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17/11/2017

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16/11/2017

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Bitcoin RegulationNews

India’s Supreme Court Pushes the Government to Regulate Bitcoin

on 16/11/207

The Indian Supreme Court has called on the central government to set to task the process of regulating bitcoin.

According to Indian news daily The Hindu, three justices from India’s Supreme Court – the highest court in the country – have issued notices to the Finance, Law and Justice and Information Technology ministries, as well as the central bank (Reserve Bank of India) and market regulator (Securities and Exchange Board of India), demanding they respond to a petition seeking clarity on bitcoin’s legality in the country.

As reported yesterday, India’s Supreme Court admitted a petition calling for authorities to “regulate the flow of Bitcoin”, which, in essence, would mean regulating the nascent but growing Indian bitcoin industry.

Bitcoin isn’t classified as a legal method of payment or a financial instrument in India. The official stance by the central bank, last revealed in February this year – a lazy rehash of a previous statement from 2013 – states the authority hasn’t licensed or authorized any companies dealing with bitcoin. Investors or adopters of bitcoin and cryptocurrencies would be doing so at their own risk, the central bank warned. All the same, bitcoin isn’t illegal in India, either.

The petition, which seeks to end the ambiguity, goes on to state that ‘domestic bitcoin exchanges have been adding over 2,500 users a day and had reached five lakh (500,000) downloads. The lack of regulation led India’s ‘big four’ bitcoin exchanges to establish a self-regulatory body earlier this year. Since then, Indian authorities established an inter-disciplinary ‘Virtual Currency Committee’ to study and develop frameworks for cryptocurrencies in India.

India’s Supreme Court has previously called on the government to check for bitcoin transactions in relation to money laundering and terrorism funding. The petition, which convinced Supreme Court justices to put several government ministries as well as the central bank on notice, concluded with the plea to “issue urgent directions” toward regulating bitcoin transaction flows “to ensure” they are accountable.

01/10/2017

Bitcoin is used as a currency option in WordPress , One of the world's biggest website provider.

28/09/2017

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17/09/2017

https://cointelegraph.com/news/bitcoin-price-bounces-back-400-in-minutes-as-china-gives-huobi-okcoin-extra-month

16/09/2017

RBI MAY RENDER A DECISION ON BITCOIN SOON

Many governments are struggling to properly define Bitcoin and cryptocurrencies right now. This new form of money is so unlike any other form of currency we have seen to date, it makes little sense to introduce complicated regulation. However, some governments are still taking a very cautious approach by imposing harsh regulations first and foremost. Other nations are seemingly not bothered with regulation at all, which understandably creates confusion for the everyday consumer.

India may very well become one of the hottest countries for Bitcoin in the coming years. The Reserve Bank of India is currently looking into drafting cryptocurrency regulation in the near future, although there is no indication as to how things will unfold. A task force has been set up to potentially grant Bitcoin and other cryptocurrencies legal tender status in the coming weeks.

The RBI is not all too comfortable with Bitcoin because it cannot be properly controlled by banks or governments. This degree of financial freedom provided to consumers and businesses is quite worrisome, for obvious reasons. The Indian government has issued a warning about how cryptocurrencies are, for all intents and purposes, still considered tools suited for money laundering and illegal activity. Coming up with a solution to prevent such illicit activity will be pretty challenging.
With some much uncertainty surrounding the RBI’s research into Bitcoin right now, everyone agrees that their decision will carry a lot of weight. It is possible the outcome will be positive, but we may see a restriction of cryptocurrencies as well, for all we know. The fact that the RBI is in active talks with industry experts indicates a somewhat open-minded approach toward regulating this industry.

Any discussion around cryptocurrency regulation will certainly cause some debate among Bitcoin community members. Many individuals feel there should be no regulation whatsoever, as officials cannot control the protocol itself. All governments can do is impose restrictions or guidelines for regular businesses dealing with cryptocurrency, which may stifle innovation in the long run. We can only hope that does not happen, as India stands to benefit significantly from Bitcoin and other cryptocurrencies.

Discussions like these will become more prevalent on a global scale as time progresses. Cryptocurrencies can no longer be ignored, despite the current downtrend. All of this panic stems from unconfirmed rumors originating from China. Once the air clears, it is not unlikely the Bitcoin price would return to the US$5,000 mark before year’s end. Only time will tell what the future holds in India, though.

10/09/2017

You can buy a new Dubai apartment for 50 bitcoin - CNNMoney

Aston Developments is giving first dibs on 150 apartments in Dubai to people who pay with bitcoin.

10/09/2017

“Learn more about xVia, designed for corporates, banks and payment providers to send payments across networks. https://t.co/bMTL2zaRtu”