The shock of the COVID-19 pandemic had a profound effect on the cryptospheremost famously, perhaps, on March 12th, cryptos Black Thursday, when the price of Bitcoin plummeted from nearly $8000 to under $5000 in less than 24 hours.

The Most Diverse Audience to Date at FMLS 2020 Where Finance Meets Innovation

Indeed, the pandemic brought Bitcoinits price, its functionality, and its role in the global economywas once again brought into the global spotlight.

This is why on Tuesday, June 23rd, at 15:00 CET, Finance Magnatesis gathering four leading experts from across the cryptocurrency industryKyle Samani, Diogo Monica, Nischal Shetty, and Darryn Pollockin a live webinar to discuss Bitcoin in a post-COVID-19 world.

There are a limited number of free spots still available for attendees. Click here & register now to secure yours.

Finance Magnateshashand-selected a panel of leading experts to share their insights on Bitcoins status as a safe haven, its purpose, and its correlative relationship with other financial markets.

Two of our panellists will provide insight from the institutional side of the industry, while the other two bring a global retail perspective to the discussion.

In addition to his role as co-founder and Managing Partner at Multicoin Capital, Kyle Samani is a well-known cryptocurrency researcher and analyst. Recently, his blog post on cryptos Black Thursday, entitled March 12: The Day Crypto Market Structure Broke, has been highly cited across the industrys news media.

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Diogo Monica, co-founder and President of Anchorage, is a highly sought-after public speaker on the topics of usable security, cryptography, and distributed systems, and serves as an advisor and board member to numerous startups. He also led platform security at payments firm Square from 2011-2015.

Nischal Shetty is the founder and CEO of India-based cryptocurrency exchange WazirX, which was acquired by Binance late last year. Nischal is known as one of the premier faces of crypto in India, and is a renowned advocate for cryptocurrency in the country. Nischal also famously started the #IndiaWantsCrypto campaign on Twitter, which has been running for nearly 600 days.

Darryn Pollock is the Chief Communications Analyst at Huobi Group where he oversees communications and content strategy for global markets. Darryn has a background in journalism and has written for a number of blockchain and cryptocurrency websites including Forbes and CoinTelegraph as a senior correspondent.

The panel will be moderated by Rachel McIntosh, podcast host and cryptocurrency industry journalist at Finance Magnates.

This panel discussion presents an invaluable opportunity for you and your company to gain valuable insight into the future of Bitcoin.

This free event promises to be packed with valuable insight and commentary on the past impacts of COVID-19 and whats to come. Wed love for you to come and bring your questions, comments, and insights.

Click here to register yourself (and your friends!) as attending.

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Crypto Leaders on the Future of Bitcoin: Join Us For a Free, Live Webinar - Finance Magnates

The Internal Revenue Service (IRS) has won a case in which it demanded that a Maryland couple liquidate their bitcoin to pay-off a $1.1 million tax debt.

Alexander and Laura Strashny proposed to the IRS to pay their 2017 tax liability, generated from non-crypto activities, in installments over a six-year period.

But after seeing the Strashnys $7 million cryptocurrency fortune, the tax collector rejected the proposal, insisting that the couple sell a part of their bitcoin and immediately settle the debt in full.

The case was heard in a tax court in the state of Maryland on June 11. More taxes await the couple in the likely event it sells crypto to pay-off the debt. Bitcoin investors in the U.S. are taxed on profits generated from buying and selling of digital financial assets.

The ruling shows how your cryptocurrency holdings could work against you in applying for an installment plan with the IRS and how contrary to popular belief regulators have oversight over your cryptocurrency portfolio, said Shehan Chandrasekera, tax expert at Cointracker.

According to court papers, the Strashnys filed a 2017 tax return on time, but did not pay the $1.1 million tax charge, inclusive of penalties. In July 2018, the couple proposed to the IRS to pay-off their huge tax bill over six years.

To qualify for the installment plan, a taxpayer must also furnish the IRS with details about their source of income, personal assets, including cryptocurrency, as well as monthly expenses. So, the Strashnys filed a Collection Information Statement, also known as Form 433-A, for this purpose.

It is on this Form that the couple revealed its $7 million crypto cache. In addition to annual wages of $200,000, the Strashnys were also pocketing $19,000 each month from their digital assets investment. Now the IRS hit the family with a formal threat of seizure of wages and properties, as it waited for a response on the installment proposal The tax collector demanded full payment on time.

