Category Archives: Cryptocurrency

Cryptocurrency prices fell sharply on Wednesday. (Photo: Reuters)

The cryptocurrency market witnessed a decline over the past 24 hours as the value of popular virtual coins fell sharply. The reason behind the decline was heavy profit bookings by investors.

Bitcoin, the largest cryptocurrency, fell on Wednesday to the lowest in a week and a half after reaching an all-time high. However, the popular cryptocurrency is still on track for its best month since February.

Its price was $58,867 or 6 per cent lower than its value 24 hours ago at 3:40 pm. Bitcoins market capitalisation fell to $1.11 trillion and the 24-hour trading volume fell to $1.84 billion.

Tony Sycamore, analyst at Australian investment platform City Index told news agency Reuters that Bitcoins losses were down to traders taking profit from its recent rally.

Cryptocurrency highlights | Check yesterday's prices

Ether also fell sharply by nearly 4.7 per cent after gaining for more than a week. Ether remained just above $4,000 or 4.68 per cent lower than its value 24 hours ago. Ethers market capitalisation fell to $470.38 billion and the trading volume of the past 24 hours was $1.83 billion.

Most other altcoins also fell sharply during Wednesdays session as investors looked to book profits after the recent rally.

Commenting on the momentum, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm-based crypto investment platform, said, Over the past 24 hours we saw the markets remaining in a range bound territory. Bitcoin fell marginally and with it, dominance also came down.

The coming 24 hours would likely be a positive session for the altcoins, he added.

Cryptocurrency

Price (US Dollar)

24-hour change

Market cap

Volume (24 Hours)

Bitcoin

58,792.64

-6.39%

$1.19 trillion

$1.12 billion

Ether

4,001.11

-5.03%

$469.96 billion

$1.83 billion

Dogecoin

0.234013

-13.20%

$30.82 billion

$3.39 billion

Litecoin

181.31

-7.10%

$12.48 billion

$148.58 million

XRP

1.01

-10.06%

$100.85 billion

$5.54 billion

Cardano

1.94

-10.84%

$63.08 billion

$332.39 million

DISCLAIMER: The cryptocurrency prices have been updated as of 04:00 pm and will change as the day progresses. The list is intended to give a rough idea regarding popular cryptocurrency trends and will be updated daily.

Click here for IndiaToday.ins complete coverage of the coronavirus pandemic.

Read more:
Cryptocurrency prices today: Bitcoin, Ether fall sharply amid heavy profit booking - India Today

Cryptocurrency can be converted into cash

Cryptocurrency is fast emerging as a smart investment option across all strata of society, however there are certain practical issues with it as it cannot be exactly used for certain daily transactions like paying restaurant and provisions bills.

So the question arises as to whether cryptocurrency can be converted into cash. Now that's an interesting question to ask isn't it? Cryptocurrency is an extremely volatile virtual currency whose value fluctuates a lot. However it is quite easy to convert it into cash.

But before doing so, one needs to know certain things so that the actual value of money is not lost once cryptocurrency gets converted into cash. The possibility of losing the value of one's money is quite high due to the volatility of the digital tokens.

Though it is possible to convert cryptocurrency into cash, the most important thing to remember is that since cryptocurrency is not legal tender in the country, one needs to pay taxes on profits.

So let's find out how crypto can be converted into cash:

How to convert your crypto into cash?

To start with, let's take an example of any cryptocurrency which needs to be converted into cash, for example, bitcoin. The first thing to remember here is converting cryptocurrency into cash will entail an exchange fee as well as taxation which will be levied by a third-party broker.

The fees of course will depend on the number of digital tokens which need to be converted into cash.

Also the broker normally takes a day or two to transfer the converted money into one's bank account.

There are two methods to convert cryptocurrency into cash, either through an exchange or a broker.

It is quite like getting currency exchanged at airports, so once the digital currency or in our case, bitcoins are deposited with an exchange for withdrawal, the broker will transfer the converted value to one's bank account.

However as there are restrictions on brokers related to money laundering, the investor should withdraw his or her money through the same bank account in which it was deposited.

The disadvantage with the entire process is that it is quite time consuming and though experts term it as safe, it takes some time before the money reflects in the account.

In addition to this, the exchange also charges a fee for each transaction and it also varies broker and country-wise.

Mode of transfer

Cryptocurrency can be converted through an exchange or a broker. One can use a peer-to-peer platform to convert digital coins into cash, by just selling it. Also this system entails lesser fees and guarantees a better exchange rate than one gets through a third-party brokerage.

Investors should also insist onidentity proofs before getting cryptocurrency converted into cash. Here it is pertinent to note that one should beware of fraudsters.

