The Reasons Why India Delays New Crypto Regulation

Maria Rodríguez
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The Reasons Why India Delays New Crypto Regulation

Investors and cryptocurrency holders ask the government to reconsider and not to ban these digital assets.

This winter session of the Indian Parliament will not be banned from the use of cryptocurrencies. This happens because the government stills evaluating the crypto regulation foreseen for that country.

Some months ago, the Indian government told the Supreme Court that the cryptocurrency bill would be introduced during the winter session. 

But the crypto bill is not contemplated in the Parliament’s agenda published by Lok Sabha, the Lower House of the Indian Parliament.

The name of the draft bill that the Indian government has been evaluating is “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019”. The initial plan was that the government would discuss the cryptocurrency-related draft.

Last August, the Indian government stated that the draft bill would be introduced in Parliament in the winter session, which will take place from November 18th to December 13th.

This draft legislation contemplates to ban the use of cryptocurrencies in India, but also to introduce a “Digital Rupee” issued by the country’s central bank, the Reserve Bank of India.

In this way, the authorities of the country consider issuing a digital coin but not using cryptocurrencies that already exist. However, the bill does not apply to Bitcoin’s (BTC) underlying technology, blockchain.

The Indian government would use blockchain and related technologies as well as blockchain-based financial applications. This, since that kind of technology, is being used in different fields, in other countries, to store and handle unchanged information.

The Community’s Reaction

Investors and users of cryptocurrencies in India see this delay as something positive for them. Now, they have more time to spend, sell, store and change for fiat money the crypto assets they have.

Sohail Merchant, CEO of the Indian crypto exchange Pocketbits, considers the news a temporary relief to protect the crypto industry in India. As a response, he wrote a message in his official Twitter account.

“Draft bill for banning of crypto is not on the agenda for Parliament winter session. Relief for now, but use this time to come together and present our case to the regulators. Forget competition/ego & echo our thoughts with a single voice”.

Nischal Shetty, CEO of the Wazirx crypto exchange also said that the delay is great news for those who are part of the crypto ecosystem in India. He suggests that the government is taking more time to reevaluate the complete ban of traditional cryptocurrencies.

“Great to see Indian Government not rushing into this. They are listening”, Nischal Shetty said.

Also, he has a social media campaign calling for positive crypto regulation for more than a year. He believes that these assets comprise a key factor in current times. They are also part of the current technology.

Crypto industry investors criticize the draft legislation that intends to ban cryptocurrencies. Last October, Tim Draper, a billionaire venture capitalist called on Prime Minister Narendra Modi to reconsider the negative position of the country on cryptocurrencies. Draper claimed that India was leaving itself vulnerable to corruption by trying to ban crypto assets.

Currently, India is one of the five BRICS countries considering launching a national cryptocurrency to facilitate settlements between member countries. The bill to ban all cryptocurrencies except state-issued ones was drafted by an interministerial committee (IMC) headed by former Secretary of the Department of Economic Affairs, Subhash Chandra Garg.

The draft was submitted to the Ministry of Finance in February and made public in July. Crypto holders did not agree and gathered, the first week of November, at an event known as “Unwind with Crypto”; hosted by local crypto exchange Coindcx.

They hope to build a “stronger global community”, and that Indian authorities consider allowing the use of cryptocurrencies in the territory; however, the answer would be known next year.

By María Rodríguez

Coinbase Adds XRP, XLM and Five other Cryptocurrencies to its Debit Card

Maria Rodríguez
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Coinbase Adds XRP, XLM and Five other Cryptocurrencies to its Debit Card

Now, the tool supports almost nine cryptocurrencies in 29 countries in Europe, where users are able to make purchases using their cryptocurrencies or fiat money if they need to convert it.

The adoption of cryptocurrencies grows more and more. Different wallets and platforms have been adding support to more cryptocurrencies to benefit the users of these digital assets.

One recent case is Coinbase, which has added five new coins to its crypto debit card. This happens since this crypto exchange and others have created crypto-debit cards to allow users to make payments directly with cryptoactives, lieu of changing them for fiat currencies. The Binance’s crypto-debit card was launched last April 10th. It “debuted” in the United Kingdom.

In this sense, the cryptocurrencies that Coinbase recently added are XRP, Stellar (XLM), Basic Attention Token (BAT), 0X (ZRX), and Augur (REP). The digital currencies that previously were available are Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

In more Countries

This expansion of support for five more cryptocurrencies occurred in ten new jurisdictions, according to what the firm announced in two tweets on its official account. Now, Coinbase supports a total of nine cryptocurrencies in almost 29 countries in Europe.

