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India’s Central Bank Banned Cryptocurrency with Zero Research or Consultation

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The Reserve Bank of India has responded to a query seeking explanations for its reasons to ban banks from dealing with the cryptocurrency industry, admitting it conducted no research prior to its prohibitive action.

In a Right to Information (RTI) request filed by a domestic lawyer Varun Sethi, the Reserve Bank of India was – over a number of questions – plainly asked for the reasons behind its April ban that explicitly forbade all regulated financial institutions from providing services to cryptocurrency businesses.

RBI confirmed it gave little to no thought before reaching the decision in its response, nor did it conduct any research – internally or independently – before enforcing the ban.

In what is increasingly appearing to be an arbitrary action, the central bank did not clarify its position and plainly refused to answer other probing questions put forth in the information request.

For instance, central bank officials were asked if the authority established an internal committee to determine if there were risks in trading cryptocurrencies. “No” was the answer.

Had the RBI conducted its own research, or even communicated with other counterparts – think Japan – to understand and explore a regulatory framework prior? Again, “no”.

The RBI also refused to clarify how it had determined public risks in engaging cryptocurrencies, from as early as 2013. Similarly, it refused to disclose its take on acknowledging self-regulated cryptocurrency exchanges that follow KYC norms, if it had sought an external expert opinion before enacting the ban or if it will prohibit Indian citizens from buying cryptocurrencies from exchanges outside the country.

The central bank ducked all these questions by pointing to a loophole in the RTI act, exempting them from giving an answer.

The RBI’s ban in April came after years of repeated public warnings by the financial regulator, cautioning citizens against trading or investing in cryptocurrencies like bitcoin.

Last month, the central bank pushed back against a Supreme Court-approved petition that sought regulation to effectively legalize and recognize the cryptocurrency industry in the country. In fact, the RBI deflected responsibility in outlining a policy or framework for the nascent sector, stating “the RBI cannot unilaterally decide for the government on the legality of bitcoins” in India.

A number fo cryptocurrency businesses have since filed petitions at state courts arguing the RBI decision was “arbitrary, unfair and unconstitutional“. Witnessing an increasing backlog of those petitions, India’s Supreme Court barred all high courts from filing further petitions against the Reserve Bank and claimed all pending petitions in May.

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Bitcoin: New way to launder income of Mexican cartels

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Mexico City.- Some of Mexico’s main criminal organizations laundered their profits globally through the use of virtual currencies such as Bitcoin. The above according to the report National Evaluation of Drug Threat 2017, prepared by the Drug Control Administration (DEA).

In this regard, the institution noted that China has become a major center of money laundering, for which large shipments are used from the Asian country, where cryptocurrencies have become very popular currencies.

In previous years, the preferred methods were money transfer systems. Today bitcoin and other virtual currencies allow cartels to transfer illicit profits on an international scale, ‘the report says.
For this reason, the PGR and the DEA decided on Wednesday to form a joint team to combat the financial networks of drug trafficking, a strategy that promises to be more effective than capturing the leaders of criminal gangs.

In previous years, the preferred methods for moving and laundering illicit profits, ie the smuggling of bulk money, was to use money transfer systems, money laundering based on commerce and the formal banking sector. Today, bitcoin and other virtual currencies allow cartels to easily transfer illicit profits on an international scale, ‘the DEA informed.
He added that for 2017 the sale of drugs in the US, represented profits of 64 billion dollars, 21 percent of all illicit money generated in that country at present.

Meanwhile, a second study noted that currently half of the bitcoin transactions are linked to drug trafficking, which means a total of 72 billion dollars. This goes hand in hand with a decrease of 27 percent in cases of confiscation of cash money by drug trafficking.

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Vault Coin (VLTC) Cryptocurrency Daily Volume at $1 as Price Down to $0.000064

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The cryptocurrency market took a massive tumble in the week following the SEC’s announcement that it would postpone its ruling on whether to allow the listing of the Cboe VanEck/SolidX ETF backed by Bitcoin (BTC) to September 30. When all was said and done, the total market capitalization dropped to as low as $189 billion, levels not seen since November of last year.

However, since hitting that low on Tuesday, the market experienced a fairly sizeable altcoin bounce that brought back more than $35 billion in total capitalization. The relief rally intensified late in the week as major blockchain projects announced significant exchange listings, technological milestones, and system updates.

As we head into the next week, investors will likely be keeping their eye on the price action of BTC, as it has been denied by the $6,500-$6,600 range multiple times and currently sits at around 51% market dominance. How BTC acts here will likely be indicative to the next major movement.

