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Are The Reserve Bank Of India About To Admit Their Mistake?

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The Reserve Bank of India (RBI) hit the headlines a few months ago through their sudden decision to cut out cryptocurrency activities within their personal and corporate customers. To keep a long story short, they decided to state that they would not provide banking or financial services to anyone who engaged within cryptocurrencies. This was met with outrage, as members of the cryptocurrency community took to the internet to produce a petition to ask the RBI to re-consider their position. Alongside this, many also attempted to take High Court proceedings out against the RBI, this did see some traction but as it stands, we are yet to hear more about this.

Once this decision was made, many did wonder about the integrity of the decision makers involved. Moreover, many questioned how much research the RBI had done, given that outside of the RBI’s financial loop, India had a strong presence within the crypto-sphere and actually seemed to be one of the few countries fostering an advancement towards cryptocurrencies and crypto adoption.

According to a new report by Quartz India, it does seem as if the RBI have now admitted that their decision was not based on adequate prior research, calling into question the entire proceeding once more.

So, according to Quartz, Delhi based lawyer, Varun Sethi filed a Right to Information Request (similar to a Freedom of Information Request in the UK) which required an instant response by the RBI.

According to Quartz, Sethi concluded that:

“It seems as if the ban was arbitrary and it came into effect without any thought from the RBI. It has either answered in the negative or given conflicting answers to our questions asking what led to this ban.”

You can see the full request, with responses as a part of the Quartz article- https://qz.com/1303363/indias-cryptocurrency-crackdown-was-backed-by-zero-research-rbi-admits/

Some of the responses by the RBI are fascinating, for example, when asked; ‘Is there any committee set up for understanding Blockchain technology and its usage by RBI especially in the banking sector?’ the RBI responded:

“RBI does not have the requisite information in this regard.”

Moreover, when asked multiple times about whether or not the RBI approached any other international central banks to review their stance on cryptocurrencies and blockchain technologies, they simply just responded “no”.

If you get chance, have a look through the full document, it’s actually quite concerning to think but at the very least, it does justify the outrage seen within the cryptocurrency community in India as a result of what now seems to be an uninformed and hasty decision.

As a result of this, we can only expect an apology or a more official statement to come from the RBI in the coming days. Moreover, with this information now in circulation, it probably won’t be long before the High Court weigh in once more.

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On.Live Is Pleased to Announce That ONL Token Holders Can Now Use Bitgo’s Industry-Leading Wallet and Custodial Offerings

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BitGo is the market leader in digital asset financial services providing security, compliance, custodial, liquidity solutions for institutional investors. BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of global Bitcoin transactions and $15 billion per month across all cryptocurrencies.

In 2018, BitGo introduced BitGo Custody and launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo Business Wallets and BitGo Custody are used by hundreds of clients around the world including the largest cryptocurrency exchanges.

Since its inception in 2013, BitGo has been focused on the institutional market and that makes working together a natural fit, as we want to extend the accessibility of ONL tokens for institutional and enterprise clients.

On.Live is a distributed live video broadcast network project, build to fill the niche in payed live and on demand services delivery in the Internet. The platform offers one of the kind, innovative, no subscription business model, beneficial for all parties involved in On.Live marketplace.

With live streaming on the rise, and lack of other comparably flexible solutions on the market, On.Live is natural choice for access and delivery of live streamed services for individuals, small and big businesses. On.Live is aiming at becoming market leader and platform of choice for everyone who realizes the huge potential in live streaming, and what profits it may bring in his own economic activities.

We believe that BitGo’s support will elevate On.Live’s business potential, contribute to growth of the platform itself and positively affect the security of ONL.

Source:nulltx

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10,000 Retail Shops in France Will Sell Bitcoin, XRP, Ethereum, Litecoin and Dash, Powered by Payments Giant Ingenico: Report

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Bitcoin, XRP, Ethereum, Litecoin and Dash are reportedly expanding to 10,000 points of sale throughout France.

Digycode first rolled out its crypto coupons last year. The startup says it’s now expanding to over 10,000 shops through a collaboration with Paris-based payments giant Ingenico, according to local news outlet Cryptonaute. The leading payments firm reported $2.8 billion in revenue in 2017.

“‘The deployment of Digycode is the result of a partnership between Digital Service and Ingenico, and tobacconists equipped with a Devlyx cash registerare, therefore eligible to sell our product for their customers, commented Christopher Villegas, CEO of Digital Service.”

The crypto startup will offer prepaid recharge coupons that can be purchased in three available increments – 20, 50, or 200 euro – by visiting any of the supported locations. Once a customer redeems the coupon on Digycode’s website by using a secret code, the euro is converted into crypto.The company says crypto balances will appear in the user’s crypto wallet as soon as the transaction is confirmed.

Tobacco shops are selling crypto despite regulatory uncertainty.

France’s tobacco federation was granted permission to sell crypto from the French Prudential Supervision and Resolution Authority, according to a report from the French radio network Europe 1.

But France’s central bank is singing a different tune, saying it has not approved retail sales of cryptocurrency. In addition, the Financial Markets Authority, which regulates the country’s stock market, has issued a statement saying no company is licensed to sell crypto in stores.

Source.dailyhodl
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Crypto-Friendly Wyoming Becomes First US State to Give Bitcoin, XRP, Ethereum, Litecoin, EOS and Altcoin Owners Complete Property Rights

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The Wyomng Senate passed SF125 on Thursday. The “Digital Assets” bill will now become law, granting cryptocurrency holders property rights for direct ownership of digital assets. Wyoming is the first state in the US to pass a clear regulatory framework for Bitcoin, XRP, Ethereum, Litecoin, EOS and other altcoins, setting the stage for cryptocurrency investors, entrepreneurs and crypto-related businesses to flourish in the state.

The bill allows people to hold cryptocurrency without the need for an intermediary to own digital assets, and clears the way for banks to offer custodial services for cryptocurrencies.

According to the act, digital assets are considered intangible personal property.

“AN ACT relating to property; classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets; specifying applicability; authorizing the promulgation of rules; and providing for an effective date.”

Other forms of intangible personal property are partnership interests, life insurance contracts, securities investments and royalty agreements.

The bill is expected to come into effect on July 1. It also supports the advancement of tokenized securities.

Caitlin Long, co-founder of the Wyoming Blockchain Coalition, expects the new legislation to attract blockchain companies and talent, making Wyoming a frontrunner in the space with a clear regulatory framework designed to foster innovation and spur adoption of Bitcoin, altcoins, blockchain-based businesses, trading platforms and crypto custodial services.

Source.dailyhodl

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