India Plans Bitcoin Ban Even as Its Banking System Gradually Collapses

The Indian government is planning to introduce a law that would effectively ban Bitcoin. Local media reports that the Ministry of Finance has moved the proposal for inter-ministerial consultation. India’s decision to ban cryptocurrencies surface even as it faces one of its worst credit and banking crisis. The Indian government may ban Bitcoin. According to a report by Economic Times, the country’s finance ministry has sent the proposal for inter-ministerial consultation. The department then expects […]

Texas Regulators Clamp Down on Bitcoin ‘Ultra Mining’ Firm

The Texas State Securities Board has issued a cease and desist order against what it alleges is a fraudulent bitcoin mining company. The state regulator asserts that Ultra BTC Mining has been selling illegal investment schemes as well as claiming charitable donations that cannot be verified. BITCOIN MINING COMPANY OFFERED UNREALISTIC RETURNS According to the order, Ultra Mining has already raised USD $18 million by promising huge profits to naive investors. The state regulator states: […]

Central Bank Digital Currency ‘Incredibly Rich Area’ Says IMF

Tao Zhang, Deputy Managing Director of the International Monetary Fund (IMF) has made a strong argument for the development of Central Bank Digital Currency (CBDCs). He asserts that as a new asset class they hold tremendous promise, notably for the developing world. BENEFITS OF DIGITAL CURRENCY EMPHASIZED Zhang discussed CBDCs in an address given at a conference hosted by the London School of Economics. He pointed to numerous advantages that these currencies can bring to […]

Zimbabwe Finally Decides to Regulate Cryptocurrency

Zimbabwe has long been a hive of cryptocurrency trading. But aside from some rumors after the government banned forex trading in Oct 2019, bitcoin’s fate in this country has been someone uncertain. Not for much longer, though. At long last, the Reserve Bank of Zimbabwe (RBZ) has drafted a proposal to regulate cryptocurrency. Zimbabwe Cryptocurrency Regulation – Not Ban As we’ve seen from other countries struck by hyperinflation or excessive government intervention in monetary policy, […]

Crypto Now Legal In India? Not So Fast

Blockchain advocates have hailed the recent Indian Supreme Court’s pro-crypto ruling as a landmark for adoption and development. Now, new forces are emerging that seek to put the brakes on India’s rapid embrace of cryptocurrency.  COURT RULING DOES NOT FULLY RESOLVE THE ISSUE The Economic Times of India has published an article outlining the details behind the court ruling, which overturned a Royal Bank of India (RBI) circular prohibiting banks from dealing with crypto exchanges. […]

Is Crypto the Answer to Australian Banks Invading User Privacy?

Reports are emerging of Australian banks demanding customers complete detailed invoices over their use of funds as a condition for honoring transactions. Time for crypto to take over completely?  Australian Banks are Now Asking Invasive Questions Crypto reporter and analyst Alex Saunders has noted that he is receiving reports that banks are now demanding customers to explain what their money will be used for before honoring withdrawals. Saunders has tweeted: Breaking News: Reports Australian banks […]

Is Crypto the Answer to Australian Banks Invading User Privacy?

Reports are emerging of Australian banks demanding customers complete detailed invoices over their use of funds as a condition for honoring transactions. Time for crypto to take over completely?  Australian Banks are Now Asking Invasive Questions Crypto reporter and analyst Alex Saunders has noted that he is receiving reports that banks are now demanding customers to explain what their money will be used for before honoring withdrawals. Saunders has tweeted: Breaking News: Reports Australian banks […]

Crypto Trading is Now Legal in South Korea

South Korea’s parliament has officially recognized crypto trading as legal in the country. The move comes after two years of deliberations into how to develop concrete guidelines for cryptocurrencies. South Korea Legalizes Crypto Trading According to The News Asia, South Korea’s National Assembly passed an amendment to its Reporting and Use of Specific Financial Information Act, legalizing cryptocurrency trading. Local South Korea media outlet Maeil Kyungjae revealed that the motion to amend the bill received […]

With Mike Bloomberg Out, What’s Next for Crypto in the US?

Billionaire Michael Bloomberg who previously advocated for clearer crypto regulations has dropped out of the race to win the Democratic ticket for the November 2020 U.S. presidential election. Bloomberg Drops Out After Super Tuesday Crash and Burn According to the Wall Street Journal (WSJ), Bloomberg, a former New York Mayor is the latest Democratic candidate to exit the race, while endorsing former U.S. Vice President Joe Biden. Bloomberg’s decision comes after spending more than $620 […]

Chainalysis Enables Coinfield Exchange To ‘Know Your Transaction’

Blockchain analysis company, Chainalysis, will provide crypto exchange CornField with its Know-Your-Transaction (KYT) software, in a partnership announced yesterday. Chainalysis Extends its Reach CoinField will use the KYT software to identify high-risk cryptocurrency transactions in real time, receiving in-depth insights into the origins of each. Transactions can be traced on different blockchains, providing a graphical mapping of cryptocurrency transaction flow. The exchange will also use Chainalysis’ Reactor to further investigate suspicious activity or transactions whichRead More

