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Draft Regulations: Is India on the Path to Creating a Conducive Environment for Cryptos?

  By David Drake   Recent media reports show that the Indian government is already preparing regulations for the cryptocurrency industry. India has made headlines this year as one of the countries that has been hostile to the industry, outright banning the trading of digital assets within its borders. Just this past month, the country’s ministry of finance put together a panel and tasked it with the responsibility of preparing a draft cryptocurrency regulatory framework. The government made this move despite the fact that the Central Bank of India is making it difficult for cryptocurrency exchanges to operate in the country. Court Petitions The decision to prepare the draft regulations may have been influenced by petitions that cryptocurrency operators filed against the bank’s anti-cryptocurrency circular. Following the petitions, India’s Supreme Court directed the government to make clarifications on the policy this past November. However, the government filed a counter affidavit ... Read More »

Will India Survive the Ban of Cryptocurrencies?

  By David Drake   Despite the many ups and downs, the cryptocurrency industry continues to grow. In some countries, the regulatory environment supports the growth of these digital assets but in others like India and China, cryptocurrency trading is completely prohibited. India’s cryptocurrency industry has especially experienced turmoil this year after the Reserve Bank of India (RBI) placed restrictions on banks on trading with crypto companies. The National Association of Software and Services Companies (NASSCOM) added its voice to these restrictions after its president stated that cryptocurrencies are illegal in India. This conclusion is based on RBI’s ban on banks that do business with crypto companies earlier in the year. Persisting Stand The stand on cryptocurrency legality and the ban by India’s Supreme court is yet to change. The RBI has emphasized to legislators the disadvantages of cryptocurrencies claiming that they would create an environment where laundering of money ... Read More »

Crypto Ban in India Leads to Arrest of Exchange Founders

  By David Drake   While the world forges ahead and tries to secure regulatory support for cryptocurrencies, India sinks in its heels and stands firm on its decision to ban the digital coins. Debjani Ghosh, head of the National Association of Software and Services Companies (NASSCOM), has piggybacked on the Reserve Bank of India’s stance that cryptocurrencies are illegal in the country. This nonprofit organization comprises over 2,000 IT businesses, and their position will have serious and negative implications for the growth of this technology in India. Technically, cryptocurrencies are legal in India. Legal Backup There haven’t been laws passed to ban the use of cryptocurrencies in India. However, in all practicality, digital currencies have been severely restricted. In July, 2018, the Reserve Bank of India (RBI) placed a ban on banks serving companies that either serviced or traded in these digital assets. The reason for doing so was ... Read More »

How Non-Restrictive Regulations have Enables Europe to Double US, Asia ICO Sales

  By David Drake   As the rest of the world battles with regulations and government lockdowns, Europe is surging past its major competitors in the US and Asia, according to a report published by Fabric Ventures. The continent has successfully launched Initial Coin Offerings (ICOs) valued at $4.1 billion this year alone, which is almost the sum total of its biggest rivals both in the US where $2.6 billion was raised, and Asia, which rounded off at $2.3 billion. 2017 was a slow year for ICOs on the continent, but between December 2017 and February 2018, when the cryptocurrency market was labeled bullish, token sales soared. Sales have since leveled off, reaching an all-time low in September following a warning by the International Monetary Fund (IMF). European Leaders So far this year, Malta and Gibraltar, two small European countries, have raked in over $300 million in ICO sales. Other larger ... Read More »

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