Why Facebook Is the Best Hope for Cryptocurrencys Future – National Review

(Dado Ruvic/Reuters)It would be a travesty if China, which has entered the fray, became the worlds leader in this global economic development.

The old adage about giving a dog a bad name certainly applies to Facebook these days. Politicians and pundits of every ideological stripe feel free to lash out at Mark Zuckerberg whenever he comes to Washington, even when his visit has nothing to do with Facebook.

This week, the Facebook-bashing bled into Zuckerbergs testimony on Capitol Hill regarding his newest venture, Project Libra. This is the most ambitious venture yet by an American company into the cryptocurrency market, one that could raise the status and reputation of this revolution in financial transactions and maybe prevent the future of that revolution from being dominated and controlled by China.

Cryptocurrencies such as Bitcoin, which is essentially digital cash exchanged on the Internet, gets lots of harsh criticism, some of it richly deserved. Theyve been accused of being simply a vehicle for money-laundering; as a way of securing the network, they rely on a widely dispersed ledger to keep track of transactions, instead of a single centralized source, and some cryptocurrencies have been vulnerable to spectacular acts of hacking. Bitcoin in particular is subject to major market fluctuations that give some investors, and regulators, periodic heartburn.

Above all, cryptocurrencies are a direct challenge to one of governments longest-standing and most important monopolies, that of a national currency. Its not surprising that their advent since 2009 has triggered considerable pushback from the financial establishment as well as from governments, including ours.

Pushback is also what Facebook gets from both ends of the political spectrum plus the middle. The social-media company has been hammered for everything from inadequate privacy and permitting foreign election interference that supposedly got Donald Trump elected president in 2016 to muzzling conservatives and propagating fake news. Most of the steps Zuckerberg has taken to correct these issues are either ignored or dismissed as inadequate as when Alexandria Ocasio-Cortez slammed Zuckerberg on Wednesday for daring to include The Daily Caller in the companys new list of organizations it consults for fact-checking.

But what critics on the House Financial Services Committee of the caliber of AOC and chairwoman Maxine Waters fail to understand is that Project Libra actually goes a long way toward solveing what ought to be their real concern, the security and future of global financial transactions.

For example, contrary to myth, the Libra currency wont be owned by Facebook. It will be run by a consortium of companies and organizations, the Libra Association Council. It will avoid wild market swings by connecting its value to a basket of historically stable currencies such as the dollar, the euro, and the Japanese yen. Libra is also not digital cash but a currency of account for transactions, so its not possible to stockpile the digital assets for money-laundering or other nefarious purposes one of the counts against Bitcoin. Then for safetys sake, Libra has come up with a virtual wallet, called Calibra, which can prevent fraud by verifying every users transaction a method similar to that used by PayPal. (In fact, former PayPal employees will be overseeing Calibra.)

Still, safety, privacy, and security protections are probably the biggest legitimate issues surrounding Libra. Facebook can easily address them, however, by using quantum technology, or blockchain, to protect the underlying architecture of its distributed ledger.

As I explained in my review for National Review of George Gilders book Life after Google:

Essentially, information in a blockchain exists as a shared and continually reconciled database. The blockchain database isnt stored in any single location; no centralized version of the information exists (as it does in Googles Dalles data center) for a hacker to penetrate. Instead, its hosted by millions of computers simultaneously, like a spreadsheet duplicated across an entire network whose data are constantly updated and accessible to anyone on the network.

With some minor modifications, this is true for Libra as well. The problem is, future quantum computers will be able to decrypt the complex algorithms that asymmetric encryption systems, including blockchain, use to secure almost all electronic data. Instead of being the answer to all our cybersecurity vulnerabilities, including those of cryptocurrencies, blockchains could become just as vulnerable as web browsers or the cloud.

