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 However, the decision was rescinded in March this year after a successful filing of a suit in the Supreme Court by various crypto-based firms operating in the country.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.

Read Original/a>
Author: Joseph Kibe

ChainLink Partners With Crypto.com to Integrate Price Feeds Into Its DeFi Wallet

  • Crypto.com has revealed that it has inked a deal that will lead to the integration of Chainlink’s price feeds with its decentralized finance (DeFi) wallet product.

On Monday, the wallet and payment card provider based in Hong Kong, stated that Chainlink’s Price Reference Data has been directly integrated with its DeFi wallet which will give its clients ready access for its price feeds.

The addition of Chainlink’s price feeds into Crypto.com’s DeFi wallet is in line with the latter’s expansion program towards booming spaces. According to Eric Anziani, Crypto.com’s chief operating officer, the partnership will add more value to its customers. Anziani explained:

“I would say with the partnership with Chainlink is kind of our first integration with a DeFi protocol, it brings value to our customers in terms of providing transparency in the prices that we’re giving them in our DeFi wallet and also making sure our ecosystem token CRO can be integrated into the external protocol by building a price feed for CRO specifically thanks to the Chainlink architecture.”

According to a press release shared with Bitcoin Exchange Guide, the firm will start with its native token in receiving the decentralized price feed, CRO/ETH but plans are underway for the addition of CRO/USD. Anziani clarified that the firm will kick off with DeFi tokens, however plans are underway to utilize Chainlink’s price feeds for the rest of the tokens within its ecosystem.

Anziani also explained that the expansion is not intended to take advantage of the current hype, but is driven by the basic belief that each person is entitled to have the control of their money, identity as well as data and the blockchain tech-based firms should lead towards this achievement.

Speaking on the recent controversy surrounding top exchanges listing the much-hyped SUSHI token, Anziani explained that his firm’s clients trust that Crypto.com has solid due diligence protocols before a new asset is listed which informed the firm’s decision not to list it.

Crypto.com rolled on its wallet at the start of this year touting it as a user friendly wallet to capitalize on the buzz around DeFi space.

Read Original/a>
Author: Joseph Kibe

Gemini Debuts DeFi Listings in New York Market With Amp, Compound, and Pax Gold

Gemini crypto exchange has announced that New York users will now be able to trade Compound (COMP), Amp (AMPL), and Pax Gold (PAXG) against the USD. The Winklevoss brothers’ led crypto exchange noted that it worked in collaboration with the New York Department of Financial Services (NYDFS) to receive approval for listing these digital assets. According to the official announcement, active trading of the newly added pairs is scheduled for September 15.

This move is quite significant for the New York market, which had been left out of the DeFi space when it comes to listings on centralized crypto exchanges. Coinbase, for instance, has been quite active in listing ‘hot’ DeFi tokens, but yet to cover prospective users in New York. With COMP’s listing on Gemini, crypto investors and enthusiasts in the big apple will now be able to acquire positions in DeFi through the exchange.

COMP made waves in May when the decentralized protocol debuted this governance token to be used in running the platform. The protocol has since risen to become one of the leading DeFi lending and borrowing platforms; currently, its market cap stands 544 million while the price of one COMP token is $163 as per Coingecko metrics. Tyler Winklevoss, Gemini’s Co-founder, tweeted bullish sentiments as well,

“The #DeFi revolution is upon us. @Gemini is now accepting deposits for $AMP @amptoken, $PAXG @PaxosStandard, and $COMP @compoundfinance. Trading to begin on 9/15!”

Amp and PAXG, on the other hand, propose value in digital collateralization and gold tokenization, respectively. The former will expose Gemini’s clients to Flexa’s Network collateral token ‘AMP’ whose underlying is to act as a form of collateral, supporting the fundamentals of Flexa’s payments network. This innovation allows users to pay merchants’ in crypto while Flexa handles ‘under the hood’ to convert these payments to the merchants’ preferred fiat currency.

Gemini’s venture into the DeFi space has scaled its range of tradeable digital assets to 12; notable mentions that were already featured include BTC, LTC, ETH, and BCH. The exchange highlighted that its updated trading portfolio would be available via API connections and the platform’s Active Trader.

Read Original/a>
Author: Edwin Munyui

UMA Goes Live on Coinbase.com and Apps While Loopring (LRC) Surges on Coinbase Pro Listing

The price of LRC jumped 38% on the news that Coinbase Pro was listing Loopring.