Also one should keep one's digital tokens locked till the converted amount is credited to the bank account.

Waiting for response to load...

See original here:
Can Cryptocurrency Be Converted Into Cash? Read On To Find Out - NDTV Profit

Mastercard is integrating cryptocurrencies into its payments systems, through a new partnership with crypto firm Bakkt. This includes bitcoin wallets but also extends to credit and debit cards that spend digital assets, and even loyalty programs that can convert airline or hotel points into bitcoin.

In short, cryptocurrency is getting a lot easier to use.

If you've been keeping up with the news over the past few years, this is no surprise bitcoin and other cryptocurrencies have been tech industry buzzwords for even longer than that, and the movement is picking up steam. Here's what that means.

The partnership's with Bakkt a cryptocurrency firm that will handle the backend custodial services required to support crypto.

The general reasoning behind the decision is in line with the goal of a payments service: Helping customers buy and spend with as large a range of options as possible.

We want to offer all of our partners the ability to more easily add crypto services to whatever it is theyre doing, Sherri Haymond, Mastercards executive vice president of digital partnerships, said in an interview with CNBC. Our partners, be they banks, fintechs or merchants, can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Baktt platform.

The partnership is a big deal because Mastercard is a dominant global payment network cryptocurrencies are now popular enough that the biggest players are folding them into how they operate.

This new big partnership is a sign that cryptocurrencies are here to stay, at least for the immediate future.

At the same time, it's a sign that one of the biggest reasons to adapt cryptocurrencies the freedom they offer from centralized gatekeepers like payment networks will become less and less true the more people are using them. If you've seen the show Mr. Robot, you probably saw that coming. Institutions have a habit of absorbing the upstarts, and the financial industry's no different.

The new currencies aren't just like the previous one, though: There's also the massive environmental impact of mining and using cryptocurrencies. The energy needed for one day of mining bitcoin alone is equal to a full shipment of AA batteries on the biggest ship on Earth.

With this new announcement, another big spending lever has opened up, allowing Americans to buy and spend cryptocurrencies faster than before through the 2.8 billion or so Mastercards in circulation today. We'll also see far more shipping containers' worth of energy spent each day in the process.

Originally posted here:
Mastercard Partners With Bakkt to Offer Cryptocurrency - Tech.co

The crypto industry has changed a lot of narratives in the financial system. One of such attempts to bring crypto usefulness closer to the people was recently made by FTX. The crypto exchange bought an ad spot on the NFL Championship game coming up in 2022.

Now, you can even maintain anonymity while sending money across many countries of the world. However, while the awareness is continuing, top players in the industry are pushing for more recognition, adoption, and investment.

Thats why many institutional investors usually support activities geared towards promoting crypto to a lot of people.

Also, crypto exchanges and brokers willingly engage in activities that drive crypto awareness to the non-participants. The truth is that if everyone adopts crypto as a means of transaction, the industry will flourish.

Related Reading |Why Australia Has Issued A Warning On Crypto Profits To Investors

FTX aims to reach millions of people during the upcoming games. Millions of people in America watch the games, and this will be a perfect opportunity for the exchange to position itself for more patronage.

Given the popularity of this event, the ad spots cost a lot to secure. But such exposure will be monumental in transforming both the trading volume and customer base of FTX.

It is not surprising that FTX has taken such a giant leap. The FTX CEO has been focusing on winning more sports customers.

Sam Bankman-Fried sees the industry as a fertile ground for increasing the crypto customer base. So, this upcoming event will be appropriate to push the awareness closer to many Americans and other countries who watch the games.

For now, no one knows the exact amount that such an ad slot will cost. The NBC Super Bowl event coming up next year is going for $6.5 million per ad slot. Last year, companies paid $5.5 million to run a 30 seconds ad in its 2021 event. The audience was up to 92 million as well.

Before now, companies like Budweiser, Hyundai, Coke, and Pepsi dominated the ads spots in Super Bowl events. But 2021 saw a lot of them leaving for new ones to buy up the slots. These new advertisers were not affected by the coronavirus pandemic and could mop up the spots.

Many include DoorDash, Chipotle, Vroom, Fiverr, Scots Miracle-Gro, Hellmanns, etc. Many of the brands belong to delivery services, e-commerce, job portals, and home improvement companies.

Related Reading |A Crypto-Friendly Future For Australia, Senators Propose New Regulations

Now that the chance has come again, it is only suitable that a crypto company will join the race, given the growing popularity and relevance of the sector.

