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.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share