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IAMAI Makes Headway in Indian Crypto Ban Hearing



Looks like, the tide may turn in favour of cryptocurrency exchanges in India soon. The hearing for the Reserve Bank of India (RBI), Internet and Mobile Association of India (IAMAI) and exchanges started an hour back in the Supreme Court.

Ashim Sood, who is representing the IAMAI explained why banking support was necessary. The court asked, “Can’t you change your bank such as those which aint governed by RBI?” In answer to that, the counsel responded that only foreign banks are there and exchanges use that and there would be a problem with the outward remittance which is hit by FEMA regulation.

The counsel further added that the legality of the RBI circular was in question, since there was no study done by the institution, regarding cryptocurrencies. It further said, “Banking regulation Act prescribes the exercise of power by RBI only for the inner working of the Banks and for the interest of the depositors specifically in their capacity as depositors and not otherwise. RBI taking actions for general consumer interest is beyond legality.”

The judgement summarised by the counsel stated, “RBI cant step out of its powers as set out in Banking regulation Act. Therefore its action against private buisinesses in the form of 6th april circular is illegal.”

Sood further argued that the RBI itself had admitted that it does not have the jurisdiction to speak on the legality of Crypto as it is neither coins nor currency and RBI Act and Payment Settlements Act are not applicable on Cryptos. He added that banning or regulating something must be a legislative action and that the directive to do so, should have come under the legislature and not the RBI.

The judge countered that Section 45 J conferred power on the RBI to formulate policies, but the counsel argued that this was especially for Non Banking Financial Company (NBFC) whereas the case pertained only to banks.

The judge said that there is certain speculation involved when an exchange facilitates two people to buy and sell. The counsel for the IAMAI agreed and said it was similar to commodity trade, share market etc. People have consensus on its value. Currently, the judges are being shown how cryptocurrency regulations are being formulated in other countries such as European Union, China, France, Japan, Mexico, United States of America among others.

The counsel ended his arguments by saying that he knows there are detrimental effects to cryptocurrencies, but so does every technology. The hearing ended at this point and will resume on August 20.

.Source: .cryptopotato


Crypto Today: Calm between the storm? Schiff says look out below, Dash, Monero stand out



Here is what you need to know on Friday, December 6

Digital coins trying to find some stability

Cryptocurrencies are trying to find their feet after several tumultuous days. It seems that Bitcoin is in recovery mode ahead of the weekend.

Cryptocurrency markets

– Bitcoin in mid-range, BTC/USD is trading just below $7,400 after experiencing rises and falls of hundreds of dollars within days. Peter Schiff, a life-long crypto skeptic, said that pumpers and dumper have lost the plot, and added: “Look out below”.

– Ethereum has bumped into $148, a level that seems to serve as a magnet for Vitalik Buterin’s brainchild. 

– Ripple is hovering around $0.22, and seems to have ended its bearish downfall. However, bulls are also stuck.

– Dash is gaining ground as it fights to keep the price above $50. So far, Dash is winning the battle.

– Monero is another winner, with a gain of 1.7% at the time of writing. See XMR/USD rises from the ashes.

Bitcoin Confluence: Sitting on strong support and eying higher ground

A dense cluster of technical levels awaits BTC/USD at around $7,536, and this may serve as a springboard for rising to higher levels.


Chart of the Day: Why BNB/USD triangle breakout stalled under $16?

Binance Coin recovery fizzles out at $16 amid the tightening bearish grip. The RSI movement towards 70 coupled with the right bullish volume could push BNB above $20.

BNB/USD four-hour chart: 

Industry News: HODLers are not letting go

– 64% of Bitcoin has not left wallets in at least one year, showing how HODLers have been hoarding books. The analysts by Rhythm The accumulation comes ahead of BTC’s halving in 2020.

Nornickel, a Russian smelting company, has been testing a platform for digital metal tokens together with Trafigura Group and Traxys SA. The use of blockchain technology is part of the firm’s modernization effort.