FTX has been growing and expanding in recent times. It has also been pursuing partnerships in the sports industry and has secured the same by joining hands with Tom Brady and his wife, plus Gisele Bundchen, a supermodel in Brazil. Another exchange following suit in sports partnership is Coinbase as it joins hands with the WNBA and NBA.

More here:
FTX To Promote Cryptocurrency In A Super Bowl Ad To A Massive Audience - bitcoinist.com

Thirteen years ago on October 31, 2008, the first ever Bitcoin Whitepaper was published online by somebody using the pseudonym Satoshi Nakamoto. The document that detailed the foundation of the world's first cryptocurrency was titled Bitcoin: A Peer-to-Peer Electronic Cash System It emphasised on the benefits of this futuristic online payment system, totally self-governed in nature. At the time, each token of what is now the most-valued cryptocurrency in the world, was priced $0.0008 (roughly Rs. 0.060), a far cry from today's prices.

In this white paper, Nakamoto noted that the world needed an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.

Marking the iconic day, Bitcoin enthusiasts from around the world have been tweeting birthday greetings to the crypto-coin, as well as its whitepaper. Netizens are sending out gratitude-filled messages for Nakamoto, who remains anonymous till date.

The idea behind Nakamoto's cryptocurrency idea was to create a way to avoid financial institutions serving as trusted third parties to process electronic payments and taking cuts as service fees.

While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services, the whitepaper noted thirteen years ago.

Despite often been perceived as a challenge to existing financial systems and institutions in many parts of the world, the Bitcoin has soared high in these last thirteen years.

Currently, each token of the cryptocurrency is trading at $64,400 (roughly Rs. 48.2 lakh) in India.

Nakamoto has capped the number of bitcoin at 21 million, meaning there will only ever be 21 million Bitcoins in existence. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined, a report by Investopedia said. The supply limitation makes Bitcoin scarce and keeps its value rising.

Meanwhile, the whereabouts of Nakamoto remains unknown. In 2011, the mysterious Bitcoin inventor bid a farewell to the crypto space and apparently moved on to different things.

The Bitcoin tokens in Nakamoto's wallet amounting to over $66 billion (roughly Rs. 4,96,814 crore) remain unspent as of now.

Go here to read the rest:
Bitcoin's Whitepaper Turns 13, Netizens Wish 'Happy Birthday' to the Cryptocurrency - Gadgets 360

According to Indian crypto trading and exchange platform Unocoin, cryptocurrency is a digital asset based on the network distributed across a large number of computers and is secured by cryptography.

By Kunal Doley

Amid the cryptocurrency craze sweeping the country, Bollywood megastar Salman Khan has become the latest celebrity to join the virtual or digital currency bandwagon. He recently unveiled GARI, which is said to be Indias first crypto token launched by micro-content, short video application Chingari.

A fungible blockchain token, GARI will serve both as a future in-app currency and a governance token, as per the company.

Salman Khans endorsement comes close on the heels of legendary actor Amitabh Bachchan also hopping into the crypto space. Bachchan, who is now the brand ambassador of Indian cryptocurrency exchange CoinDCX, will be working to increase awareness around cryptocurrency and popularise it as an emerging asset class, the company said in a statement recently.

The involvement of the two superstars, along with a host of other national and international celebrities, makes sense as cryptocurrency has seen an exponential rise in interest in India, especially since the Supreme Court in March last year quashed the ban that the Reserve Bank of India (RBI) had imposed on trading in cryptocurrencies like Bitcoin in April 2018.

Despite the volatility of prices and the legal ambiguity surrounding it, India has the highest number of cryptocurrency owners in the world at 10.07 crore, as per BrokerChooser, a broker discovery and comparisioin platform. Also, blockchain data platform Chainalysis recently placed India in the second position in terms of global cryptocurrency adoption.

Rise of digital currency

Earlier this month, cryptocurrency exchange CoinSwitch Kuber became Indias second crypto unicorn and the most valuable at $1.9 billion valuation with the latest investment round of over $260 million, as announced by the company. In August this year, another crypto exchange CoinDCX had announced a $1.1 billion valuation with its Series C round of $90 million.

CoinSwitch Kuber said it raised its Series C round from Andreessen Horowitz (a16z), Coinbase Ventures and existing investors including Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global. The startup said it achieved unicorn status in just 14 months of operations in the country.

Evidently, the space holds immense promise. As per latest industry reports by Allied Market Research, the global cryptocurrency market was valued at $1.49 billion in 2020, and is projected to reach $4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030.

