Indian Finance Regulators Set To Discuss How to Handle Bitcoin’s Alarming Price

Increase

Melissa

Statement

2 weeks

Several financial sector watchdogs in India, including the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI), have scheduled a meeting to develop a framework aimed at protecting the public amidst the continuous rise in the price of Bitcoin.

The price of the most famous digital currency has sustained its phenomenal upward trajectory in the past few days, triggering fears that it could lead to electronic Ponzi (e-Ponzi) schemes.

The price of Bitcoin has reached another all-time high on December 12, 2017, two days after the launching of the first-ever Bitcoin futures product on a US-based stock exchange.

The majority of investors have claimed that the cryptocurrency can hit the price of $20,000 per token in the next few days as another futures trading initiative in the US is due to be launched next week.

Because of the volatility and continuous increase in Bitcoin’s price, the Indian government was concerned that these could be exploited by unscrupulous groups or individuals to advance their illicit and illegal operations.

In order to prevent such possibility, the various financial regulators and other government agencies have decided to meet in the next few days to protect the unsuspicious investors and to prevent fraudsters from manipulating the regulatory gaps to their advantage.

Among the possible safeguards that may be adopted is the application of existing regulations aimed at preventing the spread of Ponzi schemes or illegal money-pooling activities, money laundering, and black money generation and circulation to regulate the cryptocurrencies.

Meanwhile, the country’s Income Tax Department has also carried out survey operations at major Bitcoin exchanges around the country to ensure that they are paying their correct taxes. Among the exchanges that were visited are those operating in Delhi, Bengaluru, Gurugram, Kochi, and Hyderabad.

In 2018 Ripple Will Overtake Bitcoin – Is This Really Possible?

Peter

Statement

1 hour

Ripple has managed to suddenly snatch the second spot from Ethereum on December 30 in terms of market capitalization. Such…

Bitcoin’s Sharp Gains May Help Boost Japan’s Economy in 2018: Nomura Report

Drew

Statement

6 hours

Analysts from financial services firm Nomura have recently claimed that the hefty gains made by Japanese investors from the 1,500%…

Bitcoin Flunks ‘The Smell Test,’ According to Secretary of the Commonwealth of Massachusetts

Melissa

Statement

7 hours

William Galvin, Secretary of the Commonwealth of Massachusetts, has recently claimed that Bitcoin failed to pass the ‘smell test’ and…

Ripple Overtakes Ethereum as World’s Second Most Traded Cryptocurrency

Peter

Report

8 hours

California-based cross-border payments firm Ripple continues its end-of-year surge to topple Ethereum as the world’s second-biggest cryptocurrency in terms of…

Thailand Finance Ministry to Educate its Citizens about Bitcoin, Not Banning ICOs

Jane

Report

14 hours

Thailand’s Finance Ministry is planning to launch a program aimed at educating its citizens about Bitcoin and the other cryptocurrencies…

Around 31% of Office Workers in South Korea Invest in Cryptocurrencies: Survey

Angela

Report

16 hours

Despite the increasing restrictions that will be imposed on cryptocurrencies and ICOs, a recent survey showed that three out of…

Ripple Price Rises 15% to Record High of $2.45, Outpacing Uber’s Market Cap

Melanie

Statement

16 hours

Ripple has recently been challenging its new price records after the cryptocurrency increased by over 30% overnight as it reaches…

Tech Firms from Russia and Estonia to Launch Blockchain-based Finance Platform

Melissa

Report

17 hours

Hong Kong-based international technology firm Midex IT is partnering with developers in Russia and Estonia to introduce a Blockchain-based finance…

CEO of Exchanges Firm EXMO Got Kidnapped in Ukraine

Gerry

Statement

24 hours

A group of kidnappers wearing balaclavas kidnapped digital currency exchange EXMO chief executive officer (CEO) Pavel Lerner outside his office…

Poloniex Starts to Strictly Impose its Know-Your-Customer and Verification Requirements

Angela

Report

1 day

US-based cryptocurrency-only exchange Poloniex has announced that it is already implementing a customer registration process that is in line with…

Singaporean Commercial Court Dismisses $43 Million Lawsuit Against Quoine

Jane

Report

1 day

The Singapore International Commercial Court has issued a ruling on December 28, 2017, in which it ordered the dismissal of…

Charity Group Pineapple Fund Donates $5 Million Worth of Bitcoin to Basic Income Experiment Project in Kenya

Melissa

Report

2 days

The Bitcoin charity group Pineapple Fund has committed $5 million worth of bitcoins to the organization GiveDirectly, which is conducting…

South Korean Government Imposes Stricter Rules on Cryptocurrency Trading, But Won’t Ban It

Angela

Statement

2 days

The government of South Korea announced in late December 2017 that it will introduce additional regulations to prevent speculation in…

Bitcoin Futures Should Be Allowed on Tel Aviv Stock Exchange: IBI Brokerage CEO Julien Assous

Jane

Statement

2 days

In response to the Israel Securities Authority’s proposed ban for Bitcoin trading in Tel Aviv Stock Exchange (TASE), IBI Brokerage…

Israel Securities Authority Proposes a Ban on Bitcoin Trading in Tel Aviv Stock Exchange

Drew

Statement

2 days

Israel Securities Authority (ISA) head Shmuel Hauser said that a proposal seeking to ban companies with major involvement in Bitcoin…