Following the many happenings around crypto regulation in India, the Indian government is again in our blockchain news for announcing to approach crypto regulation with caution according to the Minister of State in the Ministry of Finance and Ministry of Shipping.
The government is really looking forward to form a path for formalizing the domestic cryptocurrency economy.
While addressing the lower house of parliament, Lok Sabha explained:
‘’In absence of a globally acceptable solution and the need to devise technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations.’’
India is one of the countries that has enforced a ban on all the banks that offer cryptocurrency services. The government enacted in July and the Reserve Bank of India’s decision has led to the exit of multiple local businesses.
In the meantime, nor the central bank nor the government has really been impacted by the consumer backlash according to a governmental panel source which suggested that making cryptocurrency partially illegal is still in game.
For now, it is still legal to own cryptocurrencies in India but some have stated that as of October, owning cryptocurerncies will be illegal.
Another committee has already recommended a total crypto ban back in March 2017 but the new one is trying to make a deal and solve the conflicting issues in the RBI ban. They have already held two meetings and another one is planned in January 2019.
In this committee, there are members of the Ministry of Electronics and Information Technology, Exchange Board of India, RBI and the revenue secretary.
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.
The Swiss Federal Assembly Approved A Motion For Crypto Regulation
Bitcoin ETF: SEC Receives 84% Negative Feedback On Application
“It is in my opinion that Bitcoin to date has no solid ground on which to base a serious product such as an ETF on. It is volatile, manipulated by the very few and has no real use case.” “I can see a lot of people getting hurt both financially and in other ways by you accepting this proposal. It is in my humble opinion that this proposal be rejected.”Another commenter named D. Darnwell sent a letter in which he wrote:
“I would like to voice my disapproval of this Bitcoin ETP and would ask the SEC to take a much longer time horizon to take a ‘watch and wait approach’ to see if Bitcoin is worthy of becoming a financial product with all the positives and draw-downs it entails.” “Decline this ETP without hesitation.”However, one Bitcoin ETF proponent named Sami Santos was confident, stating:
“Regarding the argument of the SEC that has not yet approved an ETF because of manipulation and mainly appreciates the protection of investors is contradictory, because without an investment fund, the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments (bitcoins). VanEck already offers insurance to cover possible losses and as such, the investor will show interest in investing in an ETF fund. So I see no reason not to approve VanEck ETF and Bitwise.”To remind you, the September (2018) Bitcoin ETF application for VanEck SolidX Bitcoin Trust received more than 1,400 comment letters - of which 99% were positive. However, because of the crypto winter, this enthusiasm has dwindled. Currently, no one knows if this Bitcoin ETF will be withdrawn. If that's the case, the 240-day deadline clock will reset itself and be set once a new filing is submitted.
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