Eventually, the Strashnys requested a hearing. The tax court ruled that the couple was in a good financial position to pay off the $1.1 million tax debt by liquidating the crypto stash or borrowing U.S. dollars against the virtual currency.

The outcome of this court case shows how cryptocurrency is not immune from regulatory oversight, explained Chandrasekera.

One might question why the cryptocurrency holdings were reported on Form 433-A in the first place. This IRS form is signed by the taxpayer under penalty and perjury. If the large holding of cryptocurrency were omitted from the form, this would have been a fraudulent filing and the consequences could have been much harsher, he added.

What do you think about the IRS crypto liquidation tax demand? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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IRS Tells Couple With $7 Million in Bitcoin to Liquidate Crypto Assets and Pay off Tax Debt | Taxes - Bitcoin News

In aninterviewTuesday with Bloomberg, Kraken CEO Jesse Powell claimed that layer-twosolutions will in time make Bitcoin (BTC) as easy to use as the United States dollar.

In addition to improvements in Bitcoins utilitarian nature, Powell suggested that the eventual timing of institutional investors getting on board would rely on a herd mentality,and recommended Bitcoin as a hedge against the U.S. Federal Reserves current manipulation of the dollar.

Powell trumpeted Bitcoins success as a store of value. The predictable nature of issuance has seen many flock to BTC as a hedge against traditional asset classes, and Powell suggested that long term, he believed it would surpass gold.

However, just like gold and even cash, he said that people will not need to transfer physical Bitcoin on the blockchain. Cash apps such as PayPal and Venmo allow movement of fiat currencies in non-physical form, and layer-twosolutions will, in time, provide easy-to-use tools to similarly interact with Bitcoin:

Pretty soon all of the technology behind Bitcoin will just disappear and itll be just like the U.S. dollar where no one really understands how it works but everyone uses it.

Powell continued that the past three months had seen a massive influx of new accounts from all investortypes: hedge funds, wealth managers, retail investors and day traders. However, the long-promised flood of institutional investment will rely on a herd mentality, he said.

The revelations of respected fund managers, such as Paul Tudor Jones who said that up to 2% of his portfolio was in Bitcoin, will encourage others to come on board, eventually building to a critical mass of institutional players.

Regarding the potential manipulation of cryptocurrency markets by whales, Powell pointed out that traditional markets were also being manipulated:

Look at the Fed buying junk bonds from failed United States corporations. Its a joke. The market is manipulated. Theyre printing trillions of dollars to pump up the value of publicly traded stocks. You cant price anything in dollars any more. Inflation is going to be out of control very soon here. Personally I would be buying bitcoin as a hedge against that inflation.

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Layer 2 Will Make Bitcoin as Easy to Use as the Dollar, Says Kraken CEO - Cointelegraph

Whether or not the Federal Reserve eventually cuts interest rates to negative levels, it might be a case of heads: bitcoin wins, tails: bitcoin wins.

So far this year, the Fed has created about $3 trillion of new money, an amount equivalent to more than 70% of the total assets created since its founding in 1913. The question now is what the Fed will do next if the economy fails to recover quickly from the devastation of the coronavirus and markets enter a new tailspin.

Youre readingFirst Mover, CoinDesks daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you dont have to. You cansubscribe here.

One strategy Fed officials led by Chair Jerome Powell say they wont pursue? Cutting benchmark interest rates below zero. In a summary of economic projections published by the Fed last week, not a single official projected negative rates.

Cryptocurrency analysts have said negativerates are merely a form of ultra-loose monetary policy, which should eventually push inflation higher. That could be a catalyst for higher prices for bitcoin, seen as a hedge against inflation similar to gold.But bitcoin might trade higher even if the Fed rejects negative rates outright since the U.S. central bank would instead probably just inject trillions more of freshly-created dollars into the financial system. Reluctance to go negative means more QE reliance, saidMarc Ostwald, chief economist at London-based ADM Investor Services.

The Feds money injections in response to the coronavirus crisis have helped push up bitcoin prices by 30% so far this year on speculation that inflation will eventually arrive.

Extremely accommodative policy is bullish for bitcoin, saidRich Rosenblum, founder of cryptocurrency trading firm GSR.

The Fed is alreadyinjecting about $120 billion a monthinto the financial system by purchasing U.S. Treasuries and mortgage-backed securities, and the pace would likely increase if markets suddenly turned lower.

Former Fed Chair Ben Bernanke, who pushed the central bank intothe money printing exercise known as quantitative easing, or QE, in the wake of the 2008 financial crisis, has argued the practice can substitute for further rate cuts.