The self-custodial Ethereum layer two solution, Loopring, will be supported in all of the San Francisco-based cryptocurrency exchange’s supported jurisdiction, except for New York state.

Today, Coinbase announced that on the coming Monday, users can transfer their LRC into the Coinbase Pro account ahead of trading.

The cryptocurrency, however, won’t be available on Coinbase.com or the exchange’s mobile apps yet.

LPC trading on Coinbase Pro will begin at 9 AM Pacific Time (PT) Tuesday, September 15.

In response, the 52nd largest cryptocurrency by market cap of $296 million jumped to $0.2875 and is currently trading at $0.253.

The zkRollup exchange and payment protocol recently saw traction after the DeFi mania pushed the fees on the Ethereum network to sky-high.

It’s zkRollup currently has more than 5000 accounts, but Loopring is “just getting started” as it says, “Layer 2 will bring Ethereum to the world, and the world to Ethereum.”

Keep those Altcoins, better yet, DeFi Tokens Coming

Coinbase, much like any other exchanges in the crypto space, has taken to list altcoins, and lately to capture the ongoing decentralized finance craze, DeFi tokens as well.

Celo (CGLD), Numeraire (NMR), Band (BAND), Compound (COMP), Maker (MKR), and OmiseGo (OMG) have been recent additions along with supporting additional European and UK order books.

Just this week, UMA-USD and UMA-BTC order books got into a full-trading mode.

Today, UMA is launching at Coinbase.com and its iOS and Android apps, which means users can buy, sell, convert, send, receive, or store UMA on the platform.

This Ethereum-based open-source protocol allows developers to design and create their own synthetic assets and financial contracts with the goal of creating universal market access (UMA).

A DeFi token with a market cap of $906 million that sits at 25th spot, UMA has also started gaining momentum as it trades at 16.81% with nearly 4% gains.

Read Original/a>
Author: AnTy

Green Shots Emerge in DeFi Following the Painful Unwinding of the Crowded Space

During the recent correction, the DeFi market pulled back hard, so much so that the seven days percentage returns are still in the negative by 20% to 40%.

Except for a handful of top DeFi tokens, all of them plunged 70% to 95%.

But the market seems to be gaining momentum yet again. While in the past hour, DeFi tokens are slowly turning red, in the last 24 hours, significant gains have been made.

Notable mentions include Cream (81%), Swerve (81%), Hydro Protocol (44.3%), bZx Protocol (30%), YFI (17%), Loopring (12%), Aave (10%), Bancor (6.3%), Chainlink (5.6%), Serum (5%), Synthetix (3.8%), and CRV (2.5%).

Total Value Locked (TVL) in DeFi has also climbed to $7.95 billion after falling to the $6.78 billion low today from the high of $9.5 billion on Sept. 2nd.

Uniswap, with $1.47 billion in TVL, is now dominating the DeFi space, a position juggling between Aave, Curve Finance, and the long-standing leader Maker.

Another Vicious to Resume

The market correction was actually the domino effect of DeFi positions unwinding after the head chef of SushiSwap decided to call it a day by pulling a Litecoin’s Charlie Lee, or you could say Ethereum’s Vitalik Buterin.

“The uber-crowded trade in US equities is nothing compared to the crowded nature of DeFi space,” said Denis Vinokourov of London-based brokerage service Bequant.

When DeFi tokens started going down, “the spillover effects turned out to be significant,” which makes sense given that almost $10 billion worth of capital was splashing in the ecosystem. Vinokourov said,

“Going back to the recent price action and as demonstrated in the past, crowded trade unwinds are extremely painful and broad-based but eventually green shots emerge.”

And this is what we are seeing in the market currently. Also, with a considerable reduction in Ethereum gas levels and potential interest from China, another vicious circle will soon resume.

An Opportunity for Competitors

During the DeFi craze, network fees being too darn high also came back in the light. Ethereum miners made a killing from transaction fees, pocketing a total of $113 million in profit in August, up over 3,660% from the meager $3 million earned just four months back.

This means the Ethereum network has all to gain from this DeFi craze and to lose as well.

So, what the second-largest network needs, according to Vitalik Buterin, is nothing but “drastic increase in scalability” – which involves only sharding and rollups, and that has been coming for years.

This makes it a big opportunity for Ethereum competitors such as Cardano, Tezos, and EOS. But while Cardano has just released its mainnet, EOS is not seeing much traction, recording $1.74 billion volume compared to Ethereum’s $5.64 billion.

But according to Brendan Blumer, CEO of Block.one, the company behind EOS, “EOS will unleash DeFi… EOS has the performance, liquidity, and developer community to support DeFi applications that aren’t possible anywhere else.”

Polkadot is another one that jumped the ranks thanks to a denomination – crypto’s version of the stock split.

In the meantime, market participants acknowledged Ethereum’s layer2 solutions like the OMG network and Loopring, resulting in these tokens outperforming.

But Vinokourov says, Ether contenders “command significant financial firepower and a competing platform to rival Ethereum’s DeFi is likely a matter of time.”

Read Original/a>
Author: AnTy

Russia’s New Amendment On Crypto Laws Could See Bitcoin Miners Lose All Their Rewards

  • New reports from Russia confirm amendments in the country’s crypto laws that could ban Bitcoin (BTC) miners from receiving mining rewards.
  • The amendment is yet to be finalized, but experts argue if the law is passed, it could have a drastic impact on the overall use of crypto assets in the country.

As first reported by a Russian news outlet, Izvestia, the Ministry of Finance in Russia, is proposing an amendment to the federal law on digital financial assets (DFA) that could see Bitcoin miners receive no rewards on their efforts. According to the letter, the amendment allows Bitcoin mining using Russian infrastructure, but miners are not allowed to receive rewards in crypto.

The amendment further bans all transactions using virtual currencies in the country with three main exceptions. However, the amendment to DFA is yet to be finalized. The letter has been sent out for interdepartmental coordination and approval across different government departments.

A Closed Mining Cycle

The new amendment raises several questions on the implementation and wording of the document. As stated above, Bitcoin, Ethereum, and other crypto miners will be allowed to mine their tokens but will be stripped of its financial value as miners cannot receive BTC or ETH.

Several experts have since condemned the amendment as a “revenue loss” for the country, calling for revisions on the bill. Speaking on the issue, Dmitry Zakharov, CEO of Moscow Digital School, stated the “wording does not bode well for miners” as no other alternative has been offered on how to receive mining rewards. He added,

“Perhaps experts will try to come up with some interesting legal constructions, but all of them will be fraught with significant risks of bringing to administrative and criminal liability.”

If the amendment passes, then Russia could lose a share of its revenues, another expert on the matter said. According to Anton Babenko, partner of the Padva and Epstein law office, prohibiting receiving crypto could lead to more people not reporting their revenues, leading to tax losses.

A Leeway? Or Not?

Russia implemented a total crypto ban last year causing a public outcry that caused the parliament to shut down the ban. The latest amendments stipulate a similar ban – prohibiting any individuals, companies, or entrepreneurs from performing any transactions with virtual money. However, the amendments stipulate three exceptions to the rule – an inheritance of crypto assets, enforcement proceedings, and if a debtor goes bankrupt.

Any use of crypto in the country could lead to legal and criminal liability on the user with a 100 thousand rubles fine on individuals or five to seven years prison time and up to 1 million in fines for legal entities.

The new rules aim at tightening the use of cryptocurrencies in Russia in a bid to stop illicit items and illegal activities using Bitcoin and crypto in Russia. According to a law expert, the new amendment constitutes a “total ban on cryptocurrencies” which could have a severe impact on the countries crypto space.

The country’s policies on crypto could be a missed opportunity for the country, economist, Vladislav Ginko said earlier this month even as Russia extends its efforts in hoarding physical gold.

Read Original/a>
Author: Lujan Odera

Phishing Attacks On Electrum Wallet Sees Over $16 Million Stolen From Unsuspecting Users

New reports show that over $500,000 worth of Bitcoin (BTC) has been siphoned from Electrum wallets – about 72 hours after a GitHub user claimed they had lost 1,400 BTC in a similar hack. Some of the funds have been traced to Binance, with the exchange blacklisting up to 70 accounts linked to the transaction IDs.

Back in February 2019, an Electrum wallet user named “KallEYE” wrote on GitHub that 0.09 BTC was missing from their wallet following an update software upgrade. Over the last year, several users also complained of a similar phishing attack, one user stating they had lost about 0.00796663 BTC to this address.

On Aug. 30, another GitHub user claimed the same address had stolen over 1,400 BTC (currently worth ~$17 million), raising brows on the bug exploiting Electrum wallets. Explaining the happenings of the hack, the user said he had not accessed the BTC since 2017 and mistakenly downloaded the old version of the Electrum wallet.

