India Shows Skepticism About Facebook Cryptocurrency
The Republic of India, the seventh-biggest nation by area geographically located in South Asia, has shown much disbelief in the new cryptocurrency owned by Facebook known as Libra aka GlobalCoin. In fact, the coin will not be allowed to operate in the country.
Court Gives India 30 Days to Draft DLT & Crypto Regulations
The Indian government has been cautious of Blockchain and digital currencies and for good reason. The series of scams conveyed from India has been the government’s plan. Nevertheless, the current turn of events, the Supreme Court has asked the government of India to draft the blockchain (DLT) and cryptocurrency regulations for the nation in just four weeks.
India: IDRBT Suggests Roadmap & Blueprint for Blockchain & Crypto
India holds a big global economy that is now facing a rapid growth of use cases for blockchain and cryptocurrency markets. Taking demand into account, India plans to design a suitable roadmap for distributed ledger technology (DLT) soon or later, according to the report by Financial Express.
Reserve Bank of India Forces Customers to Abandon Dealing with Cryptoassets
The Reserve Bank of India (RBI) is allegedly forcing the clients of the commercial banking institutions to completely abandon cryptocurrencies including bitcoin (BTC) and stop operating any kind of business activity related to cryptoassets. In case the client wants to set up a new bank account in any commercial banking institution in the country, he or she is forced to sign documents which in this case read that they shan’t deal in any digital currency transactions from their bank accounts.
Indian Cryptocurrency Entrepreneurs Protest Against Cryptocurrency Ban
The Reserve Bank of India banning any dealings with cryptocurrency in the domestic market caused a lot of fuss amongst the Indian crypto community. Many entrepreneurs and enthusiasts protest against the move arguing that it is a violation of fundamental rights. In fact, it even led some people to turn to the courts.
China Undergoes Massive Forex Reserves Loss, Pushes Bitcoin Higher
China is losing a good portion of its forex Reserves in, what is considered to be by many people, an attempt to raise the value of the Chinese Yuan. China, which got hit by hard monetary issues through most of 2016, still continues to struggle to completely offset its economic woes.