Connect with us

News

Securities and Exchange Board of India: Officials sent overseas to study cryptocurrency

Anvita M V

Published

on

Securities and Exchange Board of India: Officials sent overseas to study cryptocurrency
Source: Unsplash

Recently, the Securities and Exchange Board of India [SEBI] released its Annual report for the year 2017-2018. SEBI began as a non-statutory body in the year 1988. Currently, it is the most important statutory regulatory body in the country. SEBI received its statutory powers on January 30, 1992, after the Parliament of India passed the SEBI Act.

Just a few days prior to releasing the annual report, SEBI issued a press release which unveiled that the regulatory body has formed a committee to explore the opportunities provided by Fintech. The team will be guided forward in the Chairmanship of Shri T.V. Mohandas Pai, SEBI added.

The Committee also stated that it would examine, deliberate and advise SEBI on a regular based on several points. SEBI said in its release:

“Assessing technological solutions for regulatory functions of SEBI viz. information management and data mining, risk management including cyber security, intermediary supervision, consumer protection, etc. through application of new technological solutions like application of distributed ledger technology, big data, data analytics, artificial intelligence, machine Learning etc.”

Further, in its recently published annual report, SEBI revealed that a team of Indian officials from SEBI was sent on a study tour to overseas authorities. The report also explains the need for such tours, stating:

“SEBI on a regular basis enables study tour of SEBI officials to overseas authorities. These study tours help engage with the international regulators and gain deeper understanding of the systems and mechanisms. SEBI in the past has benefitted a lot from these experiences and the knowledge transfer helps improve the processes within SEBI.”

In one of their recent study tours, the authorities went overseas to understand the concept of Initial Coin Offerings [ICOs] and cryptocurrencies. The officials targetted authorities of three countries namely Financial Services Agency [FS] in Japan, Financial Conduct Authority [FCA] in the UK and Financial Market Supervisory Authority [FINMA] of Switzerland.

While the government officials are sent overseas to study cryptocurrencies, the Indian cryptocurrency market continues its battle with the government on the regulation of digital assets.



The country’s Central Bank, Reserve Bank of India [RBI] has confirmed that it will be watching the movement of cryptocurrencies very closely. Earlier this year, RBI petitioned a ban against these digital assets, completely disabling the conversion of cryptocurrencies to Indian Rupees [INR].

On 20th July, RBI held a hearing to consider the lifting of the ban. However, nothing concrete came out of the hearing. According to reports, the hearing has been moved to 11th September. Reports also revealed that SEBI will be a part of the September hearing.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.

Ethereum

Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’

Avatar

Published

on

Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.



A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending