Indian Government Looks to Ban Cryptocurrency Trading With New Law

India is not new when it comes to harsh and unfriendly cryptocurrency laws. Now, Bloomberg reports that the country is set to introduce a new law which will ban cryptocurrency trading within its borders.

Citing anonymous sources, the report states that India’s federal cabinet is set to discuss the bill prior to being sent to the parliament.

The report states that the Indian government will continue encouraging and supporting the growth of blockchain technology but will discourage crypto trading.

In 2018, Indian central bank instituted a ban on all crypto transactions following numerous cases of frauds prior to the sudden decision to ban about 80% of the country’s currency by Prime Minister Narendra Modi. However, the decision was rescinded in March this year after a successful filing of a suit in the Supreme Court by various crypto-based firms operating in the country.

The lifting of the ban saw almost a 450% increase in crypto trading in just two months from March. Paxful, a Bitcoin marketplace, registered a staggering 883% growth from January to May this year representing a growth from $2.2 million to about $22.1 million in revenues. Similarly, India’s largest crypto exchange WazirX registered a growth of 400% and 270% in March and April respectively.

The renewed effort to ban crypto trading comes at a time when the Indian Parliament has reopened following a prolonged break due to COVID-19 pandemic. The bill is likely to be introduced to parliament in this monsoon session which kicked off yesterday and is set to affect over 1.7 million Indians who actively trade in digital assets as well as institutions coming up with platforms to ease crypto trading.

Today’s report appears to be in tandem with June’s news where the nation’s finance ministry was reportedly urging for inter-ministerial consultations on how to ban crypto.

In the recent past, India’s federal government has been exploring possible ways of using blockchain technology to enhance service delivery in different sectors like management of land records, enhancement of pharmaceutical drugs supply chains, management of educational certificates, among others but remains adamant against crypto trading.

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Author: Joseph Kibe

SushiSwap Creator Makes a U-Turn; Returns $14 Million Worth of Ether

In the latest turn of events, just when you think the drama is coming to an end, comes a tweet from Chef Nomi.

It was on the last weekend that the anonymous creator of DEX SushiSwap cashed out his share of the development fund; now, just before this weekend, Chef Nomi apologized to the crypto community for their greed.

The creator also returned all of their $14 million worth of Ether to the treasury and “will let the community decide how much I deserve as the original creator of SushiSwap.”

Now, Adam Cochran, a co-signer of the multi-sig, is proposing to use some of these returned funds to re-buy SUSHI token, which is trading at $2.33.

Currently, the SushiSwap community is working on bringing the policy changes they have voted for to the protocol, including reducing its token reward schedule and introducing fee staking and a lock-up period for newly minted SUSHI.

The Apologies Round

This week, the control of the Uniswap clone was handed over to FTX CEO Sam Bankman-Fried, and the subsequent successful migration of SushiSwap happened. Already it is recording $200 million in daily volume and $1.54 billion of liquidity. The community also voted for ten people as the multi-sig signers for the treasury.

Chef Nomi apologized to all the people involved in the project and “for bringing a bad reputation to the DeFi movement.” At the time of selling his SUSHI tokens, the pseudo-anonymous creator said they deserved the funds for doing all the work.

Synthetix founder is in favor of “powerful incentives” to “attract all the amazing founders languishing in Fintech building shitty TradFi overlays” in crypto, much like Chef Nomi.

But yEarn founder Andre Cronje argued that incentives should be aligned and “earning a casual $1.5m for < 2 weeks worth of work, off of cloning someone else’s work, hardly seems aligned.”

The creator also directed their apologies towards Uniswap creator Hayden Adams, of which it is a copycat.

“I hope that SushiSwap continues to evolve. Don’t let my mistake deter it from being a 100% community-run AMM. The success of SushiSwap will set a precedent for many more community-run projects,” said Chef Nomi. “It has a lot of potential, don’t let my action alone fuck it up.”

Chaos has a way of sorting itself

While those who lost their money during the SUSHI’s 80% price dump following Chef Nomi’s “exit scam” berated him still in the comments section of Twitter, some speculated this move was because he was doxxed.

