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Ban U-Turn? Indian Govt. Panel Suggests Cryptocurrency Regulation: Report

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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.

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:

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

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Bitcoin creator Craig S. Wright (Satoshi Nakamoto) granted US copyright registrations for the Bitcoin White Paper and code

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Craig S. Wright has been granted U.S. copyright registrations for the famed original Bitcoin white paper, and most of the original Bitcoin code (version 0.1).  Importantly, the registrations issued by the U.S. Copyright Office recognize Wright as the author – under the pseudonym Satoshi Nakamoto – of both the white paper and code.  This is the first government agency recognition of Craig Wright as Satoshi Nakamoto, the creator of Bitcoin. In addition to being Bitcoin’s creator, Wright is currently Chief Scientist of nChain, the global leader in advisory, research and development of blockchain technologies, which focuses on massive adoption of Bitcoin in the form of Bitcoin SV (Satoshi Vision).

The pseudonym Satoshi Nakamoto was used as author of the Bitcoin white paper, first posted online in 2008, and as author of the first Bitcoin code used in January 2009.  Over the past 10 years, the true identity of Bitcoin’s creator has been the subject of intense curiosity. In late 2015 and early 2016, certain media outlets reported belief that Craig Wright is Satoshi Nakamoto, leading to significant debate since then.

Notably, when reviewing Wright’s copyright applications, the U.S. copyright examiner was aware that the Bitcoin white paper and code were each a “famous work” and there have been questions about who is associated with the pseudonym Satoshi Nakamoto.  After receiving confirmation from Wright that he is Satoshi Nakamoto, the Copyright Office granted the following registrations:

  • U.S. copyright registration no. TXu 2-136-996, effective date April 11, 2019, for the paper entitled Bitcoin:  A Peer-to-Peer Electronic Cash System, with year of completion 2008. The registration recognizes the author as Craig Steven Wright, using the pseudonym Satoshi Nakamoto.
  • U.S. copyright registration no. TX-8-708-058, effective date April 13, 2019, for computer program entitled Bitcoin, with year of completion 2009 and date of first publication January 3, 2009.  The registration recognizes the author as Craig Steven Wright, using the pseudonym Satoshi Nakamoto.  Wright wrote most of version 0.1 of the Bitcoin client software, and the registration covers the portions he authored.

Wright is now legally establishing that he is Bitcoin’s creator after being dismayed to see his original Bitcoin design bastardized by protocol developer groups – first by Bitcoin Core [BTC] in 2017 and then again by Bitcoin Cash [BCH] developers in 2018.  Those non-Satoshi protocol changes were made by developers who disagreed about whether or how the blockchain should massively scale. Importantly, Wright notes that “bitcoin was designed to be a monetary system that works within existing legal frameworks”. This differs from the path other developer groups are trying to follow where they are creating an anonymous system along the lines of EGold and Liberty reserve. This enables bitcoin to interact with the existing global financial system rather than seeking a black-market exchange system.Wright and nChain are working to restore Bitcoin’s original protocol, ensure that its vision for massive blockchain scaling is fulfilled in the form of Bitcoin SV, and keep BSV designed to work within existing common law frameworks as Bitcoin was created to do.  BSV emerged after the world’s first Bitcoin hash war last November to ensure the Satoshi Vision of Bitcoin lives on.

In the future, Wright intends to assign the copyright registrations to Bitcoin Association to hold for the benefit of the Bitcoin ecosystem.  Bitcoin Association is a global industry organization for Bitcoin businesses. It supports BSV and owns the Bitcoin SV client software. Founding President Jimmy Nguyen comments:

“We are thrilled to see Craig Wright recognized as author of the landmark Bitcoin white paper and early code.  Better than anyone else, Craig understands that Bitcoin was created be a massively scaled blockchain to power the world’s electronic cash for billions of people to use, and be the global data ledger for the biggest enterprise applications.  We look forward to working with Craig and others to ensure his original vision is recognized as Bitcoin and is realized through BSV.”

COINGEEK TORONTO CONFERENCE

To learn more about Craig Wright’s vision for Bitcoin, come to the upcoming CoinGeek Toronto conference, May 29-30 in Toronto, Canada.  The conference focuses on Bitcoin scaling with “No Limits,” and features the world leaders in blockchain scaling.  The event will feature a special interview with Craig Wright discussing his creation of Bitcoin, the Satoshi Nakamoto identity, and why the original Bitcoin design, protocol and “Satoshi Vision” are so important for its success.

