A new state-issued cryptocurrency is in the rumors and the crypto news lately in India, after a panel under the country’s finance ministry tasked to propose certain regulations for cryptocurrencies such as Bitcoin. The panel is reportedly set to recommend a state cryptocurrency that will be backed by the government.
As Quartz reported while citing one of the senior officials, the group is set to suggest the development of a state crypto token on a blockchain that will be developed by the government. The ‘senior government official’, as cited by Quartz, stated that the government is “evaluating the government-backed cryptocurrency and crypto-token.”
What’s interesting is the fact that the central bank of India already admitted that it is interested to issue a central and bank-issued cryptocurrency. Even though many reports by internal units dedicated to crypto and blockchain research have been refuted by the Reserve Bank of India (RBI), the central bank confirmed the creation of an ‘inter-departmental group’ that will be tasked to study the “feasibility of issuing a central bank cryptocurrency (CBDC)” in its Annual Report this year.
As the executive director of RBI Sudharshan Sen hinted in September 2017:
“Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely.”
According to some rumors from the officials, the cryptocurrency might be named “Lakshmi” inspired by Hindu’s goddess of wealth and prosperity.
The Russian Parliament Pushed Back On Its Crypto Regulation Bill Reading
‘’In most countries, cryptocurrency is not a means of settlement. The Central Bank of the Russian Federation believes that cryptocurrencies cannot be a means of payment, settlement or store of value. These currencies are not secured by anything.’’Russia has minimal progress on the crypto regulation question. The central bank of the country has refused to get into cryptocurrencies or even recognize them as a mean of payment after the head of bank Elvira Nabiullina had a pretty contradictory stance on ICO fundraising calling it ‘’efficient.’’ According to the Russian media outlets, the delay of the crypto bill draft reading was initially proposed by the head of the Duma’s Financial Market Committee Anatoly Aksakov. He didn’t explain why he wanted to postpone the reading so it will be remembered that the committee recommended that the bill could be adopted after removing the previously mentioned terms above such as digital currency or cryptocurrency. The initial draft bill aimed to create a better framework for regulating digital assets which were described as cryptocurrencies and tokens but more importantly provided a legal basis for smart contracts and their validity. The draft bill was set to recognize the minimal difference between cryptocurrencies and tokens and to make a plan to recognize the digital assets as property in Russia. The bill is extremely broad and non-specified because it was not discussed about it nor there was a change to provide legalization and improved regulation on crypto assets. Under the bill, all of the rights regarding cryptocurrencies will be transferred to the equity securities context.
Leader Suspect In Billion Dollar Laundering Via Crypto Is Seeking Extradition To Russia
‘’FinCEN acted in coordination with law enforcement’s seizure of BTC-e and Vinnik’s arrest. The Internal Revenue Service-Criminal Investigation Division, Federal Bureau of Investigation, United States Secret Service, and Homeland Security Investigations conducted the criminal investigation.’’Since he was arrested, Vinnik pleaded innocence and said that his biggest mistake was working for the BTC exchange platform. He is also believed to be involved in the Mt.Gox stolen funds scheme. The FinCEN report shows that via the BTC-e platform, more than $120 million were laundered and were connected with the now defunct platform. Vinnik is asking to be extradited to Russia after the Commissioner for Human Rights, Tatyana Nikolayevna Moskalkova asked for help from the United Nations High Commissioner for Human Rights Michelle Bachelet with the goal to take him to Russia. Tatyana claimed that Vinnik lost nearly 30% of his weight and that he needs to be with his wife who is suffering from brain cancer. In the U.S Vinnik was indicted on 21 counts and in Russia, he is only accused of smaller fraud charges that can be paid for about 10.000 Euros. The Greek court in 2017 approved Vinnik’s extradition to Russia but later another court decided to give him extradition to the United States. Later, the Greek Supreme Court ruled that Vinnik should be extradited to France so a clear decision has not been delivered yet.
Crypto Law Consultation Period Officially Started By The Swiss Federal Council
Mexico: New Crypto Regulations Could Shake The Country’s Exchanges
"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
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