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State bank of Sikkim -A new friend for Zebpay, Unocoin, Koinex, Wazirx and others?

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State bank of Sikkim A new friend for Zebpay, Unocoin, Koinex, Wazirx. India's exchanges might have found a route around the RBI's boycott.

India’s crypto traders and exchanges might have found a route around the RBI’s boycott

In the Indian ethos of jugaad, wherever there is a run, there is dependably a route around.

So it is for virtual currency traders and exchanges battling with the April 05 Reserve Bank of India (RBI) controls that forbid them from keeping up bank accounts. At the point when all banking entryways close, the ones at Gangtok-based State Bank of Sikkim (SBS) open. For this bank doesn’t fall under the RBI’s domain.

The national bank conceded as much in an answer to one side to data application documented by a New Delhi-based legal advisor in April. It acknowledged that the banking direction Act, which administers every other loan specialist, isn’t relevant to SBS.

 

Question: according to the data gathered by the candidate, clearly it appears that SBS isn’t managed by RBI. For this situation, it would be ideal if you affirm whether this notice is pertinent to SBS or not?

Reply: RBI has no particular data to outfit. Notwithstanding, it may be noticed that SBS was constituted as far as the State Bank of Sikkim Proclamation,1968. SBS isn’t authorized under Section 22(1) of the Banking Regulation Act, 1949 by Reserve Bank of India. Banking Regulation Act, 1949 isn’t yet appropriate to SBS.

 

The solitary bank

Sikkim, India’s second-smallest state, had declined to join the republic when the subcontinent picked up freedom from the British in 1947. The slope state had been governed by the Chogyal administration since 1642. Notwithstanding, the state’s government was reliant on India from numerous points of view. Along these lines, it came to appreciate an extraordinary status under a 1950 settlement with India, as indicated by which the government had self-governance over a lot of its inside issues, aside from outskirts security.

Be that as it may, following political change, the then PM of Sikkim requested that the greater neighbor advance in, agreeing to the Indian association in May 1975. A resulting submission to annul the government approved this increase.

Nonetheless, right up ’til today, the SBS, set up by the Royal Proclamation Order of the Chogyals in 1968, stays free under the legislature of Sikkim. Despite everything it appreciates self-governance under Article 371-F of the Indian constitution. This September, the SBS, which has a system of 42 branches, all inside Sikkim, will finish 50 years of activities.

“People in the cryptocurrency network are currently discussing it and are thinking about opening a record with SBS,”

said Nischal Shetty, originator and CEO of WazirX, an Indian cryptocurrency exchange.

Yet, challenges stay for those cryptocurrency players hoping to avoid the RBI’s run the show. To exploit SBS’s self-ruling status, both the bourses and also the merchants should have a record with the bank.

“This turns into an issue… And then you need nearby living arrangement proofs, and so on to open a record,”

clarified Sathvik Vishwanath, fellow benefactor of Unocoin, another virtual currency exchange in the nation.

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Alert: The Last Chance to Buy Cheap Bitcoin: BTC to the Moon!

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It is an amazing time to be getting into bitcoin right now. We have seen this massive retracement, a lot of support and a decent amount of volume at the current level of bitcoin. There are a lot of things going on in the background that makes us incredibly bullish about bitcoin.

Chinese bitcoin billionaire Zhao Dong says “buy bitcoin now, when no one really cares”.

When the price of bitcoin is at extreme highs, most people are paying attention. Now that it’s gone down, there is fear, depression, and anger. This is the time to think counterintuitively to the crowd and there are a lot of people who are doing that right now.

Zhao goes on to say “I don’t persuade people to buy bitcoin because it seems easy to make quick money but in fact, it is not”. He says “now is the bear market and this is the time I start to talk people into buying bitcoin”.

 

Fairfax County invests in Crypto Fund

Recently we saw two public pensions from Fairfax County Virginia, police officer retirement system and employee retirement system investing in Morgan Creek’s $40 million crypto fund. That important because when pension funds start investing, it sends a signal to other pension funds to follow them.

Institutional investors are already here and they are only going to rise now. Michael Novogratz has come out saying that the markets won’t go to $20 trillion right away. He said what is going to happen is that one of these pension funds who is a market leader is going to say “We’ve got custody, Goldman Sachs is involved, Bloomberg has an index and I can track my performance against them”. And then the others are going to buy. This is the same type FOMO that we saw in retail and it will be demonstrated in institutional investors. Maybe, Mike Novogratz is absolutely right at this. The institutional investors will trickle in and then it is going to be a tsunami wave with trillions of dollars.

Barry Silbert came out and said that he is convinced of whatever money is in gold is not going to stay in gold. He said, “that get’s handed out to millennials, I am highly confident that a lot of that money will go into bitcoin”.

Maybe Barry is also right as bitcoin is gold for the new generations. Bitcoin is the new technology and the new investment vehicle. According to the numbers we are seeing, we see a massive amount of interest coming from the younger age groups primarily with the older age groups being suspicious of things that they don’t quite understand.

 

Goldman Sachs OTC Desk:

Goldman Sach’s bitcoin OTC desk is one of the largest facilitators of OTC trades in the world is seeming to provide evidence that ultra high net worth individuals, hedge funds and other financial entities are indeed trafficking in bitcoin. In the background, they are buying, selling, holding in cold storage and doing wallet to wallet transactions. Bitcoin is increasingly being seen as a vehicle of wealth, a store of value and a time of global uncertainty.

According to sources at Goldman Sachs, they see particularly that the people who come to them trust Goldman Sachs. The fact that Goldman Sachs is making this available says a lot to all these different investors who are coming in. They saw Goldman Sachs investing in Circle and other bitcoin-related firms and the investors are increasingly becoming comfortable with digital currencies. The narrative that bitcoin is digital gold has begun to take hold in the minds of investors. This has led to increased volumes we have been seeing in 2018 and throughout the beginning of 2019. If the global economy continues to soften, we can, of course, expect those volumes to continue to increase.

Another source at Goldman Sachs said that the OTC volumes have increased across the board, global economic uncertainty and a flight to safety now includes bitcoin. This news is from the people inside the OTC desk who are dealing with these high net worth individuals. The source goes on to say that this is why we are seeing an increase in volume year by year. Goldman Sachs is a major player here, they have got the first mover priveledges at Circle because of their equity stake in the firm. So they are more effective from a pricing standpoint than other large bank facilitators. The clients of Goldman Sachs know this and this increases the confidence in the firm as a safe place to funnel investment dollars into digital assets like bitcoin.

 

Bitcoin ETF:

SEC commissioner Robert J. Jackson recently did an interview with Congressional Quarterly and expressed views that an SEC-approved bitcoin ETF is inevitable. Add into that, that we now have the SEC review of a bitcoin ETF rule change proposed by the New York Stock Exchange and the Bitwise Asset Management. They are reviewing a rule change to the bitcoin ETF. An SEC approved bitcoin ETF is just a question of time now. When the bitcoin ETF launches, it is going to be a major source of liquidity and will bring even more new investors in.

We might see that time coming soon when regular individuals will not be able to own even one bitcoin. A lot of people are speculating that the same thing is going to happen to bitcoin when bitcoin ETF will launch as it happened to gold when the gold ETF was launched. There is a good chance that history could indeed repeat for digital gold.

gold-price-chart

gold-price-chart

Then, of course, there is a falling supply emission. The next halving for bitcoin is only a year away and a little more than a decade, the block reward for bitcoin will be below 1 BTC per block. It depicts how quickly bitcoin is going to become scarce.

 

What are your thoughts on the future of bitcoin? Tell us in the comments section below.

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Bitcoin: Are we ready for the next crypto bull run?

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Let's discuss some points which prove that the next bull run of the bitcoin and crypto market is going to arrive very soon and we should be ready for that.