-News Source

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Analysts Believe Bitcoin is Likely to Surge Past $9,000 in Near Future as Upwards Momentum Builds

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The crypto markets have undoubtedly been in an uptrend over the past several weeks that has allowed Bitcoin to set fresh year-to-date highs in the mid-$8,000 region, and despite facing several pieces of somewhat bad news, BTC has continued to surge higher.

Analysts now believe that Bitcoin is likely to surge into the $9,000 region in the near-future, which may be sparked as soon as BTC surges past its current resistance level around $8,200.

Bitcoin Once Again Nears Key $8,000 Region 

At the time of writing Bitcoin is trading up nearly 2% at its current price of $7,950, up from its daily lows of $7,700.

Over the past week, BTC has incurred some choppy trading that has caused it to trade between a wide range between roughly $7,000 and the lower-$8,000 region, with support existing at the former price and resistance at the latter.

Bitcoin’s upwards momentum that has allowed it to climb from yearly lows of just above $3,000 towards its current price levels have been overwhelmingly bullish, and has persisted in the face of several somewhat negative revelations, including the New York Attorney General’s accusations of fraud against Tether/Bitfinex, and yesterday’s delay of the VanEck/SolidX Bitcoin ETF application.

Currently, the next level of resistance that BTC must surge above exists around $8,200, and if this level is broken, the cryptocurrency may surge to fresh year-to-date highs around $9,300.

UB, a popular crypto analyst, discussed this possibility in a recent tweet, explaining that he believes BTC will surge towards $9,500 in the near future.

“$BTC – I’m long. – ETF delayed. – Range Low reclaimed on LTF (Must continue to hold for LTF bullish argument). I’d like to see the EQ reclaimed as support ASAP. The next test of ~$8.2k will be the 7th Test. I believe we make our way to $9.3k – $9.5k next,” he explained.

Analyst: A Break Above Lower-$9,000 Region Would Lead to Significantly Further Gains for BTC 

It now appears that the lower $9,000 region is Bitcoin’s monthly resistance level, which means that it will require a significant amount of buying pressure to be broken above.

Josh Rager, a popular crypto analyst on Twitter, discussed this in a recent tweet, explaining that a break above the aforementioned monthly resistance would provide a significant amount of strength for Bitcoin’s bulls.

“$BTC 1M Chart: Bitcoin breaking through multiple monthly horizontal resistances this month & it hasn’t looked back yet. A break above this level puts the next monthly resistance near $9200+ & weekly resistance at $9600. After these resistance areas break – watch out for bulls,” Rager noted.

As the week continues on and Bitcoin continues to struggle to gain its footing within the lower-$8,000 region, it is highly likely that traders and analysts alike will gain a better understanding of just how high BTC may surge in the coming weeks and months.

-News Source

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As The USA-China Trade War Worsens, Could It Cause The Price Of Bitcoin To Rise In Value?

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Us-Chine Trade War Worsening Causing BTC Price Rise

Digital Currency Group CEO and founder Barry Silbert has suggested BTC’s recent rice in prince could be rooted in the worsening trade war between the United States and Chine, Fortune reported on May 20.

The cryptocurrency’s CEO pointed out in an interview that the price acceleration happened in conjunction with talks between Washington and Beijing breaking down.

Silber has been a long time advocate of cryptocurrency and pointed at recent events being proof that Bitcoin has become a safe haven to store money when there are dramatic events happening on the global economic stage. He also gave other examples of BTC going up in value just as traditional stock markets stumbled, adding:

“If you look over the past five years – when Brexit happened, Bitcoin went up. When Grexit happened, Bitcoin went up.”

The trade war between the U.S. and China has resulted in an escalating tariff requirement on good’s between the countries, making products priced higher for consumers on both ends.

This change of events encouraged one of Digital Currency Group’s subsidiaries, Grayscale Investments, to launch an ad campaign at the start of Ma, urging investors to embrace bitcoin and run from gold because of the market scare.

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Source:bitcoinexchangeguide

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