Amid the Covid-19 pandemic, there has been a significant insurgence in the crypto market, especially in India. According to NASSCOMs recent report, the Indian cryptocurrency market has been growing exponentially over the last few years and is expected to reach up to $241 million by 2030 in India and $2.3 billion by 2026 globally. This can be attributed to people looking for alternative sources of investment, growing Internet penetration and people losing faith in the traditional financial ecosystem. People are now perceiving cryptocurrency as both digital currency as well as an alternative to traditional investment mediums, says Tarusha Mittal, COO and co-founder of OroPocket, a New Delhi-based fintech solution that tokenises real-world assets such as gold, silver, and other precious metals.

Pandemic push

The Covid-19 pandemic has disrupted the world as we know it but has caused a revolution in the technology sector. In the face of this sudden obstacle, our traditional technologies needed to improve, and this opened opportunities for new relevant technologies to take the centre stage, says Aniket Jindal, co-founder of Biconomy, an Indian blockchain transaction platform. It empowers blockchain developers to enable a simplified transaction and onboarding experience for their Web3 project.

The blockchain and crypto sectors boomed during this time as they provided an alternative that was modern, independent, and decentralised. We have seen a rise in adoption of digital and mobile-based applicationsfrom commerce to payments. And crypto has been no different, adds Jindal.

Through Covid-19, with everything moving towards a virtual space, the appreciation for anything digital (including digital assets) went through the roof, says Prashanth Swaminathan, partner and headinstitutional business, Woodstock Fund, a Mumbai-headquartered multi-asset emerging technology fund house currently focused on investments in blockchain and distributed ledger technology (DLT).

As people had more time on their hands and they were getting used to the new normal, they started appreciating digital assets for their uniqueness and the role they could play in building a new Internet. More people started attending online webinars, reading articles and blogs (mind, digital assets are not taught in books), and playing with various products on offer in the digital worldfrom lending and borrowing digital assets, to buying virtual real estate in the metaverse, Swaminathan adds.

Festive fervour

Amid all the noise, cryptocurrency is emerging as preferred investment class, especially among the millennials. In the run-up to Diwali, some people have even labelled virtual currency like Bitcoin as the new gold or digital gold.

Both Bitcoin and gold are seen as a hedge to protect fiat portfolio due to their inflation-beating properties. Bitcoin is labeled as digital gold by many and is also seen as more superior to gold in several respects. It offers a high degree of accessibility, allowing anyone to send and receive Bitcoin in a permissionless way, says Rajagopal Menon, vice president of WazirX, a Mumbai-headquartered Bitcoin and cryptocurrency exchange and trading platform.

For sure, bitcoin is the new gold in terms of investment not only in India but also everywhere in the world. It has become the best store of value and the best investment vehicle too. As the festive season is around the corner and with the market hitting the new highs, there is a rush to the market, adds Sathvik Vishwanath, co-founder and CEO of Bengaluru-headquartered Unocoin.

Almost every sector of the economy sees a rise in activity during the festive season and in the run-up to Diwali. However, crypto replacing gold seems like a bit of a stretch at the current moment, says Ashish Anand, founder and CEO of Bru.finance, a decentralised finance (DeFi) lending platform that tokenises real-world assets.

Although Bitcoin shares some of the same features with gold like limited supply, scarcity, censorship resistance and is rightly dubbed as digital gold, it may not replace gold as an investment option because of its volatility. Indians like to play it very safe when it comes to investment options and gold has lived up to this standard over centuries, Anand adds.

As the Diwali season comes right after harvest season, Bru.finances blockchain fintech arm Whrrl is witnessing rising demand for commodity-backed loans from farmers. We can say with pride that we are already bringing Diwali to the homes of unbanked farmers, says Anand.

Absence of regulations

As of now, there is no legislative framework that governs cryptocurrency in India. In the past decade, India has generally held a cautious position towards use and transactions involving cryptocurrency.

In 2013, the RBI first issued a press release cautioning users and investors of virtual currencies and indicated that they were reviewing the legality of such assets under the prevailing regulatory frameworks. The first formal restriction on the use and transaction involving cryptocurrencies was affected by a circular issued by the apex bank in 2018. The circular specifically barred banks and other financial institutions from dealing with cryptocurrency-based platforms and any form of virtual currencies.

However, the RBI circular was set aside by the Supreme Court in March last year set. This reflects the concern that extant laws are inadequate to deal with the proliferation of private cryptocurrencies. A solid legal backing, therefore, could go a long way in removing any ambivalence over the issue.

Cryptocurrencies typically operate independently of a central bank. These are essentially digital currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds.

In 2019, an inter-ministerial committee under then economic affairs secretary Subhash Garg had suggested that private cryptocurrencies like Bitcoin be banned, and any activities related to virtual currencies be criminalised.

