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Indian Government Clarifies Position on Cryptocurrency and Digital Rupee – Bitcoin News

Indian Government Clarifies Position on Cryptocurrency and Digital Rupee – Bitcoin News

The Indian government has clarified its position on cryptocurrency and the country’s digital currency in answers provided by the Ministry of Finance in Rajya Sabha, the upper house of India’s parliament. The Indian crypto industry sees this clarification as positive news and that the government is unlikely to impose an outright ban on cryptocurrencies, including bitcoin.

Rajya Sabha, the upper house of India’s parliament, published a list of questions and written answers on Feb. 2 that include the topic entitled the “Introduction of India’s own cryptocurrency.”

Member of Parliament Sri Sanjay Raut asked the finance minister whether the Indian government is aware that many business companies are using cryptocurrency for international transactions during the last year and whether the government is considering the possibility of introducing India’s own cryptocurrency.

The questions were answered by Minister of State for Finance Anurag Singh Thakur. He replied “No, Sir” to the first question.

To the question about the digital rupee, he replied: “No, Sir. It was announced in the Budget Speech of year 2018-19 that the government does not consider crypto-currencies legal tender or coins and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The government will explore use of the blockchain technology proactively for ushering in digital economy.”

The questions and answers published by Rajya Sabha followed the listing of the cryptocurrency bill to be introduced in the Budget session in Lok Sabha, the lower house of India’s parliament.

According to Lok Sabha’s booklet, the crypto bill seeks to create a regulatory framework for the issuance of the digital rupee by the Reserve Bank of India (RBI) and ban “private cryptocurrencies.” The RBI also recently revealed that it is exploring the need to issue a central bank digital currency (CBDC).

Commenting on the Minister of State for Finance’s answers, the CEO of local crypto exchange Wazirx, Nischal Shetty, said that the answers by Shri Anurag Thakur “goes to show that government is focused on curbing illegal activities & payment systems.” He elaborated:

This clears more confusion that there won’t be a complete ban on crypto.

Shetty previously said: “I do not believe there will be a complete ban on crypto in India. Most importantly, no government anywhere in the world will destroy Rs. 7,500+ crore worth of assets belonging to 7 million people.”

The CEO of Unocoin crypto exchange, Sathvik Vishwanath, opined: “While this does not indicate the future of crypto industry in India, this is evidence that it is moving in a direction favorable to crypto.”

The CEO of crypto banking platform Cashaa, Kumar Gaurav, told news.Bitcoin.com:

It is too early to comment on what exactly the term ‘private cryptocurrency’ refers to as per the draft. Further, understanding that cryptocurrency is a global and decentralized system, there is no way any government can ban it.

“That would require that kind of technology and control, which technically does not rest with anyone. They can certainly ban the legitimate use of crypto which will only make it difficult for a common person who does not understand it to get involved in it,” he added.

“However, what we understand is that the Indian government is trying to crack down on scams that are running in the name of bitcoin, considering that 90 percent of these scams do not even operate on a proper cryptocurrency,” he further opined. “We are positive that the government will come up with regulations and policies that will put control on the scams and let the innovation in the industry, including the crypto like bitcoin, cashaa, ethereum that are built on the public chain to grow and thrive.”

Do you think the Indian government will ban bitcoin? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: cryptoliveinsider.com


Bill Miller Will Invest About $300M In Grayscale’s BTC Trust

Bill Miller Will Invest About $300M In Grayscale’s BTC Trust

February 7, 2021February 7, 2021

grayscale ethereum inflows, eth, trust

Bill Miller will invest about $300 million from the Miller Opportunity Trust into Grayscale’s Bitcoin trust as we can see more in today’s BTC news.

The announcement came soon after Bill Miller penned a letter about Bitcoin as a growing investment and the trusts like Grayscale’s are a part of the financial services that offered investors exposure to crypto. The investment trust Miller Opportunity is getting into BTC and according to a filing submitted to the US Securities and Exchange Commission by the trust, the company was founded by an American Investor and fund manager Biller Miller who is going to seek investment exposure to Bitcoin by investing in Grayscale’s Bitcoin trust.

The trust declared that it will stop once it is able to channel up to 15% of its assets into Grayscale’s BTC trust and to put this into perspective the trust holds about $2.25 billion dollars in asset under management which means that the fund will channel over three hundred million dollars into BTC through Grayscale’s Bitcoin trust.

The news came after Miller penned an income strategy letter calling BTC an “emerging and under-owned technology in an enormous addressable market” that has a logically consistent protocol and distributed governance. The Miller Opportunity Trust is not the first investor to channel money into BTC as the news came a week after Grayscale reopened its ETH trust and registered trusts for a dozen altcoins in the Delaware corporate registry.

investing in bitcoin, BTC, scaramucci,

Trusts like Grayscale’s Bitcoin trust or the ETH trust offer investors auditable ownership of crypto via traditional investment vehicles. Grayscale pools its BTC and eTH trust from private investors that seek more exposure to crypto. Its ETH trust now holds about $4 billion and invests money into crypto by charging 2% to the investors, selling shares in the trust on public trading desks. Using a trust to make usage of the growth of the crypto markets is one way to gain indirect exposure to Bitcoin but another way is to buy shares in a company that is converting wealth into a crypto-like Microstrategy.