Quantitative easing and forward guidance can provide the equivalent of about three additional percentage points of short-term rate cuts, Bernanke said in January.

Federal Reserve officials have faced questions about the potential for going negative after theyslashed benchmark rates close to zero in March.

As recently as this month, according to Bank of America economists, traders in the market for futures contracts on the Feds main interest rate were betting that the central bank might go negative as soon as 2021.

Negative rates have attractedincreasing attention among foreign central banks, including the Bank of England and European Central Bank. The Bank of Japans main short-term lending rate is already negative, at -0.1%.An economist with the Federal Reserves St. Louis brancheven said recentlythat U.S. monetary policy officials should consider negative rates, to help bring about a sharper and broader economic recovery.

One concern over negative interest rates is they might squeeze commercial banks profit margins, since lenders would likely have to reduce rates on loans while struggling to convince depositors to pay banks to hold their savings.A negative interest rate policy also might force banks to pay interest to the Fed for parking spare cash at the central bank.The objection is that financial market plumbing becomes more troublesome with negative rates, said Michael Englund, principal director and chief economist at Action Economics LLC.

Yet another concern is the convoluted incentives of negative rates might be counterproductive, such as whittling down the monthly incomes of elderly savers who depend on fixed incomes from their retirement savings. That might lead them to spend less, slowing the economic recovery.Low rates have winners and losers, Englund said, such as punishing senior citizens.Ostwald says the Fedmight instead adopt a policy known as yield-curve control where officials establish caps for yields on bonds of varying maturities.

The practice, which typically involves purchasing bonds to keep yields from rising too quickly, is considered yet another form of monetary policy accommodation. Analysts in the market for gold, seen as a traditional inflation hedge, have speculated thatyield-curve control could be bullishfor the yellow metal.

Rosenblum, at GSR, says negative rates would likely be even more bullish for bitcoin simply because theyre so unusual, and would be seen by many people as a strong beacon for something being broken.

Printing new money via QE is not as palpable as seeing a negative interest rate, Rosenblum said. Seeing your savings literally drop by X% each month would be something completely new.

For bitcoin investors already enjoying gains from the Feds ongoing QE, negative rates might just represent an additional source of upside.

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BTC: Price: $9,540 (BPI) | 24-Hr High: $9,579 | 24-Hr Low: $9,044

Trend:Bitcoin is taking a pause after Mondays sharp reversal higher from $8,900 to $9,500.

The top cryptocurrency by market value is currently trading near $9,540, having logged a session high of $9,579 during the early European trading hours, according to CoinDesks Bitcoin Price Index.

While the recovery has been impressive, the resistance of the trendline connecting the June 1 and 10 highs is still intact. A violation there would imply an end of the pullback from recent highs above $10,400 and open the doors once more to $10,000.

Konstantin Anissimov, executive director at the cryptocurrency exchange CEX.IO, believes strong resistance at $10,000 will not let the bulls through without a fight. The cryptocurrency has failed multiple times in the last two months to keep gains above $10,000.

A notable pullback may be needed to recharge bulls engines for a clear move above $10,000. Without new fundamental growth drivers it will be much easier for Bitcoins prices to return to $8,100 levels, build up a foundation for further growth, and only then take another shot at getting past $10,000, Anissimov said.

The probability of a drop to $8,100 would increase if prices find acceptance under $8,900. That would invalidate the strong dip demand signaled by Mondays long-tailed bullish hammer candle.

Prices may also fall if the global equity markets again drop sharply on coronavirus fears. Bitcoins positive correlation with stocks has strengthened in the last few days.

From a technical analysis standpoint, Mondays bullish hammer candle has established $8,900 as the level to beat for the bears.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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First Mover: Negative Rates or More Money Printing Bitcoin May Benefit Either Way - CoinDesk

Prominent investors and analysts in the industry now expect Bitcoin to hit $50,000 and secure a $1 trillion market cap in the next several years.

Billionaire investors, including the Winklevoss twins, echoed a similar thesis since 2019, anticipating Bitcoin to be considered as gold 2.0 eventually.

The Winklevoss twins believe Bitcoin is undervalued until it hits a $7 trillion market cap. (Photo ... [+] by Astrid Stawiarz/Getty Images)

The leading theory behind ambitious price predictions for BTC between $50,000 and $100,000 is that Bitcoin will account for a significant portion of golds market share.

High-profile investors predict that Bitcoin will inevitably compete against gold to become an established store of value.

