Connect with us


Good news for the Indian crypto market: Resetting RBI hearing in July

Ipsita Das



Indian crypto regulations all set for July, Good news for the Indian market
Source: Pixabay

According to a recent interview with ET now, Subash Chandra Garg, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India said that the Supreme Court has agreed to review a petition against the RBI ban earlier than expected, resetting the hearing for July 3rd

He further explained:

“We are fairly close to developing a kind of template which we think might be in the best interest of our country. We have prepared a draft which we intend to discuss with the committee members in the first week of July.”

The Finance Ministry representative remarked that the government has made a progress on the regulations regarding “what part of business should be banned, what should be preserved, and what not.”

Garg earlier said that the Indian government would not deem cryptocurrencies as currencies as they would not be incorporated in the country’s currency system. Despite the ban, he acknowledged that certain regulations needed to be instituted since there are a lot of people who find value in cryptocurrencies.

Subhash Chandra Garg also commented that since the cryptocurrency exchanges are not overseen in India, these regulations would establish legal requirements in order to keep a record of the transactions.

There has been a lot of friction when it comes to cryptocurrency exchange and Indian lawmakers. Arun Jaitley, Finance Minister, restated that cryptocurrencies are not recognized as legal tender and the use of illegal activities would be cracked down. Earlier, the Income Tax department issued a notice to the cryptocurrency users on charges of tax evasion.

A time period of three months was given to the commercial banks by the Reserve Bank of India to act in accordance with the directives. The Reserve Bank of India admitted on an RTI that it banned cryptocurrency without any proper guidance in a response to the RTI filed by a startup consultant, Varun Sethi.

Local exchanges have been preparing for the ban by terminating fiat deposits and withdrawals while launching and expanding crypto-to-crypto trading. A number of Indian crypto companies filed petitions against the restrictions that were imposed. The hearing was initially dated at July 20th.

However, the review is now set to take place on July 3rd, as said by Kunal Barcha, co-founder, and director of Coinrecoil, Kali Digital Eco-Systems.

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Ipsita Das is a full time writer in AMBCrypto. She is a Journalism, English and Psychology major from Garden City University. Her passion, and enthusiasm for blockchain technology and cryptocurrencies has led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.


Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out of ‘saucer bottom’ pattern




Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out out of 'saucer bottom' pattern
Source: Unsplash

Binance Coin [BNB] is nothing short of becoming the best performing crypto asset of 2019, as it creates higher highs every day. In a recent surge, BNB went up by approximately 12% in 24-hours breaking out of the ‘saucer bottom’ pattern.

BNB has been on a bull run since December 2018, it has surged by approximately 470% since that point. In the last 24-hours, the price was up by approximately 12% from wick-to-wick.

Source: TradingView

Moreover, the rise in the price over the day can be attributed to the announcement by Binance DEX, that was launched recently. The tweet read:

The new update will convert the BNB, which is an ERC20token, into BEP2, it will be called the “mainnet swap”. Furthermore, users have to convert their ERC20 tokens on Binance, the details of which will be released in the near future.

In addition, Mithril, a cryptocurrency project has announced that it will be the first project to migrate to the Binance Chain. It tweeted:

“$MITH token holders on the new @Binance_DEX will be the first to experience increased speed, security, and user friendliness while maintaining full control over their funds.”

A Twitter user, @carlitosblvd123, commented:

“So , all BNB we have now like erc20 in binance exchange and on trust wallet will be converted to bep2 automatically or we have to do anything to happen?”

@jigneshon, another Twitter user commented:

“Crypto Revolution will happen on 23rd April when Binance Chain Genesis block will be created. 🔥”

Subscribe to AMBCrypto’s Newsletter

Continue Reading