pNetwork Launches Wrapped EOS on Ethereum to Connect the Two Biggest DeFi Ecosystems

During the last year, Ethereum’s DeFi ecosystem has grown exponentially to form a multi Billion Dollar market. As Decentralized Finance expands, it becomes more and more relevant to have cross-chain connections that enable crypto assets to flow instantly and seamlessly across blockchain networks. These make it possible for DeFi platforms to be an effective alternative to centralized exchanges. Today, pNetwork launches the first EOS to Ethereum cross-chain connection to enable the EOS crypto asset to be moved into Ethereum’s DeFi ecosystem.

EOS on Ethereum

EOS, the native token on the EOS blockchain, is a top20 cryptocurrency by market cap and the engine powering one of the most active dApps ecosystems. The asset counts over $ 3.5 Billion in daily trading volumes, figuring as the 9th most traded cryptocurrency. At present, only a fraction of the total is happening in a decentralized fashion.

While the DeFi ecosystem on EOS continues to grow, it has not yet reached Ethereum’s size. The latter powers Billions in daily trading volumes, Uniswap being the largestlarges liquidity protocol in existence and the fourth biggest DeFi protocol in terms of Total Value Locked.

Following the delivery of 26 bridges connecting six different blockchain protocols, including the cross-chain transfer of popular cryptocurrencies such as Bitcoin, Ethereum and Dogecoin, pNetwork launches today a new cross-chain connection that brings EOS to Ethereum.

As the first tokenised version of EOS, pEOS makes the asset compatible with Ethereum’s DeFi. This creates a benefit on both sides, enabling Ethereum’s DeFi protocols to expand their range of assets supported and granting EOS the option to be traded in a decentralized fashion as well as being supported as a collateral type by major Ethereum-based landing platforms.

Cross-chain connections are critical for a variety of use-cases, from NFTs to market making to decentralized indexes such as PieDAO’s Pies. pNetwork-powered asset tokenisation on Ethereum enables such indexes to represent the entire crypto market.

All pTokenised assets are pegged 1:1 to their underlying asset and are available for automated minting or redeeming on the pTokens dApp. In addition, pTokens are supported on a variety of DeFi protocols, decentralized exchanges and wallets on a growing number of blockchains.

Making Ethereum and EOS dApps Interoperable

Ethereum and EOS are two of the most active ecosystems for dApps, counting thousands of users each. By connecting these two blockchain environments, pNetwork aims to support the growth and development of decentralized applications such as lending/borrowing, trading, derivatives, and more. Acting as a cross-chain highway for cryptocurrencies to frictionlessly move from one blockchain to another, pNetwork powers the first bi-directional connection between the Ethereum and EOS blockchains.

Users on either blockchain are now able to interact with both ecosystems without ever leaving their blockchain of choice. Projects from both Ethereum and EOS communities have developed building blocks to create the next-generation financial system – with the connection between these two, users will find an even more powerful DeFi ecosystem.

By leveraging pNetwork’s cross-chain solution, dApps on the two blockchain platforms now have the opportunity to interoperate. Each ecosystem leveraging its counterpart’s strengths ultimately creates a benefit on both sides and sets the basis for sustainable growth. The presence of an EOS/ETH decentralized trading pair both with Ethereum’s and EOS’s decentralized finance, for example, makes it possible for market makers to arbitrage between the two blockchains. This results in a more liquid decentralized market for both assets.

---

This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.

via Bitcoin.com PR

Read More

Publicly-Listed Air Purifier Manufacturer Adds Dogecoin as a Form of Payment Amid Token’s Popularity

As the so-called ‘meme coin’ is actively making the headlines within the crypto sphere, a publicly-traded company is joining the dogecoin frenzy. Kronos Advanced Technology announced they’ll start accepting dogecoin as one of its payment methods.