Microstrategy holds more than $2.5 billion in Bitcoin and this is because its CEO Michael Saylor has a long-term investment plan based on his belief that BTC will yield higher returns than gold and will outlast the dollar. Exchange-traded funds will also be a cheaper alternative to the management fees from crypto trusts as all efforts to register an ETH with the SEC have been rejected.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

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Source: bitcoin-core-news.com

Author: by admin


Bit.com's Daily Volume for Bitcoin Cash Options Doubled Every Day Since Launch – Bitcoin News

Bit.com’s Daily Volume for Bitcoin Cash Options Doubled Every Day Since Launch – Bitcoin News

At the end of January, the Matrixport subsidiary and leading derivatives exchange Bit.com announced the introduction of bitcoin cash perpetual swaps and options. Following the launch, the daily 24-hour volume has exceeded expectations doubling every day ever since.

During the last few years, there’s been a number of derivatives exchanges leveraging bitcoin (BTC) and ethereum (ETH) futures. This has been followed by the addition of perpetual swaps and options based on these crypto assets as well. Many assume that the upcoming ETH-based futures launch on the leading derivatives market operated by CME Group has bolstered the price of ether a great deal.

Just recently, Bit.com announced that the team would be adding bitcoin cash (BCH)-based perpetual swaps and options. Bit.com noted that the derivatives markets these days are dominated by BTC and ETH, but BCH is a crypto asset recognized by institutions, the exchange announcement detailed.

Option is one of the very few products where both side of a trade could make money – thanks to the fact that the takers normally manage it statically while the makers manage dynamically.

This is exactly what we have been hearing lately on our BCH Options product! pic.twitter.com/z3wCwJ9Kt3

— Daniel Yan (@_D_Y_A_N) February 4, 2021

Bitcoin cash also has almost the same if not equal to the number of BTC merchants and just recently, BCH transactions per day have been catching up with BTC’s 24-hour transaction rate. Moreover, as ETH and BTC transaction fees have climbed, crypto users are finding solace in the fact that BCH fees are less than a U.S. penny per transfer.

Following the launch of the BCH-based perpetual swaps and options, the COO of Matrixport and Bit.com, Daniel Yan, explained that the demand for bitcoin cash options has been significant. “Monday: BCH option launched,” Daniel Yan tweeted. Tuesday: 24h volume broke 2,000 BCH Wednesday: volume broke 4,000 BCH Thursday: broke 8,000 BCH. Friday: 16,000 BCH,” the derivatives exchange executive noted.

Bit.com’s Daniel Yan added:

[Bitcoin cash volume] doubling everyday [at] Bit.com.

What cryptocurrency will become the main one in a year?
BitcoinEthereum

Meanwhile, Bitcoin Cash supporters were thrilled to hear that the volume for BCH options has been doubling daily at Bit.com. One specific thread about the options volume was a top post on the Reddit forum r/btc during the weekend.

One user said the news was “bullish,” while another BCH fan said that the momentum won’t stop. “It’s not going away,” he said. “Usefulness [is] increasing. Users [are] increasing,” he added.

What do you think about the bitcoin cash options volumes over at Bit.com doubling every day? Let us know what you think about this subject in the comments section below.

BCH derivatives, BCH Options, Bit.com, Bitcoin (BTC), bitcoin cash, bitcoin cash BCH, bitcoin cash options, Cryptocurrencies, Daniel Yan, derivatives, derivatives exchange, Ethereum (ETH), Futures, Markets, Matrixport, perpetual swaps, Prices, trading

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: bitcoin-core-news.com

Author: by admin


Report – Regulation Bitcoin News

Report – Regulation Bitcoin News

The Indian government is reportedly considering taking “the ordinance route” to quickly pass the cryptocurrency bill. “The government is of the firm view that they want to introduce the law within a month of clearance of the ordinance,” a local news outlet detailed.

All eyes are on what the government of India will do with the cryptocurrency bill that is listed to be introduced in the current session of parliament. The bill seeks to ban cryptocurrencies while creating a framework for the official digital currency to be issued by the central bank, the Reserve Bank of India (RBI).

On Friday, CNBC-TV18 reported that “The government may take the ordinance route to pass the Cryptocurrency and Regulation of Official Digital Currency Bill,” citing unnamed sources. The news outlet elaborated:

The PMO, Finance Ministry, and Cabinet Secretariat have started preparing the draft details of the ordinance. The government is of the firm view that they want to introduce the law within a month of clearance of the ordinance.

