Connect with us

Altcoins

India May Not Ban Cryptocurrencies, But Treat Them as Commodities

Published

on

India may treat cryptocurrencies as commodities

India wouldn’t put a sweeping ban on digital currencies, but instead regard them as commodities, an anonymous source in the government told.

Finance Ministry panel of India has requested an investigation on cryptocurrencies, which may propose that the government would regard them as commodities. A senior government official with information of the panel’s exchange informed that they question the government intends to ban cryptocurrencies.

The source said that controllers’ fundamental concern is the way to viably direct the exchange and recognize “where the cash is originating from.” They included that, “permitting it as a commodity may give us a chance to better manage exchange thus that is being taken a gander at.”

The official told that the board of trustees is most worried about following speculators and supports keeping in mind the end goal to battle illegal tax avoidance and unlawful financing

As indicated by previous Reserve Bank of India (RBI) agent senator R Gandhi opined that regarding cryptocurrencies as commodities would obviously show to speculators that crypto isn’t genuine money:

In May, the (RBIReserve Bank of India reported that it will never again give services to any individual or organization that arrangements with cryptocurrencies, however, the bank expressed it is wanting to issue its own cryptocurrency later on. In January the Indian Finance Ministry reprimanded Bitcoin (BTC) and other digital currencies for their absence of inborn esteem. The Indian Finance Ministry said there is “a genuine and elevated danger of speculation rise of the sort seen in Ponzi schemes, which can bring about sudden and delayed crash uncovering financial specialists.”

Continue Reading
4 Comments

4 Comments

  1. Pingback: India May Not Ban Cryptocurrencies, But Treat Them as Commodities – Btc News Magazine

  2. Pingback: India May Not Ban Cryptocurrencies, But Treat Them as Commodities – The Coinage Times

  3. Pingback: India May Not Ban Cryptocurrencies, But Treat Them as Commodities - Much Doge News .comMuch Doge News .com

  4. Roger Lord

    July 14, 2018 at 12:20 am

    Excellent idea. This would bring the whole sector within a regulatory framework giving the public greater reassurance but primarily from any governments point of view it reduces the prospect of wholesale tax avoidance, money laundering and fraud. Giving the public greater protection is essential for the long term and wider adoption of crypto currencies.

Leave a Reply

Your email address will not be published. Required fields are marked *

#Daily Price Analysis

Ripple Price Analysis: Can XRP recover?

Published

on

Ripple price is at present exchanging a range. XRP/USD must break the $0.5200-0.5250 resistance to move into a bullish zone.

MACD – The MACD for XRP is presently in the bearish zone.

Strength Index– The RSI for XRP is floating close to the 50 level.

Support Level – $0.5000

Key Points:

  • XRP price moved up a little, however, it confronted a good selling close to $0.5250 against the US dollar.
  • There is a fleeting bullish pattern line framed with support at $0.5050 on the hourly outline of the XRP/USD pair.
  • The pair may keep on solidifying over the $0.5000 support in the following couple of sessions.

Ripple price is at present exchanging a range against the US Dollar and Bitcoin. XRP/USD must break the $0.5200-0.5250 resistance to move into a bullish zone.

 

Ripple Price Analysis

Recently, we talked about that ripple price could recoup towards the $0.5200 level against the US Dollar. The XRP/USD pair moved higher and cleared the $0.5100 and $0.5180 resistance levels. The upward move was certain as the price even outperformed the $0.5200 level and settled over the 100 hourly straightforward moving normal. In any case, the price bombed close $0.5250 and the half Lie retracement level of the last drop from the $0.5610 swing high to $0.4860 swing low.

The price topped at $0.5253 and later began a drawback amendment. It moved beneath $0.5150 and the 23.6% Lie retracement level of the ongoing wave from the $0.4872 low to $0.5253 high. The current price activity is sure over the $0.5000 support region. There is a transient bullish pattern line framed with support at $0.5050 on the hourly diagram of the XRP/USD pair. Moreover, the half Lie retracement level of the ongoing wave from the $0.4872 low to $0.5253 high is going about as a support. For whatever length of time that the price is over the pattern line, $0.5000 and the 100 hourly SMA, it could recoup by and by.