– Kraken, a prominent cryptocurrency exchange, adds support for the Swiss franc as it continues its expansion.

– BitFlyer, based in Tokyo, has launched its “Instant Buy” feature that lets users buy cryptocurrencies by bank transfers or by using credit cards. The firm extends its expansion.

Quote of the Day: Pomp pumps up Bitcoin

Anthony Pompilano says too many people are trying to outsmart Bitcoin and adds in his tweet

Bitcoin’s not dying.

In fact it has only become stronger over the last 11 years.

This won’t change any time soon

More Bitcoin Cash price analysis: BCH/USD market momentum turns from bearish to bullish

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source: fxstreet

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Multicoin Capital Hires Principal in Asia as Crypto VCs Look East



As American cryptocurrency markets remain relatively subdued, investors are turning to Asia for fresh lifeblood.

Case and point, Multicoin Capital just hired Beijing-based investor Mable Jiang, formerly of Nirvana Capital, to spearhead the venture firm’s hunt for new deals in Asia.

The Texas-based Multicoin started publishing research reports and announcements in Mandarin last summer, so Jiang will also help “capitalize on the structurally broken information flow for secondary-market investment,” the company said in a blog post shared with CoinDesk.

“I think we’ll see a wave of really interesting China-native projects and dapps come to market next year,” Jiang said. “We also believe a global presence is one of the best ways to deliver more sophisticated views to people in different markets.”

Multicoin is merely one of many American crypto hedge funds and venture capital firms seeking a foothold in token-hungry markets like China and Korea. For example, Polychain Capital increased its investment in the Chinese token project Nervos, alongside China Merchants Bank International, and sent partners to travel in Asia for a variety of meetings. 

“Several firms have asked us for help in sourcing Asia partners and employees,” Dragonfly Capital’s Alexander Pack said in August. “Asia leads the world in crypto users and adoption by a mile – it’s not even close.” 

Despite reports of a Chinese regulatory crackdown, which crop up routinely but have yet to quell demand, SimilarWeb indicates more than half of the traffic for the crypto exchange Huobi comes from mainland China in addition to 35 percent of the global traffic to OKEx. As of October, SimilarWeb shows Korea was the fourth greatest source of traffic for the token-centric site Etherscan, behind China and the United States, with the Korean exchange Bithumb listed as the third most popular referral site in the world.

However, Electric Capital co-founder Avichal Garg said he helms one of the few Silicon Valley funds not looking to expand in Asia because it is “such a different universe” that requires significant resources to address sustainably. 

“You see a lot of trade volume. A lot of the pushing of boundaries is coming out of Asia, in part because the regulatory climate there is different,” Garg said. “But most [funds] are hiring more junior talent [in Asia], which I think is a mistake. … Dragonfly is potentially doing this the best where they have extremely high caliber people in both geographies.”


Jiang may bein the first half of her career trajectory, but she also said she has a unique opportunity to leverage local knowledge. 

“Localization is absolutely a key component in the accuracy and speediness of judgment,” she said. “For a fund to manage a ‘global’ asset, it has to connect the geographic dots and seek to understand the behaviors driving each investment culture.”

In a letter sent to Multicoin’s investors last month, the firm said, “a significant amount of information travels through word of mouth, WeChat groups, and Mandarin-only social media properties.” As such, the letter said, Mable’s job will be to close the information gap. 

In some ways, this renewed Asia push is a continuation of a trend that started during the 2018 bear market, when BlockTower Capital became one of the first funds to shift strategies by hiring multilingual Goldman Sachs alumni Steve SeungKeun Lee.

On the other hand, Jiang said this isn’t a trend; it’s a new way to look at stateless assets. From her perspective, crypto requires diverse investors with local cultural competence contributing to a mosaic approach.

“Crypto is one of the few assets that is truly ‘global,’” she said. “I think the biggest misconception is the urge to generically stereotype things with a tag of ‘east’ or ‘west.’


