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.
Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses
“We believe that in the long-term, more regulation will follow, as soon as the legislation catches up with the technological developments of the space. We believe that within this new regulatory environment, companies without the necessary licenses will have a limited ability to serve clients with the full spectrum of high quality, innovative crypto-financial products and solutions.”The announcement is hot in the altcoin news - where the company said that the preemptive licenses will expand the number of regulated services and products it can offer - as “more and more crypto assets and services fall under securities and banking law.” Currently, many best cryptocurrency news sites show that a securities dealer license would enable the company to trade crypto tokens that have been classified as securities by the financial regulator. As they said, this would include their own stablecoin, the Swiss Crypto Franc. In May this year, SIX (the Swiss national stock exchange group) announced that it was developing the CHF Stablecoin which will be pegged to the Swiss franc. The news now positively affects the Swiss crypto broker Bitcoin Suisse from many perspectives and creates a competition in the crypto environment in Switzerland. This is not to say that Swiss regulations are overly burdensome.
“The regulatory industry in Switzerland is very crypto-friendly. The Federal Council as well as the FINMA are pursuing a very constructive approach that fosters innovation in the long-term,” a company representative from the Swiss crypto broker concluded.
French Authorities Will Approve Crypto Regulations For ICOs & Exchanges
G7 Approves The Japan Crypto-Based SWIFT Alternative
India Will Ban Cryptocurrencies But Not The Digital Rupee
“No person shall mine, generate, hold, sell, deal in, issue, transfer dispose of or use cryptocurrency in the territory of India.’’Sethi described the new document as ‘’the proposed Banning of cryptocurrency and regulation of Official digital currency bill 2019.’’ He noted that the bill is not drafted yet completely and is tabled in the parliament to become an Act without modifications. The punishment for those who will go against the law includes prison sentences up to 10 years long. As noted, India will ban cryptocurrencies since now they are sitting in a grey area. Since last year, the banks prohibited serving the industry business with services involving cryptocurrencies and they also refused to provide services for exchanges which led to many companies leaving the country while others shut down. In the absence of the decent regulation, some remained hopeful and believed in a positive outcome in the long term as the opponents of the banking ban even sued the Reserve Bank of India over the decision. India still appears to go even further than China but it is still unclear how the authorities will enforce a ban on an entity which is not under their direct control. The issue comes in a very important time as the US government is starting to grip the realities of decentralized networks. During the press conference on Monday, the Treasury Secretary Steven Mnuchin noted his desires to combat the role of cryptocurrencies in illicit activities while noting the words of the US President Donald Trump who described bitcoin as being based on thin air as noted in the coming altcoin news.
Join us on Facebook
- XRP Support Built Around The $0.2830 Level: Will Ripple Rise?
- Grin Cryptocurrency Just Executed Its First Hard Fork
- Dr. Doom Writes That Bitcoin Bears Are ‘Poised’ At This Point
- Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses
- Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News2 days ago
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
Bitcoin News4 days ago
Indian Police Rescues Two BTC Traders From Two-Week Long Captivity
Altcoin News4 days ago
Dogecoin Surged 40% After Binance Exchange Listing
Altcoin News2 days ago
Bear Euphoria Continues As Bitcoin Plummets Below $10,000
Press Releases3 days ago
Liechtenstein Financial Market Authority Approves State-of-the-Art Tokenized Real Estate Investment Product
Bitcoin News3 days ago
Possible Bear Trap Leads Market To New Gains, BTC Eyes $11,000
Bitcoin News3 days ago
Bitcoin Newsflash: BTC Crashes Below $10,000 While The Market Plunges
Altcoin News5 days ago
Tether Keeps On Churning As 50 Million Tokens Enter The Market