An Indian government panel reportedly tasked to look into cryptocurrency policy isn’t in favor of a sweeping ban akin to the recent banking blockade enforced by the country’s central bank.
Citing sources, India’s biggest business news TV channel and financial daily Economic Times is reporting that an Indian government panel tasked to ‘look into cryptocurrency’ isn’t in favor of a blanket ban in the country.
Instead, the panel will recommend allowing cryptocurrency trading with ‘riders’ or guidelines in the form of regulation.
SOURCES | Govt panel not in favour of banning cryptocurrency. Govt panel may suggest allowing cryptocurrency with riders: Cogencis pic.twitter.com/osP6ziwGbO
— ET NOW (@ETNOWlive) June 13, 2018
While the report is yet to be substantiated, the Indian government has previously established an interdisciplinary committee in 2017 to examine and recommend a framework for the domestic cryptocurrency sector. Led by the Ministry of Finance, the committee comprises of a number of government ministries and other authorities including the central bank.
If the report is true, any legislative move to regulate the nascent but growing cryptocurrency sector will bring relief to adopters and businesses who have felt the brunt of a banking blockade enforced by the Reserve Bank of India (RBI), India’s central bank, in April. The controversial, sweeping policy move has seen the RBI forbid all regulated financial institutions including banks from providing services to cryptocurrency businesses.
Domestic industry news resource Crypto Kanoon added:
In view of the news (though unverified) from various sources, we strongly feel that there is every likelihood that Government will regulate Crypto soon. In fact it's never showed hostility towards Crypto. It just slowed down the market in order to minimise the risk of consumers.
— Crypto Kanoon (@cryptokanoon) June 13, 2018
Just this week, the RBI admitted to not conducting any research nor consulting any government panel prior to enforcing the ban in what is increasingly appearing to be an arbitrary decision taken to dent the heightened growth of the cryptocurrency industry.
As the country’s financial regulator and authority, the RBI has notably shirked away from its responsibility of developing or researching regulatory guidelines for the domestic crypto sector
Ripple Prediction: XRP Could Reportedly Rally Against Bitcoin (BTC)
According to the latest reports, Ripple’s digital asset XRP could be soon rallying against Bitcoin.
The token’s price has formed major support near 0.0000900BTC against BTC. XRP seems to be preparing for an upside break above 0.0000920BTC and 0.0000950BTC in the near term
XRP price analysis
During the past few days, there have been range moves below 0.0000920BTC in the price of XRP against BTC.
XRP to BTC has reportedly declined a few points below the 0.0000910BTC and 0.0000900BTC levels, but downsides were limited, says Etehreumworldnews.
They conclude by saying that XRP is definitely getting ready “preparing for the next crucial break either above 0.0000920BTC or below the 0.0000885BTC support. The current price action is positive, suggesting high chances of an upside break above 0.0000920BTC. If not, XRP to BTC could break the 0.0000885BTC support and trade towards the 0.0000850BTC or 0.0000840BTC level in the near term.”
What’s in the cards for Ripple and XRP?
XRP forecast regarding the price for 2019 looks positive especially considering that the coin’s price is somehow related to Ripple, the company’s developments.
Back in September 2018, XRP was able to surge by 300% triggering massive excitement in the Ripple and XRP community.
Since then, Ripple’s products became adopted by more banks and financial institutions, and today, for instance, RippleNet include about 200 members.
Just recently, Euro Exim Bank flaunted the massive benefits of using Ripple’s xCurrent and xRapid:
“Operating collaboratively with Ripple and selected counterparts, we are implementing both xCurrent [payments processing solution] and xRapid [on-demand liquidity solution] building on its extensive technological capabilities and blockchain expertise in trading systems.”
Brad Garlinghouse said that more banks would be flipping the switch and starting to use XRP as well.