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5 Crypto Projects That Crushed It in 2019



As 2019 nears its apex, it’s time to take a look back at the projects that crushed it this year. Crypto startups that shrugged off bearish market conditions, community apathy and industry in-fighting, and focused on shipping clean code and great products. There’s a lot of noise in the cryptosphere, but the following projects cut through it like a knife, delivering original solutions with genuine utility. Having killed it all year, you wouldn’t bet against this quintet doing it all over again in 2020.

  1. LiquidApps

EOS scaling project LiquidApps emerged out of nowhere to garner industry-wide plaudits as 2019 reached its crescendo. A lot of this was due to the success of its DAPP Network, which demonstrated that it’s possible to provision off-chain/sidechain scaling without compromising on decentralization. The DAPP Network’s vRAM enables EOS dApp developers to access cheap virtual storage, giving them the ability to scale their decentralized applications without being stung by prohibitive resource costs. That alone would be enough to sustain most crypto projects for a year, but LiquidApps accompanied this breakthrough with a tool for seamlessly onboarding new dApp users, another for linking blockchains into a single dApp, and an oracle service. Impressive stuff.

  1. Remme

Distributed Public Key Infrastructure (PKI) project Remme boasts one of the hardest working teams in crypto. After realizing that its PKI-enabled blockchain simply wouldn’t cut it on Hyperledger Sawtooth, the Remme team made the difficult decision to switch chains deep into the project, transitioning to the EOSIO codebase and rolling out its testnet. Rather than letting this throw them off their stride, Remme has charged ahead with its mainnet launch, taking time out to propose improvements to EOSIO where errors were encountered in the codebase, and fine-tuning the workings of its custom Block Producer program.

This year, Remme also succeeded in onboarding hundreds of enterprises to Keyhub, its all-in-one platform for managing SSL/TLS certificates. With its mainnet just weeks away, 2020 is shaping up to be a big year for the Ukrainian blockchain startup.

  1. Matic Network

It would be impossible to review 2019’s biggest breakout successes without including Matic. While the meteoric rise of its token in recent weeks, following its April IEO on Binance, has kept investors happy, that’s merely a symptom of its success in becoming the industry’s blockchain scaling solution of choice.

While Ethereum remains mired in ETH problems, Matic has emerged as a genuinely scalable and production-ready chain that can take the strain. Its adaptation of Plasma enables instant on-chain payments and transactions, making it suitable for everything from dApps to DEXs. Dozens of crypto projects have announced their migration to Matic Network including a number specializing in NFTs such as Battle Racers. In 2020, expect this trickle to transform into a torrent as crypto projects migrate en masse.

  1. Chainlink

If there’s any token, outside of exchange tokens, that investors wish they’d stacked up on in January, it’s LINK. Up 570% in 12 months, LINK will go down as one of 2019’s best buys. As with Matic, however, focusing on price misses out on the broader story. Much of Chainlink’s success comes down to mastering the other P – partnerships. This year, crypto and non-crypto businesses alike rushed to team up with Chainlink, utilizing the smart contract and oracle network for connecting off-chain data feeds and enabling tamper-proof inputs and outputs.

With names such as SWIFT, Google, Gartner, and IC3 all working with Chainlink, the project founded by Sergey Nazarov has become the first crypto startup to transcend the industry and embed itself in the broader business world.

  1. Synthetix

Warranting the accolade of most innovative defi project of 2019, Synthetix is a smart solution whose best is yet to come. Decentralized synthetic assets have long been the holy grail of many decentralized finance advocates, unlocking the ability to permissionlessly trade commodities, forex and cryptocurrency on DEXs. Synthetix is the first project to realize this goal through its pioneering use of ‘synths,’ tokens that provide exposure to assets such as gold, TESLA stock, and AAPL, without liquidity limitations. Up an incredible 1,715% to date, despite being absent from tier one exchanges, the SNX token looks like it has more room to grow – as does the Synthetix Network it powers.

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