? Let us know, what you think? The post Tezos [XTZ] Jumps Over 4% Amids Binance Listing; CZ Hints Tezos Staking appeared first on Coingape.
CoinGape

Nicholas Merten: Now Is the Time for Ravencoin, BAT and Chainlink

YouTube star Nicholas Merten is a fan of crypto, but like everyone else, he’s noticed the gradual downplay of bitcoin as of late. Once again, bitcoin has dropped below the $10,000 mark and is trading for just over $9,800. While this isn’t a major fall, the currency seems to have wavered between this mark and $10,200 over the past month. Merten: Altcoins Are Making a Comeback Merten isn’t concerned by this. In fact, he’s looking to use the situation to his advantage, and advises others to do the same. As the host of YouTube’s “Data Dash,” arguably one of the most popular cryptocurrency channels on the streaming and video site, Merten claims that there are three specific cryptocurrencies that are likely to shoot up now that bitcoin is wavering if people are looking to invest. Those cryptocurrencies are Basic Attention Token (BAT), Raven Coin (RVN), and Chain Link (LINK). In a recent interview, he states that these three tokens are likely to grow heavily over the next 12 months, explaining:  At the current moment, looking at [bitcoin] market dominance, it does look like we’re starting to enter into a trend shift where altcoins can start to gain as we retest back towards bitcoin’s high of $20,000. The last two [altcoin cycles] that we had were at the end of the overall bitcoin cycle where bitcoin reached $20,000. The first one happened at the beginning of 2017 when bitcoin retested its high at $1,100. For the most part, altcoins have had a relatively rough year in 2019. Bitcoin on the other hand, has experienced steady growth since April, doubling its price since then from $5,000 to about $10,000. While many have focused on bitcoin as of late, Merten says he’s starting to see funds travel into smaller, competing coins. He says:  As bitcoin does increase over time, as we tend to see a general growth in bitcoin’s price, we tend to see more risk taking in different types of digital assets. As more liquidity has entered bitcoin, you have the ability now, through exchanges, for that liquidity to exit into other alternative investments. Sometimes, that can be rampant speculation, and in other cases, it can be driven through fundamentals. I believe this time around, in this cycle, we’re going to see more going toward fundamental developed projects that actually have real demand.  Why These Three and Not Others? Chain Link is big in that it’s joined software company Oracle to help blockchains connect with outside networks. Raven Coin is significant because it allows developers to establish their own tokens, while BAT is moving forward in that it is attached to the Brave browser, which seeks to block advertisements and trackers from following one’s searches and online activity. Merten is confident BAT will be very important in the field of privacy. The post Nicholas Merten: Now Is the Time for Ravencoin, BAT and Chainlink appeared first on Live Bitcoin News.
Live Bitcoin News
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