A lot of best cryptocurrency news sites have been sharing the rumors about a possible India crypto ban which will see the country’s regulators prohibiting cryptocurrencies and their total use. According to the rumors, an outright ban on cryptocurrency in India has been circulating among various departments within the Indian government.
First reported by the local media outlet The Economic Times, the news show that the government has begun the inter-ministerial consultations on a draft bill named “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.”
The first step in this India crypto ban initiative was the set up of a committee that consists of the Department of Economic Affairs (DEA), the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA) as some of the names which are in line with the idea of “completely banning the sale, purchase and issuance of all types of cryptocurrency.”
The committee, according to the news, is also considering an option to ban digital currency under the Prevention of Money Laundering Act (PMLA) mostly because of its ties to money laundering. The India crypto ban was also a topic of the Ministry of Corporate Affairs which stated that cryptocurrencies are used in fraudulent schemes to “defraud gullible investors.”
Opposite to reports from December, the latest cryptocurrency news show this Economic Times report which stated that different governmental committee suggested that cryptocurrencies should be legalized in the country, stressing that there is a general consensus that cryptocurrency can’t be dismissed as completely illegal.
Before this, the India crypto ban was primarily ruled by the Supreme Court of India, which in February granted four weeks to Indian authorities to come up with some crypto regulation policies before it would stop hearing crypto-related cases such as parties who demand to reverse the crypto circular released by the Reserve Bank of India.
In line with this India crypto ban initiative, that same month a panel that was led by the Indian Economic Affairs Secretary showed a report which raised concerns about the impact of cryptocurrencies on local flat currency in the case where crypto was adopted for payments.
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.
Join us on Facebook
- Litecoin (LTC) Price Rallies Towards $105: Analysis
- Bitcoin’s Price Goes To $8K Again, Bullish Indicators Are Returning
- Margin Trading Service Soon Available On Binance Crypto Exchange
- Robinhood Brings Zero-Fee Crypto Trading App To New York Investors
- Samsung Pay Gets Ready For Crypto Integration: Report
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Bitcoin Whitepaper Copyright Registration Filed By Craig Wright
Analysis1 day ago
Expected Bitcoin Drop Leads Major Crypto Assets To Drop By 7%
Bitcoin News3 days ago
Teen Bitcoin Millionaire: BTC Will Die If 4 Major Issues Are Not Solved
Blockchain News3 days ago
YouTuber PewDiePie Helps Blockchain Platform Grow Its User Base By 67%
Altcoin News3 days ago
Tether Issuer Claims It Had Invested Its Reserves Into Bitcoin
Regulation3 days ago
Central Bank Of Laos Warns Against Using Cryptocurrency
Bitcoin News5 days ago
Tom Lee Thinks That Bitcoin’s $8,000 Upswing Confirms End Of Crypto Winter
Altcoin News3 days ago
Most Altcoins Report Moderate Gains, Bitcoin Reaches $8,000