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Reserve Bank of India [RBI] taken to court AGAIN!




Reserve Bank of India [RBI] to have another encounter with the High Court because of the cryptocurrency rule
Source: Flickr

Recently, the Reserve Bank of India [RBI] was slammed with a petition by Kali Digital Ecosystems due to the cryptocurrency rule that forbids all the banks under the RBI to have a relationship with any individual or business dealing with cryptocurrency.

This time Flintstone Technology Private Limited will be the main reason RBI will be encountering with the High Court again. The company has filed a plea asking the Central Bank to withdraw the circular and also claims that the RBI hasn’t provided a proper reason for barring all the banks from providing services related to cryptocurrency.

Flintstone Technology Pvt Ltd. is a Maharastra based company which deals with cryptocurrency digital wallet that provides service for Bitcoin [BTC] and Money Trade Coin [MTC]. The lawsuit filed by the company will be presented before Justice Rajiv Shakdher.

On 5th April, Reserve Bank of India [RBI] circulated a statement stating that all the banks affiliated with the bank will not be dealing with entities/ individuals/ businesses dealing with cryptocurrencies as it possesses a lot of risks.

In the meanwhile, they even announced that they will be coming up with their own cryptocurrency and a Central Bank which will mainly be dealing and regulating the fiat currency.

Naveen Sharma, a crypto-enthusiast says:

“Slowly all of them are coming out and stepping up against the Central Bank. This is a sort of violation of rights. They can’t just order banks to stop dealing with people involved in the crypto-space. It is going to be next big revolution and we have no intention of lagging behind.”

Arjun Thilak, a cryptocurrency investor and trader says:

“We have the right solution for all the problems. And India, being India is turning a blind eye towards it. When is the government ever going to learn? Always taking the wrong decisions and by the time they realise it, its too late.”

Namitha Singh, an Internal Auditor says:

“I don’t understand why Zebpay and Unocoin aren’t coming forth and doing something about this. When small ventures are clearly fighting on behalf of crypto-space. They have a bigger reach and a stronger base. Way to go Flintstone and Kali Digital.”

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Andrea Pierre Jackson is a contributing News writer at AMBCrypto from December 2017. She has previous writing experience with major publishing houses in the UK and the US. Andrea currently does not hold any position in any cryptocurrency or its projects


SEC delays VanEck Bitcoin ETF decision days after delaying Bitwise proposed rule change





SEC delays VanEck Bitcoin ETF decision days after delaying the Bitwise proposed rule change
Source: Unsplash

The Securities and Commission Exchange [SEC] has yet again delayed another Bitcoin ETF. This time around, the commission has decided to delay the VanEck Soldix Bitcoin ETF, one of the most awaited exchange-traded funds in the cryptocurrency community.

In the document released today, the exchange has asked for more comments on the proposed rule change and has also asked for further information on queries related to the exchange-traded fund. The commission stated that it has received 25 comments on the proposed rule change so far.  It stated,

“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”

It further stated

“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.”

Notably, the main concerns of the commission continue to be market manipulation and the measure taken by the platform to protect its investors. The commission is currently seeking comments on 14 queries pertaining to the VanEck Bitcoin ETF.

This includes the views of the ‘commenters’ on whether the exchange has entered “into a surveillance-sharing agreement with a regulated market of significant size related to bitcoin?”, the relationship between the Bitcoin futures markets and the Bitcoin spot market, with the focus being price formation, the relationship between the Bitcoin futures market and the proposed Bitcoin ETF, and the commenters’ views “of the Exchange’s assertions that bitcoin is arguably less susceptible to manipulation than other commodities that underlie ETPs”.

Gabor Gurbacs, Director of Digital Assets Strategy with VanEck said on Twitter,

“The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris!”

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