Even the central bank had through public notices in December 2013, February and December 2017, warned holders and traders of virtual currencies about risks associated in dealing with such currencies.

The authorities discomfit with Bitcoin stem from the fact that it doesnt derive its value from any underlying assets or earnings. Since its value depends purely on what an investor is willing to pay for it, it can be easily swayed with speculative bids. Moreover, such currencies typically keep the owners identity anonymous, making it difficult to track its flow. This can cause security risks and the currencies can be used to funnel black money.

However, things are about to change now. As part of the Internet and Mobile Association of India (IAMAI), WazirX is working on a code of conduct for cryptocurrency companies in India. We have a draft version ready and are working on updating the guidelines in line with the technology changes that have happened in the last few years. The code of conduct lays out a guideline for KYC/AML and other regulatory-related features. This helps curb the illegal activities as well as scams, says Rajagopal Menon of WazirX.

Besides, on multiple occasions, our finance minister has also mentioned that India is going to take a calibrated view on crypto. Overall, it is a very good sign for the Indian crypto ecosystem. Around the world, the crypto adoption is picking up. Governments and tech giants around the globe are embracing crypto, and Im confident that India will not stay behind, Menon adds.

Future perfect?

India is on track to become a digital asset superpower, with retail investors increasingly interested in investing in digital assets. The interest shown by Indian investors in alternative investments and asset classes leads us to believe that the countrys retail investors are prepared for the rapid adoption of cryptocurrency as an emerging asset class, says Mittal of OroPocket.

So, how should one go about investing in cryptocurrency? Mittal of OroPocket advises that you should always do your own research (DYOR) before investing in crypto, like you would with any other asset class. Follow the makers who are solving real problems, take in a lot of information but think for yourself, as wellnobody can decide your risk appetite. Analyse your risk appetite and invest accordinglydecide and invest, says Mittal. Having said that, it is good to start small, but be consistent, Mittal adds.

The most important thing first-time investors should bear in mind is that crypto is a high-risk, high-reward investment option, offers Menon of WazirX. You should invest based on your risk appetite. While investing in bitcoin and other cryptocurrencies, please be mindful about the product you use. Id strongly recommend using legitimate exchanges that follow KYC and AML guidelines. Like any other industry, its important to beware of get-rich-quick scams or people who promise to double the invested amount, among others, he adds.

What exactly is cryptocurrency?

According to Indian crypto trading and exchange platform Unocoin, cryptocurrency is a digital asset based on the network distributed across a large number of computers and is secured by cryptography. This makes it nearly impossible to counterfeit or double-spend. It is decentralised and distributed, facilitating peer-to-peer transaction of digital assets without the need for intermediaries, said Sathvik Vishwanath of Unocoin.

Crypto is an alternative asset class, says Rajagopal Menon of WazirX. Its also the fuel required to run blockchains. Crypto like Bitcoin and Ether are needed to run smart contract and write to the distributed ledger that they are built on top of. Over the past few years, crypto has been gaining momentum around the world. The fact that it is backed by an innovative technology that is decentralised in nature makes it very appealing. Slowly more and more institutions are coming out in its support, and that has also piqued retail interest in crypto, he adds.

Cryptocurrency is basically a virtual currencytransactions are recorded on blockchain, which makes them irrefutable and immutable. Think of blockchain as a public ledger, further explains Tarusha Mittal, COO and co-founder of OroPocket, a New Delhi-based fintech solution that tokenises real-world assets such as gold, silver, and other precious metals.

There has been a lot of noise around cryptocurrency in the market since last year due to several factors. Firstly, the halving of Bitcoin (Bitcoin market circle) happens once in four years and the most recent one took place in 2020. In every bitcoin halving, the mining reward is cut down to half and as well as the rate at which new coins are released to the circulation, thereby the price of each coin increased. Secondly, institutional investors showed more interest in this technology, and some started buying or recommending it. Thirdly, because of the huge growth of social media and Internet celebrities endorsing cryptocurrency, it is creating a contiguous narrative spreading all over the world, Vishwanath of Unocoin adds.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know markets Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Read the original post:
Celebrating with cryptocurrency: Decoding the crypto craze thats sweeping the country - The Financial Express

Bohot hard kuch nahi hai. Sab simple hai. Lag ja re bacche CoinSwitch pe. Kuch toh badle ga.

Nothing is very hard, everything is simple. Get on CoinSwitch and something will change.

