Interest in cryptocurrency, a form of digital currency, is growing steadily in Africa. Some economists say it is a disruptive innovation that will blossom on the continent. Cryptocurrency is not bound by geography because it is internet based; its transactions are stored in a database called blockchain, which is a group of connected computers that record transactions in a ledger in real time. Created in by a person or people with the alias Satoshi Nakamoto, investors hope Bitcoin becomes the new mode of financial transaction in the digital age. It is no surprise that some of these countries are among the main Bitcoin economies in Africa. The BBC adds that cryptocurrency is gaining ground in Uganda.
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- Indian government set to ban cryptocurrencies
- Cryptocurrency finds itself in the sights of robust regulation
- Does Regulation Chill Cryptocurrency Trading?
- Justice News
- Tax treatment of cryptocurrencies
- Cryptocurrency: Why is the government worried?
- Myanmar shadow government approves crypto as official currency
- ‘Fall for Cryptocurrency’: US Government Is Auctioning Bitcoin Tokens Amounting to Over $300,000
Indian government set to ban cryptocurrencies
The crypto sector is currently one of the fastest-growing investment markets in the world and India is not far behind. In the last few years, as real interest rates have gone down, traditional and even first-time investors have been looking for high yield investment options and cryptocurrencies have been an attractive alternative.
More than 10 crore Indians, largely young individuals, but also senior citizens, are said to have invested in cryptocurrencies, making the total investments in cryptocurrencies to more than 10 billion USD in from a little under USD 1 billion in Amidst the tremendous price swings in the crypto market, the central government is set to introduce a bill to regulate crypto assets and cryptocurrencies in India in the ongoing Winter Session of Parliament.
Earlier in and in February this year, the government had tried to bring legislation to regulate crypto but those efforts had to be abandoned. Prior to that, in , the Reserve Bank of India had issued an order prohibiting banking support for the purchase and sale of cryptocurrencies, which was overturned by the Supreme Court due to the lack of legislative force.
Hitesh Malviya, founder, itsblockchain. But with the right regulation, and investor awareness government can at least provise a shield to the investors, thus minimising the impact of risk," he said. The Reserve Bank of India has maintained its strong views against cryptocurrencies, saying they pose serious threats to macroeconomic and financial stability.
A regulatory body to support the development of the sector and its elements like institutional custody and clearing operations, developing information infrastructure, and licensing of financial advisers skilled in crypto assets will work wonders for the Indian crypto sector," he said. Latest Business News. Pharmaceuticals seeks enhanced funds for healthcare sector, ease of doing business in Union Budget. First photos of newlyweds Mouni Roy, Suraj Nambiar from their pool party scream 'happily-ever-after'.
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Cryptocurrency finds itself in the sights of robust regulation
The government on Tuesday pulled the metaphorical -- or rather the virtual -- rug from under the feet of cryptocurrency investors. In a proposed bill the Centre aims to prohibit all private cryptocurrencies. The Cryptocurrency and Regulation of Official Digital Currency Bill, would allow certain exceptions to promote the underlying technology and its uses. Soon after news of the proposed bill made headlines, a bloodbath of sorts ensued. As frantic buyers rushed to sell off their cryptocurrencies, stakeholders sought to make sense of the proposed bill. And as they attempted to decode the bill from the few details in hand, one question emerged over and over -- what exactly is a private cryptocurrency, when cryptocurrency in essence is all public? The difference between private and public cryptocurrency is nuanced for many, and blurry for most.
Does Regulation Chill Cryptocurrency Trading?
Throughout , the federal government will consult on potential reforms including a central bank digital currency, a licencing framework for digital currency exchanges, and fixing the problem of fintech de-banking where banks refuse to offer services to certain individuals or businesses. The package aims to give the federal government more oversight including enhanced powers for the treasurer to set rules for payments systems. The Coalition claims this would result in better fees, transparency and competition in the buy now, pay later market. The crypto reform proposal promises consumers would be allowed to buy and sell assets in a regulated environment, with new rules for businesses that hold crypto assets on behalf of consumers. Investment in cryptocurrency is becoming more mainstream in Australia, with the Commonwealth bank announcing in November it would allow customers to buy and sell cryptocurrencies on its platforms. But the sector is still poorly regulated. These are significant shifts that we need to be in front of. A federal election is due by May. In August , Frydenberg set out a timetable to legislate the recommendations of the Hayne royal commission into the banking and financial services. In January , Guardian Australia revealed that more than half of the recommendations had either been abandoned or were yet to be fully implemented.
