Trick or Treat (Regulatory Digest, Jan 10—16)

No crypto Rupee, fake e-Krona, Bank of England and Ripple as longstanding partners, discrimination against Petro, Bakkt, the finale of BitMEX for USA and Quebec, state of BTC in Canada inquiries

It is premature for RBI (Reserve Bank of India) to launch crypto-rupee, as more understanding of the crypto economy need to be achieved. It is a right decision to delay the process and see how the publicly traded peer-to-peer economy is shaping up.

Praveen Kumar, Founder of Belfrics

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Three Men in India Held and Beaten Over Bitcoin

Cryptocurrency is often tied to ransom and cybertheft, but very rarely do cryptocurrencies warrant physical attacks on people. While they do happen, they are relatively rare when compared to the illicit behavior that occurs through digital means. Physical Attacks Pertaining to Crypto Can Happen In recent news, one of those physical attacks have taken place. A criminal gang in India sought to kidnap three cryptocurrency traders and hold them against their will in exchange for a bitcoin ransom. All were tortured while the gang demanded a whopping 80 units of BTC. The three men were held against their will for a total of 15 days. Seven members of the gang were arrested following a raid on their holding quarters after 13 hours of police negotiations which came to a standstill. The victims are now being identified as Luftan Shaikh, age 19; Mohammad Shazad, age 36, and Malang Shah, age 44. They were rescued from a high-rise building after having been beaten for several days. Deputy commissioner of police (DCP) Vikas Sharma explained in a statement: The gang kidnapped Shaikh and Shazad, two bitcoin traders, and demanded 80 bitcoins… Shah was kidnapped two days later. The gang demanded [money] from his family members. Most of the time, cryptocurrency attacks occur through digital means, either via hackings or cyberattacks in which thieves steal funds through crypto exchanges. This recently occurred with a Japanese trading platform known as Bit Point. In all, approximately $32 million worth of crypto funds disappeared and made their way into the hackers’ hands. In addition, theft can also occur through SIM-swapping, in which hackers bribe employees of a users’ cell phone provider to garner their private data and account information. If the user happens to own crypto, the hacker can sneak into their account unnoticed and coordinate their attack from there. Cryptocurrency has also been at the center of several ransomware cases or malware, the most common being crypto-jacking software that allows a hacker to take control of a users’ computer or digital device without their permission. They can mine cryptocurrencies for a profit from the person’s computer, who all the while earns nothing from the process other than high energy bills. Following the raid, the kidnappers took flight and engaged authorities in a 20-minute chase that saw them arrested in a suburban area of Jaipur. The culprits had lured the traders to their hideout by alleging sales of low-priced bitcoin units. Afraid and Alone India-based media platform NDTV is quoted as explaining: [The gang] wanted to extort money from the trio. They held them hostage in the flat and had threatened to kill them if their demands were not met. Not even their family members were aware of the abduction. The victims had lost all hope because they had no access to anyone. The post Three Men in India Held and Beaten Over Bitcoin appeared first on Live Bitcoin News.
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India To Ban The Use Of All Cryptos Apart From Digital Rupee, Leaked Draft Bill Reveals

A copy of a draft bill that seeks to ban cryptocurrencies in India has been uploaded on Scribd by blockchain lawyer and enthusiast Varun Sethi. The draft bill is referred to as “Banning of Cryptocurrency & Regulation of Official Digital Currencies Bill 2019,” has been circulating online but its eligibility cannot be confirmed. If the […]
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Leaked Document Shows India Will Ban All Cryptocurrency

Coinspeaker Leaked Document Shows India Will Ban All CryptocurrencyIndia hasn’t always been the most crypto-friendly country but things might be getting worse. According to a leaked bill being circulated on the internet, India might be seriously considering an outright ban of all cryptocurrencies apart from the Digital Rupee.On Monday, the 15th of July, Varun Sethi, a tech lawyer, uploaded a document purported to be details of a bill to be deliberated on by the Parliament of India. Titled “Banning of Cryptocurrency & Regulation of Official Digital Currencies”, the document is 18 pages long and contains a few specifics regarding definitions and plans to outlaw the use of crypto in the country.Though the document is unconfirmed, its existence is already on the lips of many as they discuss the possible effects this bill may have on cryptocurrency in the country and the global sector in general. Nischal Shetty, the founder and CEO of Indian cryptocurrency exchange – WazirX – has taken to Twitter to comment on the matter. According to him, even if the document is verified as authentic, the Monsoon session of Parliament will not be debating the bill. Shetty also pointed out that it takes a long time for any bill to be passed as law.Definition and SpecificsThe document contains an extensive delineation of cryptocurrency, defining it as “any information or code or number or token not being part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value…or functions as a store of value or a unit of account and includes its use in any financial transaction or investment.”The “Prohibition” part of the document, however, expressly states that the Digital Rupee will not fall under the term “Cryptocurrency” which means that it will not be banned with the others. The document specifically states:“No person shall mine, generate, hold, sell, deal in, issue, transfer; dispose of or use Cryptocurrency in the territory of India.”The Digital Rupee would be issued by the Reserve Bank of India (RBI) subject to approval from the Central Government. It will also be governed and be subject to regulations as may be stipulated by the RBI.Distributed Ledger Technology is Still AllowedEven though cryptocurrency will no longer be used either as a unit of account, a medium of exchange or a store of value, the use of Distributed Ledger Technology (DLT) is still very much allowed. DLT remains lawful for experimental, educational and research purposes, as long as cryptocurrencies are not used on them.Furthermore, DLT can also be used by financial institutions or any other service providers who might need it to create or improve on their network or services for whatever reason, as long as no cryptocurrencies are used. The document states that anyone who contravenes the law would have to pay a yet to be disclosed fine or serve a ten-year jail term, or both.Last month, a report showed that the RBI was working on its own blockchain platform for its Research and Development branch and possibly to host its own Central Bank Digital Currency (CBDC). However, it has now reportedly shelved the plan.Also, it is rumored that Facebook does not plan to operate its Libra in India because of the country’s anti-crypto stance.Leaked Document Shows India Will Ban All Cryptocurrency
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