Page 32 - Cryptocurrency

Progressing towards regulation on Crypto under India's G20 presidency: FM

Recognizing the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets, she said

India asks IMF, FSB to prepare technical paper on regulating crypto

India, which is currently holding G20 Presidency, has asked the IMF and Financial Stability Board (FSB) to jointly prepare a technical paper on crypto assets, which could be used in formulating a coordinated and comprehensive policy to regulate them. The international organisations are expected to present their joint paper during the 4th Finance Ministers and Central Bank Governors Meeting in October 2023, said a finance ministry release. "To complement the ongoing dialogue on the need for a policy framework, the Indian Presidency has proposed a joint technical paper by the International Monetary Fund (IMF) and the FSB, which would synthesise the macroeconomic and regulatory perspectives of crypto-assets. This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets," it said. In their entirety, the IMF's discussion paper, the policy seminar and the joint IMF-FSB paper are expected to integrate the policy questions pertaining to macro-financi

Banning cryptocurrency should be an option: IMF's Kristalina Georgieva

Georgieva also said that there are some disagreements between the nations on the issue of debt restructuring of low and middle income countries

Crypto wrap: January Fed meet minutes pull Bitcoin back from six-month high

The minutes, released on Wednesday, said that the members believe "ongoing" rate hikes will be necessary

Sam Bankman-Fried now charged with unlawful political contributions

Sam Bankman-Fried former CEO of collapsed crypto exchange FTX, has now been charged with 4 additional counts of fraud, including unlawful political contributions leading up to the 2022 elections

FM pitches framework to regulate crypto in meeting with G20 ministers

Finance minister Nirmala Sitharaman on Thursday pitched for a global framework to regulate cryptocurrencies, besides firming up ways to tackle global debt vulnerabilities and strengthening multilateral development banks during bilateral meetings with her counterparts, including from US and Japan, ahead of the G-20 meeting. The finance ministers of the G20 countries, which is a grouping of developed and developing nations, are here to participate in the two-day meeting of G20 finance ministers and central bank governors (FMCBG) beginning February 24. Under the G20 Presidency, India will be pressing for a global framework to regulate the cryptocurrencies, ways to tackle the aggravated debt vulnerabilities facing the developing nations mainly on account of the continuing geopolitical tensions and the pandemic. It is feared that if left unaddressed, the mounting debt vulnerabilities of developing nations could trigger global recession and push millions to extreme poverty. The minister

Bitcoin extends rebound with year-to-date gain at 50%; defies macro peril

Bitcoin's year-to-date gain has now reached 50% after a further jump in February, contrasting with a retreat in global equities this month courtesy of a macroeconomic environment replete

Binance moved $400 mn from US partner to firm managed by CEO Zhao

Over the first 3 months of 2021, more than $400 mn flowed from the Binance.US account at California-based Silvergate Bank to this trading firm, Merit Peak Ltd, according to records for the quarter

FTX bankruptcy judge denies request for independent examiner in the case

The judge presiding over the bankruptcy of cryptocurrency exchange FTX has denied a request by the U.S. bankruptcy trustee to appoint an independent examiner in the case. The trustee, who serves as a government watchdog in Chapter 11 reorganizations, argued that the company's financial affairs and business operations, including allegations of unprecedented fraud leading to its collapse, should be reviewed by a disinterested person, not left to an internal investigation. But Judge John Dorsey rejected the request on Wednesday. He agreed with FTX and its official committee of unsecured creditors that an examiner's work would be too costly and would duplicate investigations already under way by FTX's new leadership, the creditors committee and several federal agencies. "There is no question that if an examiner is appointed, the cost of the examination, given the scope suggested by the trustee at the hearing, would be in the tens of millions of dollars and would likely exceed 100 millio

Dogecoin, Floki soar after Elon Musk tweets photo on new Twitter CEO

Since taking over in October, Musk has said that he plans to step aside at some point, but had never specified a timeline

ED raids mobile app offices in different cities dealing in cryptocurrencies

The Enforcement Directorate (ED) on Wednesday said that they recently carried out search operations in Delhi, Gurugram (Haryana), Mumbai, Bengaluru, and Salem (Tamil Nadu).