Chris Burniske, partner at Placeholder formerly of Ark Invest, said:

Why Bitcoin above $50,000? As discussed in May 2019, if BTC is half as volatile in this cycle as it was in the last, we would still expect it to cross $50K and $1 trillion in network value. $1 trillion has been a long time coming for this macro-asset.

Gold is a universal store of value that investors typically turn to in times of global economic uncertainty and financial turmoil.

The perception of Bitcoin as a store of value and a hedge against inflation is improving with growing institutional adoption, showing a glimpse into how BTC can co-exist with gold.

Similarly, in 2019, the Winklevoss twins emphasized during an interview with CNBCs Seema Mody that Bitcoin is highly undervalued until it hits a $7 trillion market cap.

The Winklevoss twins, who famously own over a billion dollars in cryptocurrencies, said that people are becoming increasingly comfortable with Bitcoin as it builds more trust.

They said:

Our thesis is that Bitcoin is gold 2.0 and so until it has a market cap of $7 trillion, which is the size of gold, it's a very undervalued asset. So I think people are just waking up to that. People get more comfortable with Bitcoin when they keep hearing gold 2.0, it's a store of value, its characteristics are better than gold, and also the longer it is here, it is harder to call it a fad, and it's more here to say. So I think it just builds confidence and trust.

If Bitcoin hits a market cap of $7 trillion as the Winklevoss twins predict, the price per Bitcoin will surpass $333,000.

According to the newest data from Ark Invest, the market capitalization of gold is now at $9 trillion.

Considering that, Ark Invest analyst James Wang said Bitcoin could see its valuation surge to $800 billion if it takes merely 15% from golds market share.

An $800 billion valuation would place the price of Bitcoin at $38,095.

Potential market capitalization of Bitcoin depending on the markets it targets.

In a world with 10,000 cryptocurrencies, bitcoin simply refuses to die. Maybe its unique combination of technical and 'belief' networks endows it with some durable value. How much? We slice it three ways, and a $1T is not off the mark, Wang said.

Before late 2018, there was a lack of trusted custodians, strictly-regulated futures exchanges, and over-the-counter (OTC) desks dealing with cryptocurrencies.

Since the fourth quarter of 2018, the infrastructure in the cryptocurrency market started to grow, facilitating growing demand from both retail investors and institutions.

The crucial factor that would decide the trajectory of Bitcoins growth over the upcoming years is whether the industrys infrastructure will continue to grow at a rapid pace or become stagnant.

For now, renowned investors are seemingly expecting important developments in the Bitcoin market in the medium to long-term.

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Top Investors Unfazed: Bitcoin Is On Track For Explosive Rally To $50k - Forbes

Many people are making a huge amount of money through cryptocurrencies nowadays. However, there has been extensive debate regarding the use of cryptocurrencies for money making. That debate is majorly based on two essential terms, bitcoin and blockchain. The surprising part is that despite the ongoing debates and the fact that a lot of people are making money out of it, theyre still confused between the two.

It is pertinent to mention here that Blockchain is the technology while bitcoin is the first successful application of that technology, which rose to popularity in 2009. This article would categorically differentiate between the two and explain their use in the world of cryptocurrencies.

To begin, we need to understand each term with a contextual background.

Blockchain is a computerized digital payment gateway that allows record transactions between two parties constantly and correctly. To further simplify, blockchain is a distributed ledger technology, which restricts to bitcoin; in fact, any digital asset. It enables multiple parties to transact, share valuable data, and pool in their resources in a secure yet tamperproof manner.

Many in and out of the industry assume that blockchain is the latest technology. However, that is not the case, blockchain can be traced back to 1991, but it only became popular after the advent of cryptocurrencies.

Here is why blockchain may be difficult to understand or perhaps regulate. Blockchain is decentralized, made up of three important concepts, blocks, miners, and nodes.

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Each chain comprises Blocks, which is central to blockchain technology. They contain all the relevant information about a transaction. Each block has a unique nonce and hash and is stored not only linearly; in fact, chronologically, always at the end of the blockchain. As the chain increases, it is tough to go back and manipulate or disrupt the chain.

Miners are the ones that create multiple blocks, which is an incredibly complex task considering the composition of a neighborhood.

Nodes are significant in understanding the decentralization system within the blockchain. Through nodes, no one organization can own the blockchain, which helps blockchain to maintain integrity and prevent a breach of privacy through any systematic or unsystematic exchange of information.