Kronos Also Accepts Other Cryptocurrencies Such as Bitcoin and Ether

According to the announcement, the Los Angeles-based firm is adding dogecoin (DOGE) to its accepted payment form. In fact, customers will be able to purchase air purifiers, and personal protective equipment (PPE) supplies via the meme coin.

Adopting dogecoin as a payment method was not as part as just of a crypto adoption-driven maneuver. The company praised the popularity of the token and its uniqueness within the industry.

Also, Kronos pointed out that dogecoins transactions’ speed is a positive note for the Shiba Inu inspired meme token. So far, the company accepts several cryptos as payment methods, such as bitcoin (BTC), ethereum (ETH), litecoin (LTC), among others.

Expanding N95 Mask Market Into the Dogecoin Community

Michael Rubinov, president of Kronos Advanced Technologies, commented on the company’s stance towards cryptocurrencies:

In the last ten years, much has been said about how cryptocurrency will revolutionize payments, services, businesses and will change the world the way we know it. Cryptocurrency has changed e-commerce: as more and more people now shop online. Cryptocurrency gives customers more reasons to utilize the convenience of online shopping, as it mitigates the risk of fraud for both vendors and shoppers.

By adopting dogecoin as a form of payment, Kronos also expect to market N95 masks to the entire meme coin community on Reddit, which has grown over 670,000 members. The company also praised the fact that Tesla’s CEO Elon Musk endorses dogecoin as one of his favorite cryptocurrencies.

Despite the recent frenzy seen in the meme coin, the latest markets.Bitcoin.com data shows that dogecoin is exchanging hands at $0.0317, down -20.43% on Tuesday. The market capitalization still stands at $4.08 billion.

What do you think about this announcement made by Kronos? Let us know in the comments section below.

via Felipe Erazo

Read More

Gamestop Shares and Reddit Fueled Stocks Plummet, Crypto Fans Say Bitcoin Is the Only True Attack

Following the Wallstreetbets saga last week, a great number of the popular shares being fueled by social media have started to tank in value. Gamestop shares dropped over 60% on Tuesday, while AMC dropped more than 49% shaking investors who bought into these stocks to the core. Meanwhile, a number of cryptocurrency advocates believe the only true way to stick it to the bankers and Wall Street is to leverage digital assets like bitcoin.

Reddit’s Favorite Stocks Begin to Feel Pain

Last week, news.Bitcoin.com published numerous reports on the fiasco that started on the Reddit forum r/wallstreetbets and then went viral across the internet. Redditors, meme lords, and retail investors attempted to short squeeze Gamestop (GME) shares and at first they were successful in shaking out billions from hedge funds.

The trend also moved into a few other stocks like AMC theaters and the mobile company Nokia. However, after a few days of headlines, these stocks and even silver started to feel the weight of people offloading their shares in order to escape.

Both GME and AMC have rebounded since the initial dives in price during the morning trading sessions and have regained some of the losses felt after dropping 49% and over 60% in value. At the time of publication, (1:30 p.m. EST, Tuesday) GME is trading for $114 and is down 49% during the afternoon trading sessions. AMC shares are trading for $7.96 which is down over 40% on Tuesday afternoon.

Shares of Gamestop Corp. (GME) dropped significantly in pre-markets sliding over 60% and on Tuesday morning GME continued to slide. Even after the controversial ‘silver squeeze’ the precious metal dropped 5% after touching $30 per ounce breaking an eight-year record. AMC Entertainment Holdings Inc. lost 49% on Tuesday, and stocks from the Russell 3000 Index (RUA) have slid massively.

Even the cryptocurrencies dogecoin and XRP have not been able to hold up, dropping between -11% (XRP) to -16% (DOGE) today. Meanwhile, brokers like TD Ameritrade and Robinhood have loosened restrictions on some of the stocks that saw significant demand last week.

