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India has the mining offer

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Individuals from the Indian crypto community have received offers to set up mining offices after reports of possibly negative advancements for mineworkers in China. As reported by local media, businesses are as of now investigating such open doors as India has some of the lowest electricity rates. Upcoming control,  may put a few obstacles on the track.

 

“As China stamps out bitcoin miners, India sees opportunity”, a Mumbai-based publication speculated, quoting sources from the sector. More than three quarters of the mining hardware have been installed in China, producing 80 percent of the world’s bitcoin supply, while Indian operations account for just 2 percent, according to the DNA daily, published in the financial capital.

Organizations Expect Clear Guidelines

“As China stamps out bitcoin excavators, India sees opportunity”, a Mumbai-based publication hypothesized, citing sources from the area. More than seventy five percent of the mining equipment have been introduced in China, creating 80 percent of the world’s bitcoin supply, while Indian operations represent only 2 percent.

  “Countries across the globe are inviting miners to initiate mining activities. They are offering free electricity, rebates on set-up and tax advantages, along with citizenship”, Manu Prashant Wig, a digital marketing consultant, told the newspaper. A company he is working with is planning to open a mining center in the Indian state of Chhattisgarh.

A major  part of Indian crypto players are careful so as not to deviate from government rules. Entrepreneurs are seeking after impetuses to open new bitcoin mining focuses and expect a “clear policy” to control their business.

A computer engineer told the daily about several offers received by his mining company over the past few days. He referred to them as “new business opportunities” and said:

 

The question is– Will India Mine  ?

India is in a decent position to utilize Beijing’s hesitance to help the blasting Chinese mining segment. The incorporated choices of the most crowded People’s Republic may display the most crowded popular government with some unforeseen open doors. Plus, as indicated by Statista, power rates in India have found the middle value of $0.08 per kWh in 2017, and in China $0.09.

The administration in Delhi is very nearly settling on critical choices on the best way to treat bitcoin. An extraordinarily delegated board has presented its answer to the Finance Minister Arun Jaitley in August. There are signs that Indian specialists may “go the China way” and “throttle the cryptographic money showcase” with administrative obstacles.

The government has issued numerous notices about the dangers of crypto contributing. Directions ought to be custom-made to ensure speculators and control tax evasion. As indicated by Satish Mugulavalli, tech chief at the funding firm YourNest, the national bank is as yet “endeavoring to see how these things will work out”.

It has been reported that the Reserve Bank of India has issued circular to private banks to end virtual record administrations for administrators of cryptographic money trades. This is as indicated by the CEO of BuyUCoin Shivam Thakral, which has constrained numerous business banks to pull back office of such records, backing off exchanging. Another well-known Indian trade, Koinex, clarified delays in Rupee withdrawals as being expected to a “tussle” between its installment benefit accomplice and their bank.

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Australian Taxation Office warned against crypto retirement funds

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Regulatory authorities around the world have tighten the grip on crypto projects. Taxation authorities like Internal Revenue Service (IRS) and Australian Taxation Office (ATO) are the latest to join the list with strong initiatives.

Australian Taxation Office recently sent warning letters to the investors who have invested a large part of their retirement savings in crypto related funds. ATO sent these letters in order to warn investors against high risk investments like crypto. One of the key responsibilities of regulatory authorities and taxation authorities is to keep investors away from high risk investment schemes.

A spokesman from ATO told local media that “We have already seen instances in 2018 where investors lost significant amount of their retirement fund in crypto investments, so it’s our duty to make them aware about the kind of risk crypto market posses”. The spokesman further explained that they are also against the huge exposure in any single asset class. “We are not saying that we are all and all against the crypto market or crypto assets, but we are more concerned about the kind of exposure these crypto retirement funds have in single crypto asset like Bitcoin”

“If an investor is putting more than 90% of his retirement savings in crypto then obviously it is at high risk and that’s what we discourage, we have no issues in diversified portfolios but if crypto retirement funds are having 100% exposure in crypto assets then we have to warn investors about the potential losses.

Self-Managed-Super Funds (SMSFs)

SMSFs are type of retirement accounts privately managed by individuals rather than the institutions or regulated financial companies. Australian Securities and Investments Commission also supports ATO’s decision, in a recent statement ASIC said

“Be wary of services offering to establish an SMSF for you in order to gain exposure to cryptocurrencies. Not only does operating an SMSF involve significant time, skills and responsibility, you may also be putting your retirement savings at risk”

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Morning Crypto Roundup: Coinbase, Bakkt, Binance in news

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“Coinbase seeing $200-400 million in new crypto deposits every week”: Armstrong 

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CEO of Coinbase, Brian Armstrong says that “Adoption of crypto by Institutions is no more an uncertainty. The question was valid about 12 months ago, but now everything has changed as we’re seeing $200-400 million a week in new crypto deposits from institutional clients”

In a recent tweet, Armstrong further says that trust and safety means a lot to crypto investors and Coinbase is on a mission to provide safe infrastructure to institutional clients in order to increase adoption.

Coinbase has completed acquisition of Xapo which helped them in institutional business. In a recent blogpost, Coinbase further mentioned that in just one year of launch, Coinbase custody has reached a staggering number of $7 billion of assets under custody, stored on behalf of 120 clients from 14 different countries.

The highlight of today’s tweet from Brian Armstrong was the numbers from Institutional investors. Safety have always been a big issue for investors and that’s why there were lot of discussions regarding adoption of crypto at Institutional level, but with $200 – 400 million coming into Coinbase every week, we can easily say that crypto adoption at institutional level is no more a question, it’s a reality.

The way forward 

We already discussed about the importance of safety of funds in crypto market, but in order to increase adoption, crypto market must create new traders. Traders love leverage, borrowing and lending which allows them to trade the market even with limited resources. Retail forex market is a prime example of such facilities. Coinbase did mentioned in the blogpost that they are excited to explore new ways to monetize and leverage crypto assets like borrowing and lending.

Bitcoin ETF

Decision about the Bitcoin ETF by securities and exchange commission is pending in October. Exchange traded fund approval from SEC can open new doors for crypto adoption at an institutional level.

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