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Indian Crypto Players Want Bigger Role In Shaping Regulation As Ban Is Less Likely

Indian Crypto Players Want Bigger Role In Shaping Regulation As Ban Is Less Likely

As India‘s Finance Minister and a member of the Lower House of Parliament both gave encouraging statements over the past weekend, local crypto industry players want to have a bigger role in shaping the regulatory landscape.

The news came from India, as on March 5, as the country’s Finance Minister Nirmala Sitharaman said that the government is not looking to go to the extremes with crypto, suggesting that they don’t plan to ban it, but that they are looking into a way to enable crypto innovation.

The central Reserve Bank of India (RBI) “will take a call on what kind of unofficial cryptocurrency will have to be planned and how it has to be regulated. But also, we want to make sure that there is a window available for all kinds of experiments which will have to take place in the crypto world,” said Sitharaman in a CNBC TV18 interview.

The minister stressed that the technology is moving fast, “we can’t pretend that we don’t want it,” she said, adding that the government is not “closing [their] minds.” She also suggested that the government is aware that the rest of the world is waiting to see what this one of the leaders in fintech will do regarding crypto.

“Therefore, it’s not as if we’re going to look inwards and say ‘no, we’re not going to have any of this’ – there will be a very calibrated position taken,” said Sitharaman.

#CNBCTV18IBLA | #FinanceMinister @nsitharaman says ‘Govt wants to ensure there’s a window for experiments in…

— CNBC-TV18 (@CNBCTV18News)

Meanwhile, Minister of State for Finance Anurag Thakur said on Saturday that the government is open to looking into blockchain and cryptoassets, to explore and evaluate them, as well as encourage new ideas, but said that they need to ensure national security as well.

He added that a high-level Inter-Ministerial Committee (IMC) has submitted their report – the government will look at their recommendations on digital currencies, and “the legislative proposal, if any, would be introduced in Parliament following the due process,” Thakur said.

Earlier today, I spoke at the Entreprenuers Organisation – Punjab Chapter.

— Anurag Thakur (@ianuragthakur)

While thanking Thakur for openly discussing crypto regulations, Binance-owned Indian crypto outfit WazirX CEO Nischal Shetty requested that crypto industry of India be included in the regulatory process as well, saying: “Inter-Ministerial Committee has theoretical knowledge. WE have practical knowledge.”

Shetty finds that India’s leaders have shown “positive interest” in crypto, that the Finance Minister’s comments “made it clear that India will compete globally in Crypto,” and that “we can now be sure that the leaders of India are pro innovation and they’ll help the youth of India to innovate and grow.”

Similarly, Balaji Srinivasan, an angel investor and entrepreneur, the former Chief Technology Officer of crypto exchange Coinbase and General Partner at Andreessen Horowitzex, described Sitharaman’s statement as “very promising […] in support of crypto.”

Sumit Gupta, Co-founder and CEO at CoinDCX was quoted as saying that “the FM’s stance on ‘considering a calibrated approach’ is an encouraging sign.” He added that they have always reiterated the need for regulation, taxation, and transparency for the sector, and that they “believe crypto as an asset has huge potential and if properly administered can help India earn sizeable revenue.”

Meanwhile, Unocoin CEO Sathvik Vishwanath faced former finance secretary Subhash Chandra Garg in a debate on crypto, turning the eyes of the media and the public towards the issue. It was reported that following the debate, 62.2% of Times of India readers thought the country shouldn’t ban crypto, and 67.6% thought Vishwanath presented his arguments better.

A sneak peak of what general public perceive about an exhaustive arguments between @subhashgarg1960 the finance Secretary who chaired the committee on crypto, & @sathvikv our CEO on printed @TimesOfIndia. #IndiaWantsBitcoin #IndiaWantsCrypto #Unocoin #BTC #ETH#cryptocurrency

— Unocoin (@Unocoin) March 7, 2021

Meanwhile, The Times of India reported that there is a “desire for digital money” expressed by new-age tech companies’ young workforce. The companies are using workarounds to pay the employees – they register the company in a crypto-friendly country, or record the payment as a rupee transaction, but facilitate the conversion of the rupee into crypto.

