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India’s financial committee is reportedly set to present a long-awaited draft bill on crypto regulation in December. The Indian government is actively preparing a draft bill on crypto regulation, which is expected to see light this December, according to documents obtained by digital news website Quartz India Tuesday, Nov. 20. The government has filed a counter-affidavit yesterday, Nov. 19 in the Supreme Court of India, which is currently hearing a case filed by several crypto exchanges against the Reserve Bank of India (RBI). The document states that the Indian finance ministry panel, responsible for the draft and headed by secretary in the department of economic affairs Subhash Chandra Garg, will present its first version in December: “Currently, serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in the financial system and framework for digital currency in India.” Quartz India reports that ..
Hundreds of ways of buying crypto have emerged in recent years – and in some cases, you can get your hands on Bitcoin without parting with cash. Are there any methods which don’t come recommended?Cash in the mail is ill advised for buying crypto unless you’re only dealing in small amounts. There’s always the risk of it being lost or even stolen – and the people who are selling you crypto might not be all they are cracked up to be. Generally, people who send cash in the mail are motivated by the prospect of greater levels of anonymity – and the ability to receive funds without having to go through ID checks. Whatever the method, always check to see if there is an escrow service, as these can offer protections for buyers and sellers alike. Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and car..
Singapore’s central bank has broadened its regulatory regime for payment providers to bring certain cryptocurrencies under its jurisdiction. The Monetary Authority of Singapore (MAS), the country’s central bank, has broadened its regulatory regime for payment providers to bring certain cryptocurrencies under its jurisdiction. The development was reported by English-language local broadsheet The Straits Times Nov. 19. The new Payment Services Bill (PSB), submitted by MAS board member and education minister Ong Ye Kung before parliament, is set to replace two existing pieces of legislation, the Payment Systems (Oversight) Act (PS(O)A) and the Money-Changing and Remittance Businesses Act (MCRBA). The new bill, which has passed through two public consultations since August 2016, has reportedly been drafted to better safeguard consumer funds, counter terrorism financing, and bolster cybersecurity. In the cryptocurrency space, it is expected to affect e-wallets and digital payment tokens su..
Following slight signals of recovery yesterday, crypto markets experience another dramatic fall, dragging Bitcoin below $5,000. Monday, Nov. 19: after showing some signs of recovery yesterday, Nov. 18, cryptocurrency markets experience another dramatic fall. Bitcoin (BTC) dipped below the $5,000 mark, with some of the top 20 coins falling by as much as 20 percent at press time, according to CoinMarketCap. Market visualization from Coin360 After a modest attempt to clamber into the green zone on Nov. 18, BTC today has slumped by over 10 percent on the day and is trading at around $4,977 as of press time. On its weekly chart BTC has lost 21.37 percent. Bitcoin daily price chart. Source: CoinMarketCap Ripple (XRP) is down almost 2 percent on the day, and is trading at $0.495 at press time. The coin has retained its position as the second largest cryptocurrency by market capitalization since it managed to displace Ethereum (ETH) on Nov. 15. XRP’s market cap is around $20 billion, while..
Mining hardware manufacturers invent new ways to increase their competitiveness and tackle miners’ interest decline as September was the first month when private miners’ profits went into the negative. A year long bear crypto market appears to have had a negative impact on the profitability of cryptocurrency mining. In spite of this, Bitcoin miners still managed to generate $4.7 billion in profit in the first six months of 2018. Constantly growing competition between big mining pools and the increasing difficulty of Bitcoin’s algorithm make getting the first cryptocurrency less profitable and weight the scales against small players. Miners shut off their machines, and card manufacturers suffer losses. In particular, AMD representatives, whose last quarter fiscal report, published on Oct. 24, demonstrated that revenues from the sale of mining Graphics Processing Units (GPUs) were “negligible.” Presumably, Nvidia and Bitmain could also be in the same predicament and at this point, inves..