“They want this bill to be cleared as soon as possible,” reporter Timsy Jaipuria noted. She added that “the cabinet is understood to have given clearance to this particular proposal that this bill can be introduced via an ordinance route in its last meeting which was held on Feb. 3.”

Ordinances are promulgated by the president of India on the recommendation of the Union Cabinet. They have the same effect as an Act of Parliament. Ordinances can only be issued when Parliament is not in session, enabling the government to take immediate legislative action. The current Budget session began on Jan. 29 and will end on April 8. It is held in two phases; the first phase will end on Feb. 13 and the second will start on March 8.

The cryptocurrency bill could resemble the one drafted by an interministerial committee (IMC) headed by former Finance Secretary Subhash Chandra Garg, who has now resigned from the government. Recently, the Minister of State for Finance Anurag Thakur answered some crypto questions in Rajya Sabha, the upper house of India’s parliament, clarifying the government’s stance on cryptocurrency and the digital rupee.

There are still many unanswered questions about the bill the government is planning to introduce and many are just waiting for the bill to become public. Meanwhile, the Indian crypto industry has launched a campaign to convince the government not to impose a ban on cryptocurrencies.

Do you think India will soon introduce crypto law? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: bitcoin-core-news.com

Author: by admin


Bit.com's Daily Volume for Bitcoin Cash Options Doubled Every Day Since Launch – Bitcoin News

Bit.com’s Daily Volume for Bitcoin Cash Options Doubled Every Day Since Launch – Bitcoin News

Bit.com's Daily Volume for Bitcoin Cash Options Doubled Every Day Since Launch

On the finish of January, the Matrixport subsidiary and main derivatives change Bit.com introduced the introduction of bitcoin money perpetual swaps and choices. Following the launch, the each day 24-hour quantity has exceeded expectations doubling day by day ever since.

Throughout the previous few years, there’s been numerous derivatives exchanges leveraging bitcoin (BTC) and ethereum (ETH) futures. This has been adopted by the addition of perpetual swaps and choices based mostly on these crypto property as nicely. Many assume that the upcoming ETH-based futures launch on the main derivatives market operated by CME Group has bolstered the value of ether an incredible deal.

Only recently, Bit.com announced that the group could be including bitcoin cash (BCH)-based perpetual swaps and choices. Bit.com famous that the derivatives markets as of late are dominated by BTC and ETH, however BCH is a crypto asset acknowledged by establishments, the change announcement detailed.

Possibility is likely one of the only a few merchandise the place each aspect of a commerce may generate income – because of the truth that the takers usually handle it statically whereas the makers handle dynamically.

That is precisely what we’ve got been listening to these days on our BCH Choices product! pic.twitter.com/z3wCwJ9Kt3

— Daniel Yan (@_D_Y_A_N) February 4, 2021

Bitcoin cash additionally has virtually the identical if not equal to the variety of BTC retailers and only in the near past, BCH transactions per day have been catching up with BTC’s 24-hour transaction price. Furthermore, as ETH and BTC transaction fees have climbed, crypto customers are discovering solace in the truth that BCH charges are lower than a U.S. penny per switch.

Following the launch of the BCH-based perpetual swaps and choices, the COO of Matrixport and Bit.com, Daniel Yan, defined that the demand for bitcoin money choices has been important. “Monday: BCH possibility launched,” Daniel Yan tweeted. Tuesday: 24h quantity broke 2,000 BCH Wednesday: quantity broke 4,000 BCH Thursday: broke 8,000 BCH. Friday: 16,000 BCH,” the derivatives change government famous.

Bit.com’s Daniel Yan added:

[Bitcoin cash volume] doubling on a regular basis [at] Bit.com.

In the meantime, Bitcoin Cash supporters have been thrilled to listen to that the quantity for BCH choices has been doubling each day at Bit.com. One specific thread concerning the choices quantity was a prime put up on the Reddit discussion board r/btc through the weekend.

One person mentioned the information was “bullish,” whereas one other BCH fan mentioned that the momentum gained’t cease. “It’s not going away,” he mentioned. “Usefulness [is] growing. Customers [are] growing,” he added.

What do you concentrate on the bitcoin money choices volumes over at Bit.com doubling day by day? Tell us what you concentrate on this topic within the feedback part beneath.

BCH derivatives, BCH Options, Bit.com, Bitcoin (BTC), bitcoin cash, bitcoin cash BCH, bitcoin cash options, Cryptocurrencies, Daniel Yan, derivatives, derivatives exchange, Ethereum (ETH), Futures, Markets, Matrixport, perpetual swaps, Prices, trading

Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, instantly or not directly, for any injury or loss brought about or alleged to be brought on by or in reference to using or reliance on any content material, items or providers talked about on this article.

Source: crypto-bulletin.com


Indian Government Clarifies Position on Cryptocurrency and Digital Rupee – Bitcoin News

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