Indian Government-Appointed Commission Recognizes Crypto as Means of Payment

The Law Commission of India recently published a report on the legal framework for gambling and sports betting in India. The 140-page report explains that gambling is defined as the act of “wagering or betting on games of chance but does not include betting or wagering on games of skill.” Wagering and betting are subsequently defined as “the staking of money or virtual currency [VC], whether or not it is equivalent to a recognized currency.”

The commission was established by the order of the Indian government to advise them on legal reforms. It was asked by the country’s supreme court in July 2016 to examine if betting should be legalized in India.

According to the report:

The issue of online gambling has further been worsened by the rise in popularity and ease of availability of VC, a form of electronic money.

Indian Government-Appointed Commission Recognizes Crypto as Means of PaymentThe commission noted that gambling with cryptocurrencies “pushes even the online gambling market underground, and very often, out of the reach of the law enforcement authorities.”

While proposing that “stringent law(s) should be put in place to control foreign direct investment and at the same time, to prevent money laundering, while also implementing necessary tax reforms,” the commission wrote in the report’s conclusions and recommendations section:

Similar restrictions should also be prescribed for the purpose of the amount one would be allowed to stake while using electronic money facilities of the likes of credit cards, debit cards, net-banking, VCs, etc.

The report additionally states that “gambling transactions should be made cashless, making use of electronic means of payment such as credit cards, debit cards, net-banking, virtual currencies (VC – also known as cryptocurrency), etc.”

⁠Google partners with two New York-based blockchain firms to offer DLT solutions on its Cloud Platform

Google is joining the list of tech giants to deploy blockchain technology to offer customers fintech and cloud service solutions, according to an official statement Monday, July 23.

Google announced that the company has partnered with two blockchain-focused firms, Digital Asset and BlockApps, to offer new distributed ledger technology (DLT) solutions on Google's Cloud Platform (GCP), which would allow users to "explore ways [customers] might use distributed ledger technology frameworks.”

Digital Asset is a supplier of distributed ledger software for the fintech industry, while BlockApps offers a blockchain platform to launch decentralized apps (DApps).

In the statement “Building a better cloud with our partners at Next ‘18,” ahead of Google’s Cloud Next '18 conference, the company specified that later on this year, customers will be able to test out open-source integrations for Hyperledger Fabric and Ethereum (ETH) protocols in the GCP Marketplace service.

Digital Asset CEO Blythe Masters noted that that the upcoming solution would “reduce the technical barriers to DLT application development,” according to a Computerworld report July 23.

With the new partnerships, Google joins other high-profile tech companies with blockchain-as-a-service (BaaS) offerings, such as Microsoft, IBM, and Oracle Amazon Web Services (AWS), which introduced its blockchain platform for DApps in April 2018.

In March, Google announced it would start blocking crypto-related ads of all sorts in June 2018, following the move of Facebook social media giant, which recently reversed the ban on cryptocurrency ads.

On July 8, Google co-founder Sergey Brin revealed that he is Ethereum miner. Speaking at the Blockchain Summit in Morocco Brin said that mining Ethereum was a “side hustle,” and that cryptocurrencies are “mind-boggling.”

Samsung Stores in the Baltic States Now Accept Cryptocurrencies

The platform Coppay is a European fintech firm that offers payment gateways for cryptocurrency paying customers throughout 31 merchant locations. Now the company has announced that Samsung is truly embracing its slogan to “Turn on Future” by accepting seven different cryptocurrencies. The digital currencies the Samsung stores will be accepting for payments include bitcoin core (BTC), dash (DASH), NEM (XEM), steem (STEEM), ripple (XRP), litecoin (LTC), and ethereum (ETH). 

“Customers in Tallinn, Riga, Vilnius, and Kaunas can buy Samsung smartphones, tablets, laptops, TV-sets, and more with digital money,” explains Coppay’s announcement.

Cryptocurrencies, in particular, have been extremely popular in the Baltic states and digital assets have broad acceptance in states like Estonia, Latvia, and Lithuania. There is a great variety of merchants that accept bitcoin payments for coffee, apartments, bars, restaurants, hotels, specialty shops, clothing stores, and massage parlors. Regulatory policy in the Baltic region barely exists, except for Latvia, which may impose a 20 percent capital gains tax on cryptocurrency exchanges

Samsung also has shown interest in blockchain technology and it’s well known the firm creates semiconductors for cryptocurrency mining devices. The company’s earnings had spiked significantly in 2017 due to semiconductor demand tethered to digital asset mining operations. The payment processor Coppay operates similarly to the firm Bitpay’s platform and merchants are allowed to keep the cryptocurrency from sales, exchange it for fiat, or a combination of both. The company explains the other Samsung merchants will also be adding the crypto-payment feature through their system as well.  

