Category Archives: India Crypto Ban

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Daily Bitcoin Trending News and Market Sentiment: Stubborn at $9,500, India Waits for News on Crypto Ban

Daily Bitcoin Trending News and Market Sentiment: Stubborn at ,500

The past 24 hours has seen Bitcoin hang on for dear life around USD 9,500, with the first 12 hours in an extremely tight range just USD 50 away from either side of USD 9,500.

Save for a nervous half hour at almost midnight Central European Time (10:00 pm UTC) when Bitcoin dropped like a rock to the day’s low of USD 9,134, Bitcoin bulls have been dragging the price back up after that, even registering USD 9,717 before slouching down to current levels at USD 9,445 at noon London time (CoinDesk).

Ban or regulate? — On India’s policy on cryptocurrencieshttps://t.co/oNe8USDlng

— Bitcoin India News (@btc_IN) July 29, 2019

There continues to be a lot of interest online in India as to the legal status of Bitcoin and crypto there, and for once, many regular Indians are taking to social media to discuss and vent. Or at least, it seems to be easier to find their Tweets online these days!

The rumors could not be any less clear, with media headlines publishing all kinds of contradictory information, just as the Supreme Court in India continues to add on additional delays to watershed legal cases involving the Reserve Bank of India and crypto-related businesses that would otherwise have answered some questions.

Will the latest date of today, 29 July, be the final one?

We have been reading confirmations from ministers that crypto bans will not happen one day, to other officials confirming up to 10 years of jail for violating a confirmed crypto ban the next day. Which will it be, and when will we receive clarity? It seems only a matter of guess work. We reported previously that Western influencers have offered their help, but those type of misguided attempts to clarify the situation in India is about as vainglorious as the entire system in that country is when it comes to finance and regulations.

And now, the latest document to come under the scrutiny of couch commentators online is the report and draft bill supposedly produced by the Inter-Ministerial Committee (IMC) continues to highlight the seemingly harsh punishments faced by Indian citizens should the bill pass into standing law.

While largely ignored by the rest of the crypto world, one UK-based media portal is suggesting that the entire proposal does not seem to level the ban on research and development of the associated technology, only the individual use of crypto. Crypto Daily even calls this a loophole for the industry, saying that this could mean that banks and other financial institutions would still be allowed to use blockchain and distributed ledger tech, just not crypto itself. The paragraph referenced:

“The Committee endorses the stand taken by the RBI to eliminate the interface of institutions regulated by the RBI from cryptocurrencies. The committee also recommends that all exchanges, people, trade and other financial system participants should be prohibited from dealing with cryptocurrencies. Accordingly, the committee has recommended a law banning the cryptocurrencies in India and criminalizing carrying on of any activities connected with cryptocurrencies in India.”

If true, then this should be good news for the industry, since blockchain and DLT could still be used by a lot of fintech and decentralized finance companies – meaning to say, just because crypto isn’t usable, doesn’t prevent the tech powering crypto to still bring about all the desired changes of modern money in India.

Once companies and businesses recognize this, they may no longer seek safe blockchain havens abroad but continue to drive change and development in India, where a strong base of users ready with mobile and internet to embrace the new world of digital money. Will this help drive up the price for Bitcoin and crypto later on? Fundamentally and with an outlook of years ahead, it is almost a sure thing.

INDIA COUNTRY GOVERNMENT
WILL SET THE NATION BACK 40 YEARS,
IF THEY WILL NOT
REGULATE & APPROVE BITCOIN & CRYPTO🤑 https://t.co/SQm6KuyYPa

— chetan (@chetanmaya1) July 28, 2019

Meanwhile, investors like Tim Draper warns, as others have warned India before, that if the ban truly comes into legal existence, then India would be set back four decades. It is hard to see the country go back into the 1980s, especially since Bitcoin has not really taken a hold in the daily life of people there, but perhaps Draper has a point in terms of state meddling in the personal choices of citizens in their own money.

