Category Archives: cryptocurrencies

Large Indian Bank Clamping Down on Cryptocurrencies

One of the largest banks in India is asking its users to consent that they won’t be using their accounts to trade Bitcoin or other cryptocurrencies. The bank also asks for authorization to immediately shut down an account if it’s associated with digital currencies. 

Things Are Not Looking Good in India

On April 6th, the Reserve Bank of India (RBI) ordered all regulated financial institutions to refrain from working with cryptocurrency-related businesses of any kind.

The move was met with a swift response from the industry which challenged the order. However, a few months later, on July 3, the Supreme Court of India upheld the ban, delivering a heavy blow to the entire field.

It wasn’t long before this took its toll on the industry. In October, India’s very first Bitcoin ATM was shut down and both of the founders of the company which operated it were arrested.

In December, Live Bitcoin News reported that the country is allegedly planning to end its statewide cryptocurrency ban. Purportedly, the Government has created an interdisciplinary committee which is figuring out ways to legalize and regulate the cryptocurrency industry instead of banning it straight away.

However, a month later, one of the country’s biggest banks has also gone against crypto.

HDFC Jumps on the Anti-Crypto Bandwagon

A Twitter user CryptoIndia YT (@Cryptoindia) shared that HDFC has requested users to confirm that they won’t use their bank accounts for trading Bitcoin or any other cryptocurrency.

Additionally, the bank has also requested its clients to “authorize the bank to close the above account without any further notice if it is observed in future that transactions have been carried out for Bitcoin/virtual currencies.”

HDFC is currently the third largest bank in India and it has around 89,000 employees throughout its branches.

What do you think of HDFC going against cryptocurrencies? Don’t hesitate to let us know in the comments below!

The post Large Indian Bank Clamping Down on Cryptocurrencies appeared first on Live Bitcoin News.

Source: Bitcoin News

Cryptocurrencies a “Fairy-Tale Story”, ECB Policymaker Says

A policy maker from the European Central Bank considers cryptocurrency to be a “fairy-tale story.” He’s also expressed his negativism on the matter, discarding the digital assets as a “complete load of nonsense” despite the bank’s position on the matter.

Cryptocurrency a “Fairy-Tale Story”

The governor of Estonia’s central bank and European Central Bank policymaker Ardo Hansson has expressed his stance on the matter of cryptocurrencies and their current decline.

The bubble has already started to collapse and maybe we should just see how far this collapse goes, and what is left when we’ve reached a new kind of equilibrium. […] I think we will come back a few years from now and say how could we ever have gotten into this situation where we believed this kind of a fairy-tale story. – Said Hansson.

Additionally, Bloomberg also reported that Hansson has warned authorities that they may need to focus on additional investor-protection aspects while highlighting concerns that cryptocurrency can be used of illicit activities.

It does seem like Hansson insists on a completely unsupported narrative, as experts have recently clarified that cash and not cryptocurrencies remain king when it comes to illicit activity financing.

Unconsolidated Position

Hansson’s negative position on the matter of cryptocurrencies doesn’t seem to fall in line with the stance of the ECB itself.

While the bank has recently dismissed the possibility for a central bank-issued cryptocurrency, it hasn’t really demonstrated any kind of steep negativism towards the field.

In fact, Live Bitcoin News reported in November that the president of the ECB himself has said that a digital currency could widen the range of economic actors.

In principle, a central bank digital currency could meet demands for both the security and digitalisation of the economy. It could also allow monetary policy to reach a wider range of economic actors more directly. – Said Draghi.

What do you think of Hansson’s position on cryptocurrencies? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock

 

The post Cryptocurrencies a “Fairy-Tale Story”, ECB Policymaker Says appeared first on Live Bitcoin News.

Source: Bitcoin News

Bitcoin’s Price Fell, But Interest Remained High in 2018

Bitcoin sure peaked everyone’s interest in 2018. While it’s price may have been something of a letdown, the asset itself continued to intrigue members of the public well into the year.

Internet Bitcoin Searches Were High

Bitcoin has proven to be something of an enigma over the past 12 months. While the currency ultimately reached its peak of nearly $20,000 last December, it has since entered a phase of consistent drops that has caused it to lose over 80 percent of its value. At press time, it is trading for just over $3,300, leading many crypto enthusiasts – particularly long-term investors and hodlers – to sulk and stew in their rooms.

But even though the price drops never let up, bitcoin appeared to retain its following. A new Bloomberg report suggests that among the top Google searches for the year were “What is Bitcoin?” and “How to Buy Ripple.” Bitcoin and cryptocurrencies continued to garner their time in the spotlight despite the price catastrophes occurring at every corner.

A Double Standard

These questions and others like them were amongst the top-searched items in both the United States and the United Kingdom, according to Google Trends. The latter was the fourth-ranking “how to” question making Google’s list.

While this may seem positive on paper, there are two sides to the equation one must consider. On one hand, the evidence suggests that cryptocurrencies have not lost their popularity. Despite the everlasting price falls, many members of the public remained adamant that bitcoin and its altcoin cousins remained valid investment tools that could boost their net worth and diversify their portfolios.

A Darker Side of the Plane

On the other hand, several analysts claim that one of the main reasons behind the present wintery conditions and the massive drop in bitcoin’s price is a lack of investor knowledge and education. It is said by many industry experts that bitcoin became as big as it did because people simply entered the market without considering the risks that came with it. This caused the space to burst and come crashing down.

The fact that so many people were asking these kinds of questions well into 2018 – when bitcoin was already showing signs of struggling – suggests that education was still on the shallow end of the pool, and that cryptocurrencies were not mainstream enough to garner enough attention from the public prior to their devastating price falls.

Time to Read Up, People!

If bitcoin and other digital assets are to garner the attention and respect they deserve, investors must be willing to spend time learning about the potential issues and problems that face them. Throwing oneself in head first is only likely to result in injury; testing out the water and checking for depth allows one to formulate a plan.

Do you agree that education is necessary to invest in crypto? Post your comments below.

Image courtesy of Shuttershock

The post Bitcoin’s Price Fell, But Interest Remained High in 2018 appeared first on Live Bitcoin News.

Source: Bitcoin News