“Since launching earlier this year, Coinbase Card has helped tens of thousands of users spend their crypto as easily as the money in their bank accounts. With Christmas approaching, the demand for Coinbase Card will be will higher than ever”, the Chief of Marketing at Coinbase UK, JD Millwood, said.

According to the new announcement, Coinbase Card is now available in Croatia, Denmark, Bulgaria, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania and Sweden.

Besides, this crypto card can be used everywhere in the European Union (EU), except for Malta and the Czech Republic.

This tool allows Coinbase users to make purchases using digital currencies stored in their Coinbase accounts. Also, there is another possibility, users could convert their crypto funds into fiat money if they need to do it.

During this 2019, cryptocurrency debit card offerings have seen significant growth. In fact, last June, the Litecoin Foundation announced its plans to launch a physical crypto debit card in partnership with Bibox Exchange and blockchain firm Ternio. It would be known as “LTC debit card” or like the “BlockCard”.

That month, Crypterium, the crypto payment firm led by former Visa exec Steven Parker, claimed that it shipped nearly 4,000 crypto debit cards in the week following the launch of its card.

GRID X is the crypto card of BitTorrent. It allows storing and spending TRX and BTT tokens.

Currently, crypto cards holders can transfer funds onto their cards and make payments and purchases at restaurants, cinemas and other kinds of places.

This is something that makes it much easier for many people to get involved with cryptocurrencies. Brazil, Colombia, Argentina, South Africa, México and Chile are some of the countries that use cryptocurrencies the most in Latin America; as a result, they would have more and new users interested in crypto debit cards.

By María Rodríguez       

Bakkt is discussing to Offer cash-settled Bitcoin Futures in Singapore

Maria Rodríguez
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Bakkt is discussing to Offer cash-settled Bitcoin Futures in Singapore

Customers will receive the actual Bitcoin on a contract’s expiration rather than the fiat equivalent.

Bakkt, the intercontinental exchange, stated it will add cash-settled futures offerings before 2020.

“We have the intention of offering a cash-settled contract as well. Retail customers can trade our monthly futures contract”, Adam White, COO of Bakkt, said.

In this way, the company intends to expand from its current physically-settled offerings to cash-settled futures before next year. The Intercontinental Exchange (ICE) subsidiary is working on adding the new product.

The new cash-settled monthly futures will be offered through ICE Clear Singapore, the firm Singapore-based clearinghouse. Also, it will be traded on ICE Futures Singapore.

How Will It Work?

The main benefit of implementing this idea is that traders will be able to access the products worldwide. The process will be similar to the structure of current future contracts for digital assets through ICE Clear U.S.

According to White, this product is a result of what customers need and demand. The new contract will be built on the same data utilized by Bakkt’s physically-settled bitcoin futures contract.

Currently, in order to make the project something real, Bakkt is in discussions with the Monetary Authority of Singapore (MAS).

Bakkt was launched in August 2018. According to recent reports, it spent more than a year building and launching its physically-settled bitcoin futures contracts. It is the first of its kind.

The dynamic is similar to other futures contracts. Customers receive the actual Bitcoin on a contract’s expiration rather than the fiat equivalent; thus, these people do not lose money because they will invest in cryptocurrencies.

But, the Chicago Mercantile Exchange (CME) is currently the only provider of a cash-settled Bitcoin futures contract in the United States of America. Now, with this new product, Bakkt will be able to offer both.

Recently, Bakkt announced its new plans to develop an app that would allow customers to purchase goods with Bitcoin from merchants. Bitcoin would be used as a form of payment in this field. The release date is set for some time next year.

In recent weeks, the company announced its intention to offer options contracts on top of its existing futures product.

Besides, the company informed that they would be expanding its custody services to all institutional clients.

Previously to this announcement, Bakkt only offered its custody services to customers who trade futures on ICE. Thanks to the app and the company’s new decision, more people would have access to these benefits.

White noted that retail customers have largely driven the Bitcoin market over the past few years.

The company intends to boost and support the projects of retail customers too. “Retail customers can trade our monthly futures contract”, he assured.

A futures contract is a technique to hedge positions and reduce the risk of losing money. Customers can receive cryptocurrencies instead of fiat currencies when a contract ends. It allows trading these digital assets in a foreseen period of time, establishing first their prices.

The futures are part of the traditional economy and now it is the time for cryptocurrencies, the new and current form of money used for international companies and investors.

