In the cryptocurrency world, there is always a lot of dismay when governments or policymakers try to introduce some form of regulation. In the United States, the introduction of BitLicense has been discussed heavily in recent years. It now seems very similar guidelines might be making their way to as many as five additional states in the near future.
The BitLicense Concept is Still Alive
Although it has gone relatively quiet on the BitLicense front recently, that may not be the case for much longer, by the look of things. More specifically, it seems officials from various US states, together with the ULC, are preparing to introduce cryptocurrency guidelines across multiple US states. These guidelines will be in line with BitLicense, one of the most controversial forms of regulation in recent years.
To put everything into perspective, the BitLicense is considered to be stifling growth for cryptocurrency as an industry. It is also one of the main reasons New York-based residents can only access a handful of crypto exchanges and other services these days. The main question is whether or not more companies will halt their services in New York or the other regions which will introduce very similar guidelines later this year.
As is always the case when these types of discussion occur, it is important to be aware of all the facts. First of all, this proposal to introduce new guidelines was opened to public comment in the affected US states. For some unknown reason, no one seemed to oppose this concept in the state of Nevada, which either indicates no one knew it was happening, or no one bothered to oppose it. If it is the latter, there is no right for anyone in that state to complain if these new rules are effectively enforced in the near future.
Among the affected states are Nevada, California, Oklahoma, Rhode Island, and Hawaii. The choice for introducing these new guidelines is pretty interesting, particularly because California is considered to be a major state in terms of crypto usage. However, the use of Bitcoin and altcoins has been allowed without any rules or guidelines for some time, thus it was only a matter of time until that situation came to change.
It remains a bit unclear what the future will hold for cryptocurrency in these five states. While the introduction of BitLicense-like guidelines could potentially force numerous companies to no longer serve clients in those regions, it remains to be seen if it will ever come to that. After all, the introduction of guidelines is still better than officially banning Bitcoin and altcoins in any of these regions.
When looking at the bigger picture, it seems this development will benefit Bitcoin and other cryptocurrencies in the long run. That will only happen if the rules are introduced in a proper manner, albeit it is too early to draw any real conclusions in that regard. The cryptocurrency community can still make their voice be heard in this regard, although it remains to be seen if that would influence this set of rules in any significant way
More Bitcoin ATMs are being introduced by LibertyX as interest grows
- The company behind first launching Bitcoin ATMs in the United States, LibertyX to introduce more.
- LibertyX have announced they will add another 90 ATMs to its network.
LibertyX, the firm that launched the first Bitcoin (BTC) automated teller machine (ATM), in the United States, will be adding 90 new machines to its network.
The Boston-based firm will be partnering with independent ATM operator DesertATM, as part of the network expansion, as detailed within a report by global ATM market publication ATMmarketplace on July 18.
DesertATM will be uploading LibertyX on 90 of its Genmega ATMs to facilitate Bitcoin operations. In terms of the new Bitcoin ATM locations, these will be placed at; gas stations such as AMPM, ARCO & Chevron, as well as Family Dollar retail stores, as per the press release notes.
Bitcoin not yet banned in India, regulations around the corner
- The Minister of State to the Ministry of Finance told the upper house of the Indian Parliament, cryptos are not banned yet.
- The Minister, Anurag Singh Thakur, also stressed the need of creating a solution that caters to global regulators.
As per Anurag Singh Thakur, the Minister of State to the Ministry of Finance, holding or trading cryptocurrencies is not banned in India. During an address to the upper house of the Indian Parliament, Thakur stated that the Reserve Bank of India and the Ministry of Finance have issued notices regarding the use of Bitcoin and other similar coins:
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”
The Minister’s response followed a recent report regarding an alleged crypto blanket ban draft which stated that the government would sentence crypto traders with a ten-year imprisonment.
In a separate letter addressed to the Ministry of Corporate Affairs, Thakur stated that an interministerial committee needs to create a solution that caters to global regulators:
“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorizing any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”
Bitcoin price prediction: BTC/USD faces two healthy resistance levels on path back to $11,000
- BTC/USD is currently trading around $10,545.
- The two resistance levels are at $10,575 and $10,700.
BTC/USD had a bearish Friday where the price fell from $10,660 to $10,540. Bitcoin managed to have a bullish start to this Saturday and is currently trading for $10,545. The daily confluence detector shows two moderate-strong resistance levels at $10,575 and $10,700. On the downside, there are two support levels of note at $10,500 and $10,375.
BTC/USD daily confluence detector
The $10,575 resistance level has the 1-week Fibonacci 61.8% retracement level, while the $10,700 has the most substantial resistance level but no confluences has been detected. On the downside, the $10,500 support level has the 100-day simple moving average (SMA 100) and the 1-hour previous low. The $10,375 level possesses the 1-day Fibonacci 38.2% retracement level.