Indian Supreme Court Decision on Central Bank Crypto Dealings Ban Moved to September

The Supreme Court of India’s hearing on the central bank’s ban on crypto dealings, originally scheduled for July 20, has been moved to September, according to a July 19 Twitter post by a team of Indian lawyers involved in crypto regulatory analysis.

The Reserve Bank of India’s (RBI) crypto banking ban was implemented in early April of this year, and prohibits local banks from providing services to any person or business that deals with cryptocurrencies.

The July 19 tweet notes that the Supreme Court listened to “limited arguments” on the behalf of the Internet & Mobile Association of India (IAMAI) and RBI, but due to a “few others” not filing responses to petitions, the final arguments will be heard on September 11, 2018.

In mid-May, the Supreme Court had upheld RBI’s crypto dealings ban until the July hearing, in early July also ruling not to grant interim relief to those affected by the ban.

The deadline to implement the ban on dealing with crypto-related accounts expired July 5. Since then, Indian citizens have not been able to buy and sell crypto on exchanges, and crypto exchanges and companies cannot receive loans from banks in India.

Also in July, an anonymous source in the government reported that Indian regulators might treat cryptocurrency as a commodity rather than instituting a blanket ban.

What is ETF? What is Bitcoin ETF?

ETF stands for "exchange-traded fund" and describes a kind of investment fund where the price of assets like gold, stocks and oil can be tracked. These assets can then be traded on exchanges, just like conventional stocks. What this means is that investors have the option of buying and selling their holdings in this exchange-traded funds to other investors via the stock exchange.

What is Bitcoin ETF?

Basically, a Bitcoin ETF is one where the underlying asset is Bitcoin. This means that when you purchase Bitcoin ETF, you're purchasing the cryptocurrency, albeit indirectly. This is because you're holding the Bitcoin ETF in your portfolio and this ETF tracks the real-time price of Bitcoin. Therefore, the difference is that when you invest in Bitcoin ETF, you have the luxury of trading Bitcoins without the struggles of buying and storing it.

what is Effect on BTC ?

the application of ETFs by Wallstreet firms is a clear indicator that the big money is coming into the crypto markets through the additional products of ETFs. The impact of these products is expected to be astronomical in the sense that if the SEC approves the ETFs, they would have indirectly given the green-light for mainstream investing in all other cryptocurrencies. Hence the trillions in funds will eventually end up in the crypto markets.

When...? 10 August or Later ?

The tentative date for the SEC's decision is Friday, August 10 — though, a 45-day extension is possible. This means that a decision should be expected no later than September 24. (Do Investment by considering it)

High Possibility ? Yes!

One major reason for last year's rejection was that Bitcoin markets were "unregulated." "Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated," it explained. But later that year, Bitcoin Futures began trading as big investment banks such as Goldman Sachs and JP Morgan started dipping their toes in cryptocurrencies.

Bitcoin ETF: Will August 10th Mark The Revival of High Bitcoin Price?

Bitcoin ETF fate is finally going to be decided on August 10. Currently, SEC is asking for comments on the listing and trading of Bitcoin ETF introduced by VanEck SolidX Bitcoin Trust that will be catering to only accredited investors.

The proposed date by SEC to give its decision is August 10 that by extension will also decide the fate of cryptocurrencies and if trillion dollar funds will finally pour in the crypto market.

A few days back, the US Securities and Exchange Commission (SEC) opened the CBOE ETF filing for public comments which is most likely to be concluded on August 10.

The official website of SEC states, "Comments on Cboe BZX Rulemaking" in regards with the "Notice of Filing of Proposed Rule Change to List and Trade Shares of SolidX Bitcoin Shares Issued by the VanEck SolidX Bitcoin Trust".

This proposal calls for the listing and trading of SolidX bitcoin-based exchange-traded fund (ETF) which states that it will only invest in bitcoin. SolidX and VanEck came together for this in early June. It was not even their first attempt, but the third one to build a bitcoin investment project.

