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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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India: Gov’t Committee Recommends Blanket Cryptocurrency Ban

The Inter-Ministerial Committee (IMC) set up to look into bitcoin and cryptocurrency regulations in India says the government should ban virtual currencies. India May Soon Finalize Total Bitcoin Ban In a report submitted on Monday (July 22, 2019) the IMC recommended that the government institutes a total bitcoin ban. An excerpt from the report reads: As for private cryptocurrencies, given the risks associated with them and volatility in their prices, the Group has recommended banning of the cryptocurrencies in India and imposing fines and penalties for carrying on of any activities connected with cryptocurrencies in India. Even though the committee called for a bitcoin ban, it also advised the government to not jettison the idea of creating a national cryptocurrency. The government-instituted panel also called for a standing committee on cryptocurrencies to monitor the emerging trends in the industry. Apart from the report, the committee also submitted a draft bill. Government officials and financial regulators will probably use the bill as the basis for drafting crypto regulations which could include a blanket bitcoin ban. The details of the report put a dampener of any positive sentiments surrounding bitcoin and cryptos that may have emerged after comments recently released by the country’s Minister of State for finance. Also, the recommendation for fines and penalties on account of engaging in crypto transactions stokes some of the worst fears of stakeholders in the country. Earlier in the year, there were reports of an impending law that would stipulate prison sentences for people dealing in bitcoin and cryptos. Blockchain Not Bitcoin While the committee pushed the bitcoin ban agenda, it also advised the government to focus on blockchain technology. According to the report, there are many positive adoption areas for blockchain in banks and other areas of finance. If passed into law, these recommendations would put India in a similar bracket as China in following the blockchain, not bitcoin model. Earlier in the year, the Reserve Bank of India (RBI) released a regulatory sandbox for fintech which excluded crypto-related businesses. The proposed ban could also sound the final death knell for exchanges in the country. Since the RBI banned commercial banks from offering services to exchanges, many like Koinex and ZebPay have been forced to shut down their operations in India. Do you think the government of India will follow through on banning bitcoin? Let us know in the comments below. Image via Shutterstock The post India: Gov’t Committee Recommends Blanket Cryptocurrency Ban appeared first on Bitcoinist.com.
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India’s Inter-Ministerial Committee recommends ban on private cryptocurrencies

While most countries have remained uncertain about cryptocurrencies and crypto-adoption, India perhaps leads the race in terms of keeping its citizens in the gray. With Right to Information (RTI) requests going vaguely answered and strange rumours about a ban floating around, India’s Ministry of Finance has now openly addressed the ongoing crypto-confusion. Through a recent […] The post India’s Inter-Ministerial Committee recommends ban on private cryptocurrencies appeared first on AMBCrypto.
AMBCrypto

India: Cryptokart Exchange Shuts Down Citing Regulatory Uncertainties 

Cryptokart, an India-based cryptocurrency exchange is now among several other bitcoin trading venues in the South Asian country that have closed their doors due to regulatory uncertainties and lack of interest on the part of consumers, reports New Indian Express on July 20, 2019. Another Indian Exchange Kicks the Bucket Per the report, Cryptokart isRead MoreRead More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

Bitcoin Isn’t Banned in India, Confirms Minister; That’s Just Half the Picture

Bitcoin enthusiasts in India have a reason to rejoice – the country’s government hasn’t banned cryptocurrencies, yet. Responding to a question in the Indian Parliament about the status of cryptocurrencies such as bitcoin in India, minister of state for finance Anurag Thakur responded in the negative, according to a report by Inc42. Bitcoin bulls in […] The post Bitcoin Isn’t Banned in India, Confirms Minister; That’s Just Half the Picture appeared first on CCN Markets
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Ravencoin Price Analysis RVN / USD: Recharging