Bitcoin is one of the earliest cryptocurrency to use blockchain technology in facilitating peer to peer payments. Through a decentralized network, bitcoin offers a reasonably low transaction fee compared to popular payment gateways.

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The first and foremost thing is to get a bitcoin wallet, software to send, receive, and securely store funds. You can download it on your phone, PC, or any equivalent digital device for that matter. The second part is to earn bitcoins through trading, to play online games like Bitcoin blackjack, or requesting bitcoin payments from a client. Bitcoin is not like any other currency governed under a central banking system.

Bitcoins are not stored physically on any platform, and it uses a mathematical algorithm to protect a string of numbers stored in public and a private key. In layman terms, the public key is equivalent to a bank account number, while a private key is equivalent to an ATM pin. A bitcoin is divisible to 8 decimal places with the smallest unit known as satoshi named after the currency`s pseudo founder Satoshi Nakamoto.

As complex as it sounds, bitcoin is not a problematic currency to understand. It is far more convenient to pay or get paid. All one has to do is to create a bitcoin wallet and put the address into any digital currency platform.

If youve recently found the world of cryptocurrencies, it is perhaps understandable to mix up bitcoin and blockchain, but there are some significant differences between the two.

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If youre someone who uses online payment gateways to send, receive, or store currency, you need to understand the relation between bitcoin and blockchain. However, blockchain has several uses other than regulating bitcoins.

Blockchain can help execute smart contracts; blockchain can automatically release agreed-upon payments. It can help you maintain a transparent system of record, audit supply chains, or provide you with proof of insurance.

Now that you are pretty clear between blockchain and bitcoin, there is one industry that has lately adopted blockchain technology: the online gambling industry. Developers use blockchain technology to develop games on a decentralized ledger. No matter what, youre playing from lotteries to online poker, slots, or perhaps sports betting. Blockchain enables a data-driven yet the secure dispensable system for gamblers to pursue trustworthy transactions through bitcoin over traditional banking payment gateways.

Now here is the thing with crypto gambling, in regular online gambling, you register, enter your bank details, the merchant verifies, and the process goes on. With bitcoin, you can start betting, and the merchant knows that your payment is not going anywhere.

Blockchain continues to dominate our internet spaces. It is perhaps essential to exercise caution when dealing with cryptocurrencies. For example, if you are pursuing crypto gambling, make sure you use trustworthy service providers. Often online casino websites use third-party service providers to convert you bitcoin deposits into local digital currency.

Bitcoin and blockchain technology remains mostly under or unregulated throughout the world due to innate complex structures. Therefore be careful while using bitcoins in any online transaction.

On a positive note, despite the intricacies, both offline and online casinos worldwide are adopting blockchain technology and accepting bitcoin payments. Soon this technology will take over traditional payment gateways such as Visa and PayPal. More importantly, it can change the way we process payments for casinos; making them safer and easier.

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The Difference Between Blockchain and Bitcoin - UKTN

There has been some confusion over whether India will ban cryptocurrency, including bitcoin, following recent reports of a note being circulated by the government. News.Bitcoin.com interviewed executives of five cryptocurrency exchange platforms in India to find out the truth about the news.

Talks of the Indian government banning cryptocurrency have resurfaced following a report by the Economic Times of a note being circulated by the finance ministry regarding a crypto ban. However, the report is unverified and the news outlet only cited an unnamed government official as the source of the news. Nonetheless, it has many people associate the note with the draft bill submitted to the ministry last year by an interministerial committee that proposes a ban on cryptocurrency.

Unocoin CEO Sathvik Vishwanath explained to news.Bitcoin.com on Tuesday that The movement of the note is the procedural next step after the committee has submitted the report mid last year. Emphasizing that This is also the needed step towards regulation for crypto in India, he said:

A blanket ban is unlikely Given that the supreme court did hear all aspects of crypto within India and abroad and have taken a stance to support the industry, the old report may be considered outdated. From the information that we have, the industry players will be invited to intervene while forming the regulation for crypto.

Wazirx CEO Nischal Shetty strongly believes that the Indian government will not ban cryptocurrency. He told news.Bitcoin.com Tuesday: Im positive that India will not take a regressive stance on crypto by putting a blanket ban. When it comes to regulation, Im sure that India will follow the footsteps of developed countries like Japan, USA, UK, Australia, and more which have embraced crypto.

Pointing out that the news which is based on a note does not clarify whether the finance ministry intends to work upon the old draconian crypto bill or whether they plan to work on bringing a new bill, he affirmed: I dont think theres anything to worry about the note as of now.