SIGNAL Massive Potential (+100% Profits Potential)

$LRC looks pretty good right now, with some volume accumulation and strong RSI. Looks like its going to be the next SNGLS and AST

$LRC seems to be following the Technical Analysis very well. Looks to head towards it's intial peak, and if it breaks could possibly see an all-time-high!

and also It might be because of breaking the Falling Wedge (Reversal) pattern Look at the Daily time frame, and The price has become oversold according to the RSI and StochRSI Indicator, signaling the possibility for the bulls to take over

Its gonna be the next SNGLS & AST and go up 1x at LEAST!

$LRC going to experience a breakout soon according to our TAs. IF you want to get some $LRC, its time to get in now! Its either now or never!

How To Get Rich In 2018

You have a bitcoin now.  Or if you don't, get it.

The bitcoin can be only mined at certain speed, and once the limit is hit, new bitcoin can't be mined or produced.

This makes it appreciating vs depreciation (fiat) asset.

It's better than gold, because it's:
1) fast
2) digital
3) lightweight
4) mineable circulation is known


It is better than fiat because:
1) it appreciates in value
2) it doesn't belong to one body (government) that prints it
3) it's supply is known vs (how much money you really know banks have, back up or just write on the balance sheet?)

And you are here.

There is total of around 20 million wallets in the world.  Twenty.  Brother, this makes you in top percentile by just having a wallet.

Majority hasn't started to use bitcoin yet, and yet we are now stress-testing them for them, for the world and future of money.

You will be richly rewarded.

Heck even if you sell now all and never get back, you did an important part for the community.  But don't do that.  Set some bitcoin aside... the golden number is one... one, full, shiny Bitcoin...

as it might be worth 100k in the next three years.

Yes, people say this year. It can be, or doesn't have to be... but tell me this, which other investment you know you can buy, store at usb, carry with you and fucking make 15x in less than three years?

I hope this gets your perspective a bit away from day trading.

This is the best way to look at day trading:
You take a shoot...

You take a shoot approach is the only-win method, basically... it goes like this:

I pick an asset that is tied to bitcoin on the mid term, say zrx coin...

if zrx coin goes up, you profited.  If it doesn't, you hold it the same way you would hold bitcoin, and don't sell in bearish times, but in bullish.

You invest in bitcoin at $19000.  You don't sell.  You hold.   I was one of lucky ones to sell at it's all time high.  However, on the long term... it is the same as if you sell it now for $3000.  I used that money to buy more btc later on (what wasn't spent on poor girls with so little clothes on).

You take a shoot, but if you know the picture, every shoot is a winning shoot if you follow these three criteria:
1) you invest in a solid project
2) that project is on the market
3) you don't lose access to it

Yes, I do expect bitcoin to take the leading role and alts to start disappearing, but that process won't happen overnight, you'll get a chance to break even on 99% of the solid alts and most likely profit making yourself even more bitcoins.

Avoid these investment mistakes

#1 Mistake - Switching Timeframes
You must go from top to bottom, not the other way around.  People make stupid decisions, emotional when they see bitcoin down and they sell it, for fiat.  At that stage the game is over and you lost.

Then, people tend to listen to the shortest timeframe while having long term continuation in mind.  It's stupid.  It rarely ever happens that what is happening on the short term will remain long term.  Bitcoin in the next months, not even years won't even have the same patterns it has now.  Do you really expect it to go down then up then down then up on a twice per day basis for the next three years? 

I don't know about you, but I'd crack the pattern if it would be repeated continuously, forever. And so would many others.

So, for example I made btc prediction for the next month or so I made it two months in advance.  The moment I write it goes up, some guy goes to bitmex and looks if it is going up.  IT HAS NOTHING TO DO WITH MICRO TIMEFRAME!

The same way, I say bitcoin goes down today or tomorrow... for a dip.  It doesn't mean bitcoin goes down this week, or month or a year.  This is so common mistake, people go around the forums and collect info based on different timeframes.

For example how I think btc looks now:
next 24hrs - bearish
next 7 days - bearish/bullish transition
next 4 weeks - bullish
next 4 years - bullish
next 20 years - I don't know

Hyperbitcoinization: $100mil Per Coin by 2030

Daniel Krawisz doesn’t immediately grab first-time observers as a leading cryptocurrency philosopher. Mouse-colored, little Dutch boy hair, which he’ll at times flip in unintended punctuation during talks, and his generally casual demeanor could cause audience members to wonder aloud why a random stranger has taken the dais.