If Facebook uses the occasion of Project Libra to build a quantum-safe cryptocurrency (using, for example, quantum-resistant algorithms to support encryption) thats invulnerable to quantum hacking or to any other kind of hacking it will not only be a major contribution to the future of cryptocurrencies, but it will show America how to make all our data and networks quantum safe and secure.

Unfortunately, the attacks on Facebook have caused several co-sponsors, including PayPal, to drop out of Project Libra. Zuckerberg admitted during his testimony that he may have to abandon the entire venture if federal regulators dont relent. That could be disastrous, because theres another player eager to get into the cryptocurrency fray: China.

Soon after Facebook broke the news about Project Libra, China announced that it was going to launch its own cryptocurrency with the help of its biggest companies. It would be a historical and economic travesty if China became the worlds leader in the future of digital currencies, while the American company best able to reshape the future of this market was forced by its own government to bow out.

And wed have no one to blame but ourselves and our misguided antipathy toward Facebook.

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Why Facebook Is the Best Hope for Cryptocurrencys Future - National Review

Bitcoin Price Hits Five-Week High Above $10000 – Coindesk

Bitcoins price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC the highest level since Sept. 24 according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesks Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called death cross a bearish cross of long-term moving averages.

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoins history, as pointed out by crypto-asset analyst Yassine Elmandjra.

Experts have associated the latest double-digit surge with Chinese President Xi Jinpings comments that the worlds second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese presidents public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xis comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoins convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure:The author holds no cryptocurrency assetsat the time of writing.

Hot air balloons image viaShutterstock;charts byTrading View

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Bitcoin Price Hits Five-Week High Above $10000 - Coindesk

A quick overview of cryptocurrency whales, bears, and bulls – The Next Web

Welcome to Hard Fork Basics, a collection of tips, tricks, guides, and advice to keep you up to date in the cryptocurrency and blockchain world.

The world of cryptocurrency can be confusing at the best of times, but if you throw in the terms whale, bear, and bull, youre probably left wondering what these animals have to do with digital currencies such as Bitcoin.

Luckily for you, Hard Fork has produced a quick overview to define each term and explain why theyre important for the cryptocurrency space.

By definition, a cryptocurrency whale is a term used to refer to individuals, or entities, that hold large amounts of digital currencies. Both feared and marvelled upon in equal measure, much like the marine mammals with whom they share a namesake, Bitcoin whales move around the cryptocurrency space causing wavesat every turn.

Many Bitcoin whales are anonymous traders, exchanges, and hedge funds, identifiable only by their public addresses. Well-known whales include Satoshi Nakamoto, Bitcoins mysterious creator(s) who is thought to have at least one million Bitcoin. The Winklevoss twins, Tyler and Cameron, were at one given time estimated to own 1 percent of all Bitcoins in existence.

But, why is this an issue? Well, if you bear in mind that Bitcoins blockchain is decentralized, you can start to understand why several individuals holding large amounts of coins could be problematic for the market.

With their digital wealth, and the fact that the cryptocurrency market remains largely unregulated,whales could have sufficient influence to move the market in their preferred direction. Its therefore not uncommon for traders to pay close attention to whales, observing how, when, and where they trade.

When we talk about a cryptocurrency bear market, we are referringto a market situation defined by caution and pessimism during which traders are much more likely to sell than buy.

During a bear market, you can expect to gain lower highs and lower lows. A good example of this is Bitcoins downturn at the start of 2018.

Its important not to confuse a bear market with a price correction.

A bear market is a sustained period of time characterized by noticeable downward movements. A price correction takes place when the price of an overvalued currency, or commodity, corrects itself.

A cryptocurrency bull market is the opposite of a bear market.

So, if the market trend is up, then were witnessing a bull market. In this sense, bull markets are generally characterized by optimism, and investor confidence.

For example, Bitcoin reaching $20,000 apiece in December 2017 is a clear example of a cryptocurrency bull market.

So, there you go: bears, bulls, and whales go hand in hand in the cryptocurrency arena and you should hopefully now have a better understanding of what they are and how they operate.