Ravencoin has a bearish short-term bias, with the cryptocurrency trading below its 200-period moving average on the four-hour time frame The four-hour time frame shows that a complex inverted head and shoulders pattern is building The daily time frame continues to show the presence of a huge bullish pattern Ravencoin / USD Short-term price analysis Ravencoin has a bearish short-term bias, with the cryptocurrency trading below its 200-period moving average on the four-hour time frame. The four-hour time frame shows that a valid inverted head and shoulders pattern has formed, with the RVN / USD pair now dangerously close to invalidating the bullish pattern. Technical indicators on the four-hour are bullish and continue to issue a buy signal.   RVN / USD H4 Chart by TradingView                                                                                  Pattern Watch Traders should note that the RVN / USD pair may be carving out a right-hand shoulder to complete the bullish pattern on the four-hour time frame.                                                                                          Relative Strength Index The RSI indicator is also bullish on the four-hour time frame and shows scope for further upside. MACD Indicator The MACD indicator is bullish on the four-hour time frame and continues to issue a buy signal. Ravencoin / USD Medium-term price analysis Ravencoin has a bullish medium-term outlook, with the RVN / USD pair still holding above its trend defining 200-day moving average. The daily time frame continues to show multiple inverted head and shoulders patterns, with the larger pattern holding a huge upside projection. Technical indicators on the daily time frame are mixed and currently failing to generate a clear trading signal.   RVN / USD Daily Chart by TradingView   Pattern Watch Traders continue to monitor the neckline of the larger inverted head and shoulders pattern for a major medium-term technical breakout. Relative Strength Index The RSI indicator is trading below neutral and remains technically bearish on the daily time frame. MACD Indicator The MACD indicator is bearish on the daily time frame and continues to issue a sell signal. Conclusion Ravencoin is still under pressure in the short-term, with bulls needing to stabilize the cryptocurrency above its 200-period moving average on the four-hour time frame. The daily time frame continues to highlight the presence of multiple bullish patterns, with the RVN / USD pair showing great medium-term upside potential.   Check out our RavenCoin guide for insights. Ravencoin ChartChart byCryptoCompare baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[ scripts.length - 1 ]; var cccTheme = { "General":{"borderWidth":"0px","borderColor":"#FFF","showExport":true}, "Tabs":{"borderColor":"#FFF","activeBorderColor":"rgba(28,113,255,0.85)"}, "Chart":{"fillColor":"#222","borderColor":"rgba(28,113,255,0.85)"}, "Conversion":{"lineHeight":"10px"}}; (function (){ var appName = encodeURIComponent(window.location.hostname); if(appName==""){appName="local";} var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl+'serve/v3/coin/chart?fsym=RVN&tsyms=USD,EUR,CNY,GBP'; s.src = theUrl + ( theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); #ccpw-ticker-24320 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24320 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24320 a.tabperiods.tabperiods_active, #ccpw-ticker-24320 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24320 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24320 .coin-container:after, .ccpw-container_four #ccpw-ticker-24320 .coin-container:after {border-color:#ccc !Important;}   The post Ravencoin Price Analysis RVN / USD: Recharging appeared first on Crypto Briefing.
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Equifax agrees to pay up to $700 million to settle a probe into its massive data breach (EFX)

Equifax, one of the three largest credit reporting agencies, will pay as much as $700 million in fines over its 2017 data breach that revealed personal information on about 147 million people.  The Federal Trade Commission announced the settlement in a statement on its website on Monday morning, nearly two years after the hack occurred.  The proposed settlement would also require Equifax to provide free credit reports to all US customers. Watch Equifax trade live. Nearly two years after the names, social security numbers, and physical addresses of almost 150 million Americans were leaked in a masive Equifax data breach, the company has agreed to pay a settlement totaling up to $700 million.  The US Federal Trade Commission published a statement on Monday morning outlining the settlement with the credit reporting agency. Equifax will pay $175 million to 48 states, and another $100 million to the Consumer Financial Protection Bureau.  The remaining $300 million will be set aside in a fund to help consumers with credit monitoring services, and to compensate people purchased credit of identity monitoring services from Equifax. The company has also agreed to add an additional $125 million to the fund if the initial amount isn't enough, which would bring its total payout to $700 million. For comparison, Equifax reported a total of $3.4 billion in revenue in 2018, with around $300 million in profit.  Equifax's stock climbed more than 2% in early trading. Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up. The settlement alleged that Equifax failed to take "reasonable steps to secure its network," which led to the data breach in 2017. According to the FTC statement, the company neglected to patch its network after discovering a security vulnerability in one of its databases.  "Companies that profit from personal information have an extra responsibility to protect and secure that data," FTC Chairman Joe Simons said in a statement. "Equifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers."  As part of the settlement, the agency will also be required to provide six free credit reports per year for seven years to all US customers.  Equifax was up 47% year-to-date through Friday. SEE ALSO: Trump just found another target at the Federal Reserve » READ NOW: Microsoft is investing $1 billion in OpenAI, the Elon Musk-founded company that's trying to build human-like artificial intelligence (MSFT) » Join the conversation about this story » NOW WATCH: Most hurricanes that hit the US come from the same exact spot in the world
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FINRA wants to continue knowing member firms’ crypto activities

A U.S. financial watchdog has extended a program that will monitor cryptocurrency-related activities among brokers in the country.  The Financial Industry Regulatory Authority (FINRA), a self-regulatory organization (SRO) for broker-dealers in the U.S., said in a regulatory notice on Thursday, that it will continue an initiative it took on last year, in which it requested member firms to share information such as whether they trade or intend to trade cryptocurrencies, among other activities.   Now the authority has extended the timeframe for another one year i.e. July 31, 2020, per the notice. “As securities regulators continue to provide guidance to members regarding the unique regulatory challenges presented by digital assets—e.g., Joint Statement on Broker-Dealer Custody of Digital Asset Securities—FINRA believes it is important to keep the lines of communication with members open on this important topic,” the notice reads. Member firms, therefore, are “encouraged” to keep sharing whether they are involved in the mining of cryptocurrencies, accept cryptocurrencies from their customers, engaged in derivatives tied to digital assets and whether they participated in an ICO or pre-ICO, among other activities. Those firms who engage in digital assets, whether or not they are securities, will have to follow all applicable FINRA rules and federal and state laws and regulations, the authority said. Earlier this month, FINRA and the Securities Exchange Commission (SEC) issued a joint statement, saying that there are several concerns to be addressed before they could give the green light to cryptocurrency firms who want to operate as broker-dealers. Industry experts told The Block at the time that firms will have to figure out how to solve to address those issues, such as accounting for and guarding against the loss or hacking of digital securities. Between 35 and 40 firms have reportedly applied to become brokerages, but none has received approval yet.
The Block Crypto
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