Don’t let the bankers shake you out of your #BITCOIN
This gap will close by September (if not sooner). pic.twitter.com/yP4zHgjuBW

— EASYMONEY7 (@EASYMONEY75) July 28, 2019

While price continues to face real pressure from sellers, it is notable to see that even regular traders are reminding themselves, at least on social media, that all the current high-level developments in terms of global banking and finance are headed in the same old direction of quantitative easing and inflationary measures.

Long term, this can only be good for alternative stores of value like gold and Bitcoin.

 

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Bitcoin Looks for Solid Ground Above $10,000

The longest losing streak for Bitcoin since December 2018 may have been broken yesterday to the relief of many, but immediately after, yesterday’s trading action saw further selling pressure result in another losing day as Bitcoin attempts to settle for solid footing above USD 10,000.

As of right now, 9:10 am Central Europe (7:10 am UTC and 3:10 pm Shanghai) Bitcoin has just touched a daily low of USD 9,971, in a downward trend from 24 hours ago when it was at USD 10,623 (CoinDesk). Spurts of selloffs during American trading and now Europe scalpers means that Bitcoin has lost over 5% of its value in a day, lopping off all the gains made since last weekend.

It was much of the same grey weather for the rest of the crypto market as well, as altcoins continued to give away more ground to losses, with Litecoin now threatening to again give back USD 90 territory and Ethereum’s hold above USD 200 slipping away. Bitcoin dominance stands at 65.2% — after setting a record for 2019 above 70% earlier — and the entire market capitalization for crypto is just shy of USD 275 billion (CoinMarketCap).

What this increasing Bitcoin dominance means is that even though Bitcoin price has been taking a beating in recent weeks, the fact that it is growing in dominance despite new altcoins being pushed out on the market every day means that crypto investors are still mitigating losses in a bear market if they choose to put their money in Bitcoin, as opposed to the thousands of other altcoin alternatives out there.

Sentiment wise, the whisperings and updates on crypto developments in India has certainly been taking a hold in social media in the last 24 hours. One of the more prominent threads online is happening with Off the Chain’s Anthony Pompliano sitting up and taking notice of the most recent utterings by government officials who insist that crypto will not be banned in the world’s second most populous nation.

We need to pay attention to what is happening in India around cryptocurrency regulation.

I’m willing to fly to meet with lawmakers and regulators if someone can get me a meeting.

Who can help?

— Pomp 🌪 (@APompliano) July 22, 2019

Pompliano, a veteran Bitcoin investor, is calling for invitations to the country to “meet with lawmakers and regulators”. He must feel that he has influence outside of North America and Bitcoin circles online, to have any chance of affecting how laws will be made in India. One must remember that even a Rights to Information (RTI) request filed by Indian crypto lawyer Varun Sethi had only resulted in a denial of any knowledge from the Reserve Bank of India (RBI) on any drafting of current crypto regulations. Why and how he believes he will have a different experience only he can say.

He isn’t alone in thinking that, however, as others have replied on his Tweet offering to join his efforts. Hacker Noon writer and crypto personality Peter McCormack is one saying he would “join you on that flight”. Will these industry personalities really be able to fly out to India and have a say on the matter? Indian officials should not take too kindly to outside interference, so it seems to suggest a gross overestimation of ability and influence on the part of Pompliano and co, although should they succeed in any measure, the effect on Bitcoin price could be pronounced.

The notable lack of responses from Indian nationals should give them a clue.

Meanwhile, another country recently hogging the spotlight in terms of Bitcoin and government wrangling has seemingly done a U-turn on its legal view of the world’s most-used digital asset. The IRan Chamber of Commerce, Industries, Mines and Agriculture has now issued an announcement that at once recognizes Bitcoin and Bitcoin mining in a traditional Central Asian power. The state’s Economic Commission’s approval of a mechanism for crypto mining apparently came from an executive law that would see official crypto mining being allowed from this month onwards.

