India will frame cryptocurrency law after global consensus: Report

 India’s central bank has openly voiced its opposition to private digital currencies.

India will frame a legislation for cryptocurrencies only after a global consensus emerges on regulating such assets, according to a person familiar with the matter. The government isn’t planning a law soon to either regulate or tighten provisions, the person said, asking not to be identified as the discussions are private. A finance ministry spokesman wasn’t immediately available for a comment.

After years of back-and-forth, Prime Minister Narendra Modi’s administration announced a 30% tax on income from digital assets from April 1, making it costlier to trade and bringing such transactions at par with activities like horse racing and lotteries. It had earlier planned to come up with a legislation to make the government’s stand clear on the matter.

A global uniform approach on cryptocurrencies is needed and steps by one nation will not be sufficient, Modi said in his address to the World Economic Forum in January. The central bank has openly voiced its opposition to private digital currencies, equating them with Ponzi schemes and said they were a threat to financial sovereignty. Crypto investments have flourished in India after the country’s top court set aside restrictions imposed by the Reserve Bank of India in March 2020. An October report from Chainalysis, a crypto-analysis firm, found the Indian market grew 641% from July 2020 through June 2021.

After bitcoin crackdown, China now wants centralised digital currency

China was once a stronghold of bitcoin

As Facebook readies to launch its answer to bitcoin, China is set to introduce its own digital currency — one that could allow the government and the central bank to see what people spend their money on, according to analysts.

Far from the libertarian ideals of cryptocurrencies, whose anonymity allows users to buy and sell without leaving a digital trail, China’s mooted e-cash system will be tightly regulated, experts say, and run by the People’s Bank of China, the central bank. It “would give the PBoC greater insight into transactions throughout the country,” analysts at Beijing-based research firm Trivium China said in a note.

In late September, central bank governor Yi Gang said China’s new currency may be associated with existing electronic payment systems, such as the popular WeChat and AliPay phone apps, which are widespread and allow yuan transactions via bank accounts.

While he gave no timetable, Chinese media are putting their money on a November 11 launch to coincide with “Singles Day” — a massive, annual online sales event. Yi did not say what shape the currency would take. “We will not predetermine the technical path,” he said…

Bitcoin surges past $11,000 while stocks plunge on trade war fears

The largest cryptocurrency surged as much as 14 per cent from Friday’s close and traded at $11,809 at 10:35 a.m. in New York

International News: Bitcoin climbed above the $11,000 level for the first time since mid-July and led gains among the biggest cryptocurrencies, as risk assets across Asia, Europe and North America tumbled on escalating trade-war tensions.

The largest cryptocurrency surged as much as 14 per cent from Friday’s close and traded at $11,809 at 10:35 a.m. in New York, according to consolidated Bloomberg pricing. The Bloomberg Galaxy Crypto Index tracking a basket of cryptocurrencies jumped 8.6 per cent, as rival digital coins including Ether and Litecoin also rallied.

“With the turmoil in markets and the streets, suddenly digital gold doesn’t seem like such a bad idea,” Jehan Chu, managing partner at blockchain investment and advisory firm Kenetic Capital, said from Hong Kong, where massive public protests continue. “Bitcoin is increasingly seen not only as a bet on the future, but as a shelter for the present.”

While Bitcoin historically has had relatively low correlation with most asset classes, it has lately moved inversely to Asian stocks. Equities were roiled on Monday after China’s yuan fell past 7 per dollar, a key psychological level for traders….

Cryptocurrency scams: Fraudsters are using ponzi schemes to fool investors

Some cryptographic money fraudsters request to individuals’ covetousness, promising huge returns

CryptoCurrency: A large number of digital money financial specialists have been misled out of monstrous wholes of genuine cash. In 2018, misfortunes from digital currency related wrongdoings added up to US$1.7 billion. The culprits utilize both antiquated and new-innovation strategies to cheat their imprints in plans dependent on advanced monetary forms traded through online databases called blockchains. 

From inquiring about blockchain, digital currency and cybercrime, I can see that some cryptographic money fraudsters depend on time tested Ponzi plans that utilization pay from new members to pay out comes back to prior speculators.

Others utilize exceptionally automatized and modern procedures, including robotized programming that communicates with Telegram, a web based texting framework mainstream among individuals inspired by digital forms of money. Notwithstanding when a digital currency plan is genuine, fraudsters can even now control its cost in the commercial center. A considerably increasingly fundamental inquiry emerges, however: How are clueless financial specialists pulled in to digital money cheats in any case?

Fast-talking swindlers

Some cryptographic money fraudsters bid to individuals’ avarice, promising huge returns. For instance, an obscure gathering of business visionaries runs the trick bot iCenter, which is a Ponzi conspire for Bitcoin and Litecoin. It doesn’t give data on speculation procedures, yet by one way or another guarantees speculators 1.2% day by day returns.

The iCenter conspire works through a gathering talk on Telegram. It begins with a little gathering of tricksters who are in on the racket. They get a referral code that they share with others, in sites and via web-based networking media, wanting to get them to join the visit. Once there, the newcomers see empowering and energizing messages from the first con artists. ..

Looking at cryptocurrencies? These altcoins are rising faster than bitcoin

Ethereum, the second-largest by market value, has roughly tripled in the last two months

Bitcoin alternatives are closing the gap with the market leader after names like stellar and cardano became red hot as 2017 was closing.