Others complimented the creator for owning up to their mistakes and correcting them. Cronje said,

“Less apology, more coding. Sushiswap needs you. Get back to work and build something that leaves a legacy. You chose Sushiswap over yourself, now just keep building.”

Amidst this, popular trader Loomdart shared his two bits on the Sushi saga, saying the project is not a conspiracy because “$14m is pennies when you attribute the stress/fear that comes with “doing” what ChefNomi did.” He said,

“Crypto is chaos. chaos just has a way of managing to sort itself out when peoples incentives align.”

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Author: AnTy

Bitcoin for Beginners: Explaining Crypto and DeFi Coins During the Next Bull Run

Crypto experts believe the next bull run is coming. When it comes, you’ll need to once again explain crypto to your friends and family.

How do you explain the power of blockchain to someone? What’s a good elevator pitch to get someone to invest in bitcoin? How do you explain the power of crypto in a few sentences?

Preston Pysh (@PrestonPysh) just answered these questions on Twitter. Preston published several paragraphs on Twitter explaining how to explain the potential of crypto to friends, family, and anyone else you talk to – when they inevitably ask during the next bull run.

Before bitcoin hits $20,000 by the end of 2020, we’re here to help explain Bitcoin to your friends and family.

What Problems Does Bitcoin Attempt to Solve?

For technology to change the world, it needs to solve a problem. The iPod solved the problem of transporting 1,000 songs in your pocket. The internet solved the problem of global communication. The wheel solved the problem of moving big things around.

So what problems does bitcoin solve?

Bitcoin was created as the most secure, stable digital currency. It’s designed as a global, digital peg on fiat currency.

Some had seen fiat currency as a problem since the 1930s when the United States government seized gold from U.S. citizens and made it illegal to hoard gold. Others pointed to 1971 when global economies agreed to remove their fiat currencies from the gold standard, which is why today’s currencies are no longer pegged to…anything.

The lack of a fiat currency peg has led to…issues. Governments around the world are overusing inflationary monetary policies with no monetary peg. The $100 USD you owned 50 years ago only buys a fraction of the amount of stuff it did back then – due to inflation.

Bitcoin is deflationary. It has a fixed supply. There will never be more than 21 million bitcoins in existence. Out of the 17 million bitcoins in circulation, a significant portion (most experts guess around 4 million, but it could be higher) have already been permanently lost. If the demand for bitcoin continues to rise, and supply remains fixed, then bitcoin’s price can only go one direction: up.

But Bitcoin’s Price Is So Volatile!

“Why would I buy a bitcoin for $10,000 today when it could be worth $100 tomorrow? The price changes all the time, and I can’t trust a significant amount of money to crypto!”

It’s true that bitcoin’s price is volatile. Ten years ago, you could buy a bitcoin for a few pennies. Today, bitcoin is priced around $12,000. A few years ago, one bitcoin was worth $20,000.

Over time, bitcoin’s volatility should flatten. Bitcoin is a new asset, and investors are still trying to price that asset. Markets for uncertain assets fluctuate, and bitcoin is no different. The market is trying to find the actual value of bitcoin.

Of course, grizzled bitcoin fans will tell you that the price of bitcoin only fluctuates when comparing it to USD: 1 BTC has always been equal to 1 BTC. It’s only the BTC/USD (and BTC/any other fiat currency) ratio that fluctuates.

How Does Bitcoin Have a Fixed Supply? Can’t Someone Raise the Supply?

Bitcoin’s supply is fixed. There can only ever be 21 million bitcoins in existence. Nobody can copy their bitcoin to duplicate it. That’s one of the key technological innovations of bitcoin: unlike other digital files, one bitcoin cannot be spent twice or copied in two places. Bitcoin’s blockchain innovatively solved the “double-spend” problem.

There are 21 million bitcoins, but you can still break down bitcoin into smaller units. Each bitcoin can be broken down to 8 decimal places, which means there are 2,100,000,000,000,000 total bitcoin units (people call these ‘Satoshis’). There will never be more than this supply because of blockchain.