Bitcoin Is the Free Market’s Last Bastion of Hope

Meanwhile, cryptocurrency fans have been telling wallstreetbets (WSB) participants that the true battle will be fought with digital assets and securities that are onchain. For instance, the popular Twitter account dubbed “The Chairman” (@wsbchairman) tweeted on February 1: “The only way to truly stick it to Wall Street is to use Bitcoin.”

There are a number of reasons why crypto-asset fans are telling WSB participants that the real deal is with censorship-resistant cryptocurrencies. For one, they consider the stock market game “rigged” for only the big players to win, and it has been that way for decades on end. Wall Street, Nasdaq, New York Stock Exchange, and all the markets that allow the trading of shares can halt trading at any time.

If GameStop put bitcoin on their balance sheet, the internet would break.

— Documenting Bitcoin 📄 (@DocumentingBTC) February 1, 2021

These negative aspects were clearly shown last week when Nasdaq’s Adena Friedman told CNBC, the firm would be monitoring social media chatter and will halt stocks, if they match chatter with unusual activity in stocks. That same day last week, the WSB Discord channel was censored and removed. The bigwig traders also pushed brokers to cease the trading of GME, AMC, and many other popular shares during the fiasco.

On Wednesday morning, exchanges like E-Trade, Robinhood, and TD-Ameritrade customers couldn’t access these platforms. Then exchanges like Robinhood and others explained that certain shares would not be available and were limited. These manipulative moves are not beneficial to the retail trader, and the big stock whales and hedge funds called the shots.

Crypto proponents believe digital assets backed by cryptography and peer-to-peer networks are the future of free markets and exchange. The Gamestop (GME) game was rigged to begin with, and people still wonder why the stock was well over 100% shorts showing that there’s more borrowing than issued stocks. The CEO of Chainstone Labs and bitcoin proponent Bruce Fenton highlighted this fact on Twitter.

“Business as usual on Wall St is broken,” Fenton said. “If you are in charge of a ledger for securities and you loan 138% of something then you are incompetent, should never be trusted again, and should be put out of business by a better free-market solution.”

Imagine if Coinbase did an IPO with 1:1 exchange for an onchain Ethereum security token. It could onboard a lot of traditional stock traders into the DeFi ecosystem and be the first of many traditional equities/securities getting tokenised. 🚀

— Pickle ⬡ (@Pickle_cRypto) January 3, 2021

Censorship-Resistant Onchain Securities

Meanwhile, a number of people have been talking about commodities and securities being traded onchain using a censorship-resistant and immutable blockchain. The libertarian influencer dubbed, ‘Sal the Agorist,’ tweeted: “Robinhood won’t be able to suspend trading once securities are tokenized.” Some exchanges and even decentralized finance (defi) platforms have already created blockchain-based securities and commodities. For instance, Mirror Finance has tokenized silver on Uniswap, FTX has tokenized securities, and Bittrex Global has also tokenized popular stocks.

Many other cryptocurrency supporters have shared the same sentiment that bitcoin is the last bastion of hope for free-market supporters. “Hearing so many reports of orders not going through for GME or AMC, even before circuit breakers, the brokers were up to funny business,” an individual tweeted. “The house will always find a way to screw you. Bitcoin is the last free market. Apply your pressure there @wallstreetbets,” he added.

It’s quite clear that most people understand that the stock market game is manipulated and there are far superior avenues available today, ones that can really squeeze the financial system. Paper stocks and fiat are short term games, while cryptocurrency supporters believe digital assets are the long game.

What do you think about the people saying that the GME game is short term and the only way to truly stick it to Wall Street is to use crypto assets? Let us know what you think about this subject in the comments section below.

via Jamie Redman

Read More

Michael Saylor Predicts Massive Investor Shift from Gold to Bitcoin After Buying Another $10M Worth of BTC

Michael Saylor, the ‘bitcoin slayer’ that needs no introduction, continues his attacks on everything non-bitcoin, this time unleashing his wrath on gold.