Published October 24, 2019 16:23 UTC

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A quick overview of cryptocurrency whales, bears, and bulls - The Next Web

Startup Targets Cryptocurrency Crime – But Will The Big Banks Come On Board? – Forbes

Will cryptocurrencies ever be considered mainstream? Millions of people around the world are invested in Bitcoin and its rivals, of course, but from the point of view of governments, regulators and financial institutions, virtual coins and tokens are still viewed with a considerable degree of suspicion.

Witness the stormy weather that is currently being encountered by Facebook as it presses ahead with plans for its Libra project. Earlier this month, Visa, Mastercard and eBay announced their intention to walk away from the association of companies and institutions that originally agreed to develop and support the new virtual currency. A few days later, ING chief executive, Ralph Hamers told the Financial Times that an ongoing commitment to Libra might prompt banks to cut ties with the social media giant unless it addressed the money laundering concerns expressed by regulators.

And as Dr. Tom Robinson sees it, financial institutions remain extremely wary of exposing themselves - and by extension their clients - to the risks they perceive in the cryptocurrency market. Indeed, hes witnessed that wariness at first hand. Having read about Bitcoin in 2012, he and university friends, Dr. James Smith and Dr. Adam Joyce quit their jobs to set up a company - Elliptic - providing cryptocurrency security solutions. We tried to get institutions interested, he recalls. But they were very concerned about the associations between virtual currency and criminal activity.

Creating A Safe Space

But the worries expressed by financial institutions also pointed to an entrepreneurial opportunity. Banks and fund managers were seeing the emergence of a new investment class that promised rich rewards for those with strong nerves. To be more precise, they were seeing their clients buying into Bitcoin and other currencies. Having initially started out by providing secure custody services for investors, Elliptic developed a solution that would enable institutions to provide cryptocurrency-related services to their customers while steering clear of any association with trading activities that might tarnish their reputations or see them falling foul of regulators and law enforcement.

The demand use case for cryptocurrencies is speculation," explains Dr. Robinson. Thats especially true after the 2017 Bitcoin bubble - even taxi drivers were talking about that. Banks wanted to give their clients access to crypto-assets.

Against that backdrop, Elliptics team developed a system to analyze blockchain trades and identify non-legitimate trading.

Essentially, Elliptics technology tracks the activity on the blockchain and - to put it simply - strips away the anonymity that has been a traditional feature of virtual currency transactions. We link transactions to known entities, says Dr. Robinson. And once these entities are visible, it is possible to assess the risk of a transaction being linked to, say, money laundering, illegal arms trading or the payment of ransomware.

Bypassing Banks

This, in turn, opens the way for financial institutions to engage more confidently with virtual currencies, says Dr. Robinson. And enhanced security, he argues, will be a key factor in opening up a new era of financial services provisions. For the first time, we have an open financial system, he says. Nowadays, you dont have to go to a bank to carry out a transaction. And if you want, you can create your own bank.

But as the high-profile withdrawals from Facebooks Libra project demonstrate, there is still a long way to go before everyone is convinced that the virtual currency marketplace is a safe environment for institutions.

To date, the company has assessed risk on around $1 trillion of transactions. However, it has had more success in providing its security solutions to organizations within the blockchain sector than to mainstream institutions. We have more than 100 customers now, says Dr. Robinson. Most are exchanges and wallet providers but we are also seeing banks, hedge funds and asset managers coming on board. The financial institutions represent a minority, but it is a growing minority.In addition the company has worked with U.S. law enforcement agencies. To

And Dr. Robinson believes more widespread uptake of virtual currencies is on the way. Even if Libra doesnt succeed, I think something similar will emerge. There is real scope to provide services around international remittances and e-commerce. And blockchain analysis will become standard.

Potentially good news for Elliptic, which just raised $23 million in Series B funding to finance its expansion into Asia and the US. The longer-term question revolves around who will dominate the blockchain security market. Entrepreneurial companies such as Elliptic or the bigger players in the digital security space.