The crypto world has been suffering from a bear run for last one year. It has reached to a ground level after its historic peak in 2017. The value of various cryptocurrencies has been dropped significantly. Now, as the trend of any financial market, a bull run is expected after the bear run. Since the bear market achieved by crypto space is so big, a bull run is unavoidable to come. But the confusion was when? It could have been tomorrow or after some months or some years. But if we go through the recent trends of the crypto space, the next bull run is going to arrive very soon.

Let’s discuss some points which prove that the next bull run of the crypto market is going to arrive very soon and we should be ready for that.

 

1. Improvement in the value of bitcoin and other cryptocurrencies in the last 24 hours:

Slowly but gradually, bitcoin has started to rise once again. If we discuss the value of bitcoin on 18 February 2019, it started on $3574 on the mid-night and by the end of the day, the value had an increment of $376, reaching at $3950. This is indeed a good sign for both the bitcoin as well as the crypto space. Even if we talk about the monthly comparison, it was $3441 at the starting of this year.  If we focus on the second largest cryptocurrency, Ethereum has also visited a growth of around 17% on 18 February 2018, reaching around $147 from $126. Not only the above two, rather other cryptocurrencies like Ripple XRP, Litecoin etc. also have started to rise. This significant rising in the value of several cryptocurrencies could be a sign of returning of bull run of the crypto market. This means that the bull market of crypto space is on the verge to arrive and we should be ready for it.

 

2. The chances of the stock market to crash:

Another prominent reason for the blossom of the bull run of the crypto market is the prediction of crashing of the stock market and that too soon. There have been the signs that the stock market would crash this year but the signs of crashing have increased significantly. The stock market has seen various factors such as high volatility in recent days, the high-interest rates in US etc. These factors are the sign of crashing of the stock market. Since, there is an inverse relationship between the stock market and the crypto market, with the soon crashing of the stock market, one can assume that the next bull run of the crypto market is going to hit very soon and the investors should be prepared about this.

 

3. History of bear run and bull run in crypto history:

Bear run and bull run- both are the two faces of a coin. One goes and one arrives. If we carefully look at the history of bitcoin from 2009 till today, we can get the trends it has followed in the past. The first bull run it faced after being invented was in mid-2011 when the price rose from $1 in April 2011 to $31 in July 2011. Then a bear run was faced after that it lasted around one year when the value went down to $2.00. Again after this bear run, a massive bull run returned rising bitcoin to $1200 in 2013. After February 2014, again a bear run came and lasted till early 2015 and the price falling down to $200. And again the historical bull run came and led it to $19000 in 2017. After that, the crypto space is facing a bear run. So, if we look at these historical data, we get to know that it’s time for the next bull run and we must be ready for that.

 

4. The reason for big firms entering the crypto space:

The crypto space has not been limited to just small and new companies only. The tech giants are taking the interest in this and this may be the sign that they have understood that the next bull run in so close. If we talk about Microsoft, it in on its way to launch and collaborate with Bakkt, there are also sgn of Apple working on blockchain etc. Recently, JP Morgan has also launched one of its stable digital coins. The trade analyst of these mega giants companies has understood that the next bull run can return anytime and you should also be ready for that.

 

Every element of crypto space is waiting for the bull run to return in the crypto space. The investors, the traders, the cryptocurrencies, big firms etc. all are waiting for the next bull run and if we consider the latest trends such like of above-mentioned ones, you must be ready for the next bull run of crypto market and bitcoin.

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Alert: JP Morgan Coin: A threat to Bitcoin and XRP?

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The JP Morgan Coin is a centralized permissioned censorable blockchain based liquidity tool. People are saying that it should not be considered a cryptocurrency.

Jp Morgan, the bank run by Jamie Dimon is launching its own cryptocurrency. JP Morgan has $2.6 trillion in assets, $100 billion annual revenue, it moves more than $5 trillion in wholesale payments every single day and a quarter million employees. It is used by the investment banking crowd, asset management crowd, private banking, private wealth management, and the treasury & security services division. This tells us exactly for whom the JP Morgan Coin is designed for. These are the organizations that are going to be using it. The JPM Coin is a centralized permissioned censorable blockchain based liquidity tool. Many people are even saying that it should not be considered to be a cryptocurrency and it is just a bank coin.