“For employers, this is a quick and easy transaction, while for employees the lure is the possibility of the crypto appreciating in value,” said the article.

Opinder Preet Singh, head of a crypto hedge fund Chain Asset Capital, is quoted as saying that “with too many legal regulations and lack of clarification on recognizing cryptocurrency in India, we have registered our company in a crypto-friendly jurisdiction abroad. This allows us to pay salary, bonuses, and incentives or spend money in India and also around the globe, especially for freelancers hired overseas.”
Learn more:
– India’s Crypto Community Fights Back As Ban Bill Turns Into Tiresome Soap Opera
– Indian Central Bank Playing by Same Anti-Crypto, Pro-CBDC Rules as China, EU
– Can’t Beat Crypto Regulators? Educate Them
– OKEx CEO Says Indian Crypto Ban ‘Unlikely’, Has 3 Scenarios in Mind
– Nigerian Senators Blast Central Bank For Its Crypto Ban
– India’s Crypto Ban to ‘Get Thrashed’, while Unocoin Gains 100s of Users Daily



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Bitcoin & Crypto Holders! Pay Attention to This!! | Coin Crypto News

Bitcoin & Crypto Holders! Pay Attention to This!! | Coin Crypto News

Bitcoin & Crypto Holders! Pay Attention to This!!

It’s time once more to discuss the damn elephant in the room. I am referring to the fact that, Bitcoin is seemingly correlated to the macro economy. The US in particular, and their rising bond yields. What happens there can have knock on effects to other major economies, Bitcoin is undeniably popular over there, but perhaps most importantly, it’s a narrative. Traders need something to trade off of, so this is as good as any. The US Stock market is worried about rising inflation. Tech stocks are having a bad time right now, including Bitcoin.

It’s not something I believe really makes sense fundamentally speaking. But if you do believe in the correlation continuing, at least for now, here’s the strongest narratives to pay attention to for more Bitcoin adoption. The worrying aspect of rising bond yields. The potential rising of inflation. Poor tech stock performance. Jerome Powell issuing statements, and the dollar strength index.

I will break down each of these in today’s video, timestamps below, including what I am doing with my crypto right now, and what I think the best big hype is wave in Crypto, but the irony of the situation I hope is not lost on you. People who are saying that this is a bad thing, are also admitting that Bitcoin is correlated to the S£P 500. Market crashes are bad, but they’re always temporary, long term this is a never ending pump. It is one of the most bullish Bitcoin price prediction statements that can be made for Bitcoin period.

And also fundamentally speaking, Bitcoin solves problems with these systems. Stock market crashes because of higher interest rates? Bitcoin. Worried about inflation devaluing literally everything? Bitcoin. Economic Policies? Bitcoin. You get the point. Smash like if you agree.

Disclaimer: I am not a financial adviser and this is not financial advice.

#crypto #cryptocurrency #bitcoin


Author: Post Author: CoinCryptoNews

Crypto News: Why Is Cardano ADA Going Up Today?

Crypto News: Why Is Cardano ADA Going Up Today?

Cardano ADA (ADA-USD) is on the rise Thursday alongside other cryptocurrencies, such as Bitcoin (BTC) and Etherum (ETH), despite no specific news about the crypto today.

Cardano ADA’s positive movement today has the cryptocurrencies soaring to new highs. The digital cryptocurrency started off strong this morning with positive movement was trading about 7.4% higher as of this writing. Adding to that is ADA-USD being up roughly 527.7% since the start of the year.

It’s worth noting that the increasing price in Cardano ADA could have to do with other crypto news today. Coinbase revealed details about its plans to go public today and that could be responsible for the rise in cryptocurrencies today.

Coinbase is the largest cryptocurrency exchange platform in the U.S. It’s looking to go public via a direct listing initial public offering (IPO). Investors that want to know more about that can follow this link.

Crypto news has been heating up over these last couple of months as prices continue to rise. Potential investors looking for additional details about Cardano ADA can check out the following content from InvestorPlace.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

What cryptocurrency will become the main one in a year?

Article printed from InvestorPlace Media,

©2021 InvestorPlace Media, LLC

This news is originally posted here


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