Here’s the rest of the week in review:

Binance LCX, a joint venture between Binance and LCX, has announced the launch of an upcoming fiat-to-cryptocurrency exchange. Binance is set to provide and maintain the platform, while Binance LCX manages customer support, due diligence, legal requirements, KYC, AML and government communications. Binance LCX plans to build a team of roughly 10-15 individuals to fulfill the venture in their Lichtenstein office.

Tyler and Cameron Winklevoss, the founders of crypto exchange Gemini, aren’t overly fazed by the recent SEC decision. Instead, while they wait for Wall Street and the SEC to get on board with crypto, the company will focus on expanding its product offering focused on retail investors.

Toshi, the Ethereum mobile wallet, has recently been rebranded as Coinbase Wallet. The Coinbase-developed app has been revitalized with a new name as the service merges into a larger effort to invest in products set to define the future of the decentralized web.

Bitmain, a leading ASIC chip maker and crypto mining hardware manufacturer, has more than $570 million in Bitcoin Cash (BCH) holdings, according to a pre-IPO investor deck. According to the documents, Bitmain has 1,021,316 BCH, which it purchased at an average price of $869. While this represented a total holding of around $887 million at the time of the statement, BCH has since fallen in value to $573, which means that Bitmain has suffered a ~$317 million loss in a little over a quarter.

This week’s market recovery was primarily driven by gains in VeChain (VET), Ontology (ONT), and NANO (NANO). The AltDex 100 Index (ALT100), a benchmark index for the industry’s leading cryptocurrencies and tokens, finished flat this week and currently sits at 79.40.

AltDex 100
Other cryptocurrency categories were relatively mixed over the last week. The AltDex Exchange Token Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens, fell over 7% while the AltDex Privacy Coin Index (ALTPRV), which tracks tokens focused on privacy or security, is up around 2%. The new AltDex Masternode Index (ALTMSN), which tracks major masternode cryptocurrencies, dropped over 4%.

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IOTA, Vechain Lead Tepid Crypto Market Recovery on Sunday

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Vault Coin (VLTC) traded down -0.94 percent against dollar during the last day interval closing 11:00 on August 19th EST. Vault Coin presently has a marketcap of $1,950 and its 24 hour trading volume is around $1. Within the 7 day interval, Vault Coin is -0.16 percent against the dollar with a movement of 1.17 percent inside the last 60 minutes.

Now let’s take look at how similar cryptocurrencies have performed in the last 24h:

  • Stellar Holdings (HOLD) is currently at $0.00 against the USD, a -7.93 percent change since yesterday. The Bitcoin price of HOLD is currently at 0.00000004 BTC.
  • Eryllium (ERY) is currently at $0.00 against the USD, a -4.08 percent change since yesterday. The Bitcoin price of ERY is currently at 0.00000061 BTC.
  • ChatCoin (CHAT) is currently at $0.01 against the USD, a -1.15 percent changesince yesterday. The Bitcoin price of CHAT is currently at 0.00000215 BTC.
  • Pigeoncoin (PGN) is currently at $0.00 against the USD, a -1.91 percent changesince yesterday. The Bitcoin price of PGN is currently at 0.00000004 BTC.
  • PeepCoin (PCN) is currently at $0.00 against the USD, a -5.22 percent change since yesterday. The Bitcoin price of PCN is currently at 0.000000003 BTC.
  • Atmos (ATMOS) is currently at $0.01 against the USD, a -16.05 percent changesince yesterday. The Bitcoin price of ATMOS is currently at 0.00000133 BTC.

Vault Coin Info

Vault Coin has a max supply of 30,385,540 coins. It started on 13th October, 2016.

From cryptocompare.com: “VaultCoin is a Proof of Work cryptocurrency based on the X11 algorithm. You can pay or send money to anyone, anywhere in the world in the form of this internet currency for a low fee.”

Listed here are a few good links for those who wish to get more information concerning Vault Coin:

  • Website: 
  • Github: https://github.com/teamvltcoin
  • Twitter: Vault coin
  • Reddit: https://www.reddit.com/r/Vaultcoins/
  • Facebook: https://www.facebook.com/vaultcoinVLT/

VLTC: Info for Traders

People can obtain VLTC on exchanges such as CCEX, Novaexchange, TradeSatoshi, LiveCoin,

It’s not always viable to buy cryptos including Vault Coin right away using USD. Investors hoping to acquire VLTC may perhaps need to firstly buy Bitcoin or Ethereum from an market place which has got American dollar trading pairs such as Coinbase or perhaps GDAX. Traders can then use this BTC or Ethereum to invest in Vault Coin using one of the exchanges we detailed previously.

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