If you believe Ranveer Singhs recent ad for CoinSwitch Kuber, a cryptocurrency exchange platform, crypto is the future and the future is simple. Playing across TV channels and OTT platforms for the past three weeks, the ad shows Singh in his Gully Boy avatar encouraging a group of Mumbais bhais to invest in the crypto platform.

Singhs not the only one to have jumped onto the crypto ad bandwagon. On a video app called Chingari, Salman Khan has been hard at work promoting $GARI, a crypto token, while Ayushmann Khurrana has been touting CoinDCX with the catchphrase Safe hai, simple hai.

Earlier this year, Amitabh Bachchan withdrew as CoinDCXs brand ambassador, writing that the thought for me was that if things were to go wrong then the target of blame would come on me. Incidentally, the Big Bs other major role is being the brand ambassador of the Reserve Bank of India.

Cryptocurrency is not regulated in India. Already a high-risk product, this makes it even more volatile. Yet consumers are flooded with full-page ads and shiny campaigns featuring their favourite stars, urging them to invest. Youve got Tanmay Bhatt on YouTube, Nikhil Chinapa on Instagram, and Kunaal Roy Kapur on your TV set. Last weeks India-Pakistan cricket match was telecast alongside a plethora of ads for cryptocurrency.

So, whats going on?

According to broker discovery and comparison platform BrokerChooser, India has the highest number of crypto owners in the world 10.07 crore. The US comes in second, with 2.74 crore, followed by Russia at 1.74 crore and Nigeria at 1.30 crore.

Cryptocurrency prices can soar or plummet within hours. Ten days ago, a play-to-earn cryptocurrency inspired by the South Korean dystopian show Squid Games came out and according to its white papers, presale Squid tokens sold out within a second. The Squid token is up by 75 thousand percent this week, according to CoinMarketCap, a market analysis agency, which also issued a warning about the need to exercise caution while trading as it had got multiple reports that people were unable to sell the Squid token.

The lack of regulation also means there is no protection for investors against the volatility of cryptocurrency or fraud.

In 2018, the RBI had banned banks and other regulated financial entities from dealing with clients who handle private cryptocurrencies such as Bitcoin. In March this year, the Supreme Court stepped in and overturned the order, saying that under existing law, the RBI does not have the power to restrict individual dealings in cryptocurrencies.

Rumour now has it that the Indian government might bring in a law to regulate cryptocurrency in the 2022 budget. Meanwhile, the ads run free, accompanied by fine-print disclaimers about market risk. If you blink, youd miss it.

Disclaimers provided by advertisements are often tiny, quick, and missable.

Anirban Bhattacharyya, partner at Shardul Amarchand Mangaldas, said that in the absence of formal regularisation, cryptocurrencies are essentially assets.

"From an Indian regularisation perspective, it is as good as buying or selling any goods online," he said. "But these are assets that have a certain value that's going up and down and there is trading happening. For all practical purposes, these are securities, except there are no bodies like SEBI or RBI treating them as such."

Bhattacharya said that there is far more visibility and transparency in other investment vehicles such as mutual funds because there are regulations that set out exactly how these entities are supposed to function, whereas there is no visibility in how cryptocurrency exchanges function.

You're attracting investors with the promise of an asset that is suddenly seeing an uptick in a short period of time. Cryptocurrencies have suddenly seen a huge surge of retail investment and that is mostly goaded by advertisements, celebrity endorsements, and the huge uptick in returns," he said. "This automatically becomes something which is leading retail investors to believe it is a means to make a quick buck, without being aware of the risk factors involved.

He said that the level of disclosures given for cryptocurrencies and their ads is non-transparent, which substantially increases the risk factor for retail investors looking to make a quick buck.

Given the huge liquidity that has happened, it is exposing investors to the kind of risk they may not have taken if they had the right risk factors placed before them. It may not dissuade someone from investing, but it would ensure that when they do, they have the correct information to invest, Bhattacharya explained. This correct information is what the protection given by regulation in a normal security scenario by SEBI, RBI etc, would bring in. This is what is missing in cryptocurrency as we see it today.

Sagar Sood, the business head at Voxxy, a global influencer marketing firm that handles clients such as CoinCDX, said theres cut-throat competition now because there are limited influencers who talk about cryptocurrency.

Earlier, there was a problem of brand endorsements by crypto as nothing was acknowledged by the government, he said. Now, despite the fact that it is still not regulated, the industry has started accepting it and everyone is joining the trend.

But what about the disclaimers? Ads for stock market apps cite regulations by the Securities and Exchange Board of India, but theres no such board for cryptocurrency right now. Sood said this is a challenge.

Even if individual crypto apps have tie-ups with some international partners where the amount you invest is secure, you cant publicly go around saying it at least not in broadcast and print, said Sood.

