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India FSDC to Ban Crypto: Buying, selling, conversion of Cryptos and their use numbered

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Financial Stability and Development Council (FSDC) of India has called for a sweeping ‘ban’ on the use of ‘private’ cryptocurrencies in India.

India’s most important financial risk studying panel called the Financial Stability and Development Council (FSDC) chaired by the Finance Minister has called for a sweeping ‘ban’ on the use of ‘private’ cryptocurrencies in India.  This could well be the last straw in the Indian cryptocurrency ecosystem which has been fighting a losing battle against the country’s policymakers.

 

Panel study

In December 2017, the government of India had set up a study panel to assess the digital currency use and utility in the Indian context. The submission of the draft regulations in July was delayed with representatives from the Reserve Bank of India and the SEBI, the premier market regulator in the country.

With the panel needing time, RBI had categorically stopped banks from allowing crypto-based transactions by merchants in July itself.

Therefore, the current proposal of considering a ‘blanket ban’ does not appear to be a surprise.

RBI

According to the Indian government’s Press Information Bureau (PIB):

 “The council…deliberated on the issues and challenges of crypto assets/currency and was briefed about the deliberations in the high-level committee chaired by the secretary (economic affairs) to devise an appropriate legal framework to ban the use of private cryptocurrencies in India,”

 

Russia sought a greater role for international regulatory collaboration

Earlier in the week, Russian FATF wants greater control on crypto trade worth $9,000. Crypto-citizens of Russian confederacy has one more issue to worry about, thanks to the latest announcement by financial watchdog based out of Paris – FATF (Financial Action Task Force) as of Oct 19, 2018.

According to FATF, “As part of a staged approach, the FATF will prepare updated guidance on a risk-based approach to regulating virtual asset service providers, including their supervision and monitoring; and guidance for operational and law enforcement authorities on identifying and investigating illicit activity involving virtual assets.”

 

FATF Rules

FATF had introduced rules for crypto exchanges in June a step forward from the non-binding guidelines set up by the organization back in June 2015. The key aspects that are introduced are the subjection of cryptocurrencies to AML as well as CFT or Counter-terrorism Financing.

 

Way Forward

The key focus of FATF is the role of a facilitator, an overarching organization working with regulatory bodies of different nations so as to overcome the issues, limitations and other troubling perspectives of cryptocurrencies. The organization’s primary focus currently is to work with countries which have banned cryptocurrencies and address concerns with respect to Anti-Money Laundering and to report trading operations which are considered to be illegal, Counter-Terrorism Financing (CFT) regulations.

However, specific to the Indian ecosystem, the regulatory bodies are not considering cryptocurrencies as legalized digital assets and do not acknowledge their use in the banking system. In the latest incident, start-up owners were held in legal custody for setting-up of an ATM in cryptocurrencies in Bengaluru, leading to widespread protests by members of the industry.

The legal attempts by these stakeholders to get the government to reconsider have all led to the Council declaring a ‘blanket ban’ on their use and trading in the country.

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Bitcoin is Halal? Will crypto rise with mass Muslim adoption?

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Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a 'HARAM' while others calling it a 'HALAL'.

Erol Yarar, the chairman of the international business forum has suggested all Islamic nations to adopt the cryptocurrency system for transactions with each other rather than adopting the US Dollar as according to him the US Dollar is used as a weapon by the United States to wreak economic havoc.

 

Calling US Dollar a ‘Punishing Tool’

Yarar expressed his concerns by stating that the US dollar is used by the United States Government to punish a specific country that the United States is not willing to be in peace with. He also stated that the United States Government uses the US Dollar to lower down the money transactions, for imposing sanctions and for making nations bowing down in front of the United States.

 

Yarar said that the US Dollar is not just a common currency but also a sanctioning tool. Also saying that at the International Business Forum this year, they will discuss the term monetary pluralism for implementing a democratic trading environment and the top features to be discussed at the next International Business Forum meeting would be the usage of Blockchain Technology and Cryptocurrency for the financial sector in the Muslim countries especially the middle east.

 

Yarar said:

“We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue.”

 

Bitcoin Halal?

Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a ‘HARAM SYSTEM’ or ‘ILLEGAL SYSTEM’ while others calling it a ‘HALAL SYSTEM’ or ‘LEGAL SYSTEM’ according to the Islamic principals with some Mosques such as the Shacklewell Lane Mosque in London have also started to accept cryptocurrencies as donations.

 

What do you think about bitcoin and other cryptocurrencies being termed as Halal? Tell us in the comments section below.

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Bitcoin ETF: Worlds first Cryptocurrency ETF approved

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ETF: The world's first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, 4th largest exchange in whole Europe.

The world’s first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, the 4th largest exchange in whole Europe which has a market capitalization of over $1.6 trillion.

 

ETF offered by Amun AG

Amun AG, a cryptocurrency startup is offering the fund that will allow the institutional investors to invest in the major cryptocurrencies such as bitcoin, ethereum, ripple, litecoin, and bitcoin cash.

Hany Rashwan, the CEO and Co-founder of the company said that the following ETP will provide an opportunity to the institutional investors that are restricted to investing in just securities and also give the same opportunity to retail investors that are unable to access cryptocurrency exchanges to due regulatory pressure. The CEO also said that before choosing Switzerland, the company had explored 23 other destinations around the world but found Swiss the most suitable.

 

The ETF will allow investors in buying the market and investing in crypto market as a whole. When investors will be investing in a fund, an amount equal to their purchase value will be held on their behalf by the custodian.

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Bitcoin Cash BCH Hash Wars: Who is winning?

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The Bitcoin Cash hash war is still on with close to 300 blocks mined on the BCHABC side using the new ruleset, which has also given the BCH network the most accumulated proof of work. Cryptocompare has given the BCH ticker to BCHABC chain followed by Bittrex also appointing the ABC chain with the BCH ticker. The ABC chain has gained more support and also mined more blocks since the split of the BCH chain into BCHABC and BCHSV. The SV chain has performed less work till now.

 

Faketoshi “Satoshi’s Shotgun”

Craig Wright had earlier threatened that he will destroy the BCH ABC chain by mining empty blocks using his huge hash power, which is being called “Satoshi’s Shotgun”. BCH ABC has apparently survived the Shotgun. Peter Rizun from Bitcoin Unlimited said:

“The difference in network effect stark: BSV has few users, no OSX or Windows clients, no block explorer, perhaps one mobile wallet, and a shotgun that doesn’t shoot so straight,”

According to cash.coin.dance, BCH ABC is currently 51.9% ahead on proof of work and is 15 blocks ahead, meaning miners will to secure the BCH ABC side and that exchanges ca resume deposits and get everything back to normal. Many supports believe that the ABC side has already won the battle.
Bittrex has listed the ABC chain as BCH and the SV chain as BSV.

While many BCH supports are claiming that the war is over and the ABC side is close to winning it, SV supporters still believe that the hash war will continue for weeks and Craig Wright continues to claim that he will destroy the ABC chain by mining empty blocks.

What do you think about the hash war? Comment below

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