There Are Thousands of Cryptocurrencies – Why Would I Buy Bitcoin?

Bitcoin isn’t the fastest cryptocurrency. It’s not even the most secure or private cryptocurrency. In fact, from a technical standpoint, bitcoin has few advantages over many of its competitors. However, bitcoin has one significant advantage: first-mover advantage. Bitcoin was the world’s first cryptocurrency, and it’s the coin most people think about when they hear “crypto.”

Preston Pysh recommends thinking of it like another open-source project everyone knows about – Wikipedia:

  • Wikipedia is an open-source website that anyone can legally copy and duplicate.
  • Anyone could copy the open-source code for Wikipedia, change the name, and try to adopt new users and overtake Wikipedia as the world’s best repository of knowledge.
  • This doesn’t happen because of “network effects,” explains Preston: bitcoin has the most substantial protocol network effect for pegged money.
  • Yes, bitcoin has its issues – but despite the fact, anyone can copy bitcoin, people don’t. And bitcoin has remained the world’s largest and most valuable cryptocurrency since launching in January 2009.

Won’t Governments Just Ban Bitcoin?

It’s true that governments have banned bitcoin in the past. The Chinese government banned crypto exchanges in September 2017, for example.

During the early years of bitcoin, it was a credible threat that governments could ban it. Today, it’s less of a risk. Countries around the world have already passed laws that legitimize bitcoin and protect bitcoin hodlers. Germany, Australia, South Korea, and other countries have laws protecting bitcoin ownership – just like they have laws protecting any non-digital property for citizens.

The government has the power to ban virtually anything – from free speech to guns to methods of payment. As long as the majority of people want bitcoin, and as long as you live in an open democracy, you should have nothing to worry about.

How Much Will One Bitcoin Be Worth Ten Years from Now?

Inevitably, bitcoin conversations turn to price – and how much money you can make by investing in bitcoin.

Of course, nobody can predict where bitcoin will go next. It could sharply fall before it rises again. It could skyrocket to $20,000 by the end of the year – and $100,000 next year.

People have all types of bitcoin predictions – they’re all over the board with predictions.

One thing to consider is that fiat currencies like the US Dollar may lose their value while bitcoin rises in value. With central banks around the world implementing inflationary policies and pumping new money into the economy, it’s possible fiat currencies will slowly become a thing of the past – while digital currencies become more popular for their fixed supply.

This is all conjecture – but this is the type of speculation that could get friends, family, and others interested in cryptocurrency.

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Author: Andrew Tuts

Stellar Development Foundation Invests $550k Into SatoshiPay to Boost B2B Solutions

  • Stellar Development Foundation (SDF) adds funding close to $600,000 in SatoshiPay.
  • The funding comes in loan convertibles and was distributed across the Stellar blockchain.

Stellar Development Fund, a non-profit organization behind Stellar blockchain’s development, announced an additional $550K funding round in SatoshiPay, a crypto business to business cross border payment platform. The convertible loan from SDF’s Enterprise Fund, was paid in Stellar’s native tokens, Lumens, the transaction completing in seconds.

The latest investment from the SDF is the third this year in SatoshiPay after a long partnership between the two companies. This brings the total funding amount in the B2B cross border company in 2020 to a total of $6.3 million. The loan convertibles will be activated at the next round of funding by Stellar’s Dev Fund.

Meinhard Benn, CEO of SatoshiPay believes the funding pushes the company closer to its goals. He said,

“With a surge in demand for instant B2B payments, and blockchain maturing and enabling a payments revolution, we believe we have a head start through our proven, scalable blockchain business model.”

The loan comes as a relief from the current effects caused by the COVID-19 pandemic and will help the company keep their staff and working operations running. A part of the funds will be used in marketing and development of the SatoshiPay platform.

According to the exclusive press release sent to BEG desk, the company expects to launch its closed alpha test in the next 8 weeks with a public beta test expected in the final quarter of the year.

