Indian Exchange Zebpay Boosts Trading Support for 19 Cryptos Ahead of RBI Ban

-

Comments

Post a Comment

Popular posts from this blog

Why do we see so much fluctuation in cryptocurrency prices?

-
Image
The cryptocurrency market is still considered very new and, beyond hearing the term “cryptocurrency,” most people are still very much unfamiliar with the industry. Nascent markets have a number of qualities that make them inherently volatile. Limited liquidity exists within the market if you compare it to more established markets like traditional economies, including the foreign exchange market. To put it into perspective, the total value of all the money in the world is more than $90 trillion, while the total cryptocurrency market cap is hovering around $250 billion — a 36,000 percent difference. Daily cryptocurrency trading volumes are around the $14 billion mark, while daily forex trades are closer to $5 trillion. The spread — the difference between the buy and sell price — on foreign currency trades will be a few pennies at the most, while spreads on cryptocurrency trades can be as high as a few dollars. All this points to a very thin market...
Read more

Indian State Embraces Blockchain Technology to Mitigate Fraud in Government

-
Image
The Indian state of Telangana looks primed as a blockchain technology forerunner in the subcontinent. On July 26, 2018, state officials signed MoUs with various blockchain startups and consultants to augment the use of the burgeoning technology in administrative services. Bringing Transparency to State Administration As  reported  by  Business Standard , Telangana’s I.T. and Industries head Jayesh Ranjan noted the implementation of blockchain technology in “six or seven” government applications. Earlier, the state had piloted blockchain-based land registry and pension platforms to bring transparency and mitigate fraud in the two middlemen-dominated businesses. Rajan revealed migrating to blockchain-based platforms helps omit the opacity of governmental sectors by assisting citizens in tracking sensitive information and pinpointing the progress of essential applications. However, Rajan did not name any area of implementation yet, rendering any presumptions as ...
Read more

India’s Supreme Court Refuses to Lift Cryptocurrency Banking Ban

-
Image
In a ruling today, India’s highest court of law refused to grant any temporary respite against the central bank’s ban on banking services to cryptocurrency exchanges. On April 5, the Reserve Bank of India (RBI) – the country’s central bank –  issued a circular  to all regulated financial institutions including banks to prohibit them from providing services to businesses in the cryptocurrency sector. The crippling policy also mandated banks to stop allowing their own retail clients from purchasing cryptocurrencies through their banking accounts. With a three-month deadline, the ban effectively begins on Thursday, July 5. The move predictably raised alarm across the nascent but rapidly-growing domestic crypto sector. A number of exchanges filed  petitioned  in courts across India to challenge the central bank, arguing the policy was “ arbitrary, unfair and unconstitutional ”. Such was the reaction from the industry that the Supreme Court weighed in – a month af...
Read more