Once downloaded, the app prompted the user to update their software before withdrawing any amounts from the wallet. Once installed, the update “immediately triggered the transfer of my entire balance to a scammers address,” the user wrote on GitHub.

Another user, Cryptbtcaly, claims over 36 BTC, worth ~$500k, was stolen from their wallet two months ago, showing the rampancy of the hacks on old Electrum wallets. Investigations on the movement of the coins showed some coins moved to Binance wallets, but despite constant calls to the exchange team, much has yet to be done.

The hacker’s address shows it has received over 1,506 BTC and sent out 1,500 BTC since its first transaction in 2018.

Binance connection and response

According to data from Crystal Blockchain, a crypto transaction tracking analysis firm, a transaction worth around 5 BTC (~$60 k) can be traced back to the hacker’s wallet on Binance. The exchange responded to the 1,400 BTC hack and the specific transaction ID traced to Binance on Jan 2018.

A spokesperson from the exchange revealed that the transaction ID (TxID) is connected to 72 addresses on Binance but not a specific wallet on the exchange. The founder and CEO of Binance, Changpeng Zhao, alias CZ, said the addresses have since been blacklisted.

Notwithstanding, Electrum has opened up a phishing case with the German Police and the U.K authorities. A representative from Electrum stated,

“We (electrum developers) have reported the phishing attack to the police about a year ago. I cannot make any comments about the progress of the investigation, but it helps if victims report it independently. If you live in Germany, you should contact the cybercrime unit of the LKA Berlin.”

Read Original/a>
Author: Lujan Odera

Crypto Market Dumps as Binance & Coinbase Crash While Bithumb Exchange is Seized

After a good start of September and the week that saw Bitcoin surging back above $12,000 and Ether making a new 2-year high, today it all turned red.

The markets suffered losses after the leading digital asset failed to sustain above $12k level and dropped to $11,155 today on Bitstamp. However, bitcoin has been slowly making its way upwards and is now back above $11,300.

Also, it hasn’t been anything that bitcoin didn’t see last month. In the first three weeks of August, bitcoin broke above $12,000 only to dump back down to about $11,000 level. So, bitcoin is just ranging.

“Nothing lost for the bulls yet, close above $11770 and I’d expect mega moon. Close significantly below and sells into the $11700 area become very attractive,” said analyst DonAlt. “Lose $11k and it’s macro pullback time, as long as it holds assume we’re gonna go further up.”

Altcoins meanwhile, reacted to bitcoin like always and the top cryptos are down between 6% to 10% except for Tron which is up a whopping 15% trading at $0.0358. Also, Tendies is still up 44.84% today.

Today’s biggest loser is Acute Angle Cloud, down by 90% with notable mentions including Ampleforth (42%), UMA (22%), TOMO (17%), Curve (16%), LOOM (15%), and Synthetix, Aave, Swipe, and OMG Network all down over 14%.

Taking Down Exchanges With it

As the market went down, so did the cryptocurrency exchanges.

Coinbase naturally crashed, as it has done numerous times whenever bitcoin moves just a bit fast in either direction.

Today, Binance also faced technical issues that have started to irk customers as the exchange has been experiencing a lot of overloading issues lately.

“Weird day. Pure coincidence, but definitely feel less lonely in a screwed up way. We are aware of some new choke points and have a plan to fix it quickly,” commented Binance CEO Changpeng Zhao (CZ) on both the exchanges going down in sync today.

Binance informed on Twitter that there has been “temporary difficulty accessing the website,” but assured the community that they are working on it. The exchange has also been having issues with ETH and ERC20 withdrawals due to traffic hitting ATH, ETH network congestion, and other unmentioned reasons.

“Things seem to be more calm now. Even our automated Chat Bot crashed due to overload earlier. So many places to improve on. Binance is still a young platform. Your understanding and support is much appreciated,” tweeted CZ.

But Not Because of an Exchange

Today, one of the biggest crypto exchanges of South Korea by trading volume of about $365 million, Bithumb’s headquarter was raided by the authorities related to a $25 million token sale that was hosted on the platform but didn’t materialize, as per the local reports. Reportedly, some investors lost millions participating in the sale of BAX tokens.

The company’s chairman Lee Jung-hoon is also under investigation for fraud, illicitly sending funds overseas, and escaping property.

It has been the second raid in just a week, as just last week, police seized another exchange, Coinbit, for faking its trading volume.

Bithumb’s raid reports came around the time BTC price crashed, leading many to speculate that it is the reason behind the price dump.