By María Rodríguez

As DAOBet Token Exchange Started, BET Tokens Can Be Claimed

Willmen Blanco
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As DAOBet Token Exchange Started, BET Tokens Can Be Claimed

DAOBet used the EOS blockchain as the basis for its own iGaming blockchain ecosystem. DAOWallet allows receiving payments in real time and exchanging crypto assets with BTC, ETH, BET and ERC-20.

The growth of the online gambling industry has allowed blockchain technology to offer all the features that any player could want. Among those advantages are speed, efficiency and tools like smart contracts, which work in harmony to provide both new and old players with a frictionless experience.

However, blockchain has many other uses, since operators, affiliates and game developers can use the DAOBet blockchain as the basis for mounting new games in which the only limitation is imagination.

DAOBet Mainnet

Game operators, players, and affiliates consider that a secure and transparent environment is essential for the growth of the industry, as well as to encourage more exciting and innovative forms of play between all parties. DAOBet has announced its own customized blockchain ecosystem, iGaming, which has used the EOS blockchain as a basis and has modified the code to provide various features.

With a latency of 1 second per transaction, it has the ability to execute 3,000 transactions per second. As it uses innovative deterministic block finality via sequential block confirmation, the DAOBet mainnet will not be congested over time as the user’s load increases.

The network protects against hackers and malicious parties with a minimum of 100 validators. The difficulty in getting access to so many nodes simultaneously means that the data are extremely difficult to alter.

The demonstrably fair DAOBet model uses Signidice RNG Verification, which has been certified by Gaming Laboratories International, a globally recognized authority body for the gambling and betting industry.

DAOBet’s customizable ecosystem allows users to create their own games, which they can play with other users. DAOWallet allows easy management of resources for those games.

Native BET Token

DAOBet is increasingly changing its Ethereum-based ERC-20 token to its native BET token. The mainnet will be fully operational soon and users will be able to use their native tokens in the DAOBet ecosystem to create, host and bet on different games. The holders of ERC-20 tokens can convert them to BET tokens very easily.

First, they need to create a wallet or log in to DAOWallet. If the wallet is created for the first time, they must enter their personal e-mail, use the validation password sent to their e-mail address and create a personal CODE and a recovery phrase.

They will be required to convert the amount of ERC-20 tokens to in the native blockchain token BET. Then they have to press the Receive button to obtain the receiving address, where tokens based on ERC-20 should be sent. For ease of use, the wallet will also provide a QR code.

After sending the tokens and receiving confirmation, they must press the Convert button to begin the conversion of the ERC-20 tokens to the native BET tokens. The operation requires GAS, so it is recommended to have enough ETH for the transaction in the wallet.

Finally, they will be required to enter the amount of ERC-20 tokens to be converted to the native blockchain. They need to select the required amount and press the Convert button at the bottom. Of course, they must verify if the conversion has been completed successfully.

DAOWallet offers the possibility of receiving payments in real-time, thus making profits and having fun at the same time possible. DAOWallet allows users to exchange their crypto assets compatible with BTC, ETH, BET and ERC-20 directly with each other and add other tokens, moving money in and out of the DAOBet ecosystem is really simple.

By Willmen Blanco

FTC urges Federal Reserve to Launch Its Cryptocurrency

Maria Rodríguez
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FTC urges Federal Reserve to Launch Its Cryptocurrency

The objective is to block Libra, the crypto-project of the social media giant Facebook, which would be launched in 2020.

Rohit Chopra, Commissioner of the Federal Trade Commission (FTC), recently wrote an open letter to Federal Reserve Chairman, Jerome Powell, to launch a real-time payment system called FedNow. The intention is to block Facebook’s crypto-project, Libra.

According to Chopra, the private sector has not been able to meet the need for faster means of payment for users. Additionally, different governments reject Libra since Facebook, the company that will launch said asset, has a lot of information of its users and, as the US Government comments, it would be “risky” if the company obtains much more private information.

However, a public version of Libra, but launched by the government, could meet the expectations of users or not. The crypto-community look for decentralized platforms and means of payments or projects launched by governments could be more regulated than users’ aspirations.

But Chopra urges the Federal Reserve to launch FedNow to develop another option for users, even when it is likely to take until 2023 to launch the asset.

Commissioner Chopra proposes to stop a private payment “monopoly” by creating a public sector monopoly. But, in different cases and all around the world, private monopolies have also been conducted well.

Against Libra

The Federal Reserve is currently examining the potential of the high-speed payments system suggested by FTC.

Joining other government officials around the world, Chopra criticized Libra, the new Facebook’s cryptocurrency project.