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Startup Targets Cryptocurrency Crime - But Will The Big Banks Come On Board? - Forbes

Cryptocurrency in Focus: A LINK to the Mainstream – TheStreet.com

Chainlink is not a household name, but it may eventually play a role in making cryptocurrencies more popularly used. So far, the project's technology has been used in big partnerships, including most recently getting involved in one with Thomson Reuters, thanks to its solutions that connect on-chain smart contracts with real-world information.

To understand the significance of Chainlink, or LINK, it's necessary to understand the team's core technology: Oracles, which allow blockchainsto interact with external data.

Blockchain oracles are an essential enhancement to existing blockchain-based technologies, enabling these "closed" systems to use real-world information in their operations. Chainlink is a decentralized oracle service, referring to itself as "blockchain middleware," connecting on-chain smart contracts with off-chain, real-world data.

LINK has become the primary source for blockchain oracle services, having created both a reliable oracle network to connect blockchains to the outside world as well as a flexible framework for developers to integrate the technology as required by their respective chains. The team has announced dozens of partnerships with leading projects across the industry.

On June 13, for example, Alphabet's Google (GOOGL - Get Report) Cloud developer advocate, Allen Day, released a blog post explaining how Chainlink's blockchain oracle services could be used to enable communication between Ethereum smart contracts and Google's Big Query cloud data warehouse. The integration of Chainlink into the tech giants' approach to smart contracts was a major development for the project and crypto as a whole.

Since then, Chainlink has continued to deepen its ties across the crypto industry, using its stellar reputation and technology to land news partnerships.

Most recently, on Oct. 17, Canadian media giant Thomson Reuters announced it would bring its Contract Express document automation service, currently popular with law firms and corporations, to the Ethereum blockchain using Chainlink oracle services. The Proof of Concept, named Smart Contract Express, is the product of a partnership between Reuters and OpenLaw, a team building an open source protocol for automating legal agreements.

LINK's Fundamental Crypto Asset Score, or FCAS, climbed 22-points (2.69%) over the last 30 days. Fundamentals are up across the board, including a 21-point (2.58%) spike in User Activity, 15-point (1.81%) jump in Developer Behavior, and an 71-point (9.33%) rise in Market Maturity. Price is up 29.22% over the same time period.

From a micro perspective, Chainlink is serving as a catalyst for new and exciting integrations of blockchain technology into areas dominated by more traditional solutions. Moreover, the LINK team has been hard at work developing a framework that would enable enterprise-level adoption on a broader scale.

From a macro perspective, the crypto and blockchain industry has not yet seen a breakthrough "iPhone moment" to serve as a model for the rest of its participants. What is emerging are practical implementations, that, while not yet having a sexy "killer application," are quite possibly where blockchain tech proliferates before bubbling up to more mainstream solutions.

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4 Ways To Address Rising OFAC Cryptocurrency Oversight – Law360

Law360 (October 25, 2019, 4:02 PM EDT) -- With the widespread arrival of initial coin offerings over the last several years,[1] U.S. authorities have made deliberate progress toward keeping pace with the fast-growing crypto industry.[2]

The U.S. Department of the Treasurys Office of Foreign Assets Control has arguably been slower to action than either the U.S. Department of Justice or the U.S. Securities and Exchange Commission, both of which have taken an aggressive approach resulting in high-dollar settlements.[3]

With that said, however, OFAC has more recently taken steps that suggest cryptocurrency regulation and enforcement will be a high-priority item moving forward.

OFACs Historical Regulation of Cryptocurrency

OFAC first demonstrated...

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4 Ways To Address Rising OFAC Cryptocurrency Oversight - Law360

Googles Quantum Computing Breakthrough Is Striking Fear in the Cryptocurrency Industry – BeInCrypto

In a recent publication by Google, the tech behemoth claims to have achieved quantum supremacy through its Sycamore quantum chip. Quantum supremacy essentially means the ability for a device to solve problems that traditional supercomputers cannot practically process.