More Developments on SatoshiPay

SatoshiPay was one of the first companies to adopt Stellar’s settlement network on its platform. The company recently launched the Solar app built on Stellar’s blockchain to allow micropayments across borders. The open-source wallet for the Stellar network, has been downloaded more than 25,000 times in 40 countries, according to the release.

SDF’s Enterprise Fund recently announced a $715k grant to blockchain startup, DSTOQ, which focuses on the tokenization of bluechip stocks.

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Author: Lujan Odera

Bitcoin Got its Own Emoji on Twitter, Jack Dorsey Wants Unicode to Add Too

Social media giant Twitter has released a Bitcoin emoji that comes up every time you type hashtag Bitcoin.

This really isn’t surprising given that it’s CEO Jack Dorsey is a Bitcoin proponent who believes the world’s leading cryptocurrency could be one day the currency of the Internet.

In his Tweet, Dosey CC’d the latest development to Unicode, the world standard for text and emoji, whose idea is that “everyone in the world should be able to use their own language on phones and computers.”

The letter B with two vertical strokes ₿ which is used to represent Bitcoin was approved in 2017 as a Unicode character, after being rejected in 2011, but not as an emoji. The first time Bitcoin sign appeared in Unicode 10.0 in 2017 and as of June 2017, font support for the sign was released in macOS, iOS, Android O beta, Windows 10 Creators Update, and several Linux ones.

Dorsey’s new bio has also been changed to highlight this latest development “#bitcoin”

In the meantime, the #Bitcoin hashtag with the emoji has been trending on Twitter.

Bitcoin enthusiast Rhythm Trader took to Twitter to share that this new development reflects, “Bitcoin is magic internet money.”

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Author: AnTy

Reserve Bank of Australia Looks To Deny Cryptos Like Facebook’s Libra Until Regulations Are Met

When it comes to Libra and the viability of central bank digital currencies (CBDCs), the Reserve Bank of Australia (RBA) has announced it has serious doubts.

RBA officials said in December last year they don’t believe cryptocurrencies will ever take the place of money issued by governments. While Libra and CBDCs are believed to promote financial inclusion, RBA has assessed their innovation in the global fintech space and concluded they’re redundant solutions.

RBA Has a Team Evaluating New Tech for the Country’s Payments System

Since 2018, the RBA has had their own research group that assess’ new payment structures and technology involved for the country. This team evaluated CBDCs and what a “wholesale settlement system” can do on a private Ethereum (ETH) network, as to attempt understand better if tokens could be efficient when it comes to commercial banks issuing currency.

CBDCs Encouraged by Some Central Bankers

There are some central bankers, Mark Carney and Christine Lagarde included, who encourage CBDCs, not to mention the People’s Bank of China (PBOC) is currently testing the impact on the public of its future digital Yuan. However, RBA thinks an Australian digital currency would only disrupt the country’s financial system at this point, especially when it comes to the retail industry using it. It cites a research done by the accounting company EY and that discovered a CBDC wouldn’t be effective to promote Australia’s fintech sector.

The RBA Doesn’t Think Cryptocurrencies Have a Future

After watching the asset class for years, the RBA doesn’t see a future for cryptocurrencies, especially since these aren’t widely accepted or used as payment and their volatility is more popular among speculators, not among ordinary people. Philip Lowe, RBA’s governor, doesn’t see the role of Libra in a country that already has a very efficient electronic payment system like the NPP, which was introduced in 2018 and allows users to make transactions using their email or phone number. While backed by the RBA, many commercial banks didn’t support the NPP, with RBA describing it as disappointing in June 2019.

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Author: Oana Ularu

Chinese Tech Giant Baidu Has Rolls Out Its Open-Sourced XuperChain Blockchain Network

Internet giant Baidu has just released its own cryptocurrency called Xuperchain. The news comes as China is preparing for launching the Yuan digital currency.

According to finance.ifeng.com, Baidu’s Xuperchain has just been launched on January 6 with the Open Network, which is designed to empower SMEs and developers. The Open Network is a blockchain basic service network built on Baidu’s completely self-developed open source technology. It consists of masternodes distributed throughout the country and complies with Chinese standards. More than this, it provides users the proper environment for rapid deployment and operation of blockchain applications, and for computing.

