Are Bad Times are Coming for Cryptos? By James Reed
Is this the beginning of global control over crypto-currencies, like Bitcoin and H-Bar? The reserve Bank of India wants a complete ban on all private crypto-currencies. The financial elites have been worried for some time about this decentralised currency. Hillary Clinton at one recent meeting of the brotherhood of evil voiced such concerns, and so has Trump. I do not know how this will pan out, with bitcoin being attacked by so-called environmentalists for its use of energy in cyber-mining. Even if I had some of these magic computer things, I would not know what to do now. I am more a baked beans and Spam man.
“The Reserve Bank of India (RBI) has conveyed to its central board that it favours a complete ban on cryptocurrencies, people familiar with deliberations at the central bank's board meeting on Friday told ET.
The RBI made a detailed presentation to the board highlighting "serious concerns" relating to macroeconomic and financial stability as well as exchange management, said one person. "The board was apprised of RBI's stance on the matter." The central bank also highlighted the challeng ..
RBI said these are available for trading on foreign exchanges, pointing to concerns over the anonymity of transactions, another person said.
"Cryptocurrencies are a serious concern to RBI from a macroeconomic and financial stability standpoint," RBI governor Shaktikanta Das has said previously. "As the central banker, we have serious concerns about it and we have flagged it many times."
Some board members sought a balanced view on these digital assets, taking into account developments in the technological space and larger implications for the financial sector, the second person said.
The board also discussed various aspects relating to the Central Bank Digital Currency and private crypto currencies," the RBI said in a statement on Friday.
The government had listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, for introduction in the Lok Sabha in the winter session of parliament. It had earlier been listed for the budget session as well but could not be introduced as the government decided to rework it.
The proposed bill seeks to create a framework for the creation of an official digital currency to be issued by the RBI. It aims to prohibit private cryptocurrencies in India.”
“Proposed legislation that would ban the use of cryptocurrencies as a method of payment in India also seeks to make those who infringe the law subject to arrest without a warrant and being held without bail, according to a source and a summary of the bill seen by Reuters.
Prime Minister Narendra Modi's government has previously flagged that it plans to ban most cryptocurrencies - a move which follows measures by China this September that intensified its crackdown on cryptocurrencies.
According the summary of the bill, the Indian government is planning a "general prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing" in digital currencies as a "medium of exchange, store of value and a unit of account".
Flouting any of these rules would also be "cognizable" which means an arrest without a warrant is possible, and "non bailable," it said.
The source, who has direct knowledge of the matter, was not authorised to speak to media and declined to be identified. The finance ministry did not respond to an email seeking comment.
Although the government has previously said it aims to promote blockchain technology, the proposed law will also deal a blow to its use as well as to the non-fungible token market in India, lawyers said.
"If no payments are allowed at all and an exception is not made for transaction fee then it will also effectively stop blockchain development and NFT," said Anirudh Rastogi, founder of law firm Ikigai Law.
The government's plans to crack down heavily on cryptocurrency trading sparked a frenzy in the market and several investors exited with significant losses. read more
Lured by a barrage of advertisements and rising prices for cryptocurrencies, the number of investors in crypto assets has surged in India.
While no official data is available, industry estimates suggest there are some 15 million to 20 million crypto investors in the country, with total crypto holdings of roughly 450 billion Indian rupees ($6 billion).
The government now plans to also come down heavily on advertisements that seek to woo new investors, according to the draft summary of the bill and the source.
Self-custodial wallets that allow people to store digital currencies outside exchanges are also likely to be banned, the source added.
The tough new regulations stem from the central bank's grave concerns about digital currencies and aim to put in safeguards to ring-fence the traditional financial sector from cryptocurrencies, the draft summary of the bill said.
The Securities and Exchange Board of India (SEBI) will be the regulator for crypto assets, the draft summary also said.”
https://www.fool.com/investing/2021/12/03/us-and-china-finally-agree-on-something-and-its-no/
“During an interview that aired Monday on Fox Business Network’s “Mornings with Maria,” former President Donald Trump issued a warning about the rise in cryptocurrency.
Trump’s wife, former first lady Melania Trump, recently launched a platform for Non Fungible Tokens. The proceeds will go towards efforts to support children in the foster care system.
The former president cautioned that cryptocurrency could “make the big tech explosion look like baby stuff.” Trump emphasized that the United States’ currency “should be the dollar.”
“What do you think about crypto?” host Maria Bartiromo asked. “Because, you know, New York and Miami are really getting cryptocurrency into their financial system.”
“Well, I never loved it because I like to have the dollar,” Trump replied. “I think the currency should be the dollar. So, I was never a big fan, but it’s building up bigger and bigger, and nobody is doing anything about it. And I … know it so well.”
“Look, I want our currency called the dollar. I don’t want to have all these others — and that could be an explosion some day like the likes of which we’ve never seen,” he added. “It could make the big tech explosion look like baby stuff. I think it is a very dangerous thing.”
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