“The vague and scant details on the tech platform’s proposed shadow global central bank have sounded international alarm bells, particularly in light of Facebook’s ongoing scandals and reputation for abuse (…) The laundry list of risks raised by the Libra project will take time to unpack and address. I share the serious concerns raised by Chairman Jerome Powell and Governor Lael Brainard”, Chopra wrote.

The Chairman sees the high demand of those who look for fast payments. For that reason, he considers that FTC will have a great opportunity in that sector.

However, it is not clear what FedNow is looking for. There is not information about how the project will operate or when it will be ready to apply it. But some media report that the project will be ready for 2024.

Until the moment, there is not information about which technology will use FedNow. Two US lawmakers wrote to the Fed to inquire about its views toward the technology.

The letter sent by the Commissioner says that by establishing a public competitor, “the Federal Reserve will ensure that small banks, credit unions, and other new entrants can access and build upon the payments infrastructure of the future”.

To conclude, Chopra considers that the Federal Reserve must play a role as a public competitor to prevent a megabank monopoly over a “core function” of its financial system.

“As large private firms on Wall Street and Silicon Valley seek to leverage their market power through control of critical infrastructure, it is more important than ever for the Board to implement this proposal quickly”, he said.

Hence, implementing a faster means of payment would maintain the supremacy of dollars in international transactions and would avoid a “monopoly” of private companies such as Facebook, which is trying to overcome obstacles and finally launch its digital and global currency.

Central banks and governments continue venturing into digital payments in real time and in the world of cryptocurrencies.

By María Rodríguez

Free Crypto-School Wants Entrepreneurs to Join its Project and Teach more People

Maria Rodríguez
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Free Crypto-School Wants Entrepreneurs to Join its Project and Teach more People

The educational program will take place from February 2020 to April of the same year

Recently, it was announced that Andreessen Horowitz, a Venture Capital Fund firm of the United States of America, is preparing a free training and education program for all those who want to undertake in the field of cryptographic technology.

As it is known, it will be an educational program in the modality of face-to-face and aimed at entrepreneurs and people looking to get involved in businesses with cryptocurrencies. At the end, the program will take place in the city of Menlo Park, in California, where it will also host a conference on the results of the program.

To conduct this educational program, the company, also known for its alliances and negotiations with Ripple, OpenBazaar and Coinbase, said there is confirmation that some representatives of Paradigm, Union Square Ventures, Galaxy Digital, among many others, will join as speakers and guest speakers so it would be possible to improve the academic project that will be called Crypto Startup School.

About other aspects of the educational project, it was known that the educational program will last approximately seven weeks, so it will be developed from next February to April, 2020.

In addition, the names of some experts and speakers that would lead the lessons were announced. Some of the experts who will have direct participation in the education of entrepreneurs are Dani Grant, an analyst at Union Square Ventures; Linda Xie, member of Scalar Capital; Michael Jordan, who is a researcher at Paradigm; and Morgan Beller, Chief of Calibra Strategy at Facebook.

Andreessen Horowitz’s general partner, Chris Dixon, commented that the project was born as an innovative idea to improve the processes related to the cryptocurrency industry in the future. According to Dixon, the future of the industry will depend on the new entrepreneurs and enthusiasts of new technologies.

“We have been involved in crypto/blockchains for almost five years, and as a team, we have had the opportunity to learn from world-class entrepreneurs and technologists on topics like product and technology design, organization development, go-to-market strategy, and legal/regulatory best practices. We think that sharing the most important lessons we have learned could accelerate the development of existing projects, and inspire more talented people to join the space”.

The Study Plan that Would Train the Blockchain ​​Creators of the Future

It is known that the study plan of the project will have a specific number of topics to be discussed, ranging from the most basic to complex programming issues.

The announcement mentioned that it will begin with basic questions such as what cryptocurrencies are, the importance of this technology and considerations about technology innovation. The program will conclude with more advanced study topics such as the management of tools for the creation of blockchain applications, business models applied to the blockchain, among many other topics.

To be included in the project, it is not necessary to have any specialization or specific knowledge in the industry. However, it is requested that the person has to be familiar with the main programming language of Ethereum, Solidity.

The same firm that will develop this educational project announced in mid-2018, that it made a strong investment, of more than 300 million dollars, in novel projects, constituted companies, and protocols and platforms linked to cryptocurrencies.

This corresponds to the company’s growth plans which visualize a promising future in the business models that will emerge thanks to blockchain and other new technologies.

These projects represent an important advance in academic growth within the crypto industry, in addition to guiding entrepreneurs who felt insecure in technological plans related to blockchain technology.

By María Rodríguez

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