Huobi has engaged in regulatory conformity of another sort by fulfilling its obligation to set up a Communist Party chapter. The company behind major cryptocurrency exchange Huobi has created a Communist Party branch as part of its obligations to the Chinese state, the company’s U.S.-based subsidiary Huobi Info confirmed Nov. 16. Singapore-based Huobi, which was founded in China and has sought considerable international expansion this year, has appeared to opt for “closer ties” with the government. As local news outlet South China Morning Post notes, the company is creating the Party branch at an additional subsidiary, Beijing Lianhuo Information Service (BLIS). The opening attracted an audience and speeches, including comments from Huobi founder and CEO Li Lin, who owns a 99 percent stake in BLIS, according to the publication. Under Chinese law, any company with more than three Communist Party member employees must set up its own branch, the Post notes, adding that until recently, th..
Israel’s first dedicated crypto investment firm for institutional investors has launched two new funds this month, and expects to have $50 million in AUM by the end of 2018. Israel’s first dedicated crypto investment firm for institutional investors, Silver Castle Ltd., has launched two new crypto funds this month, Bloomberg reported Nov. 18. The firm – whose high-profile lineup includes the former CEO of Israel’s largest bank, Bank Hapoalim, as well as the founder of the country’s largest investment fund, Psagot Ofek – reportedly expects to have $50 million in assets under management (AUM) by the end of the year. As Bloomberg notes, global competition is fierce for crypto investment funds today, with over 370 crypto-focused funds with as much as $10 billion in AUM collectively, citing data from Autonomous Research. Silver Castle CEO Eli Mizroch told Bloomberg that the fund has been focused on building “very, very high security” infrastructure to provide institutions with exposure to ..
After a tumultuous week, crypto markets are today signalling recovery, with most of the top ten cryptocurrencies seeing healthy growth. Sunday, Nov. 18: after a tumultuous week, the crypto markets are today signalling recovery, with most of the top ten cryptocurrencies seeing healthy growth of within a 1 to 7 percent range, and the vast majority of the top 100 crypto assets by market cap in the green, as data from Coin360 shows. Market visualization by Coin360 After a steep decline Nov. 14, Bitcoin (BTC) is today showing signs of gentle growth, consolidating its incremental gains in recent days to push the $5,600 price point. As of press time, the leading cryptocurrency is trading at $5,595, up around 0.9 percent on the day, according to CoinMarketCap. After an brief plummet to $5,371 Nov. 16 — $1.000 dollars lower than its value just two days earlier — Bitcoin has slowly traded sideways and upwards over recent days. While many have attributed this week’s market tumble to the impact ..
The Canadian House Finance Committee has put forward three suggestions for regulating cryptocurrencies, citing money laundering concerns. The Canadian House Finance Committee has recommended that the government start regulating cryptocurrencies to prevent money laundering, Canadian digital newspaper iPolitics reports Nov. 14. According to iPolitics, the Canadian House Finance Committee suggested that cryptocurrencies should be regulated during its review of the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA), which occurs once every five year. The committee held 18 meetings for the PCMLTFA review, which started in February. As a result of the review, the committee put forward three ways for the government to regulate cryptocurrencies. The first recommendation is to control the exchange from fiat to cryptocurrency, defining the entity conducting the exchange as a money-service business. This recommendation is in line with the draft of new cryptocurrency regulat..
This week saw a focus on the Bitcoin Cash hard fork, leading to a dent in the sentiment as several cryptos hit new year-to-date lows. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. This week, the focus was on the Bitcoin Cash (BCH) hard fork and the ugly bickering between the warring factions. This led to a dent in the sentiment, and many believe this to be the reason for the sudden drop in crypto prices on November 14. The fall has been severe and has dragged several cryptocurrencies to new year-to-date lows, breaking below critical support levels. This is a big sentiment breaker as the technical picture on most digital currencies has worsened and will take a lot of time and effort to rectify. This mayhem also led to new placings in the top ..