Crypto exchange Bitget hosts first meetup in Delhi to boost growth In India

/ -- Leading cryptocurrency exchange Bitget has announced its plans of organizing its first-ever offline meetup in India to increase its efforts of building trust and crypto awareness in the region. Since Bitget's launch in India the exchange has witnessed over 200% growth for digital assets' trading volumes in the market. It has been positioned amongst other top derivatives exchanges, climbing from top #20 to its current position #5 on Coingecko it has captured over 500% growth ($600M to $5 Billion) in its trading volumes globally. To support this increasing demand of cryptocurrencies, Bitget will be hosting its offline meetup in Delhi, India's capital city on 18th of February 2023. More details on the venue and RSVP are mentioned below:- Date: 18th February 2023 Time: 12PM - 3PM IST Venue: The Palms Town & Country Club, Sushant Lok Phase I, Sector 43, Gurgaon RSVP:Join the event here Agenda Time Session 12:00 - 12:30 Bitget's introduction 12:30 - 1:00 Exploring crypto ..

US crackdown aims to push crypto industry back to the fringes of finance

The regulators are effectively building a wall between crypto trading and the banking and securities markets to prevent the types of systemic vulnerabilities that led to the 2008 financial crisis

Crypto, web3 sectors need global ties for effective regulation: FM

Finance Minister Nirmala Sitharaman on Monday said crypto assets and web3 sectors require significant international collaboration for effective implementation of domestic legislations. She said these are relatively new and still evolving sectors, with no specific regulations. "By definition, these sectors are borderless and require significant international collaboration for any specific legislation on these sectors to be fully effective," Sitharaman said in a written reply in the Lok Sabha. The minister was replying to a question by DMK MP T Sumathy on whether the government has prepared any future roadmap to regulate virtual digital assets / cryptos/web3 sectors in the country. In reply to a separate question, Minister of State for Finance Pankaj Chaudhary said the government is engaging with G-20 countries to build international coordination on regulating crypto assets. He said India's G-20 presidency provides an opportunity to place different priorities, including crypto asset

Crypto wrap: SEC's fine on Kraken poses wider threat to market, say experts

Following the SEC order, the crypto industry saw massive sellout, with Bitcoin falling nearly 4 per cent and Ethereum declining over 5 per cent in the last 24 hours

Allegations made by Binance 'false and unsubstantiated', says WazirX

This comes just days after Binance gave an ultimatum to Zanmai Labs, the parent company of WazirX, to not spread 'false claims' and stop using Binance's wallets by February 3

ED attaches Rs 936 cr as proceeds of crime, arrests 5 for crypto fraud

The enforcement directorate has attached Rs 936 crore proceeds of crime and arrested 5 five persons related to crypto currency fraud, Parliament was informed on Monday. Further, under the Foreign Exchange Management Act, 1999 (FEMA), assets amounting to Rs 289.28 crore have been seized and one show cause notice to cryptocurrency exchange Zanmai Labs Pvt Ltd, known as WazirX, and its directors has been issued for transactions involving cryptocurrencies worth Rs 2,790 crore. In a written reply to a question in the Lok Sabha, minister of state for finance Pankaj Chaudhary said the Enforcement Directorate is investigating several cases related to cryptocurrency frauds wherein a few crypto exchanges have also been found involved in money laundering. "As on January 31, 2023, proceeds of crime amounting to Rs 936 crore have been attached/seized/freezed, 5 persons have been arrested and 6 prosecution complaints (PCs) including 1 supplementary PC have been filed before the Special Court, PML

India will try to forge consensus on roadmap to regulate crypto at G20: DEA

Amidst turmoil in crypto currencies market, India is working with the Financial Stability Board (FSB) so that a consensus on a roadmap for regulating virtual assets could be agreed at during India's G-20 presidency itself, Economic Affairs Secretary Ajay Seth said on Thursday. India as assumed G-20 presidency for 2023. The G20 is a premier forum for international economic cooperation that plays an important role in global economic governance. In an interview to PTI, Seth said that an IMF paper on crypto assets was discussed among emerging economies on January 15 and 16 in Delhi. "We had a one-and-a-half day workshop. Thereafter, they are drafting a paper for a seminar, which will be conducted on the sidelines of G20 Finance Ministers and Central Bank Governors meeting in Bengaluru that is scheduled on February 23," he said. That seminar is intended at arriving at a policy consensus on crypto assets, he said. At the same time, he said, "We are also working with the FSB and the idea

Tesla reveals loss of $204 million from Bitcoin investments in 2022

Elon Musk-owned Tesla has revealed that the company recorded a $204 million impairment loss in 2022 on its Bitcoin investments

Elon Musk plans WeChat-like payments system on Twitter that includes crypto

Twitter under Elon Musk is now working on a payments system that will support accepted currencies with crypto functionality embedded into it