Finally, there is some positive cryptocurrency news coming from India and being related to trading Bitcoin and other altcoins. According to The New Indian Express, there has been a government committee which met twice on the matter of legalizing held cryptocurrencies.
Currently, a report is what everyone expects to be submitted to the country’s Ministry of Finance next month. As one source told the publication, the legalization of cryptocurrencies will happen under strict conditions.
As he said:
“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon.”
Aside from holding meetings, this panel has also consulted crypto exchanges and experts and is now planning on deliberating on the legal matters along with the law ministry.
This comes as very positive news, especially after the first government panel which was formed in 2017 to address the issue of cryptocurrencies, when it recommended a total ban on digital assets in the world’s second most populated country.
The members that agreed to this decision included India’s central bank, the Reserve Bank of India, the Ministry of Finance, the Ministry of Home Affairs, the Ministry of Electronics and Information Technology, the National Institution for Transforming India (NITI Aayog), the State Bank of India and the Central Board of Direct Taxes.
However, it seems like the sun is about to shine in India and the hopes of cryptocurrencies being legalized are now higher than ever before.
South Africa Doesn’t Intend On Banning Crypto Trading
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Ethereum News3 days ago
Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork
Ethereum News5 days ago
$100,000 Reportedly Returned From Ethereum Classic 51% Attacker
Altcoin News5 days ago
Bitcoin Drops Below $3,600 As $5 Billion Get Wiped Out Of The Crypto Market
Altcoin News4 days ago
Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers
Bitcoin Scams3 days ago
New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher
Bitcoin News4 days ago
American Businessman Still Missing After $950,000 In BTC Ransom Paid
Blockchain News4 days ago
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
Blockchain News5 days ago
Leading Mining Hardware Producer Bitmain Suspends Operations In Texas