Connect with us

News

India following China’s approach towards crypto regulation

Published

on

As India’s crypto craze is on the rise, banks have turned into a hindrance. Perhaps taking signal from the uneasiness shared by the Reserve Bank of India (RBI) and the Narendra Modi government, a portion of the loan specialists are not any more alright with virtual monetary standards. This has prompted issues with stores and withdrawals.

This is decisively the tussle that is playing out at Koinex, a digital money trade, between its installment specialist organization and its bank where withdrawals have been deferred for more than two weeks.

On Jan .07  Koinex said in a blog post.

“…regulators world-over, have struggled to understand the underlying blockchain technology and develop an appropriate response to it; and India is no exception. These misgivings have resultantly affected the financial services community, who find it difficult to make up their mind about supporting cryptocurrencies, eventually causing organisations like Koinex and its users to bear the brunt,”.

To discourage financial specialists from wagering on these digital forms of money, the government has more than once said that bitcoin and its kind are not legitimate in India. The finance ministry even called them a ponzi plot. Not simply in India, governments somewhere else too have been fixing the noose around virtual monetary forms, scripting its destruction. On Jan. 09, bitcoin drooped below $15,000 apiece as controllers in South Korea, China, and US got serious about illicit digital money (cryptocurrency) offerings and initial coin offerings.

Requesting obscurity CEO of a bitcoin exchange said;

“The government hasn’t banned virtual currencies, but has expressed its reservation about them. Our understanding, based on various meetings with our banking partners, is that this (situation) is a result of those reservations. Instead of arm-twisting, it would be better if they could come up with steps to regulate the industry,”

a legal advisor said who works with a couple of these trades.

“The government is following the same method used by China, where they haven’t explicitly banned bitcoin, but made the regulatory environment around it so difficult by cracking down on other things that it is no longer a conducive environment for cryptocurrencies,”.

Earlier, China accounted for 90% of bitcoin’s global trading volume; that has now slipped to 7%. Clearly, killing them softly has worked.

News

Crypto Market cap reached $275 billion

Published

on

By

Market cap of crypto currencies reached the level of $275 Billion after a spike on 4rth July 2018, Bitcoin maintaining its dominance at 42% , making it the biggest crypto currency in the world.

Bitcoin price currently trading at around $6700 after a 3% spike in the price , making it jump from $6500 to $6700 within minutes, analysts are predicting that this recent upside movement in crypto market in weak and need to sustain these levels in order to attract more buyers, otherwise overall bearish market is still in control.

$7000 is a key level for Bitcoin 

$7000 is very important level for bitcoin according to many technical analysts, If it breaks above $7000 and stays there then chances are that upside move will be healthy, otherwise bear will look forward to take control of the situation again.

Continue Reading

News

Switzerland merging Cryptocurrencies with conventional banking

Published

on

By

Switzerland is on the right track to become a Crypto nation and country is making efforts to allow cryptcocurrencies to fully access conventional banking .

Bitcoin and other crypto currencies has taken a big hit in brutal bear market of 2018 but that’s not stopping Switzerland to allow cryptocurrencies to fully access conventional banking system within the country. Switzerland is currently in progress and drafting rules and regulations for such collaborations.

Heinz Tännler, Swiss expert & finance director of Zug canton, told media earlier that politicians were moving to allow crypto companies to work with banks, adding that Switzerland’s central bank, financial supervisor and federal government “are willing to help”.

He said: “We hope to clarify relationships by the end of the year at the latest.

“Time is pressing, other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”

“We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”

Blockchain becoming the global phenomenon 

The concept of Blockchain is interesting and attractive for all the countries, many countries may disagree on the existence and usage of cryptocurrencies, but all of them agree with the fact concept of blockchain is not going anywhere and governments can benefit from this technology in various fields, but if you ask any expert of blockchain, he would tell you that success of Blockchain technology has to be linked with existence of crypto currencies, without crypto currencies, and ecosystem can’t exist, many governments around the world are slowly recognizing the fact and Switzerland is definitely on the right track if they allow crypto currencies to work in collaboration with the Banks, because many banks around the world are not allowing crypto currencies to offer services through them, but this initiative will open many doors in that regards.

 

Continue Reading

News

Crypto market stabilizing gradually

Published

on

By

crypto trading

Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.

Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.

Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.

EOS

Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.

Current top 5 crypto currencies

  1. Bitcoin : $9388
  2. Ethereum: $741
  3. Ripple: $0.83
  4. Bitcoin Cash: $1630
  5. EOS: $18.28

 

Continue Reading

Trending

Copyright © 2017 Coinoshi.com