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

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Ban U-Turn? India’s Central Bank Admits Cryptocurrency Regulation is Necessary

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In a first, India’s central bank has called for the regulation of the domestic cryptocurrency sector during Friday’s hearing at the Supreme Court, weeks after enforcing a banking ban against crypto companies. Earlier in April, the Reserve Bank of India (RBI)  issued a circular  that forbade all financial institutions – banks included – from offering services to businesses in the cryptocurrency sector. Furthermore, the policy also mandated banks to stop customers from purchasing cryptocurrencies using fiat funds in their banking accounts. A public interest litigation (PIL) filed in India’s Supreme Court calling for regulation of the cryptocurrency sector saw the central bank  absolve itself of any responsibility  in framing a policy, claiming it was a policy matter requiring legislation through India’s Parliament rather than a subject of debate among courts. Amazingly, the RBI then admitted that it – as a central bank responsible for framing monetary polic...
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Indian State Embraces Blockchain Technology to Mitigate Fraud in Government

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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 ...
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How Cryptocurrency Prices Work, Explained

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1. How do cryptocurrency prices compare to fiat currencies? Neither is backed by a commodity like gold or anything with an underlying value. The biggest difference between cryptocurrency values and fiat money is that fiat currencies are backed by central governments and declared as legal tender. Its value is basically derived from the fact that the central government has stated that it has value and two parties in a transaction put their trust in that value. Most countries today operate in a fiat currency system, where central banks and monetary reserves control the supply of money and, as such, indirectly control inflation. Cryptocurrencies, on the other hand, are not controlled by a central government or authority, and most regions do not accept them as legal tender. Cryptocurrencies will also generally have a fixed supply and, therefore, the devaluation of cryptocurrencies through inflation is mostly nonexistent. Other than that, both fiat and cryptocurr...
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