While that might be good for technological advancements, the development has brought about uncertainties for the future of bitcoin and cryptocurrency in general. Some fear that the scaling of quantum computers could make Bitcoins cryptography hackable or breakable.

Google claims that its quantum computer completed a calculation in 200 seconds a calculation that would have taken todays top supercomputer 10,000 years to solve.

As reported by Gizmodo, Google has been testing a 72-qubit device named Bristlecone, with the aim of achieving quantum dominance. The Financial Times later clarified that the device was actually a 53-qubit processor called Sycamore.

The man who coined the word Quantum Supremacy in 2012, a California Institute of Technology professor named John Preskill, said that it is a truly impressive achievement in experimental physics.

However, experts believe that Googles quantum computing development is still in its early stages. Preskill said The problem their machine solves with astounding speed has been very carefully chosen just for the purpose of demonstrating the quantum computers superiority, and the problem of commercial scalability should put the mind of the crypto-verse at rest.

The blockchain security concerns that Googles quantum computer bring, point to a new wave of blockchain technology that is reportedly resistant to quantum computing. For example, the founder of E-cash, David Chaum, is doing that with his new cryptocurrency, Praxxis. Chaum had this to say about Googles latest breakthrough:

The notion of Google achieving a quantum breakthrough sounds very dramatic, but in reality, its hard to gauge the significance at this time. How can we be sure that Googles quantum computer is more powerful than D-waves, for example, which surpassed 1,000 qubits four years ago?

Do you believe that Googles latest quantum computer developments will soon begin to impact the cryptocurrency market? Let us know your thoughts in the comments below.

Images courtesy of Shutterstock.

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Googles Quantum Computing Breakthrough Is Striking Fear in the Cryptocurrency Industry - BeInCrypto

Enwin warns customers about crypto scam, says it doesn’t take that form of payment – CBC.ca

Enwinis warning customers about a new scam targeting customers with attempts to extort money through Bitcoin and other cryptocurrency.

Customers in other partsof Ontario have received calls saying they owemoney to a utility company, then demanding they go to an address where there is a cryptocurrency machine.

Customers would then likely buy the cryptocurrency and send it to the scammer, losing money in the process said Barbara Peirce Marshall, manager of corporate communication for Enwin.

Crypotcurrency is encrypted and decentralized, meaning the creation of coins and transactions are verified by a type of crypotgraphy, eliminating the need for a middle man like a bank.

"We have a process that we follow when customers have outstanding bills, so there are a series of notifications to the customer," said Marshall.

These notices would be sent either through mail or email depending on how the customer is set up with the company.

"We follow all the regulations set by the Ontario Energy Board for that," said Marshall. "Customers will know without anyone calling and asking them to go pay in a certain way at a certain time."

Marshall said there have been no scam attempts of this nature in Windsor, but warns customers in the area to be on guard.

Enwin does not currently accept Bitcoin or any cryptocurrency as a form of payment.

Customers who may have been contacted are asked to contact Enwin and the police.

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Enwin warns customers about crypto scam, says it doesn't take that form of payment - CBC.ca

WeChat Search Volume For Blockchain Spiked 1,200% Following The New Chinese Cryptocurrency Laws – CryptoPotato

The last several days have been nothing but eventful for the cryptocurrency community. A few days ago, Chinas president, Xi Jinping, urged the country to adopt blockchain technology to drive technological innovation. The announcement seems to have generated interest in the cryptocurrency and blockchain industry, especially within China. Shortly afterward, all cryptocurrencies experienced double-digit price increases.

WeChat, a Chinese multi-purpose app, recorded an immense surge in blockchain-related search topics on its platform. On the 23rd of October, the word blockchain was searched for less than 800,000 times, and Bitcoin was searched for less than 600,000 times. On October 25th, the day of the Chinese presidents announcement, there were 9.2 million searches for Blockchain and 1.3 million for Bitcoin.

