Under Control (Regulatory Digest, Feb 14—20)

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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Bitcoin Sets a New 2019 High: BTC Price Analysis & Overview Following The Breakout Of $9,000 – $10K Next Target?

Bitcoin doesn’t want to calm down. Just two days ago the coin was trading for $8100, and during the past hours, BTC was ready to set a new 2019 high, almost touching the resistance level at $9400. If you had to put up a survey during late December 2018, when Bitcoin was hovering around $3500, you would find almost no one saying that 2019 will be bullish for Bitcoin. However, crypto is always unexpected. The numbers show that Bitcoin completes a 200%+ move since 2019 begun as well as a weekly move of 24%. Where can it go from here? There’s bullishness surrounding the coin, probably due to the hype of the coming up Facebook coin, along with Binance closing its gates to US traders (which probably caused many to hedge their altcoins into Bitcoin). The last can be seen by looking at the following data. Yesterday the market cap was $273, with Bitcoin $154.4 of it (56.3% dominance). Today, $13 Billion was added to the market cap, but Bitcoin is responsible for most of the addition as it adds $10 Billion. The Altcoins, in response, are tumbling against Bitcoin and raising a lot less in their USD value. Last thing, weekends are so far so good for Bitcoin during the past months. We had recently explained why this happens in detail. Total Market Cap: $286 Billion Bitcoin Market Cap: $164.4 Billion BTC Dominance: 57.3% Looking at the 1-day & 4-hour charts – Support/Resistance: Following the breakout, Bitcoin is now aiming for higher levels, which are old resistance levels from the bearish 2018. The next significant resistnace level lies at $9400. Above is $9600 and the legendary level of $10,000, which seems closer than ever in the past year. From the bearish side, Bitcoin has set the $9000 – $9100 as its first support area, besides lies $8800, before lower support levels at $8500, $8400, $8200 – $8250 and $8100. – Trading Volume: The volume during the weekend isn’t very significant. It will be interesting to see how this move continues to the new week. – Daily chart’s RSI: The RSI had produced a fabulous bullish move, and now facing the 70 RSI resistance level. Stochastic RSI is getting into the oversold territory; however, there is space to go up here. – BitFinex open short positions: Along with the rising Bitcoin, the short positions continue to rise rapidly: There are now 24.8 K BTC of open short positions, which is the highest level of the past 30 days. BTC/USD BitStamp 4-Hour Chart BTC/USD BitStamp 1-Day Chart The post Bitcoin Sets a New 2019 High: BTC Price Analysis & Overview Following The Breakout Of $9,000 – $10K Next Target? appeared first on CryptoPotato.
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Indian Crypto Community Petitions Government for Regulation