It Feels Great, Says Saylor of Owning More Than 71K Bitcoins

In an interview with Andrew Henderson of Nomad Capitalist, a legal finance advisory, Saylor, condemning gold as a “dying asset” and “dead money,” offered his view of the future of investment: gold is out, bitcoin is in.

To recap Saylor’s ascent to bitcoin supremacy, his firm Microstrategy made headlines for its relentless bitcoin shopping spree during 2020, buying 29,646 coins in December alone. 2021 is no different, with Saylor announcing today another purchase of 295 bitcoins, bringing his total to 71,079.

MicroStrategy has purchased approximately 295 bitcoins for $10.0 million in cash, at an average price of ~ $33,808 per #bitcoin. We now #hodl ~ 71,079 bitcoins acquired for $1.145 billion at average price of ~ $16,109 per bitcoin.https://t.co/lmj3QCgKbw

— Michael Saylor (@michael_saylor) February 2, 2021

Here’s how Saylor explains in the interview his aggressive purchasing behavior

It’s a long-duration, safe-haven asset. You can’t debase it. If you look in the long term, ten, twenty, thirty years, owning bitcoin is like encrypting your monetary energy in a way that will preserve it, without any degradation in the long term.

And it seems to be paying off for his firm, as he boasts in this tweet:

Regarding the grim future of gold, Saylor had this to say:

Gold is dead money. Sell your gold, buy Bitcoin because other people are going to sell their gold and if you wait until you’ve been front-run by all the hedge funds when they dump their gold, you’re going to be the last person out.

Saylor doesn’t stop at gold. For him, any other form of investment that is not Bitcoin, is just not worth it:

Look at every asset class for the last six months. Look at gold, look at NASDAQ, look at the S&P, look at bonds. They’re all chopping. They’re not going anywhere. What’s working? Bitcoin’s working. It’s tripled or quadrupled, but let’s say tripled easy.

Watch the full interview below ->

What do you think of Gold vs Bitcoin as investment vehicles? Let us know in the comments sections below.

via Reuben Jackson

Read More

Elon Musk Uncovers Facts Behind Robinhood Restricting Trades on Hot Stocks Like Gamestop

Spacex and Tesla CEO Elon Musk has been trying to get to the bottom of what happened with the popular trading app Robinhood when it stopped people from buying shares of hot stocks, like Gamestop. The shares of these stocks became popular due to the Wallstreetbets movement.

Elon Musk Says People Want the Truth From Robinhood

During an interview on The Good Time Show via the Clubhouse app Sunday night, Elon Musk grilled the CEO of trading app Robinhood, Vlad Tenev, over the company’s decision to restrict hot stocks last week, including Gamestop. On Friday, Robinhood also restricted crypto trading, citing “extraordinary market conditions.”

“What happened last week? Why can’t people buy the Gamestop shares? The people demand an answer and they want to know the details and the truth,” Musk said.

Tenev began by explaining the structure of his company. “Robinhood is actually a couple of companies,” he described. Robinhood Financial processes trades, Robinhood Securities clears and settles the trades, and Robinhood Crypto which deals with crypto trades.

The Robinhood CEO detailed that last Wednesday, his platform experienced “unprecedented volume” as “a lot of these so-called meme stocks were going viral on social media and people were joining Robinhood” to buy these stocks. Consequently, the company “received a file” from the National Securities Clearing Corporation (NSCC) Thursday morning at about 3:30 AM PST. It requested Robinhood to “put up money to the NSCC based on some factors,” including the volatility of certain securities. Tenev clarified that “this is the equities business so it’s based on stock trading and not options trading or anything else,” elaborating:

They gave us a file with a deposit and the request was around $3 billion dollars which is about an order of magnitude more than what it typically is.

Musk interrupted Tenev, questioning: “Why is that so high? It sounds like this is an unprecedented increase in demand for capital. What formula did they use to calculate that?”