NJ Politician Proposes New Crypto Regulatory Act

New Jersey lawmaker Yvonne Lopez is concerned. There is a lack of consumer protection in the crypto space and she wants to put that right by introducing new regulatory measures. A Bill Regulating Crypto in New Jersey New Jersey Assemblywoman Lopez is the prime sponsor of new legislation labeled the “Digital Asset and Blockchain Technology Act” (A-2891). In a release this Wednesday, Lopez explained that the bill has two main purposes. Primarily, it aims toRead More

Russia Decides to Outlaw Crypto as a Means of Payment

Russia’s Federal Security Service (FSB), the successor of KGB, agreed with the Central Bank of Russia that cryptocurrencies should not be allowed as means of payments on the territory of Russia, a local portal reported.   Russia’s Two Giant Departments Come to Compromise Prior to this consensus, the FSB was confused about whether it was even possible to ban cryptocurrencies like Bitcoin as payment options. The two departments have argued about how to regulate digitalRead More

Hurry Up and Regulate Crypto, FSB Chair Urges World Leaders

The Financial Stability Board (FSB) is asking global finance ministers to step up their efforts in creating regulatory frameworks for crypto and other innovative digital payment systems. “Pressures That Can Lead to Market Fragmentation Exist” Crypto assets and their underlying blockchain technology have already disrupted the financial world to a great extent. As a result, world business leaders are now panicking as they fear that digital technologies are gaining such a moment that could eventuallyRead More

Netherlands Shares Bitcoin Mixer Probe Report With J5 Nations

The Dutch Government is sharing intelligence data, including that gathered during last year’s takedown of a Bitcoin mixing service, with four other countries. The Netherlands, US, UK, Canada and Australia formed the Joint Chiefs of Global Tax Enforcement, or J5 group, in 2018. The five countries also take part in events known as ‘the challenge’, to coordinate their investigations of tax-related crime. Bitcoin Mixing Case Used In J5 ‘Challenge’ Bestmixer.io was a bitcoin mixing service basedRead More

SEC Forces Crypto Company to Return ICO Funds to Investors

The U.S. Security and Exchange Commission (SEC) has ruled that startup Enigma MPC violated federal securities laws when it conducted the ENG token ICO. The company must refund investors and pay a fine. SEC DECLARES ENG TOKENS AS SECURITIES  The ICO took place in November, 2017 and raised approximately $45 million dollars. ENG is an Ethereum token that, like many, quickly saw its value skyrocket only to decline quickly within weeks. In the SEC pressRead More

Michael Bloomberg Pushes For Crypto Regulation

U.S. presidential candidate Michael Bloomberg is proposing rules that will clarify the status of crypto assets within the financial system. Bloomberg intends for these to offer greater government oversight as well as consumer protection.  BLOOMBERG WILL LEGITIMIZE CRYPTO Bloomberg has made these statements in his just-published Financial Reform Policy. Although not the first candidate to support crypto regulation, Bloomberg is by-far the most credible given his background in the financial sector. The other candidate, AndrewRead More

UK’s FCA is on the Lookout for ‘Crypto Experts’

The United Kingdom’s FCA is looking for crypto experts as part of their latest efforts to regulate digital currencies operating in the UK. The UK’s financial conduct authority posted a job role on LinkedIn, calling for someone with “experience working with crypto assets” and other relevant financial experience to help the organization expedite its aims of bringing more supervision and regulatory oversight to the cryptocurrency industry. FCA and its Punishing Oversight The FCA (financial conductRead More The post appeared first on Bitcoinist.com.

This Country is Now Open to Global Crypto Exchanges Expanding Locally

With Singapore’s Payment Services Act coming into effect, crypto exchange platforms can now apply for operating licenses in the country. Crypto Exchange Platforms Now Legalized in Singapore Back in September 2019, Singapore’s parliament passed the Payment Services, Bill, into law, creating the Payment Services Act with the new law coming into effect on Tuesday (January 28, 2019). As part of the bill, crypto exchange platforms in Singapore can now apply for operating licenses from theRead More The post appeared first on Bitcoinist.com.

New York Crowned the World’s Crypto Litigation Capital

New York, the financial capital of the world, is also becoming the capital of blockchain litigation activity, according to a financial services law firm Murphy & McGonigle report. Two Times More Blockchain Cases Than Any Other Venue Cryptocurrencies and blockchain technology are increasingly attracting the attention of large law firms all over the world. In the U.S., since 2018, Murphy & McGonigle has been maintaining a Blockchain Litigation Database, which records the number of incidencesRead More The post appeared first on Bitcoinist.com.

Russia Might Finally Adopt Crypto Law This Spring

Russia’s State Duma (lower house of the parliament) might adopt the law on digital financial assets in the spring session, an official believes. Digital Assets to Have Legal Framework in Russia Companies cannot legally tokenize their assets at this point in Russia, though it had defined smart contracts in a recent “digital rights act.” However, the situation might improve soon as the country’s lower house of the parliament is about to vote on the conceptRead More The post appeared first on Bitcoinist.com.