The biggest cryptocurrency's share of market value has fallen to a record 36 per cent from 56 per cent a month ago, according to CoinMarketCap prices for coins and tokens. Stellar, designed for cross-border payments, has more than doubled in the first trading days of this year, achieving a record market cap of more than $13 billion.

That kind of move raises questions as to whether speculators will drive up second-tier digital coins at the expense of bitcoin, even though they have different purposes. The paper value of all cryptocurrencies combined has more than doubled to almost $700 billion in the past month.

"The altcoins today, in large part, are not trying to be bitcoin competitors," said Lex Sokolin, global director of fintech strategy at Autonomous Research LLP in London. "They are doing something else entirely -- ethereum as a smart-contracts platform, iota as a machine-economy token, ripple for interbank payments, and so on." How each is used "should become increasingly relevant as the novelty of crypto wears off."

Crypto correlation

Relative performance is now a multibillion-dollar question as professional investors search for ways to value digital assets that seem to defy traditional techniques, such as profit and dividend potential for equities, or industrial-demand outlooks for commodities. Correlation, for example, is one of many technical-analysis tools used across asset classes in forecasting, and altcoins historically have moved mostly in step with bitcoin...Read more

In bitcoin's worst week since 2013, BigB's $100-mn kitty considerably down

The Bitcoin-driven top-up to Bachchan's fortunes comes in the backdrop of Stampede recently listing one of its subsidiaries, Longfin Corp, on the Nasdaq exchange in the US

The crazy swings of Bitcoin prices added more than $100 million to megastar Amitabh Bachchan's fortunes within days, but most of it got wiped out even faster -- thanks to a small stake in a hitherto unknown firm associated with the web of cryptocurrencies.

There may be further such fluctuations with the craze for Bitcoins and other cryptocurrencies continuing to drive their prices and the regulatory risks remaining a big drag for the prices that saw Bitcoin skyrocketing to near $20,000 just a few days back before plunging back by almost half and then again recovering to $15,000 level.

While lakhs of Indians are said to have taken a fancy to the Bitcoin and other such virtual currencies, Bachchan is probably the first big name from the country to get associated with this big buzzword -- albeit indirectly and because of a small investment that is at least 3-4 years old.

The link is a Hyderabad-based company named Stampede Capital, which describes itself as a "research driven global trade house" and a "liquidity provider and market maker" at various exchanges driving "millions of dollars trading volume everyday across the globe in nano seconds".

ALSO READ : Cryptocurrency Stocks Still Holding Gains Despite 30% Fall In Bitcoin

In its regulatory filings, the company lists Bachchan as an "individual non-promoter shareholder" with a small stake of 2.38 per cent at the end of last quarter. As per the BSE records, Bachchan figures on the list of shareholders (with 1 per cent or more stake) since at least June 2014, though the quantum he is holding has been changing somewhat.

As on June 30, 2014, Bachchan held 3.39 per cent in the company which could have been worth around Rs 9 crore at that time (going by the share price around then), while the value of his latest holding is almost half at about Rs 4.7 crore.

The Bitcoin-driven top-up to Bachchan's fortunes comes in the backdrop of Stampede recently listing one of its subsidiaries, Longfin Corp, on the Nasdaq exchange in the US....

Click here : Bitcoin

GST is a big positive, but I'm not investing in India yet: Jim Rogers

Interview with chairman of Rogers Holding

Economy news : As global equity markets continue on their journey north, JIM ROGERS, chairman of Rogers Holdings tells Puneet Wadhwa that he expects a correction going ahead. His decision of not to invest right now is not India specific, but has to do with the problems relating to how the major global economies are shaping up. Edited excerpts:

India has implemented the biggest tax reform in history - the goods and services tax (GST). What are your thoughts on the development?

With the implementation of GST, Prime Minister Modi has done what he said earlier. If GST can overhaul the tax system in India, it will be wonderful. This is the best thing to have happened to India by a politician since its independence, i.e. since the last 70 years.

What do you expect from the government in its remaining tenure? Do you see populist measures take centre stage with 2019 general elections in mind?

Well, Narendra Modi has done many populist things in the past. I think the last Union Budget had a number of populist measures as well. But, I don't know how populist will the GST will prove to be, as it is likely to disrupt a lot of people's lives. However, in the end, the measure will be good as it will overhaul the tax system in India. With the elections coming up in 2019, I am sure there will be other populist measures. Every politician in the world prepares for elections by giving away as much as he can.

What's your view on India now as an investment destination? Are you planning to invest here?

No, not yet. That's because I am not investing anywhere in the world right now. I am worried about the global financial markets and hence, I am in a wait-and-watch mode. If the United States (US), Japan or any other major market has problems, it will be a bad one. I am worried that the next time we have an economic slowdown, it's going to be very, very bad and will impact everyone. My decision of not to invest right now is not India specific, but has to do with the problems relating to how the major global economies are shaping up.

So, what's your view on the global financial markets from here on? Is a crash coming soon?

I expect a global financial problem in the latter half of the current financial year or in 2018, especially in the US. The US is the largest debtor nation in the world now, and its debts are mounting. Its stock markets are at an all-time high and the central bank is continuing to raise interest rates. I expect problems in the financial markets sometime later this year, or in the next year.

What factors will trigger a correction, in your view?

There are many things. It is always a combination of factors that we don't expect. In 2007, Iceland went bankrupt and most people didn't know there was a country by that name and that it was running into a crisis. And then Ireland went broke. And then Bear Stearns went broke. Lehman Brothers, too, went broke. Problems spiral like that and then cause a crash across the financial markets.
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