A turn for the worse? India’s crypto plan unsettling to local industry
The Indian crypto industry sees a brief panic over the government’s plans to ban “private cryptocurrencies” and explore the need for a CBDC. The Indian Crypto community has been involved in discussions with the government about how it should perceive cryptocurrencies and blockchain technology before finding ways to regulate the industry ever since the government placed a now-defunct blanket ban on banks servicing crypto firms in April 2018. In the latest update, on Jan. 29, the government revealed its plans to introduce The Cryptocurrency and Regulation of Official Digital Currency Bill,....
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The man known as India's Warren Buffet is eager for a blanket ban on all cryptocurrencies and believes the Bitcoin “party” will result in a terrible hangover for investors. The billionaire investor known as India’s Warren Buffet, Rakesh Jhunjhunwala, has voiced his support for India’s impending cryptocurrency ban, warning that the hangover from Bitcoin (BTC) mania will be worse than the party itself. Jhunjhunwala, speaking on CNBC’s Street Signs Asia segment on Feb. 23, said the Bitcoin party was one he’d rather not attend:“I think it’s speculation of the highest order. I don’t want to....
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The Securities Exchange Board of India (SEBI) is setting up an advisory committee to focus on financial technology (FinTech) and issues related to the industry. The aim is to make it easier for everyday citizens to turn their savings into investments in a heavily paper-reliant economy. Revealed by SEBI chairman UK Sinha last week, the Fintech committee will explore ways and solutions to bring household savings into the financial market via technology. Among the fastest and more robustly growing economies of the world, India’s population holds a significant portion of its earnings in....
Speaking of Bitcoin in India, LocalBitcoins saw an increase in volume last week. If there is one thing India’s banknote ban has taught us, it is how the plan did not work. Swapping the most widely used currency for new bills was an attempt to remove “black money” from circulation. But it turns out most banknotes have been swapped successfully. Either there is no significant amount of black money in the cash economy, or the bad actors moved wealth into other assets. In the end, it appears this cash swap serves no real purpose. One of the more pressing questions is whether or not India’s....
The country of Zimbabwe is not associated with financial stability by any means, yet things have taken a turn for the worse. Now that cash supplies are nearly non-existent, banks have to turn customers away. An excellent breeding ground for Bitcoin adoption, or will a different solution save the country? Even though various countries around the world are contemplating to go cashless in the future, running out of cash is not what most of them have envisioned. Unfortunately for Zimbabwe, that is exactly what happened. Not that this is a complete surprise, mind you, as the country has been....