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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 Ends Disappointing Year in Crypto, Will 2020 Be Better?

Regardless of crypto market price action, some countries have had a better 2019 than others. India has been on the back foot for most of it as the central bank and regulators procrastinated with the new technology and stifled further innovation. Indian Crypto Industry Stunted Increasing hostility from central banks is to be expected. Decentralized digital currencies are a threat to their entire existence. The Reserve Bank of India has been no exception with negativity towards the industry emerging at every opportunity. Just last week, the RBI reiterated its harsh stance towards crypto assets but focus was more on the premise of a private company being in control of a currency. With regard to digital currency there are two aspects… RBI is very clearly against any private digital currency just as world over with central banks and governments These were the words of RBI governor Shaktikanta Das as a year of exchange crackdowns and regulatory pessimism comes to a close. According to the India’s Economic Times, the RBI has begun consultations with other central banks on the possibility of launching India’s own crypto currency at some stage in the future. The move comes as China races ahead in the central bank digital currency race with plans to get one out to the public by 2021. Japan has also embarked on extensive research into its own CBDC while Malaysia, Thailand, Singapore, France and the European Central Bank are also mulling the concept. Founder of regulatory advisory firm Policy 4.0, Tanvi Ratna, is concerned that India could get left behind; Too much has shifted in the global regulatory front, and that will already start impacting Indian startups, regardless of the Indian government’s decision. The blockchain world in 2020 is going to look a lot different from the last year or two, Sathvik Vishwanathan, CEO of crypto exchange Unocoin, remained optimistic, adding that the government was unlikely to seriously clampdown on crypto trading unless there was a wider move to do so by other nations. Renewed Hope? A ray of hope came for Indian crypto exchange WazirX in November when Binance announced its acquisition of the company along with the establishment of a Rupee on-ramp. It is unlikely that local banks will play ball though considering the constant stream of rhetoric spouted by the RBI. Korean exchange Bithumb has also eyed India for partners in a new blockchain platform it has for crypto startups in the country. A Supreme Court case regarding the use of banking channels that was initiated in April 2018 remains unresolved as lawmakers continue to procrastinate and postpone further hearings. There appears to be no motivation whatsoever to resolve these matters, as another delay has extended hearings until mid-January 2020. Meanwhile the crypto scene in India remains stymied as hopes are deferred until next year. Will Indian regulators go pro crypto in 2020? Add your thoughts below. Images via Shutterstock The post India Ends Disappointing Year in Crypto, Will 2020 Be Better? appeared first on Bitcoinist.com.
Bitcoinist

Blockchain App ‘Smashboard’ Offers Help for India’s Sexual Abuse VictimsBlockchain App 'Smashboard' Offers Help for India's Sexual Abuse Victims

Smashboard is an app that utilizes blockchain technology to help sexual abuse victims come out, seek help, and report crimes in India. The post Blockchain App ‘Smashboard’ Offers Help for India’s Sexual Abuse Victims appeared first on CCN.com Smashboard is an app that utilizes blockchain technology to help sexual abuse victims come out, seek help, and report crimes in India.
CCN

India: RBI Mulling State-Owned Cryptocurrency

The Reserve Bank of India (RBI), India’s central bank, has become the latest central bank with plans to launch a central bank digital currency otherwise known as CBDC. Despite looking into the possibility of launching a ‘crypto-rupee’, the RBI still maintains its anti-cryptocurrency stance. RBI Still Studying Central Bank Digital Currency According to a reportRead MoreRead More. The post by Anthonia Isichei appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

India Announces Preparation of All-Inclusive Blockchain Strategy

Over the last couple of years, the popularity of blockchain technology has increased considerably, thanks to its numerous advantages over traditional systems. For a while, governments, private companies, digital currency projects, financial institutions and numerous other entities have actively researched the opportunities associated with blockchain. At this point in time, the technology is ready for usage, and we are already seeing implementations, both from private and public entities. With this in mind, recent reports indicate that India is now working on developing an all-inclusive blockchain strategy, meant to ensure that the country is ready for the future’s blockchain-based technological infrastructure. In a recent Q&A, the Indian Minister for Electronics and IT, Sanjay Dhotre stated: “Considering the potential of Blockchain Technology and the need for shared infrastructure for different use cases, an approach paper on National Level Blockchain Framework is being prepared.” Currently, it seems that the technology will be used at a national level for a series of niches, including cybersecurity, public administration, banking, education and governance. According to the minister, the Indian Ministry for Electronics and IT will soon begin working with the Indian Institute for Research & Development in Banking Technology, alongside several other departments and organizations, in order to facilitate the development of the blockchain strategy, and its implementation later down the road. For instance, the blockchain strategy will facilitate the development of Proof-of-Existence blockchain technology, which will be used at a state-wide level to help authenticate and verify numerous types of documents, such as academic certificates, property documents and more. This development will help reduce forgeries and fraud, while also making it easier for Indian employers and other authorities to verify the authenticity of the documents that they are presented with. The ministry representative offered several other examples of potential blockchain implementations, including initiatives concerning finance trading or cloud security. So far, it is believed that India’s upcoming blockchain strategy will feature several guidelines that blockchain-based companies must follow for the sake of ensuring consumer security and protection against fraudulent practices. Additionally, the strategy will also feature in-depth policies explaining how government-backed blockchain projects will replace existing governance, financial and administrative systems, thus offering users a cheaper, faster and more intuitive experience. At this point in time, several other countries are investing in the research and development of blockchain technology. For instance, China has also launched its blockchain strategy. It features several guidelines that must be respected by blockchain-related entities, while also showcasing China’s plans to implement such systems at a nation-wide level, in order to improve digitalization, while also disrupting existing industries and improving their overall performance. Despite everything that has been outlined so far, India has been fairly critical of cryptocurrencies. Thus, we can observe a trend in several countries (including China and India), where blockchain technology is promoted and incentivised, whereas the development and use of standalone decentralized digital currencies are discouraged.   Featured Image via BigStock.
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Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ

Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ China could start its pilot for the central bank digital currency (CBDC) before the end of this year, according to local news outlet Caijing. The article states that the anticipated pilot project “will go out of the central bank system and enter […] Cet article Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ est apparu en premier sur Bitcoin Central.
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EOS Price Hit after Getting a C- in Decentralization by Weiss

Blockchain project EOS started this week on a negative note after an independent agency downgraded its rating from B to C-. Weiss Crypto Ratings published a report on December 6 wherein it demoted EOS to lower ranks over its centralization. The agency noted that just 0.01 percent of the EOS token holders control over 68 percent of the voting power on its blockchain. That allows a handful of entities to practice censorship over hundreds of thousands of EOS investors. In comparison, provable decentralized projects like Bitcoin works across 9,300 nodes to confirm and validate transactions atop its blockchain. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 EOS spent a quiet weekend but its value eventually took a toll during the Monday session. The EOS-to-dollar exchange rate was down by $0.083, or 3.02 percent, as of 1658 UTC. Against bitcoin, the cryptocurrency did relatively better, falling about 1.64 percent to trade at 359 sats. The market capitalization likewise took a plunge roughly worth $500 million to settle a low at $2.534 billion. At its December peak, it was $2.613 billion. Ascending Channel The latest move downside brought EOS close to retesting the support of an Ascending Channel. While the lower trendline certainly capped the price from falling further downward, the negative sentiment arising from the Weiss report could weaken it in the near-term. The bearish case prompts EOS to retest to close below the Channel Support and target 304-342 sats area as an accumulation range. In the event of a breakdown, traders could extend their short position towards 284 sats while keeping a stop loss above the level at which they had entered the trade. EOS is trending inside an ascending channel | Source: TradingView.com, Coinbase On the other hand, the price has not failed to reach the upper levels so far. A pullback action from Channel support could push EOS back towards the Channel resistance. Traders with low-risk appetite could use the bounce-back as an opportunity to open a fresh long position 405 sats. Meanwhile, they could minimize risks by maintaining a stop-loss order just below the Channel support. A Consideration From a fundamental point of view, investors who were bullish on EOS might find it hard to digest its centralization issues. The sentiment could prompt some to switch their positions for tokens with more attractive opportunities. Such a scenario could suit the breakdown scenario as discussed above. Meanwhile, traders can look to accumulate EOS ahead of the launch of Voice. EOS creator Block.One on Thursday announced that it would launch the EOS-based social media platform on February 14. While the announcement did not help neutralize trading sentiments immediately, traders can still speculate on the Voice launch to make interim profits. One could watch out for a reversal from Channel resistance – a sign that traders are processing the Voice news – and place his/her upside positions. EOS Price Hit after Getting a C- in Decentralization by Weiss was last modified: December 9th, 2019 by Yashu GolaThe post EOS Price Hit after Getting a C- in Decentralization by Weiss appeared first on NewsBTC.
NewsBTC

EOS Price Hit after Getting a C- in Decentralization by Weiss

Blockchain project EOS started this week on a negative note after an independent agency downgraded its rating from B to C-. Weiss Crypto Ratings published a report on December 6 wherein it demoted EOS to lower ranks over its centralization. The agency noted that just 0.01 percent of the EOS token holders control over 68 percent of the voting power on its blockchain. That allows a handful of entities to practice censorship over hundreds of thousands of EOS investors. In comparison, provable decentralized projects like Bitcoin works across 9,300 nodes to confirm and validate transactions atop its blockchain. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 EOS spent a quiet weekend but its value eventually took a toll during the Monday session. The EOS-to-dollar exchange rate was down by $0.083, or 3.02 percent, as of 1658 UTC. Against bitcoin, the cryptocurrency did relatively better, falling about 1.64 percent to trade at 359 sats. The market capitalization likewise took a plunge roughly worth $500 million to settle a low at $2.534 billion. At its December peak, it was $2.613 billion. Ascending Channel The latest move downside brought EOS close to retesting the support of an Ascending Channel. While the lower trendline certainly capped the price from falling further downward, the negative sentiment arising from the Weiss report could weaken it in the near-term. The bearish case prompts EOS to retest to close below the Channel Support and target 304-342 sats area as an accumulation range. In the event of a breakdown, traders could extend their short position towards 284 sats while keeping a stop loss above the level at which they had entered the trade. EOS is trending inside an ascending channel | Source: TradingView.com, Coinbase On the other hand, the price has not failed to reach the upper levels so far. A pullback action from Channel support could push EOS back towards the Channel resistance. Traders with low-risk appetite could use the bounce-back as an opportunity to open a fresh long position 405 sats. Meanwhile, they could minimize risks by maintaining a stop-loss order just below the Channel support. A Consideration From a fundamental point of view, investors who were bullish on EOS might find it hard to digest its centralization issues. The sentiment could prompt some to switch their positions for tokens with more attractive opportunities. Such a scenario could suit the breakdown scenario as discussed above. Meanwhile, traders can look to accumulate EOS ahead of the launch of Voice. EOS creator Block.One on Thursday announced that it would launch the EOS-based social media platform on February 14. While the announcement did not help neutralize trading sentiments immediately, traders can still speculate on the Voice launch to make interim profits. One could watch out for a reversal from Channel resistance – a sign that traders are processing the Voice news – and place his/her upside positions. EOS Price Hit after Getting a C- in Decentralization by Weiss was last modified: December 9th, 2019 by Yashu GolaThe post EOS Price Hit after Getting a C- in Decentralization by Weiss appeared first on NewsBTC.
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