Tenev replied: “We don’t have the full details. It’s a little bit of an opaque formula but there’s a component called the VAR of it, which is the Value at Risk, and that’s based on kind of some fairly quantitative things … and then there’s a special component which is discretionary so that kind of acts as a multiplier.” Tenev also noted that up until that point, his company “has raised a little bit around two billion dollars in total venture capital,” so the request was “a big number.”

The Tesla CEO interrupted again, asking: “What everyone wants to know is did something maybe shady go down here? It seems weird that you’d get a sudden $10 billion demand in the morning … suddenly out of nowhere.” Tenev swiftly corrected Musk that the number was $3 billion. The Robinhood CEO then emphasized:

I wouldn’t impugn shadiness to it or anything like that, and actually the NSCC was reasonable subsequent to this. They worked with us to actually lower it. It was unprecedented activity.

Musk abruptly asked Tenev: “Is there anyone holding you hostage right now?” Tenev chuckled and replied: “No, no, I’m okay. Thanks for asking.” Both laughed.

The Robinhood CEO proceeded to explain what happened, calling the experience “nerve-wrecking.” He said after receiving the request for $3 billion, his chief operating officer called up someone higher up at the NSCC to discuss what to do. “There was another call and they lowered it to something like $1.4 billion from $3 billion,” Tenev reiterated that it was still a high number. His company then proposed a plan to the NSCC of “marking these volatile stocks that were kind of driving the activity position-closing only.”

Then, at about 5 to 5:30 AM PST, before the market opened, the NSCC came back and reduced the deposit requirement to $700 million, “which we then deposited and paid promptly,” Tenev emphasized. Acknowledging that the move was bad for customers, the Robinhood CEO said, “We had no choice, in this case. We had to conform to our regulatory capital requirements and so the team did what they could to make sure we were available for customers.”

The Spacex CEO further questioned: “Who controls this organization, this clearinghouse?” Tenev replied: “It’s a consortium. It’s not quite a government agency. I don’t really know the details of all of that.” Nonetheless, he emphasized that “To be fair … I think there was legitimate sort of turmoil in the markets … so there probably is some amount of extra risk in the system that warrants higher requirements so it’s not entirely unreasonable.” He noted that lots of other brokers were in the same situation and had to restrict the same activity.

“So it sounds like this organization calls you up and they basically have a gun to your head: either hand over this money or else,” the Spacex CEO summarized, elaborating:

Basically, what people are wondering is did you sell your clients down the river or did you have no choice. If you had no choice, that’s understandable but then we got to find out why you had no choice and who are these people that are saying you have no choice.

“I think that’s fair. We have to comply with these requirements. Financial institutions have requirements,” Tenev responded. Nonetheless, he suggested that it would be helpful to know the formula the NSCC uses to calculate these requirements so companies can plan better.

Musk proceeded to ask about whether there was outside pressure forcing Robinhood to take the action it did. Tenev affirmed that there is “a rumor that Citadel or other market makers kind of pressured us into doing this.” However, he clarified, “that’s just false,” emphasizing that “this was a clearinghouse decision and it was just based on the capital requirements so from our perspective Citadel and other market makers weren’t involved in that.”

During the same Clubhouse interview, Elon also revealed that he is a supporter of bitcoin and should have bought the cryptocurrency eight years ago. He believes that bitcoin is on the verge of getting broad acceptance by traditional finance people. On Monday, Robinhood raised another $2.4 billion from shareholders after it secured $1 billion last Thursday.

What do you think about the Robinhood CEO’s explanation? Let us know in the comments section below.

via Kevin Helms

Read More

Bitcoin.com Exchange Lists Bitcoin Vault (BTCV) – a Next-Gen Security Focused Cryptocurrency

PRESS RELEASE. Bitcoin.com Exchange is thrilled to announce the listing of BTCV on the 2nd of February 2021 at 14:00 UTC. BTCV, a cryptocurrency launched back in 2019, claims to have come up with a theft-proof security solution. According to its makers, Bitcoin Vault (BTCV) was developed as the ultimate coin for the crypto enthusiast, hodlers, and traders alike. BTCV will be listed with BTC as a trading pair on Bitcoin.com Exchange, with more trading pairs being introduced at a later stage.