Mr. Krawisz doesn’t ever cite his academic credentials. He is absolutely devoid of appeals to authority, credentialism, and officialdom. He can often be heard challenging listeners to not believe him. Crypto fame of a kind came his way around Spring of 2014. As co-founder of the Satoshi Nakamoto Institute, his articles took on new meaning during bitcoin’s run up and up and up through 2017.

Hyperbitcoinization is his most enduring effort from that time, and he can be credited with the concept and neologism. “Bitcoin-induced currency demonetization, or hyperbitcoinization” is what would occur should “any hapless currency” stand “in bitcoin’s path of total world domination. If this happens, the currency will rapidly lose value as bitcoin supplants it,” he stressed. Years later, the topic has returned in some circles.

The piece is less braggadocio and more nuanced than proponents are prone to mention, but it does speak to a time in bitcoin core (BTC) history when community optimism reigned. The current store of value talk and digital gold hodl maximalism is somewhat revisionist, which more honest BTC enthusiasts concede. The discussion then was mostly about merchant adoption, medium of exchange qualities, and prospects of freeing emerging economies from legacy remittance arrangements. These attributes are no longer highlighted by BTCers.

Recently, Hyperbitcoinization: Winner Takes All (or how Bitcoin gets to $100,000,000) was posted by Coin Monks. Pseudo-anonymous author Obiwankenobit lays out Mr. Krawisz’s case anew. In a longer, mathy, graphic-filled essay, he builds the case for a hyper-hyper-hyperbitcoinization even the most optimistic BTC true believers might have trouble getting behind. Everett Roger, Laszlo Hanyecz, Friedrich Hayek, Austrian economics, S-curves, Andreas Antonopoulos, Daniel Krawisz, Satoshi Nakamoto combine to build the basic argument.

As bitcoin is accepted more around the world (and “acceptance” isn’t well defined), “the cost of rejecting bitcoin will exceed the cost of adopting it. Bitcoin will begin to assume money’s traditional roles and gain institutional and government support. It will become all money and form the backbone of a new global economy,” Obiwankenobit explains, describing the “tipping point.” 

No Stay Granted by Supreme Court of India

 

The Supreme Court of India heard one petition against the crypto banking ban imposed by the Reserve Bank of India (RBI) on Tuesday, July 3. This petition is by the Internet and Mobile Association of India (IAMAI) whose members include major crypto exchanges in the country such as Unocoin, Zebpay, and Wazirx.

The central bank issued a circular on April 6, banning all financial institutions under its control from servicing cryptocurrency companies. The ban is set to take effect on July 5. A number of industry participants have petitioned against the ban. Other than the petition by IAMAI, there are four other petitions which the Supreme Court will hear on July 20.

Wazirx's founder and CEO, Nischal Shetty, shared with news.Bitcoin.com after Tuesday's hearing that the Supreme Court did not grant a stay on RBI's crypto banking ban. The IAMAI petition will now be heard along with the rest of the petitions on July 20. "All eyes are on the 20th now," he emphasized, elaborating:

The IAMAI had [also] submitted a representation to the RBI which was a detailed document explaining blockchain, cryptos and how they function. The RBI has said it will respond to that within 7 days….The representation was made with the belief that if the RBI gets a deep understanding of blockchain and crypto then they may go easy on the ban and think about regulations.

Indian Crypto Exchanges Launching P2P Trading Services – Bypassing RBI Ban

With the impending banking ban by the Reserve Bank of India, cryptocurrency exchanges in the country are scrambling to find banking alternatives. Two Indian exchanges have announced that they are launching P2P crypto trading services which will allow traders to buy and sell crypto legally even after the central bank's ban.

With the banking ban by the central bank set to take effect on July 5, Indian crypto exchange Wazirx has been working on a solution for users to buy and sell crypto without needing a banking service.

The exchange announced last week that it is launching a P2P crypto transfer service which it claims to be "the most legal way to buy/sell cryptos in India after the RBI ban". CEO Nischal Shetty described:

Wazirx releases the crypto to the buyer upon receiving a confirmation from the seller, he noted. "We verify the KYC details of every user before allowing them to trade on Wazirx, and keep a record of each and every transaction that occurs on our exchange."

