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Indian government is “evaluating” the possibility of issuing a state-backed cryptocurrency , sources have told local news outlet Quartz India on Wednesday, Oct. 10. An unnamed “senior official” has told Quartz that the government has set up a panel that will discuss questions regarding cryptocurrencies and blockchain. While, according to Quartz’s source, the government is looking to “encourage” blockchain studies, the launch of a state-backed cryptocurrency is only an option to be considered. The source has also said that the panel will discuss new amendments to the existing draft bill on cryptocurrencies. One of the proposals is reportedly to make any possession of cryptocurrency without the government’s approval a punishable crime. The panel was created in December 2017 by India’s Ministry of Finance to discuss crypto regulations in the country, Quartz notes. It is expected to present its report by the end of 2018. The Reserve Bank of India (RBI) first announced its ban on p...

Bakkt —  the forthcoming regulated global ecosystem for crypto assets recently unveiled by Intercontinental Exchange (ICE) —  will not support margin trading for its Bitcoin (BTC) contract, according to an official Medium post published August 20. Earlier this month, ICE –– the operator of 23 leading global exchanges including the New York Stock Exchange (NYSE) –– had unveiled ambitious plans to create a “seamless” global ecosystem for digital assets that would cover the spectrum from federally regulated markets and warehousing to merchant and consumer needs. The announcement notably revealed plans to offer a 1-day physically delivered BTC contract by November, subject to pending approval from US regulators. Bakkt’s CEO Kelly Loeffler has today outlined the three cornerstones of the project, which she says will aim to establish a “consistent regulatory construct,” institutional-grade pre- and post-trade infrastructure and “transparent, efficient price discovery” for cr...

The BlockShow Americas 2018 conference kicked off Monday, Aug. 20 in Las Vegas. The first panel discussion involved a heated debate between proponents of two opposite views of how — and if — blockchain should be regulated and adopted by institutions around the globe. BlockShow is a series of fintech and crypto events, usually held in Singapore and Europe; the previous BlockShow took place in Berlin in the spring of this year. The opening panel, titled “Wall Street vs Crypto,” brought together a number of industry experts to discuss the future potential of cryptocurrencies like Bitcoin ( BTC ), and the importance of regulatory involvement in the crypto sphere. Panelists debated the role of governments and financial institutions in paving the way for a “tsunami of innovation” enabled by blockchain. Moderated by TechCrunch ’s editor-at-large Mike Butcher, the panel was comprised of five experts from the finance and crypto industries, including leading IT analyst and Forbes c...

Thai regulators announced Thursday, August 16, that they have so far approved seven business entities to conduct cryptocurrency operations as part of the formalization of the country’s domestic market. In a statement , Thailand’s Securities and Exchange Commission (Thai SEC) confirmed Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Group Co. Ltd. (TDAX), and Coin Asset Co. Ltd. were able to operate as legal cryptocurrency exchanges. In addition, the regulator approved two cryptocurrency dealers: Coins TH Co. Ltd. and Digital Coin Co. Ltd. (ThaiWM). The move forms part of a package of “transitional” rules governing crypto businesses operating in Thailand prior to the first tranche of regulations that came into force May 14. As Cointelegraph reported , those entities continue serving customers while applying and waiting for a full license by notifying the Thai SEC within 90 days of the May deadline. “In addition, the SEC is currently reviewing the data of tw...

The U.S. District Court, Northern District of California has ruled to deny a motion to remand against Ripple , its subsidiary XRP II, and Ripple CEO Brad Garlinghouse , according to an official document issued August 10. The original lawsuit was first initiated by XRP investor Ryan Coffey in a San Francisco court on May 3, 2018, claiming that he lost $551.89 while trading XRP tokens. The class action was filed by law firm Taylor-Copeland, alleging that Ripple sold XRP tokens in violation of both the U.S. the Securities Act and the California Corporations Code. The plaintiff also claimed that XRP is not genuinely decentralized . According to court documents, the plaintiff failed to show whether the presence of a Securities Act issue was sufficient to bar the defendant from removing an action under the Class Action Fairness Act . In the ruling the court found that, “The parties candidly admit that their research failed to turn up any case directly addressing this question and...

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. Earlier this week, the cryptocurrency markets slumped : Bitcoin (BTC) lost its $6,500 support, and Ethereum (ETC) dropped well below the $400 mark (rates stand at $6,620 and $319 respectively by the press time). While it’s important to remember that on such a volatile and scarcely regulated market, news might affect the prices to a lesser degree, and the recent drop correlated with the U.S. Securities and Exchange Commission (SEC) decision to postpone its verdict on the listing and trading of a Bitcoin exchange-traded fund (ETF) until late September. The SEC has gained the reputation of being a major news-maker in the cryptocurrency field: The watchdog’s decisions toward the market have been associated with a number of price drops and bull run...

The Indian government is considering whether to allow crypto tokens to be used in the country, despite its hardline stance on cryptocurrencies, local news outlet DNA India reports August 10. A committee set up by the finance ministry, under the chairmanship of the Department of Economic Affairs (DEA) secretary, is reportedly working on a set of regulations and roadmap to allow certain crypto assets to be used in India. Once the draft proposals are finalized, the legislation will be tabled before the Parliament, according to DNA’s source. DEA secretary Subhash Chandra Garg, who is heading the committee, is quoted by DNA as saying: “The committee is studying the possibility of using cryptocurrencies or crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that…[while] the currency is totally banned, the committee is discussing its other usage and how it can be mainstreamed in India.” While emphasizing that ...

Japan’s financial watchdog, the Financial Services Agency (FSA), has published the results of its on-site inspections of cryptocurrency exchange operators, Cointelegraph Japan reports August 10. Based on its findings, the watchdog has decided to apply more rigorous oversight into new applications from exchanges hoping to receive an official operating license . Newly registered exchanges will be required to undergo on-site inspections at an early stage and the agency plans to closely examine the effectiveness of their business models. According to the agency, there are currently “hundreds” of companies awaiting its review. The FSA probe revealed that exchange operators’ maintenance of their internal control systems has failed to keep pace with the rapid growth of transaction volumes, which it partly attributed to the “renaissance” of the crypto markets in fall 2017. According to the investigations, the total digital assets of domestic exchanges surged to 792.8 billion yen ($7.1 ...