“Even though it’s possible some people may have sold some coin on the reports that @BithumbOfficial was raided by SK police, there isn’t any fundamental reason that such an event should push prices down,” said analyst Mati Greenspan.

“Bithumb seized is big news. But a levered market full of euphoric traders does not need a reason to dump,” noted trader and economist Alex Kruger.

Read Original/a>
Author: AnTy

Bermuda Govt Partners With Stablehouse to Test A Stimulus Token for COVID-19 Aid

On Tuesday, the Government of Bermuda announced that it has rolled out a pilot initiative for digital stimulus token. The program is being run in conjunction with Stablehouse, a Bermuda-based payments startup. The program is expected to offer crucial feedback on whether digital tokens can be used for buying essential goods and services in the country.

Stablehouse claims to be ‘a global virtual currency clearing house’ and facilitates the exchange of stablecoins. The startup is being advised by ex-Tether executive, Phil Potter, who will offer his expertise to the government in the provision of Bermudian Dollar Token, BMDT.

The government is seeking to collect vital information and data on whether merchants will readily accept digital tokens as a payment method. The pilot phase will also establish whether Bermudians are ready to use the tokens to buy essential goods and services.

At the moment, the government has recruited three merchants as well as 20 individuals who were given a stipend of free BMDTs that they use to test the initiative.

Speaking to Decrypt, chief fintech advisor to Bermudian prime minister, Denis Pitcher explained that the project will kick-off with a small number of participants but will gradually expand.

“Our ultimate goal is to end up with a wallet on every phone because wallets are the browser of the future when it comes to money and the future of finance.”

The partnership will see Stablehouse offer point-of-sale services to the merchants as well as provide its Green Wallet that enables clients to store coins while offline easily. The startup will also be handling issuance as well as redemption of the BMDT. It’s important to note that every token is backed by the Bermudian dollar, which is also pegged to the US dollar.

The token will run on Blockstream’s Liquid, which is a sidechain protocol that is designed to link together various exchanges.

The token stimulus initiative has been in the works since last year and is part of a comprehensive plan to introduce digital currency on the island.

Bermuda has implemented various crypto-friendly policies in the recent past. For instance, in October last year, the island allowed its residents to clear their taxes and fees using US dollar-backed stablecoins.

Read Original/a>
Author: Joseph Kibe

China Construction Bank Disables Chinese DCEP Wallet After Users Notice Feature in Bank App

China Construction Bank, one of the central state-owned banks in China, recently realized that the official wallet for the national CBDC is open for public use within its official banking app. The users could navigate to the wallet by merely entering the national digital currency, which would take the users to the wallet feature where they can register and activate the wallet by subscribing with the mobile number associated with their bank accounts.

Soon, the bank came to discover about the activation of the official wallet from the amount of community’s buzz that the activation caused among the crypto community in the country. Many customers went on to make small transactions in the yet to be released CBDC.

As soon as the news was brought to the attention of the state-owned bank, they swiftly disabled the feature. After disabling the official wallet feature, people searching for the CBDC wallet were shown a message which roughly translated to, “This feature is currently unavailable for the public, kindly wait patiently.”

How Does the Official Wallet Look and Function

The official wallet app was online for a brief period, but in today’s day and time, anything which makes it to the internet ones hardly disappear, and that has been the case with the ongoing official digital Yuan wallet launch by mistake. People were quick to post the layout of the wallet app on the internet, which showed that the users who managed to register with the new wallet app were given an official wallet ID, which could be used for the transfer of funds between the official wallet app and the user’s account.

The wallet would not just allow transactions between the bank and the app a user can send their digital yuan to another wallet by adding the unique wallet ID.

China is going to become the first country to launch its official digital currency issued by the People’s Bank of China. The big-four state-owned banks have been tasked to develop their respective wallet app to facilitate transactions using the CBDC.

China started its research on Central Bank Issued Digital Currency almost five years ago, and rumor mills were rife that the launch of the digital yuan would take place by the end of last year. However, the Chinese government mostly discarded these rumors without offering any official stance on the date of the launch. However, by the first quarter of 2020, the PBOC launched the testnet, and last week the mainnet for the digital yuan was established as well.

During the trial run, the government used digital yuan as a form of a travel subsidy for government employees in selected areas. The testing phase was later expanded to more cities and even included restaurants and fast-food chains.

With the official launch of the digital yuan just round the corner, many countries are actively observing China’s progress in the digital currency domain.

Read Original/a>
Author: Hank Klinger