 

The JP Morgan Coin:

The JP Morgan Coin is designed to be a stablecoin. They will be starting off with the USD and will be expanding to other key currencies over time. So it will be a global currency within their permission network. It will be providing real-time gross settlements rather than waiting for days for the payments to get cleared. The network participants can transfer tokenized fiat instantly, constantly and with full finality 24X7 which is a major improvement to how the things work currently. The previous model apart from bringing slow was also more prone to fraud and exposed to the old central bank failure and required multiple intermediaries across the interbank network.

The main use cases for the JP Morgan Coin will be international payments for sizeable corporate clients circumventing SWIFT and circumventing XRP. JP Morgan Coin may also be used for securities transactions. JP Morgan has previously tested a debt issuance on the blockchain and the token will allow institutional investors to buy debt issuance. Corporations could also use the JP Morgan treasury in order to take the place of their dollar holdings in their subsidiaries all over the world which will open more ways for the big corporate clients in order to move money back and forth.

The JP Morgan Coin will be on the quorum blockchain which is a permissioned version of Ethereum which JP Morgan has been using for some time. The quorum blockchain has already seen institutional use cases. Financial institutions can trust that only authorized parties can join their private ethereum network and that the transactions will be confidential. So the JP Morgan Coin is probably for a very small group of elites.

 

The History of JP Morgan:

There are dozens of fines that JP Morgan pays yearly all around the world for doing basically the same kind of things.

  • JP Morgan was fined $65 million for trying to vague the benchmark rate.
  • They were fined $1.6 million for failing to meet anti-money laundering and counter-terrorist financing laws in Hong Kong.
  • Citigroup and JP Morgan both had to pay a combined total of $182.5 million after being accused of violating anti-trust laws. Citigroup and JP Morgan allegedly the European Interbank offered rate.
  • JP Mogan was $135 million for improper handling of American Depositary Receipts.

In most of these cases, they are not actually found guilty of anything and they just settle. They don’t end up breaking any laws cause they just pay the huge amount of fine they are asked to pay.

After the announcement of the JP Morgan Coin, JP Morgan stocks have gone up because of JP Morgan’s clients, this is a welcome sign of innovation.

 

JP Morgan Coin vs XRP:

It seems that some banks want their own coin and not XRP which is the supposed to be the banker’s coin. They really don’t want XRP for one reason or the other. Although banks would not want to use the JP Morgan Coin as such they might just have their own coins in future such as Bank of America Coin or Bank of China Coin etc. But we have an interesting situation when it comes down to exchanging value between these banks because XRP is essentially a public ledger vs the JP Morgan Coin which is private. XRP has a permissionless ledger vs JP Morgan Coin has a permission ledger. JP Morgan controls the JP Morgan Coin but they do not control the XRP ledger and remember that the banks like to have control and maybe the other banks are also going to think like JP Morgan but there is still a lot of hope for XRP. JP Morgan Coin may not see very much interoperability between banks, therefore, they might need some kind of bridge and that bridge could end up being XRP.

 

Implications for Bitcoin:

There are not many implications for bitcoin at all. Most of the bitcoin enthusiasts have zero interest in things like the JP Morgan Coin. Bitcoin has amazing and unique value propositions and this is not a threat in any way to bitcoin. JP Morgan cannot control bitcoin it is really hard to manipulate the price of bitcoin whereas in case of JP Morgan Coin, they have direct control over it. The current rumors say that JP Morgan is going to use Bakkt for their clients who want to purchase, invest and hold bitcoin. So the JP Morgan Coin doesn’t have threat on bitcoin. Bitcoin is always superior in every way.

 

What are your thoughts on the JP Morgan Coin? Tell us in the comments section below.

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