What Is Bitcoin Vault (BTCV)?

Since decentralized blockchains are immutable, canceling transactions is not possible. So, if someone makes a mistake while transferring the funds or if there was an unauthorized transaction there is no way to revert the funds back into the wallet. BTCV is not a fork of Bitcoin, it is a new blockchain based on the code behind Bitcoin which uses the same hashing algorithm needed to mine new coins – SHA-256. Since its inception, the creators behind BTCV have continuously worked on methods to advance the safety of the coin, and fill the security void evident in other cryptocurrencies, which has not been focused on. After a year of research and development, they were able to launch a 3-key security solution. This feature has been designed to secure digital assets in case of an unauthorized or erroneous transaction. Each of the 3-keys (Standard Transaction Key, Cancel Transaction Key, and the Fast Transaction Key) has a unique role to play in increasing wallet security. More information can be found here.

BTCV Security Keys

• Standard Transaction Key
  The Standard Transaction key is generated along with each wallet. It mainly runs in the background to ensure the smooth operation of all transactions. Apart from functioning like an invisible layer of extra safety, it can also be used to recover the wallet in case of a security breach or technical issue.
• Cancel Transaction Key
  As the name suggests, this key allows users to cancel transactions. This has been made possible by regulating the number of blocks it takes to confirm the transaction on the blockchain to 144. It allows wallet owners to reverse a transaction within approximately 24 hours of a regular BTCV transfer.
• Fast Transaction Key
  This key is necessary to perform Fast transactions. It can be used to execute a transfer in about 10 minutes, after one block is generated, allowing BTCV users to make quick transactions with trusted parties.

This anti-theft feature has made it possible for BTCV users to cancel and reverse transactions without changing the nature of the blockchain. The 3-Key Security Solution is the answer to your security issues in the world of crypto!

Why Choose BTCV?

• Secure: Enhanced anti-theft solution providing safety of your funds.
• Simple: Based on Bitcoin Core with additional features.
• Flexible: Users can decide between fast and ultra-secure transfers.

Strong Endorsement

Danish Chaudhry, CEO of Bitcoin.com Exchange, shared his views on BTCV: “The team behind Bitcoin Vault has really done something special, by developing a cryptocurrency based on a higher standard of security for their community, answering certain issue the whole crypto community has been facing for the past decade or so. With its strong emphasis on transparency, BTCV will flourish within our exchange, and I am sure our users will gain a lot of interest in what their team has to offer.”

Piotr Kozłowski, Chief Growth Officer in the Bitcoin Vault development team says that, “We were searching for a solid partnership for quite some time, and we finally found the perfect candidate in Bitcoin.com Exchange – with their big community they can help us achieve high liquidity and increased awareness. The cooperation and implementation process went through smoothly. We were really satisfied by the professionalism of their team and they definitely stood up to the challenge.

 

About Bitcoin.com Exchange

The mission of Bitcoin.com Exchange is to empower people from all over the world to trade cryptocurrencies with ease and confidence, from first-time traders to advanced trading professionals. With high liquidity, 24/7 multilingual support and dozens of trading pairs, complemented with a high level of security, we offer an attractive platform for trading any cryptocurrency. Within one year since launch, on average, our exchange has been visited by more than 500K active traders per month, and this number continues to grow as you read this sentence.

 

About Bitcoin Vault

Bitcoin Vault is developed to provide an extra level of security based on a three-private-key security structure. It features all the convenience of Bitcoin while adding important features allowing user transparency and freedom.