Another Indian crypto exchanges CEO, Shivam Thakral of Buyucoin, also does not think the Indian government will take the approach of banning cryptocurrency. I personally think that the Indian government would come out with certain crypto pro regulations very soon, they wont ban cryptocurrency since India is a part of G-20 [which] recommended its members to adopt FATF rules to regulate cryptocurrencies, he told our newsdesk.

Giottus cofounder Arjun Vijay also shared with news.Bitcoin.com:

India generally looks for a precedent when it comes to creating complex laws. With none of the developed economies having banned cryptocurrencies, it is going to be very difficult for Indian government to roll out a feasible plan for banning cryptocurrencies completely.

Discussing the likelihood of a crypto ban in India, Vijay stated that the government is faced with two major issues. Firstly, If India bans crypto, they need to be able to enforce the ban, he remarked. Because of the nature of the product, it would be very difficult for our government to track cryptocurrency holders and implement the ban. On the other hand, a regulation will grant them access to data with which they can efficiently govern/track/tax the cryptocurrency usage. Secondly, he noted that If India bans crypto, but crypto becomes mainstream, [India will be] missing out on millions of dollars of revenue and job creation opportunities.

Coinswitch Chief Business Officer Sharan Nair reiterated to news.Bitcoin.com that The news of a possible crypto ban in India is not a new development. This bill was proposed a year and a half back. He opined: What needs to be considered is that a lot of positive developments have happened in the Indian crypto space since then, namely the supreme court lifting the banking ban on crypto and multiple Indian crypto companies raising funds and ever-growing customer enthusiasm. We are hopeful that the authorised bodies would consult all stakeholders in this matter before coming to a decision.

In March, the Indian supreme court quashed the banking ban by the central bank, the Reserve Bank of India (RBI), after many hearings. The RBI subsequently confirmed in a response to a Right to Information (RTI) application by Unocoin cofounder B.V. Harish that there is no ban on cryptocurrency exchanges, businesses, or traders in India. The Indian government and the central bank have independently indicated that cryptocurrency, including bitcoin, is legal in India.

The five exchange executives also shared with news.Bitcoin.com how Indians are reacting to reports of the possible ban on cryptocurrency and whether they are seeing any change in trading behavior on their platforms.

There have been speculations about crypto ban in the past as well. There are more than 5 million crypto users in India, and Im confident that our prime minister wont let us down, Wazirxs CEO stressed, elaborating:

The day the news broke out created a mild panic among the community. However, we have not seen any difference in the trading behaviour on Wazirx since then.

Unocoin also has not seen any changes in trading activities on its platform. We have not seen any change in the trading behavior but our customer care has received numerous calls asking our comments about the article. We continue to monitor the user activity on the platform since the news broke and now it is already a few days, it is unlikely to cause any noticeable change henceforth, the CEO told news.Bitcoin.com.

The impact is also minimal at Coinswitch and Buyucoin. We havent seen any changes in the trading behavior as such but there has been a lot of queries. Users want to know what will be the future course of action for them and for us as an exchange, Coinswitchs executive revealed.

We didnt see any impact of that news in the trading behavior and people on our platform are trading as usual also it was unverified news as the source was not identified and hence people didnt take it seriously as similar news were out in the past, Buyucoins CEO detailed.

Giottus cofounder expressed:

Similar news has come multiple times in the last four years, but nothing concrete has followed.

So old hands are unfazed with this news and it has been business as usual for them, the Giottus executive clarified. For the new users, they are having some doubts regarding this proposal and we had to educate them on how the concept is still in its early stage and there is a long way ahead for this internal cabinet note to be converted into a bill. And in these tough times, the customers also understand that the government has other priorities.

The exchange executives further shared their thoughts with news.Bitcoin.com on how a ban on cryptocurrency would affect India. Wazirxs CEO asserted:

Were in the middle of an economic meltdown, and millions of people have lost their jobs due to covid-19. Crypto is one of the very few sectors that is hiring today. Its in Indias best interest to encourage such a fast growing sector. A ban would lead to projects and talent to move out of India, and affect the economy adversely.

He additionally described: It will also discourage venture capitalists to invest in Indian startups. We dont want that. Wazirx and Binance have a $50M fund exclusively to invest in Indian blockchain and crypto ecosystem. There will be many more funds that will be launched for crypto ecosystem in India. Im sure our government wouldnt want to lose out on such large capital investments in the country.

Buyucoins CEO concurred, noting that crypto adoption in India is increasing at a rapid pace, so banning it would be a complete loss of control over cryptocurrency-related activities and other monetary benefits Indian government could get.

