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India to ban private cryptocurrencies

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The Indian government have made a bold move to move ahead and ban cryptocurrencies

The Indian government is preparing to impose a full ban on private cryptocurrencies, following a recent block made by China on the digital sector.

The ban would relate to all private cryptocurrencies with certain exceptions to allow the promotion of the underlying technology and its uses.

Cryptocurrency prices dropped on Indian exchanges after the decision on the bill’s future was announced.

The proposals made by India were flagged in a parliamentary bulletin listing upcoming legislation which included one paragraph on “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”.

But despite the imposed ban, the accompanying description of the bill appeared to leave some room for using cryptocurrencies.

“To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India,” it read.

“The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

The Prime Minister’s response:

India’s prime minister, Narendra Modi, stated last week that cryptocurrencies could “spoil our youth” and the country’s central bank has repeatedly warned, in line with other central banks, they could pose “serious concerns on macroeconomic and financial stability”

A new service from PayPal allows its customers to buy, hold and sell cryptocurrency directly from their PayPal account.

Despite bans imposed by China and now India – other economies around the world are embracing digitalised currencies

In September, El Salvador became the first country to accept a cryptocurrency, bitcoin, as legal tender.

But major economies have generally been wary of digital currencies, with the deputy governor of the Bank of England, Sir Jon Cunliffe, warning that they could cause financial meltdown.

Nonetheless, the BoE and the Treasury are to launch a formal consultation into a UK central bank digital currency next year.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Business

Government-backed crypto could threaten the U.S. economy, report finds

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Government-backed cryptocurrencies could threaten the U.S. economy, that’s according to a new report

The Treasury Department believe that prices crypto are set by market speculation and don’t have much economic reality.

It’s found crypto-asset firms intersect with entities that have risky business profiles.

Treasury believes this is a concern for the U-S financial system.

Of course, Bitcoin is just one digital coin to swing and los much of its value since the start of this year.

But advocates think these stable-coins could be less volatile than traditional currencies.

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Business

Kim Kardashian charged over crypto promotion

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Kim Kardashian is making headlines today but not for good reasons.

The celebrity has been charged $1.26 million by the Securities and Exchange commission for unlawfully promoting a crypto asset on her Insta profile.

The SEC found that the star failed to disclose she was paid $250, 000 to post about the digital coin.

Chair Gary Gensler says this is a reminder that “when celebrities endorse investment opportunities, it doesn’t mean that those investment products are right”

Gensler warned investors to do their own research and analyse the risk involved based on their own financial goals.

Kardashian fully cooperated with the investigation and is not allowed to promote another crypto asset for three years.

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Crypto

Coinbase users in the dark following company-wide fault

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Coinbase users were left in the dark at the weekend because of a company-wide fault

The crypto exchange temporarily stopped transactions for users in the U.S. for over five hours.

Withdrawals and deposits involving bank accounts were put on hold.

But users could still use a debit card or PayPal to buy their crypto.

It follows a string of delays with Solana too, after the network suffered an outage last Friday.

Of course, Coinbase dropped over 1-thousand staff as the value of the crypto falls dramatically.

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