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Indian Government Meet To Discuss The Future of Cryptocurrency, But The Public Might Not Be Having It

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The Indian government has set out on a plan to stop all forms of misleading information and promises that are “too good to be true, sources claim. The news broke after The Press Trust of India reported that Prime Minister Narendra Modi presided over a meeting with other stakeholders, on the way forward for cryptocurrency on November 13.

Indian Government To Stop Shady and Misleading Crgyptocurrency Advertisements

According to government sources, the Indian government presently feels strongly against the idea that crypto-based companies, exchanges, and all other crypto-related organizations, are not being entirely honest with their advertisements, tagging the adverts as  “over-promise and not transparent”. The meeting, which was chaired by Prime Minister Narendra Modi, then decided on the need to immediately stop these from happening henceforth.

This meeting is happening at a time when the Finance Ministry is presently working on a well-detailed bill to regulate cryptocurrencies, investors and exchanges by the winter session of Parliament.

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Just like Moneycontrol reported earlier, although it is not very likely that private cryptocurrencies will be approved as legal tender, but then, they may be allowed as assets in which people can make their investments.

Meanwhile, the Parliamentary Standing Committee on Finance will also be meeting with stakeholders from the cryptocutrrency ecosystem on November 15 to seek their opinions. This will be headed by Lok Sabha MP Jayant Sinha.

All opinions shared during the course of the PM’s meeting as well as those sought in the parliamentary panel sitting will directly influence the final draft rule to be tabled at the Parliament.

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According to the sources again, the Reserve Bank of India, Finance Ministry and Home Ministry have obviously all done their homework in finding out about digital currencies. Not only that, they also consulted the opinions of expert analysts from all over the country and around the globe as well.

Another major point discussed was the fact that crypto markets will not be allowed to become avenues for money laundering & terror funding. Hence the Indian government will keep a close eye on the industry, and take proactive steps to regulate it, the sources said.

Mixed Reactions About The Meeting

So far, it may just seem that the people are not so impressed with the recently unfolding regulations and scrutiny around cryptocurrency, as made evident by some responses to the post by PTI.  A ms_rana tweeted about the focus on crypto being that the government do not have thier priorities in the right places. She wrote;

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LOL !!! China has constructed village inside Arunachal Pradesh but Emperor is focused on cryptocurrency. Shows their priority.

Another user identified as @ever_stronger replied asked that the government focus on other important matters that are really misleading the youths. The post reads;

First ban betting apps & vulgar apps.
Many people getting affected by this greed & lust.

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Cryptocurrency

Deadline for withdrawing from a Chinese cryptocurrency broker that will close in Brazil ends today

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Today, November 30th, is the last day that Coinbene’s clients can withdraw their funds from the platform that will permanently cease operating in Brazil as of December 1st.

The Chinese brokerage firm decided to close operations in the country in October this year, after attracting Brazilian clients to its trading platform for about four years.

The decision to close its doors in Brazil was justified by a series of operational restrictions that the company began to suffer from the increase in the Chinese government’s ban on the crypto market. As it is a Chinese exchange, operations on the global platform depended on the central in the Asian country.

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On that occasion, an employee of the brokerage provided the Bitcoin Portal that the operational problems at Coinbene were not limited to Brazil and that the company would soon close its operations in the rest of the world.

Later, the information was confirmed by Coinbene’s official channels when the brokerage firm announced the permanent closure of its services in all jurisdictions in which it operated until then.

Also in the October announcement focused on the Brazilian public, the company had set today, the last day of November, as the deadline for all customers to withdraw the balance that was still stored on the platform.

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Although November is a day off, at the time the Coinbene team warned users: “After November 31, there will be no customer service staff to accept the withdrawal request. Users need to bear the property losses caused by not withdrawing money in time”.

The process of withdrawing funds, however, may not be so simple as the broker’s website is having problems in the user login area.

complicated withdrawal

In Coinbene’s official Telegram group, focused on Latin American customers, company support confirmed that the problem at login time: “Due to the maintenance of CoinBene’s global server, the page www.coinbene.com/br/ is presenting a problem that is making login impossible. We are very sorry for that.”

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To be able to enter the platform, users are required to fill out a form with their personal information such as CPF, address and date of birth and send a photo of their identity card or CNH. In addition, users must also submit a selfie holding their official document along with a paper written “CoinBene” and the date of request.

Only after completing all these steps, the user can have access to a customer service service dedicated to granting withdrawals.

Since the exchange confirmed the departure from Brazil, at least 15 users have complained on Reclame Aqui about the difficulty of withdrawing funds from the platform in this final stage.

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A client from São Paulo, for example, wrote last Saturday (27) that he had been trying since the end of October to withdraw the balance in bitcoin he had left standing at Coinbebe for three years, but without success.

“I followed the guidelines, sending the necessary documents and selfie to be able to withdraw on 11/30, but as reported more than once to you (10/30, 11/06, 11/09), no matter how authenticator, pin and e-mail code are correct, I can’t transfer and my questions are not answered”.

He reports that he tried the broker’s international support, but he also had no return. “I’m going to claim my rights in other ways since I’m not getting the support I need from the company,” he concluded.

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Another user from Barueri (SP) claimed the same problem, saying that he has more than R$ 10 thousand in cryptocurrencies stuck on the platform and that even after sending more than 50 withdrawal requests, he has not been answered.

The report got in touch with Coinbene representatives in Brazil, but as of this writing, there has been no response.

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Cryptocurrency

CBDC: Japan urged to intensify its development

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  • Japan urged to intensify the development of its CBDC
  • Bank of Japan intensifies research
  • Government officials continue to mount pressure on BOJ

Countries across the world are presently ramping up preparations to create their respective central bank-backed digital currency. Although some countries have launched their CBDC, China still leads in top countries hoping to list the currency. With China and other countries still in the lead, Japan has been urged to intensify its approach towards making its CBDC. According to the report, politicians have urged the finance officers to make haste and debut its digital currency like most countries.

BOJ intensifies research into its CBDC

Japan has been integral in the adoption of digital assets over the years, and the politicians do not want to lose this status. According to many reports, China is still testing as its CBDC is continually being tested across the country. Recently, it inked several partnerships with brands to intensify the testing in major cities. In its race to outpace China, Japan has bolstered its financial officer, which is tasked with researching every aspect concerning digital currencies. Despite its lengthy move to develop its CBDC, the Bank of Japan has preferred to attack it with caution. But with the increased pressure from the top echelons in the country, the bank might be forced to consider a new and aggressive approach.

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Metaverse

WinNow’s cryptocurrency has completed its mainnet launch and looks at a utopian metaverse

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ENEVA, SWISS. It just seems 2021 is the year of the metaverse and more and more companies are positioning themselves to be present in what appears to be a trillion dollar business.

On November 16, a group of European developers and cryptocurrency experts launched WinNow ($WNNW) to act as a DAO token in the Wonniw metaverse, a P2E game with real-world dynamics able to generate yield through the choices of its citizens.

A DAO token is a modern form of democratic representation, the participants in the game will therefore be able, through the WinNow token, to take an active part in the decisions on the dynamics of functioning of the metaverse.

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According to reports from the team’s Medium, the metaverse Wonniw has all the credentials to be able to try to replicate a utopian reality, in which all citizens and mayors elected by the DAO are equally incentivized towards a common goal called “sustainability”.

The development of the metaverse is in the alpha phase, team has already signed an agreement with a European software house, Falcon Interactive, and the launch of a first playable version is currently scheduled for March 31, 2022.

Website: https://winnow.me

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Metaverse: https://wonniw.com

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