The plan is to have Bitcoin Vault fully accepted by not only the current crypto-community, as one of the major players in the space, but also by newcomers to the industry, and enterprises. Despite the fact that the first Bitcoin was mined over 11 years ago, this crypto space is still in its infancy. The dream is to have produced a product that can improve people’s lives.

 

Media Contact Info

Bitcoin.com Exchange

Contact Name: Antonio Bileci

Contact Email: antonio@bitcoin.com

---

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Bitcoin.com PR

Read More

Indian Government Clarifies Position on Cryptocurrency and Digital Rupee

The Indian government has clarified its position on cryptocurrency and the country’s digital currency in answers provided by the Ministry of Finance in Rajya Sabha, the upper house of India’s parliament. The Indian crypto industry sees this clarification as positive news and that the government is unlikely to impose an outright ban on cryptocurrencies, including bitcoin.

Indian Government Answers Questions About Cryptocurrency and Digital Rupee

Rajya Sabha, the upper house of India’s parliament, published a list of questions and written answers on Feb. 2 that include the topic entitled the “Introduction of India’s own cryptocurrency.”

Member of Parliament Sri Sanjay Raut asked the finance minister whether the Indian government is aware that many business companies are using cryptocurrency for international transactions during the last year and whether the government is considering the possibility of introducing India’s own cryptocurrency.

The questions were answered by Minister of State for Finance Anurag Singh Thakur. He replied “No, Sir” to the first question.

To the question about the digital rupee, he replied: “No, Sir. It was announced in the Budget Speech of year 2018-19 that the government does not consider crypto-currencies legal tender or coins and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The government will explore use of the blockchain technology proactively for ushering in digital economy.”

Answers about cryptocurrency and digital rupee by Minister of State for Finance Anurag Thakur in Rajya Sabha.

The questions and answers published by Rajya Sabha followed the listing of the cryptocurrency bill to be introduced in the Budget session in Lok Sabha, the lower house of India’s parliament.

According to Lok Sabha’s booklet, the crypto bill seeks to create a regulatory framework for the issuance of the digital rupee by the Reserve Bank of India (RBI) and ban “private cryptocurrencies.” The RBI also recently revealed that it is exploring the need to issue a central bank digital currency (CBDC).

Advocates Say Complete Ban Unlikely, Definition of ‘Private Digital Currencies’

Commenting on the Minister of State for Finance’s answers, the CEO of local crypto exchange Wazirx, Nischal Shetty, said that the answers by Shri Anurag Thakur “goes to show that government is focused on curbing illegal activities & payment systems.” He elaborated:

This clears more confusion that there won’t be a complete ban on crypto.

Shetty previously said: “I do not believe there will be a complete ban on crypto in India. Most importantly, no government anywhere in the world will destroy Rs. 7,500+ crore worth of assets belonging to 7 million people.”

The CEO of Unocoin crypto exchange, Sathvik Vishwanath, opined: “While this does not indicate the future of crypto industry in India, this is evidence that it is moving in a direction favorable to crypto.”

The CEO of crypto banking platform Cashaa, Kumar Gaurav, told news.Bitcoin.com:

It is too early to comment on what exactly the term ‘private cryptocurrency’ refers to as per the draft. Further, understanding that cryptocurrency is a global and decentralized system, there is no way any government can ban it.

“That would require that kind of technology and control, which technically does not rest with anyone. They can certainly ban the legitimate use of crypto which will only make it difficult for a common person who does not understand it to get involved in it,” he added.

“However, what we understand is that the Indian government is trying to crack down on scams that are running in the name of bitcoin, considering that 90 percent of these scams do not even operate on a proper cryptocurrency,” he further opined. “We are positive that the government will come up with regulations and policies that will put control on the scams and let the innovation in the industry, including the crypto like bitcoin, cashaa, ethereum that are built on the public chain to grow and thrive.”

Do you think the Indian government will ban bitcoin? Let us know in the comments section below.

via Kevin Helms

Read More