Unocoins CEO chimed in: I would consider it to be very inefficient. Presently the significant crypto activity is happening through exchanges and every exchange is doing their KYC and AML checks which are forming anchor points on the blockchain. Crypto ban would push all activities underground. It would be like punishing the legitimate business and industry for being afraid of the bad actors.

Coinswitchs executive foresees a drastic effect. In his opinion, Many companies will either shut shop or move to other countries with crypto-friendly laws. The whole innovation around public blockchain infra in India will come to a standstill. It will also have a futuristic impact on the global crypto/blockchain industry as India is an important market.

Giottus cofounder outlined the effects of a crypto ban in some detail. We see India losing out on multiple fronts if a ban is ultimately enforced in India, he began. Firstly, he expects that Some of the users will leave crypto forever, while some will continue trading in cash and become untraceable. This will lead to a parallel economy being created that is unregulated. Because of the very nature of crypto, it would be a big headache for law enforcement authorities to track and trade these activities.

Secondly, he emphasized that Indians will miss out on the biggest investment opportunity of this century, if bitcoin continues to do what it has been doing so far. Moreover, he pointed out that India is one of the major exporters of software services and this forms one of the biggest contributors of foreign exchange and tax revenue for the country. If crypto/dapps were to become mainstream, Indians will be missing out on a huge opportunity in terms of job creation and revenue.

What do you think the Indian government will do about crypto? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Will India Ban Crypto? 5 Exchange Executives Shed Light on the Truth | Regulation - Bitcoin News

Whens the first bitcoin blockbuster going to hit our screens?

They say that money makes the world go round and its certainly been the driving force behind countless movie plots over the years. This is all too understandable: after all, it can symbolise so many aspects of humanity and the power balance between individuals in society. There are also the rapid reversals of fortune for characters that both the acquisition and loss of money can bring about.

The movies that are made on the subject also often reflect the times that were living in, and this is especially relevant in periods of great economic growth or upheaval. This fact has led some people to wonder when the first major movie about the bitcoin boom will be made.

The bitcoin price explosion of 2017, when a single coins value rose from under $1,000 in January to over $19,000 in February, surely has some incredible stories to be told about it. In fact, this could be the perfect moment to tell them as some believe we may be on the verge of the next big boom.

As to what kind of film it would be, there are a number of options if previous examples of the genre are anything to go by. For most people, the classic modern-day movie about money is Wall Street. Released in 1987 and directed by Oliver Stone, its gone down in history for introducing the phrase, greed is good. This was memorably delivered by the films anti-hero Gordon Gekko although the moral of the story was that it can land you in jail eventually. The 2010 sequel Wall Street: Money Never Sleeps was made in the wake of the 2008 financial crisis, and presented Gekko in a more sympathetic light as he worked to make amends for his previous actions.

Wall Street also featured in the more recent exploration of stock trading, The Wolf of Wall Street, starring Leonardo Di Caprio. He played the larger than life and real-life Jordan Belfort in a compelling, arguably long (at three hours) tale of wild financial excess. However, making a bitcoin film about any particular character could be problematic.

This is because the essentially anonymous nature of the cryptocurrency means that we never get to hear about the big characters who have been successful speculators. Also, many people dabbling in cryptocurrency use individual sites like the Bitcoin Trader UK. This is an almost fully automated system powered by AI, which may offer a certain level of success for traders, but perhaps wouldnt make such great cinema.

Of course, it could also go down the line of a classic biopic like The Social Network. Instead of focusing on Mark Zuckerberg, however, this would be the story behind the creation of bitcoin by the mysterious Satoshi Nakamoto. There are so many stories circulating about who he is and what he is really like that it could be the crypto equivalent of Searching for Sugar Man.

However, whichever direction the first bitcoin movie goes, its sure to be an intriguing tale that could even become an all-time classic.

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When's the first bitcoin blockbuster going to hit our screens? - The Upcoming

The number of Bitcoin ATMs worldwide has surged by 150% in the past two years, according to data from Norwegian financial services company AksjeBloggen.

Since the introduction of the first Bitcoin ATM in 2013, more than 8,000 machines have now been installed in over 75 countriesa sure fire indication of healthy growth in the cryptocurrency industry.

In just the first six months of this year, more than 1,713 ATMs were installed. The vast majority of them are in North America.

To begin with, the number of installations saw sluggish growth, data from Coin ATM Radar reveals. But, by January 2017, around 1,000 Bitcoin ATMs were springing up every year. By the start of 2020, there were 6,352 ATMs in operation.