 

 

XRPUSD 5 Day Chart 13 Nov

XRPUSD 5 Day Chart

 

Taking a gander at the graph, ripple price is right now uniting over the $0.5000 support. Purchasers will in all probability make another endeavor to push the price above $0.5200 and $0.5250 in the close term.

Continue Reading

#Daily Price Analysis

XEM Price Analysis: NEM on a rise after Coincheck relisting

Published

on

XEM Price showed a bullish trend earlier today as Coincheck exchange announced the relisting of the XEM coin. The XEM coin was delisted from the exchange earlier due to the hacking of the exchange that led to stealing of XEM tokens worth half a million dollars.

 

XEMUSD 1 Day Chart

XEMUSD 1 Day Chart

XEM Price Analysis

Support Level: $0.1177
Resistance Level: $0.1209

 

The price of the coin was trading around $0.092 just before the announcement of the relisting of the coin on Coincheck. Just a minute before the announcement the price started to rise tremendously and hit a high of $0.1223 showing more than a 28% rise in the last 24 hours.

The coin is currently trading around $0.1188 with the major support at $0.1177 and the resistance at $0.1209.

The XEM Token is ranked 15 according to market capitalization and showed the yearly high in January 2018 of $1.86.

The coin is expected to experience some bearish hurdles while settling down to a notable price.

Continue Reading

#Ripple

Ripple Updates: New office, XRP tip bot, Nasdaq, Trezor and more.

Published

on

Ripple has been steady in collaboration and advancements throughout the globe. Here are some of the recent advancements with respect to Ripple and XRP:

Ripple has been quite steady in collaboration and advancements throughout the globe. Here are some of the recent advancements with respect to Ripple and XRP:

XRP Tip Bot in Amazon Alexa

The XRP Tip Bot is ready to be a part of the Amazon’s Alexa. This will allow Alexa Users to easily transact their XRP by using voice command on the Alexa Device. The Alexa application developer posted on Twitter on November 6 about Alexa’s implementation of XRP

 

XRP likely to be listed on Nasdaq in 2019

A source from the National Association of Securities Dealers Automated Quotation Exchange (NASDAQ) said that the exchange’s crypto initiative in 2019 is surely interested in scalability and they cannot put apart XRP which is a top-level security cryptocurrency by market cap. The Nasdaq team also said that they believe that XRP is surely going to be the 2nd largest crypto in the future after bitcoin but there hasn’t been any official announcement for the same.

 

Trezor Model T

Trezor will likely list a list of more altcoins in the upcoming model T update of the Trezor Device which will include XRP as well.

 

Cred to provide XRP backed loans

Cred, which is a leading provider of cryptocurrency backed lending. This will help the XRP owners to get loans using their XRP as a collateral security without actually having to sell their tokens.

 

Ripple Opening office in Dubai

Ripple Labs has planned to open their new office in Dubai in order to get themselves a strong position in the middle east markets.

 

Banks adopting Ripple’s Technology

Japan’s MUFG Bank and Brazilian Bank Banko Bradesco have signed an MOU to start using Ripple Software to send cross-border payments between Japan and Brazil. The Banks will use just Ripple’s software XCurrent and not the XRapid which uses the XRP coin. Ripple also tweeted about the collaboration:

 


 

The level of collaboration that Ripple has globally has been rising day by day. However, the XRP investors are still waiting for the real adoption of XRapid which will use the XRP tokens for the transfers rather than just the XCurrent Software of Ripple Labs.

Continue Reading
Advertisement blockonix.com

Live Crypto Prices

  • BTC
  • USD
  • AUD
  • CAD
  • EUR
  • BTC
    Bitcoin(BTC) 5638.85559385
  • ETH
    Ethereum(ETH) 178.457965616
  • BCH
    Bitcoin Cash(BCH) 437.319255269
  • EOS
    EOS(EOS) 4.5827626399
  • LTC
    Litecoin(LTC) 43.2597682986
  • ADA
    Cardano(ADA) 0.0613514576
  • TRX
    TRON(TRX) 0.018763162
  • DASH
    Dash(DASH) 139.81454573
  • XEM
    NEM(XEM) 0.0938614751

Trending