Xis announcement was followed by the introduction of a new cryptography law, which will go into effect at the start of 2020.

According to state media, the cryptography [law] is aimed at standardizing the application and management of passwords, promoting the development of the password business, ensuring network and information security, and improving the scientific, standardized, and legalized level of password management.

While the previously published draft didnt mention blockchain tech, cryptography is an important component of the technology. Its often used to link sets of records, or blocks.

China seems to be more open-minded these days toward blockchain, even though cryptocurrency trading is still banned in the country. Back in August, the country announced that it would launch a government-backed cryptocurrency this November.

Amid the rising interest, Bitcoins price skyrocketed over 40% to a 30-day high of $10,350. The spike was followed by the typical volatility of the crypto markets, as it came just days after the price plunged to $7,300, which was the lowest it had been since May of this year. All in all, the last few days have seen significant gains for all cryptocurrencies.

While the community contemplates the future of the crypto markets and the possible reasons for the recent move, the most commonly used word for explaining the surge has been China. As its the second-largest economy in the world in terms of GDP, news from the countrys officials could have a tremendous impact on the market.

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WeChat Search Volume For Blockchain Spiked 1,200% Following The New Chinese Cryptocurrency Laws - CryptoPotato

Sitharaman Says Other Nations Agree With Indias Stance On Cryptocurrency – Inc42 Media

The FM said lawmakers from other nations at the IMF meeting also recommended extreme caution

Facebooks Libra was one of the hot topics at the annual IMF meeting, Sitharaman claimed

Terror funding and money laundering are the two major concerns around cryptocurrency for the IMF

Even as India is looking to create a concrete policy on cryptocurrency amid the current ban on trading and possession, finance minister Nirmala Sitharaman said the Indian government has already received several red flags from other nations, which vindicate its stance on virtual currencies.

Sitharaman, who is currently at the 40th meeting of the International Monetary and Financial Committee (IMFC) in the US, said that many global leaders and policy makers agreed with Indias contention that even though using cryptocurrencies might have their benefits, but there needs to be extreme caution before doing something to legalise the same.

According to a PTI report, Reserve Bank of India (RBI) governor Shantikanta Das spoke about Indias concerns regarding cryptocurrencies at one of the interventions at the meet.

The finance minister also added that Facebooks controversial cryptocurrency project Libra was one of the hot topics at the annual meeting.

Kristalina Georgieva, managing director of the IMF, said the organisation is taking a balanced approach in this matter as ease of use, cost savings, and most importantly, financial inclusion are some of the very important perks of cryptocurrencies. However, she is also aware about the risk virtual currencies can bring in terms of privacy.

We are not specifically focusing on Libra. We are looking into, one, the inevitability of expanding digital money on the wave of the digital revolution, but then the necessity to do so, mindful of monetary stability, Georgieva said.

Moreover, she added that cryptocurrencies come with the scope of terror funding and other illegal activities. She assured that the IMF is engaging with other organisations like the Financial Stability Board, the European Central Bank to explore more benefits and risks involved in the use of cryptocurrencies.

India is planning a ban on cryptocurrency and other crypto assets in the draft bill, and is currently looking to pass Banning of Cryptocurrency and Regulations of Official Digital Currency Bill, 2019. The bill recommends a jail terms and steep penalties for those who mine, hold, transact or deal with cryptocurrencies in any form, whether directly or indirectly through an exchange or trading.

The bill also proposed that cryptocurrencies holders will be mandated to declare and dispose of it within 90 days from the date of commencement of the act.

Update: October 21, 2019 | 3:18 PM

An earlier version of the story had inaccurately stated that India had banned cryptocurrency, whereas that is an oversimplification of the official government policy, which is yet to be finalised. We have changed the article accordingly.

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Sitharaman Says Other Nations Agree With Indias Stance On Cryptocurrency - Inc42 Media