Healthy growth in the ATM sector comes at a price. ATMs look set to become a target for regulation, as governments around the world seek to put the screws on money laundering, according to blockchain forensics firm Ciphertrace.

The startup released a report, earlier this month, suggesting that 88% of funds from US-based Bitcoin ATMs sent to exchanges in 2019 ended up offshore.

According to Ciphertrace, the amount of money wired to high-risk, overseas exchangeswhich are more likely to be used for money launderinghas doubled every year since 2017. Authorities are concerned that ATMs present the simplest method of currency conversion, and are boon for money laundering, as they allow for transactions between two fiat currencies, underpinned by Bitcoin.

In Canada, regulators are already cracking down on Bitcoin ATM transfers, and recently passed a law mandating operators to report all transactions above $10,000 Canadian dollars (about $7,400).

Notices alerting customers to scam transactions, have also appeared on machines in Canada.

Germany, Spain and the US also have Bitcoin ATMs in their sights, as conduits for tax evasion and money laundering.

In 2019, US citizen Kunal Kalra laundered $25 million through his own DIY Bitcoin ATM. Such high profile cases, combined with the surge in funds sent to high-risk exchanges, put ATMs firmly on the regulatory hit list.

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There are now 8,000 Bitcoin ATMs globally - Decrypt

Bitcoin and cryptocurrency heists are on the rise, with researchers finding more than $1.4 billion worth of digital assets have been stolen so far this year.

Fear of theft has held back institutional adoption of bitcoin and cryptocurrencies, with access to capital based on crypto collateral hampered by security risks and operational challenges.

Now, San Francisco-based crypto custodian Anchorage has teamed up with crypto-friendly lender Silvergate to offer bitcoin and crypto-backed loans without the digital assets having to leave Anchorage's care.

Bitcoin and cryptocurrency investors have previously had to choose between security and access to ... [+] loans but some crypto companies are beginning to offer ways around the problem.

"Whenever digital assets leave custody, security is a concern," said Jesse Proudman, chief executive of Strix Leviathan, crypto hedge fund.

Anchorage Financing, aimed at institutional bitcoin and crypto investors such as hedge funds and market makers, will allow borrowers to draw on lines of credit without putting their digital collateral at risk.

"Institutional investors are getting a whole integrated package," said Anchorage chief executive Nathan McCauley, who sees this kind of service as vital to the ongoing maturation of the crypto space.

"With this system, new participants come into the industry because they can take long positions in crypto and at the same time offer up collateral for loans."

McCauley pointed to macro investor Paul Tudor Jones' recent interest in bitcoin as a sign further institutional adoption of crypto is on the way and said he expects the bitcoin price to continue to climb through 2020.

The bitcoin price is up around 30% so far this year, having recovered all of its March coronavirus crash losses.

However, bitcoin's recent rally has come to a halt at just under $10,000 per bitcoin despite repeated attempts to breach the psychological barrier.

"In order for bitcoin to continue to mature as an asset class and increase demand from institutional investors, we need more platforms like Anchorage Financing to provide leverage for these investors," said Silvergate CEO Alan Lane.

The bitcoin price exploded in 2017, partly due to expectations institutional investors were gearing ... [+] up to enter the space.

"Institutional investors are looking for greater capital efficiency and the ability to use bitcoin as collateral to increase the size of their position in the asset."

Earlier this year, San Diego-based Silvergate Bank, which boasts $2.3 billion in total assets, began allowing its customers to apply for loans collateralized by bitcoin held at digital currency exchanges that are also Silvergate customers.

Silvergate added 46 bitcoin and crypto customers during the first quarter of 2020 but could soon see competition in the space accelerate, with Wall Street giants such as JPMorgan beginning to take on crypto clients.

"As the big banks begin to figure it out and enter the digital currency ecosystem, it provides a huge validation of the asset class as a whole which in turn should drive more allocations to the asset class from main street asset managers, pensions and endowments," Lane said.

Meanwhile, Anchorage is expecting to grow its client base beyond custodial investors, with bitcoin and crypto miners and exchanges beginning to take an interest in its services, according to McCauleythough he warns crypto finance still has a long way to go.

"I don't think anyone in crypto has earnt the right to call themselves a prime broker just yet," McCauley added. "But we will get there eventually."

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Exclusive: Borrowing Dollars Against Bitcoin And Crypto Is About To Get A Lot Easier - Forbes