Central Bank of Iran governor Abdolnaser Hemmati said:

“… a mechanism to mine digital coins was approved by the government’s economic commission and will later be put to discussion at a Cabinet meeting.”

Hemmati said that more efforts would be carried out as well to ensure that the growing group of Iranian miners would be brought into the fold, in a bid to make their activities contribute to the domestic economy, rather than taken outside Iranian borders.

The Economic Commission’s head, Elyas Hazrati, confirmed to Mehr News that this meant the Iranian government had recognized crypto:

“We do believe that cryptocurrency industry should be recognized as an official industry in Iran to let the country take advantage of its tax and customs revenues.”

The news would have been perhaps more significant in its effect on Bitcoin price and sentiment, if not for the fact that Iran is currently under economic sanctions by the US and its allies — in effect, most of the developed world. That its citizens have long been turning to Bitcoin to circumvent these blocks will not be lost on those parties interested in crypto.

But for the true Bitcoin advocate, this recognition by one of the oldest powers in the known world is just the latest sign that there is no stopping Bitcoin.

Will Bitcoin bulls without political leanings take note? We shall see.

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Binance: Privacy Coins Could Boom in India

Binance_ Privacy Coins Could Boom in India

Binance CEO Changpeng Zhao has come out to say that even if the rumored bill to ban crypto in India were true, it would mean good news for crypto as Indians would then flock to privacy coins to bypass the ban.

A Bloomberg Quint exclusive which made its rounds on the internet rumor mills this week cited a draft bill that says authorities from India across regulators, financial and judiciary agencies, had determined to jail nationals involved in the “sale, purchase and issuance of all types” of digital assets including crypto and Bitcoin. Sentences could lead to fines and jail terms of up to ten years.

The country’s central bank, the Reserve Bank of India, had strangely denied its own involvement in this draft bill, although had purportedly been the proposer of a “Digital Rupee” solution that would replace Bitcoin. This supposedly was “recommended by a panel headed by Economic Affairs Secretary Subhash Chandra Garg” and has the keen backing of credible state agencies, according to an article by NewsBTC.

Zhao is not the least worried about this development, it seems. He believes that such a ban would in fact “really push privacy coin adoption forward”.

There aren’t very clear statistics on Indian crypto users but it is believed that the country’s largely unbanked population could be dabbling in crypto, with peer-to-peer and over the counter trading picking up in popularity in the country, especially with the restrictions on crypto exchanges.

That Bill in India will really push privacy coin adoption forward.

— CZ Binance (@cz_binance) June 7, 2019

Privacy coins like Monero have always been a natural option when Bitcoin is banned or is under scrutiny, as was the case in the years following the closure of dark market Silk Road, when Monero became the crypto of choice for dark web traders.

 

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India Supreme Court Postpones Central Bank Crypto Showdown

India Supreme Court Postpones Central Bank Crypto Showdown

Nine months after cryptocurrency exchanges in India have taken the Reserve Bank of India (RBI) to courts, decisive action has yet to be taken. And now, the Supreme Court of India has moved the hearing to July. It is the sixth time the highest court has adjourned Crypto vs RBI.

According to a report from CCN, RBI counsel had sought a “regular day” hearing which the court typically reserves for cases whose final arguments have already been submitted. It was granted by the court, and this is seen as a strong indication that this July date will now result in an outcome.

The March date was apparently a “miscellaneous day” hearing, bunching together all manner of court cases, causing court delays in hearings and ultimately, only allowing for brief court discussion of several minutes in the congestion. This prevents plaintiffs and respondents from developing solid arguments.

As it turned out, not the ideal scenario for a complex discussion on regulatory frameworks for cryptocurrency businesses.

The added months of delay will be seen as a temporary blow to the Indian crypto commerce sector, although it will be hoped that a final answer will be delivered, determining if RBI’s initial banking ban for crypto exchanges was in fact constitutionally valid.

In January, the ban seemed to have carried on towards individuals, with an Indian crypto influencer’s account frozen after a crypto-related transaction.

 

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