Masternodes Indicate a Decentralized Network

Operating on masternodes, the Open Network is decentralized and can be included in the high-performance blockchains category. The network’s whitepaper says it can support over 10,000 transactions per second and that Baidu has developed 50 blockchain platform patents for it. The Xuperchain blockchain’s underlying code is available on GitHub, as it has been made open source back in May 2019. Besides, there’s also a Xuperchain block explorer, so the transactions made on the network can be seen by anyone.

Xuperchain Platform to Modernize China’s Governance Capacity

The Xuperchain platform is especially designed for blockchain-based apps like Ethereum. Its whitepaper says it’s meant to modernize the governance capacity of China by helping the country bring other nations into the process of developing blockchain technologies. The whitepaper also discusses to the 13th 5-Year National Informatization Plan, which talks about blockchain-based tech and has been elaborated in 2016.

Xuperchain is Flexible and Has a Low Threshold

Based on Baidu ’s completely self-developed and open-source XuperChain technology, XuperChain meets the Chinese blockchain standards requirements. It’s flexible and convenient as it has a low threshold. Besides, it offers reduced costs for flexible payments. With flexible payment capabilities for computing and storage resources, easier billing can be achieved on demand and by volume.

The Xuperchain blockchain has been launched rather soon after President Xi Jinping has held a speech in which it encourages blockchain development and expresses his hopes that China will be part of it.

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Author: Oana Ularu

US Congress Drafts Bill ‘Crypto-Currency Act of 2020’ To Bring Clarity To Digital Asset Regulation

A draft bill that will bring more regulatory clarity when it comes to the crypto sector has been introduced by an US congressman.

The bill named the Crypto-Currency Act of 2020 and will help to determine which federal agencies should regulate in the crypto space. This newest draft comes after the US lawmaker Warren Davidson earlier this year was looking to make regulations clearer by reintroducing the Token Taxonomy Act.

SEC to Regulate Crypto Securities

As reported, the US lawmaker who introduced the Crypto-Currency Act of 2020 bill was the Republican Arizona congressman Paul Gosar. This bill has cryptocurrencies divided into securities, cryptocurrencies and crypto commodities.

The draft has been proposed that for each of the mentioned categories above, to have a federal crypto regulator that provide updated announcements to the public on any required registrations and licenses.

The Securities and Exchange Commission (SEC) has been proposed for the crypto securities category, the Financial Crimes Enforcement Network (FinCEN) for the cryptocurrcey category, while the Commodity Futures Trading Commission for the crypto commodities.

The Bill Defines Cryptocurrencies

What’s even more interesting about the bill is that it defines the cryptocurrencies types. According to the draft, crypto commodity represents “economic goods or services”, crypto securities are “all debt, equity and derivative instruments that rest on a blockchain”, whereas cryptocurrency stands for an US currency representation or “synthetic derivatives resting on a blockchain”.

The bill also says that acting via the FinCEN, the Secretary of the Treasury should issue rules for cryptocurrencies, synthetic stablecoins included, that make it possible for transactions in the crypto space to be traced, just like currency transactions of financial institutions do at the moment.

Market Participants and Lawmakers Have Been Long Looking for Regulatory Clarity

Regulatory clarity is something lawmakers and the crypto market players have been looking for. Through the Token Taxonomy Act, congressman Warren Davidson wants to help cryptocurrencies stand legally in the US.

Only recently, SEC, FinCEN and CFTC have issued together a statement in which they’re saying the cryptocurrency industry needs to comply with the US financial services and banking laws. All crypto players can do for the moment is wait and see if the bills introduced by Gosar and Davidson are going to bring regulatory clarity.

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Author: Oana Ularu

Ethereum’s Vitalik Buterin: Proof of Stake (PoS) Will Make ETH More Secure than Bitcoin

“Ethereum is one of the hardest-hitting competitor’s when it comes to an altcoin that could compete against Bitcoin”.