Are Bitcoin Tumblers Smart to Use or Do They Bring Unwanted Attention From Regulators
A bitcoin tumbler site that offers users untraceable cryptocurrency, BestMixer, could have tainted many wallets by giving them small amounts of BTC as gifts, a practice called crypto dusting.
According to a cryptocurrency security firm, Cypher Trace, if your wallet was among those that received the gift then you may be holding laundered coins. The company believes that, although BestMixer’s owners are compliant, they could have transacted with an alleged money launderer, without consent or knowledge.
According to the CEO of Cipher Trace, David Jevans, wallets that dealt with BestMixer could attract attention from relevant regulators. He also believes that anyone using a tumbler site could be suspected of questionable motives.
It All Started In October 2018
BestMixer began the promotional campaign in October 2018, whereby it set BTC to wallet addresses, adding a promotional message for their tumbler services. The amount sent was minuscule, and ranged between 666 and 888 satoshis.
BestMixer allows people to transact completely anonymously, enabling them to remain private when swiping funds with others. The funds are sourced from different pools, depending on the privacy level a person requires.
The tumbler site also perfects on a time delay in the intention of making it hard for blockchain analysts to trace transactions.
Cryptocurrency Payments No Longer Anonymous
Tracing cryptocurrency transactions used to be difficult, and lack of AML/KYC control made it difficult to link a person to their wallet addrc Be of this, criminals found an opportunity to use the mediuurm for their illicit activities; with platforms such as Silk Toad become more popular in the belief that bitcoin is untraceable.
After a Tumultuous 2018 for Crypto and the Birth of Stablecoins, Here is what to Expect in 2019
2018 was the year of the bear run and the stablecoin. So what does 2019 hold for the crypto world? While it is impossible to tell what exactly will happen in 2019, one can make a good guess. Here are the five likely scenarios that will play out in 2019 for crypto:
Tether Will Lose Traction
For years, there have been issues raised about how legit Tether is. Despite this, it has remained a popular stablecoin in the crypto world.
However, rival stablecoins such as Coinbase, Circle, and Gemini could offer a challenge. This will erode the monopoly that it has enjoyed in the past. Even if Tether does not shutter as Basis did at the end of 2018, it will most likely not be as dominant.
Facebook Will Mint The WhatsApp Crypto
Facebook has been interested in creating a payments platform for years. The effort started in 2014 when it poached David Marcus of PayPal.
Marcus became the head of messaging products at the company. However, he was picked to head the company’s blockchain project in 2018, which is still shrouded in mystery. Recent reports indicate that he might launch a WhatsApp-based remittance service in India. After a rough period in 2018, the company could use a win in 2019.
The Regulators Will Go After Big Fish
The SEC will take on the major players in crypto in 2019. For instance, it might decide that XRP is unregistered security.
If that happens, Ripple could be hit with huge fines. It might also decide to shut down an exchange for not adhering to anti-money laundering laws. Besides that, celebrities who have used their star power to pump ICs might be in trouble.
The Bitcoin ETF Gets Approved
As the crypto world evolves, it could help the stage for a BTC traded fund also called an ETF. After the bubble burst, investors that are more reasonable are joining the crypto world.
Right now, a firm called Bakkt, created by those behind the NYSE wants to launch a BTC futures market. This could help to improve liquidity in the crypto world. Thus far, it is known that an SEC commission is seeking to have the BTC ETF approved. Before that, a VanEck might or might not be approved next month. It is worth noting how that works out.
The Bear Run Persists
The crypto world has been in a bear run since they reached a high in 2017. Right now, various factors such as volatility in the equity market, a possible economic recession, and global geopolitics might reduce appetite for crypto assets for now.
However, there is a bit of disagreement on this. Some experts believe that prices might bounce back soon. Others believe that crypto prices have not hit their low yet.
There is a lot of agreement and disagreement over whether these predictions will happen. However, there is quite good evidence to support them if you look at the crypto world right now. It is also worth noting that this is a young industry and anything is possible.