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Latest advancements of cryptocurrency in India.

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The Government of India had undertaken such an extreme step with respect to the booming technology and cryptocurrency in India.

Comprehending the major advancements within the cryptocurrency space.  

Intro

The cryptocurrency space has experienced widespread adoption and has also experienced the downsides, where many countries in the world are speculative about cryptocurrencies and hence have taken a firm stance to ban it. The government of various countries are highly optimistic and have a broader mindset to view the blockchain as well as cryptocurrencies but some countries try to monetize the cryptocurrencies in order to earn some profits through the booming technology. The cryptocurrencies, however, have spurred a number of other important domains like Initial Coin Offering, Cryptocurrency discussion forums, cryptocurrency based events, etc. If you haven’t still heard or know a little bit about cryptocurrencies, then you are certainly missing a major revolution of the decade. Let us see the currency scenario of cryptocurrency in India.

The RBI Ban of cryptocurrency in India

Most recently the time frame that was provided to all the financial bodies working under the Reserve Bank of India, all the operations of cryptocurrency in India had come to an end after which none of them were allowed to provide cryptocurrency based services to neither businesses or individual customers. The Government of India had undertaken such an extreme step with respect to the booming technology and cryptocurrency in India, doesn’t seem to be justifiable as the cryptocurrencies incentivize the financial ecosystem itself, as the cryptocurrency in India was a huge part of people’s life.

 

Increase in over the counter trading due to the ban of cryptocurrency in India

Due to the ban of cryptocurrency in India, Over The Counter trading platforms like Localbitcoins.com experienced a huge surge, as it had become highly challenging for the customers to undertake transactions with cryptocurrencies. However, this adverse step taken with respect to cryptocurrency in India would undoubtedly bring speculations within the minds of people and once again India would be left behind, similar to the Dotcom bubble this would result in huge amounts of brain drain within the country.  

 

Development of cryptocurrency in India

however,  positive steps have been taken with respect to the cryptocurrency in India by the Central Bank of India, as a Special unit have been assigned to keep track of all the happenings of cryptocurrency in India.  The members of the unit are highly experienced and are expected to draft rules, research for cryptocurrency in India and also take future decisions with respect to the development of cryptocurrency in India. The experts within the community would also be tracking the Artificial Intelligence along with Blockchain technology simultaneously.

 

The government is enabling gambling for cryptocurrency in India

Also, the Law Commission Of India has put forth its now before the Government and stated that the cryptocurrencies in India must be made available for all the online Bitcoin gambling purposes. Precisely in its 276th report Law Commission of India reported to the Union Minister of Law and Justice, Mr. Ravi Shankar Prasad, who also seems to be highly supportive for this decision. The decision is precisely favored because the ban of the gambling industry within the country had resulted in a spike of illegal gambling as well as circulation of the black money.  the committee also makes it very clear that all the gambling transactions would be linked to the individuals Aadhar Card identity which would enable them to track, the flow of cryptocurrency in India.

 

A Committee has been founded to regulate cryptocurrency in India

Also an interdisciplinary committee was founded in November 2017 which consisted experts from various financial problems such as Ministry of Electronics and Information Technology, Department of Economic Affairs, Department of Financial Services, Department of Revenue (CBDT), Ministry of Home Affairs, NITI Aayog, State Bank of India, and Reserve Bank of India. it was a predominantly formed in order to develop the regulatory framework of the cryptocurrency in India. The committee precisely consists of 10 members and is headed by Subhas Chandra Garg who is the Secretary, Department of Economic Affairs. According to rumors, it has been speculated that the committee has already submitted its report with respect to the regulatory framework of cryptocurrency in India, but the draft is yet to be finalized by the deciding authority

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Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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