Legal status of ads

Section 89 of the Consumer Protection Act 2019 states that a manufacturer or service provider involved in a false or misleading advertisement that is prejudicial to the interests of consumers faces imprisonment up to two years and a fine up to Rs 10 lakh.

This applies to all ads cryptocurrency included.

In July 2021, the Delhi High Court issued notice to the Centre, SEBI, and cryptocurrency exchanges, in a plea seeking guidelines to regulate advertisement of cryptocurrency asset exchanges in India. The petitioners sought guidelines mandating that the disclaimer text cover 80 percent of the screen, with a slow voice-over lasting five seconds.

The plea also prayed that the Union Ministry of Information and Broadcasting should prevent more audio-visual ads from being aired on television until the above guidelines are issued.

The Advertising Standards Council of India, a self-regulatory body, has general guidelines for ads, though none specific to cryptocurrency. Manisha Kapoor, the councils secretary general, told Newslaundry that the current guidelines indicate that ads cannot mislead, misguide, give false information, or exploit a consumers lack of expertise on a subject.

Cryptocurrency is an emerging area, Kapoor said. The ASCI is examining how to protect consumer interest. We are consulting with various stakeholders on the best way to make advertising for this sector more transparent.

While there are no government restrictions on cryptocurrency products or ads, Kapoor added, the fact that the market is unregulated poses certain risks.

Advertisers and celebrities need to exercise due diligence in terms of what is being promoted, she said. Transparent communication of risk is critical along with some other factors, to ensure that consumers understand what they are buying into.

Other countries have had these issues too. In May, the UKs advertising regulator banned an advertising campaign by Luno, a cryptocurrency app, for being irresponsible and misleading. The ad, splashed across London buses and the Underground, had a cartoon image of a Bitcoin with the following text, If youre seeing Bitcoin on the Underground, its time to buy.

The countrys Advertising Standards Authority, which had received four complaints about the ad, had said that Bitcoin investment was complex, volatile, and could expose investors to losses and considered that stood in contrast to the impression given by the ad, that investment was simple and conventional.

Meanwhile, China, which was one of the largest cryptocurrency markets in the world, recently declared all cryptocurrency transactions, including Bitcoin, illegal. Cryptocurrency is also banned in Turkey, Morocco, Bangladesh, while being restricted in Russia and Egypt.

Ads on cryptocurrency and its ilk were also banned on Facebook and Google until 2019 and 2021, respectively, after which the ban was loosened. In July, TikTok updated its branded content policy to ban all financial services and products, including influencers promoting cryptocurrency, sharing trading, and buy-now-pay-later schemes.

Most ads do come with disclaimers, but theyre easy to miss, appearing at the bottom of the ad or for a few seconds at the end of it. At the end of the ad for CoinSwitch Kuber, for instance, in text smaller than download the app now, are the following lines: Cryptocurrency is an unregulated digital asset, not a legal tender and subject to market risks. All investments are subjected to price fluctuation risk. CoinSwitch Kuber does not guarantee any assured returns or profit.

This sounds like par for the course for any product subject to market vagaries, but when the entire sector is unregulated, does this change?

Nischay Shetty, the founder of WazirX, Indias largest cryptocurrency exchange, said there is an urgent need to regularise cryptocurrency in India.

The problem with the fact that it is not regulated is that there are both good and bad actors that can grow in the region, he said, adding that the best way to push for regulations is by following existing laws and guidelines.

When we experimented with ads, we realized that 10-15 seconds is not enough to explain crypto to people; it could get the wrong message across, he said.

So, WazirX is now focusing on ads that are educational. Right now, when people see ads, they think its about getting rich quick, especially in a full market like this, Shetty said. Regulation is needed because without that, theres technically nothing that stops people from carrying ads in a certain way.

Read this article:
India has no legal framework to regulate cryptocurrency. So, whats up with all the ads? - Newslaundry

On Nov. 5, Tampas Amalie Arena is set to host Floridas first-ever conference focused on Bitcoin and blockchain technology. In a sign of how mainstream these high-tech topics have become, Tampa Mayor Jane Castor will deliver an address welcoming the 500-plus attendees to the event. A closing keynote speech will be delivered by Cathie Wood, CEO ofARK Investment Management LLC, which recently announced the relocation of its headquarters from New York City to St. Petersburg.

According to a news release, the Florida Bitcoin & Blockchain Summit aims to bring together stakeholders, businesses and political leaders with the goal of growing investments in cryptocurrency and encouraging the use of blockchain, a type of database used to organize and store information related to Bitcoin transactions, as well as other kinds of sensitive data.