Vitalik Buterin, a co-founder of Ethereum, stated that after the Proof of Stake (PoS) consensus algorithm is implemented into Ethereum, it will be more secure than Bitcoin.

Buterin stated this opinion during Devcon 5: An Ethereum developers conference that happened in Osaka from October 8th to October 11th. He pointed out, pragmatically enough, that the sheer cost of attack would make Ethereum a safer network as well. It works on the idea of deterring lower-tier criminals from trying their hand at it due to the computational power needed.

As is considered mandatory, Buterin started his presentation by paying homage to the enigmatic Satoshi Nakamoto: Creator of bitcoin and the father of cryptocurrencies as a whole. He stated that Nakamoto created crypto-economics as a way to encourage individuals to maintain the Bitcoin network.

The way that blockchain is designed is that you would need an incredible amount of resources to compromise the network effectively, and the cost only rises as the system expands.

Buterin makes an intriguing claim, however. He asks if every aggressive actor against blockchain is into it for the monetary gain, or if there are some people that “just want to watch the world burn.” It’s an interesting argument, implying that there are malicious actors out there that would be willing to waste excessive amounts of resources to see a blockchain collapse. He stated that it could be hacker groups, governments, anyone.

Ethereum’s PoS Based Security

When Ethereum implements PoS, users can lock an amount of Ether into a smart contract. This smart contract will allow them to validate new blocks, instead of relying on the energy consumption of heavy-duty computer power. If this staker misbehaves, their stake can be slashed as recompense.

The more Ether staked, the better chances you have of validating a block. This is similar to a hashrate for a miner, where the more computational power he has, the better chance he has of validating a block and, thus, earning money.

In Buterin’s envisioned PoS system, there is an active community regulation system. This can be done via challenging a validator’s new block when it’s created. The new block can be verified by investigating it for malicious code.

Whether or not Ethereum can stand up to Buterin’s claim remains to be seen, but this could very well be the next step in cryptocurrencies.

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Author: Ali Raza

Reserve and Chainlink Partner to Strengthen the Future of Decentralized Stablecoins

Reserve and Chainlink Partner to Strengthen the Future of Decentralized Stablecoins
  • Chainlink has been considered to be an industry leader when it comes to providing reliable data feeds that can be used for smart contracts.
  • Reserve will be utilizing Chainlink to help make the protocol that they rely on be more secure for users and also be able to accelerate the development timeline.

A Secure and Reliable Network is Needed for Success

Having a robust and dependable Oracle network is very important for any stablecoin design. These are smart contracts that have been incorporated with the stablecoin protocols, which become only as effective as the price data, that is used to regulate their behavior. Therefore, it is crucial for a company to get this step of implementation right as it aids in the success of the coin.

A reserve protocol requires to have reliable price data to ensure it can maintain the 1:1 peg against the US dollar, this is achieved by monitoring the reserve stablecoin constantly against the dollar. But this is not all as it will require adequate management of the portfolio of the current collateral tokens that have been used to back the Reserve Token.

“Natural” Industry Partners

The Co-founder and the CEO of the Reserve, Nevin Freeman, notes that he sees both the Reserve and Chainlink as being natural partners in the industry. As they are both able to build critical pieces that are needed for the decentralized infrastructure, making both part of the great movement.

Thus, without proper on chain price feed being offered, most dApps will not be able to work without them. He goes on to state the following.

“We’re very excited about stablecoins and their potential to make crypto a medium of exchange. Projects like Reserve are taking seriously the task of making crypto practical for daily transactions in the parts of the world that need it most.”

Since the launch of Chainlink, the Reserve team has been following very carefully, and from this, they considered the company to be the best option in using them as a reliable oracle solution.

Chainlink Considered A Community Leader

Chainlink has been established as a decentralized oracle network, that allows the smart contracts to access the off chain data feeds securely, traditional bank payments together with the web APIs.

A platform that is being selected as the top blockchain technologies by the leading firms within the community; the likes of Gartner.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Lorraine M