Following widespread reports of the upcoming Indian cryptocurrency bill, the crypto community has started a petition for the government to quickly implement a regulatory framework for cryptocurrencies. In addition, a television network operated by the Upper House of the Indian Parliament has aired a program discussing the bill, and three Right to Information requests have been filed seeking answers about the bill. Also read: Indian Cryptocurrency Regulation Is Ready, Official Confirms Petition to Accelerate Crypto Regulation Since details of India’s “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019” have emerged, there have been constant discussions about this bill, what it entails, and whether it is the bill that will be submitted to the finance minister. While two prominent local publications have claimed to possess information about the bill, many unanswered questions remain. In an effort to stop speculation and FUD (fear, uncertainty, and doubt), Blockchain Lawyer founder Varun Sethi started a petition on Change.org on June 15 to the Department of Economic Affairs and the country’s central bank, the Reserve Bank of India (RBI). Anyone can sign the petition entitled “Implementing Regulatory Framework for Cryptoassets in India” and possibly help shape the crypto regulation in the country. At press time, 1,437 have signed the petition. “This petition is neither sponsored by any specific blockchain or cryptoasset company / exchange / group in any manner whatsoever nor has any compensation being received from anyone to initiate such petition,” the petition reads: The purpose of this petition is to engage the blockchain community and the government in a more democratic and engaging environment to accelerate the implementation of regulatory framework regarding blockchain and cryptoassets in India and relinquish the ambiguity which has developed around it. “India is home to 2.7 million tech developers which is expected to grow to 5.2 million in [the] next 48 months,” Sethi began. He referenced the banking restriction imposed by the central bank in April last year as well as the Right to Information (RTI) request he filed, which revealed that the RBI did not do any research before implementing the banking ban on crypto businesses. Sethi also outlined other countries’ crypto regulatory efforts such as Japan, Malta, Canada, Estonia, Germany, and Norway, “to better regulate and tap the potential of this technology.” The lawyer proceeded to make some suggestions for India such as officially defining terms like blockchain and crypto assets, providing a regulatory sandbox for new crypto assets to be tested in, registering initial coin offerings, defining KYC/AML guidelines, and updating the Foreign Exchange Management Act and the Income Tax Act to report crypto income. He concluded: The success of the petition shall be when the government issues guidelines for a democratic regulatory framework for blockchain and cryptoassets entities in India, perhaps on the suggestions stated above. India’s cryptocurrency bill was drafted by an interministerial committee headed by Finance Secretary Subhash Chandra Garg, former Secretary of the Department of Economic Affairs. The committee was tasked with studying all aspects of cryptocurrency and making recommendations for its legal framework. Garg recently said that the report containing the regulatory framework for cryptocurrency was ready to be submitted to the finance minister. Parliament TV Discusses the Ban Proposal As speculation rises about what India’s cryptocurrency bill contains, Rajya Sabha TV (RSTV), a television network channel owned and operated by Rajya Sabha, the Upper House of the Parliament of India, aired its latest episode of Policy Watch Friday on the government’s decision to propose a ban on cryptocurrency. Policy Watch is a weekly show featuring discussions of national economic policies. Guests on the Friday episode included Mohd. Haleem Khan, a former secretary, Ministry of Finance. In the show, Khan explained to anchor Kriti Mishra: The issuance of currencies is a sovereign act … any currencies issued by anybody else comes to that level of counterfeit currency. Mishra asked Khan about the 10-year jail sentence for “Whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency or any combination thereof,” which according to Bloombergquint, “shall be punishable with fine as may be prescribed by the central government in the first schedule or with imprisonment which shall not be less than one year but which may extend up to ten years, or both.” Khan described that there is a provision even today for a 10-year prison sentence for counterfeiting currencies. He further explained that another law that comes into play is the Foreign Exchange Management Act (FEMA) before concluding: “I don’t find anything wrong with this approach.” Nischal Shetty, CEO of local crypto exchange Wazirx, commented on the Policy Watch episode: If you hear the anchor, she’s reading out exact word to word from Bloomberg article … So let’s not assume this is confirmation. India’s cryptocurrency bill will first need to be submitted to the finance minister for approval and introduced in Lok Sabha, the Lower House of Parliament. If approved, the bill will move to the Upper House of Parliament. Even if it’s signed into law, anyone can still go to court and challenge the constitutional validity of the law. 3 Confusing RTI Replies At least three recent RTI requests have been filed regarding the bill to ban cryptocurrency: one with the Department of Economic Affairs, one with the central bank, and one with the Insurance Regulatory and Development Authority (IRDA). The first of the three was filed by the founder of local news outlet Coin Crunch India on April 26, one day after the Economic Times published its article on the bill. “On May 20, 2019, DEA rejected the RTI application citing ‘Section 8(1)(i)’ as the reason for rejection,” the publication shared, adding that “This could mean that DEA simply rejected it because eventually the information has to be made public.” The second RTI, filed by Sethi, reveals some interesting facts such as how the central bank did not have any knowledge of this bill and did not propose a ban on cryptocurrency. “RBI has actually stated that they have not received any communication from any department and they have also not given any communication to any government department pertaining to [the] drafting of this bill and this is very surprising,” Sethi explained. The third RTI was filed by a journalist at Crypto News India. The IRDA’s reply was short and swift; it says no information was available on the matter. With so much speculation and misinformation floating around the cryptosphere, the crypto community is awaiting the government to make an official announcement regarding the bill. Further, the supreme court is expected to address India’s regulatory framework for cryptocurrency and the banking restriction on July 23. What do you think of this petition? Will you sign it? Let us know in the comments section below. Images courtesy of Shutterstock, RSTV, Change.org, and Varun Sethi. Are you feeling lucky? Visit our official Bitcoin casino where you can play BCH slots, BCH poker, and many more BCH games. Every game has a progressive Bitcoin Cash jackpot to be won! The post Indian Crypto Community Petitions Government for Regulation appeared first on Bitcoin News.
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Bitcoin Breaches One Million Daily Active Addresses Once Again

According to data from Coin Metrics, Bitcoin has reached an essential breakthrough. As of June 14th, 2019, the original digital asset was pushing towards its highest levels of activity with over 1 million active addresses. The last time Bitcoin saw this level of unique addresses in motion was November 27, 2017. Kevin Rooke pointed out on Twitter that milestone was reached and mocked, “nOboDY uSeS BiTcOin” in a tweet. He followed up with some more information on the last time there were this many active addresses and compared to the current situation in the market. When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23. Yesterday 1 BTC was $8,230 and the median tx fee was $1.33. — Kevin Rooke (@kerooke) June 15, 2019 The price is expected to rise with the added activity. As both transactions and active addresses continue to climb, the value of Bitcoin may climb back towards all-time highs. Active addresses and total transaction volume is not the only thing that has been on the rise in the cryptocurrency world. Not too long ago, it was reported that bitcoin-related Tweets were also surging. The Cryptocurrency analytics site, TheTIE.io reported that in May, Tweets about Bitcoin were way up. Cofounder, Joshua Frank said the Bitcoin Twitter action was notable. “At 17 days of consecutive growth, BTC is seeing its longest streak of increased 30-day average tweet volume since 2017.” Every time Bitcoin pumps, the masses are looking for comparisons to late 2017, when BTC was soaring. The cryptocurrency community is feeling optimistic now that Bitcoin is testing the $9000 range again. But if the cryptocurrency markets take another hit and dip, the mood would turn 180 degrees. The post Bitcoin Breaches One Million Daily Active Addresses Once Again appeared first on ZyCrypto.
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