The RBI is exploring the possibility of coming up with an official digital token in the country. In a meeting chaired by Prime Minister Narendra Modi recently, the Union government and the Reserve Bank of India RBI were not quite on the same page on cryptocurrency — a sector that has been silently blooming in India over the past few months. On the other hand, the Modi government and its departments mooted for a strong regulatory control on cryptocurrency to avoid money laundering and terror financing, rather than banning it entirely. There was consensus also that the steps taken in this field by the government will be progressive and forward looking," a source told news agency PTI following the meeting chaired on Saturday, November The RBI has repeatedly reiterated its strong views against cryptocurrencies since it gained popularity in India following a sudden boom in Bitcoin prices.
Tax treatment of cryptocurrencies
The Russian government plans to have regulations for cryptocurrencies in place by the end of the year, according to a road map reviewed by the Russian news agency RBK. This stance highlights the opposing position of the Bank of Russia, which last week called for a full ban on crypto trading, mining and payments. The road map, signed by the deputy chairman of the government, Dmitry Chernyshenko, according to RBK, suggests introducing know your customer KYC and anti-money laundering AML rules for cryptocurrency platforms, defining their regulatory status, mandating a supervisory body and establishing penalties for those who don't play by the rules. The plan was drafted by a working group comprising several government agencies, including the Ministry of Finance, Ministry of Economic Development, General Prosecutor's Office, Rosfinmonitoring the federal body responsible for combating money laundering and terrorist financing , Federal Tax Service, Ministry of Digital Development, Bank of Russia, Federal Security Service and Ministry of Interior. The sole dissenting voice came from the Bank of Russia, which insists on a ban, according to an unidentified source cited by RBK. The timetable says that by May the Ministry of Finance should have designed a system of compliance control for peer-to-peer P2P platforms.
Cryptocurrency: Why is the government worried?
India at present has no regulation for cryptocurrencies — a set of decentralised digital currencies such as Bitcoin and Ethereum that are not regulated by any sovereign banking regulator. On November 13, Prime Minister Narendra Modi chaired a meeting to discuss the future of cryptocurrencies, amid concerns that unregulated crypto markets could become avenues for money laundering and terror financing, a person aware of the matter said, asking not to be named. The RBI had in banned the banking system from cryptocurrency transactions, which was struck down by the Supreme Court in It is unclear as of now the nature of options the government may or may not give for people who hold cryptocurrencies, although people aware of the matter have said in the past that people could be allowed a window to liquidate their holdings and pay taxes on gains. The meeting was held after consultations with experts in government agencies and the Reserve Bank of India RBI , after which the government concluded that these should be banned. Independent stakeholders, including the Confederation of Indian Industry CII urged the government to put in regulation instead of an outright ban.
Myanmar shadow government approves crypto as official currency
Joe Hernandez. El Salvador's President Nayib Bukele shown here at a news conference in May spearheaded efforts to make Bitcoin legal tender in his country. El Salvador has become the first country in the world to make the cryptocurrency Bitcoin legal tender.
‘Fall for Cryptocurrency’: US Government Is Auctioning Bitcoin Tokens Amounting to Over $300,000RELATED VIDEO: Ben Shapiro's Thoughts on Cryptocurrency
India is set to go ahead with its plan to ban most cryptocurrencies in the country under a long-awaited bill. Expectations had grown in recent months that the government may soften its view on digital currencies. The ban would relate to all private cryptocurrencies with certain exceptions to allow the promotion of the underlying technology and its uses. Cryptocurrency prices dropped on Indian exchanges after the decision on the bill's future was announced. According to a government bulletin, the ban is part of the proposed Cryptocurrency and Regulation of Official Digital Currency Bill that will be introduced in its winter session. The planned legislation aims "to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India RBI ". The plan to prohibit all private cryptocurrencies appeared to be essentially the same as an earlier draft of the bill submitted in January.
Cryptocurrency is a type of digital currency that generally only exists electronically. There is no physical coin or bill unless you use a service that allows you to cash in cryptocurrency for a physical token. You usually exchange cryptocurrency with someone online, with your phone or computer, without using an intermediary like a bank. Bitcoin and Ether are well-known cryptocurrencies, but there are many different cryptocurrency brands, and new ones are continuously being created.