Launched in March, Wazirx currently supports the trading of 37 cryptocurrencies against INR and 17 BTC trading pairs.

Speaking to news.Bitcoin.com, Shetty shared, "we have 35 coins listed in just 3 months of launch". With over 100,000 users currently, he added that his exchange is the "fastest to list those many coins in India in such a short span of time."

Planning for RBI's Ban

The P2P trading service will launch once the RBI ban takes effect, Shetty explained. According to the central bank's circular, the ban prohibiting banks from servicing crypto businesses will commence on July 5.

"We will launch it whenever banks completely stop providing their services to crypto exchanges…tentatively 6th July but we'll need to wait and watch," Shetty told news.Bitcoin.com, noting:

People have been worried about how they would convert their fiat (INR) to crypto and vice versa. As soon as we announced P2P there was a big sigh of relief as users in India realized there are alternatives to the ban.

Five known petitions have been filed with the courts against the RBI ban. The supreme court will hear all cases on July 20, except for one petition which was filed by the Internet & Mobile Association of India (IAMAI). This petition will be heard on July 3. "After considering the urgency, the supreme court decided to hear this one out on 3rd which is before the RBI deadline," Shetty detailed. Wazirx is a member of this association as are some other major crypto exchanges such as Unocoin and Zebpay.

Controversial Tezos Project Announces Launch of ‘Betanet’

The Tezos Foundation has launched its beta network, calling the move an "inflection point" for the project, according to an official statement June 30.

According to Tezos' statement, the team has proposed the genesis block of their so-called 'betanet,' and transactions can be processed on the network. The Tezos team also stated that users can start validating blocks or 'baking' after the first seven cycles, which they estimate to be in about three weeks.

In their statement, the company encourages community members to take precautionary measures to ensure the security of their tokens while interacting with the betanet. Tezos further warns that there is nothing the firm can do if "tezzies" tokens (XTZ) are lost or stolen.

According to Tezos' website, the betanet is being launched in anticipation of a broader main network launch in the future.

Since raising a record-breaking $232 million during its Initial Coin Offering (ICO) in July 2017, Tezos has been the subject of scrutiny and multiple lawsuits concerning compliance with U.S. Securities and Exchange Commission (SEC) regulations. The lawsuits claim that Tezos tokens should be considered securities under U.S. law, meaning they would have had to be registered with the SEC to be legally sold to U.S. investors.

The platform has also received criticism for delaying the release of its tokens to investors following its ICO. Following the token sale, a dispute arose between co-founders Arthur and Kathleen Breitman, who own Tezos' intellectual property rights, and Tezos Foundation board president Johann Gevers, who controlled the raised funds, leading to a delay of the platform's launch.

In April, Tezos Arthur Breitman was fined $20,000 by U.S. regulators and banned from broker activity until 2020 because he failed to disclose Tezos-related "outside business activities" while working for Morgan Stanley to Wall Street's Financial Industry Regulatory Authority (FINRA).

Major Indian Cryptocurrency Exchange Shares What to Expect When RBI Ban Begins

The crypto banking ban mandated by the Reserve Bank of India (RBI) is set to take effect on July 5, according to the central bank's circular issued on April 6. There are five known petitions against the ban that the Supreme Court will hear on July 20, with one exception. The petition by the Internet & Mobile Association of India (IAMAI) will be heard on July 3.

One of India's largest cryptocurrency exchanges, Unocoin, is a member of IAMAI, as are some other major crypto exchanges including Zebpay and Coinsecure.

Speaking with news.Bitcoin.com on Saturday, Unocoin's CEO and co-founder, Sathvik Vishwanath, explained that the sentiment among Indian traders "is quite weaker than before." He elaborated that banks would not support crypto exchanges' customers "to send and receive INR as it would still violate the RBI policy which not only restricts entities but also individuals." The CEO added:

The Bangalore-based crypto exchange, with about 370,000 unique users, recently launched a crypto-to-crypto trading platform called Unodax.

Several other crypto exchanges in India have similarly launched all-crypto platforms, including Zebpay and Koinex, with the hopes that investors will continue to trade cryptos even without banking support. However, Vishwanath revealed to news.Bitcoin.com:

Unocoin announced this week that it is working on banking alternatives for when the RBI ban takes effect. "Due to the RBI's recent notification on 'Prohibition on Dealing in Virtual Currencies'," the exchange warned: