Crypto is a Ponzi scheme according to the Indian government watchdog after an official from the agency urged the country to ban crypto. He says that investors need to be protected according to the latest altcoin news that reached our website today.
The chief executive officer at the Investor Education and Protection Fund Authority, Anurag Agarwal, commented that crypto is a Ponzi scheme according to the local reports. He urged the country’s lawmakers to draft a bill that will terminate cryptocurrencies like Bitcoin to be used in the country. He later became the Joint Secretary of Ministry of Corporate Affairs for the Indian government. Anurag believes that cryptocurrencies should be banned in India in order to protect investors.
Agarwal is even more concerned and he stated:
“When it comes to investor protection, the IEPFA has to take a stand against certain things. Against ponzi schemes, we are taking a stand. We think that crypto currency is a ponzi scheme and it should be banned.”
When it comes to government agencies, the IEPFA is the federal government agency in India established in 2016 to provide investors with the education and protection from the dangers of crypto Ponzi schemes according to their website:
“It makes refunds of shares, unclaimed dividends, matured deposits/debentures etc. to investors and to promote awareness among investors.”
Despite the fact that crypto is a Ponzi scheme is one of the general opinions in the country, there is also growing support from authorities to ban cryptocurrencies. As previously reported in the latest cryptocurrency news, the Indian government is developing a draft bill that will put a ban on cryptocurrencies such as Bitcoin according to the Economic Times. This could be the final hit to the future of cryptocurrencies in the country.
The draft of the ‘’banning of cryptocurrencies and regulation of official digital currencies bill 2019’’ is going from one department to another and they are wondering whether to impose it or not. The authorities are also wondering whether crypto is a Ponzi and are willing to use the harshest methods to protect future investors. The country even found its way around the regulations when it came to their own crypto exchange Unocoin.
Gold-Backed Crypto Will Settle Payments In Russia: RSB
“We are generally opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies could act as monetary surrogates. Definitely not in this part.”Russia has been going on and off on the subject of cryptocurrencies. The government considered a ban on cryptocurrencies, then only for crypto trading but none of that happened and now the current stage for the legality and regulation of cryptocurrencies is unknown. Due to the lack of regulation in the country one economist fooled many western outlets into believing that Russia is going to procure about $10 billion in cryptocurrency. The country considered the ban on cryptocurrency which the central banks especially likes but is now working on a regulatory framework that stops normal people from acquiring and trading cryptocurrency. The digital regulations are also inconsistent with the mentioned ‘’ digital iron curtain.’’ President Vladimir Putin even ordered experts to work on creating a ‘’CryptoRuble’’ that will help the country to subvert the western sanctions. As reported in the best cryptocurrency news sites, Russia is a part of the Eurasian Economic Union whose members include the former Soviet-bloc countries. The EAEU Minister of Integration Tatyana Valovaya was more keen on using gold-backed crypto to settle payments and stated:
“We have prepared an analytical report and will present it soon, that will analyze what cryptocurrencies are, what is happening in the world, what approaches countries have, what regulation is provided. […] If the trend of cryptocurrencies and blockchain development is picking up pace, we have to realize that.”As mentioned, other countries are already working on gold-backed cryptocurrencies for international settlements such as Iran. Other Middle Eastern nations also transact with each other by using decentralized ledgers.
Central Bank Of Laos Warns Against Using Cryptocurrency
"The Central Bank of Laos and its Transaction System Management Department recently issued the warning after learning that cryptocurrencies such as Bitcoin, Ethereum and Litecoin have been advertised for use on social media despite the fact that the central bank has banned the use of these currencies."Meanwhile, the latest cryptocurrency news also show the public which seems concerned about the anonymity of the sender and receiver in a crypto transaction. This fact worries because of the increased risk of digital assets and cryptocurrencies in the money laundering practices. However, a source familiar with the matter recently spoke and told Vientiane Times that authorities don't have a relevant security system that will protect cryptocurrency holders. Even though countries such as Canada, Malta and Switzerland have embraced the new asset class to different degrees, officials around the globe still express their skepticism towards crypto and hardliners call for outright bans on the use of digital assets. In the US, the situation is not similar to the Central Bank of Laos as the legal status of crypto varies from state to state. The best cryptocurrency news sites recently reported that the California Congressman Brad Sherman called for a full ban on cryptocurrencies. He also claimed that cryptocurrency presents a threat to the power of the US dollar and affects world economic developments. In April this year, we also reported a situation similar to the Bank of Laos in India - where the government was considering a complete ban of cryptocurrencies under the Prevention of Money Laundering Act since it could reportedly be used for money laundering. The Ministry of Corporate Affairs then stated that cryptocurrencies are used in fraudulent schemes to 'defraud gullible investors.'
IRS Crypto Tax Guidance Is Coming Soon: Official News
“I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made it a priority of the IRS to issue guidance,” Rettig wrote in a statement which went viral in the altcoin news.According to his statement, the organization is working on the concept of IRS crypto tax guidance for “acceptable methods for calculating cost basis, acceptable methods of cost basis assignment, and the tax treatment of forks” according to the letter. The guidance and other issues will be published "soon" as Rettig wrote - a statement which was shared on many best cryptocurrency news sites.
“I am glad to hear of the IRS’ plans to issue guidance on this important issue,” the Representative Emmer said in a statement after receiving Rettig’s reply on the IRS crypto tax guidance plans. “Taxpayers deserve clarity on several basic questions regarding federal taxation of these emerging exchanges of value. I look forward to seeing their forthcoming proposal, and working together to serve the American taxpayers.”His original request and letter-written statement, however, called for the IRS to “issue more robust guidance clarifying taxpayers’ obligations when using virtual currencies” with a deadline of May 15, 2019. He also emphasised that the IRS crypto tax guidance needs to see virtual currency and "treat it as property so that existing tax principles are applied to it just like they are applicable to property transactions." He accented digital currencies as a medium of exchange and a subject to which investments increase and "continue to develop." In the end, Rep. Emmer said that he hopes the information is helpful, inviting the readers to contact him if they have any additional questions or requests.
SEC Postpones VanEck ETF Application Verdict – Again
“The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’ and ‘to protect investors and the public interest.’”Previously, he VanEck application was delayed by the SEC, preventing Bitcoin ETFs to be traded on CBOE. The exchange initially filed for the proposed SEC rule change on February 15 with a 45 day period that was assigned for approval or disapproval. Since the first filing and this news that SEC postpones VanEck's application again, the decision has been postponed twice. For those of you unfamiliar with ETF, exchange-traded funds are securities that are valued as a percentage of the associated asset which makes them very similar to traditional stocks. As such, they are the topic of many Bitcoin and altcoin news sites and are seen as a step towards mass adoption of cryptocurrencies and a sign for crypto maturation.
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