Need more proof Bitcoin and blockchain are here to stay? Theres an official Blockchain Chamber of Commerce, headquartered in Atlanta, and it has given its blessing to the Tampa conference.

The world is changing supply chain, agriculture, education, real estate, aerospace and more, CEO Rayshoun Chambers states in the release. It's important we embrace the reality that blockchain technology will be at the center of solution-driven implementations in response to many current problems across the globe.

However, she adds, In order for mass adoption to take root, we need to encourage and support engagement at responsible events that are raising awareness of the technology. The Florida Bitcoin & Blockchain Summit does that for so many people.

Tampa has been on the Bitcoin and blockchain bandwagon for some time. BlockSpaces, a startup thats raised more than $1.3 million in seed funding, was founded in 2017. Doug Hill, founder and CEO of Tampa-based cybersecurity firm Real Random, was part of BlockSpaces.

It started out as an organization with the mission of educating people about blockchain, he tells Coffee Talk. And they've now morphed into a platform as a service so that small- and medium-sized businesses can participate in blockchain without the burden of building it themselves.

In addition to Castor, the event has the support of Tampa City Councilman Guido Maniscalco, who states, As the world continues to rapidly change, we should be open minded to and embrace the future of technology and finance as the investments and use of cryptocurrency continue to rise. The future is already here.

For tickets and more information, visit http://www.FloridaBlockChainSummit.com.

Visit link:
Bits and blocks: Cryptocurrency thought leaders to convene in region - Business Observer

Beaxy was built for the financial future. Our worldwide clientele trade digital assets (crypto) on one of the fastest cryptocurrency exchanges in the industry. A membership with beaxy has unique advantages that can help you build a secure, future-proofed financial portfolio. Our cryptocurrency exchange was built to bridge the gap from legacy finance to the crypto powered economy while maintaining a tradecraft constructed over decades of experience in legacy markets. Register an account today to start trading over 37 different cryptocurrencies including some of the best performing assets in history like Bitcoin and Ethereum....

We specialize in crypto trading, powering traders in 185 countries and 43 U.S. states. Join us and try crypto trading using our platform.

Our main goal is to democratize access to the financial future. We can help you to create a springboard for building your crypto portfolio and guide you to a comprehensive understanding of the processes connected with trading on a cryptocurrency exchange. Beaxy was constructed by a team comprising primarily finance experts using finely tuned algorithms and other assets to analyze current dynamics in the crypto world. Using cutting-edge trading tools, our team enables you to find the best way to manage your cryptocurrency exchange accounts. Moreover, beaxy provides a highly dedicated customer support team that is ready to assist clients in reaching their financial goals.

One of the most important aspects of choosing a cryptocurrency exchange is making sure it can keep your funds protected and your data private. Beaxy uses multi-party computation protocol (MPC) technology developed by Curv Digital Asset custody to keep your assets as secure as possible. This is why the list of clients who entrust their digital assets to Beaxy is long and growing daily. In addition, our operations are compliant with all applicable U.S. and international finance regulations. In the long run, strict adherence to these regulatory guideposts allows us to sustainably provide the best crypto trading services to our customers.

Everything around us is going digital as daily life moves onto the internet. Cryptocurrencies are simply the next step in the digitization of our world, so you can think of a cryptocurrency exchange as a place to move your money from analog to digital, from paper to bits. Performing such a conversion has the benefit of solving difficult problems surrounding the movement of money in traditional finance. Veteran investors and traders are all too familiar with these problems which is why a new kind of platform was needed one that speaks the language of both finance and crypto.

The following are some ways crypto trading can solidify your financial plan:

Although cryptocurrencies make the transfer and storage of money much simpler, the world enabled by blockchain does not end there. The next exciting economic innovation in this space surrounds the topic of cryptocurrency contracts. Cryptocurrencies that live on the Ethereum network, for example, can allow for self-executing, decentralized contracts which can be programmed to require multiple third-party approvals such as notaries, lawyers, and engineers. Decentralized contracts add a trustless tool to your financial repertoire and drive higher productivity. The daily functioning of these contracts can be observed in the area of decentralized finance. The sooner one adopts cryptocurrencies the sooner one can become a native of the future economy. With only two percent of the world invested in crypto now, the opportunity still exists to reap the rewards of being early to cryptocurrencies and the crypto economy.

Read the rest here:
Beaxy: Online Crypto Trading | Beaxy.com

Select Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil British Indian Ocean Territory Brunei Darussalam Bulgaria Burkina Faso Burundi Cambodia Cameroon Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Colombia Congo, the Democratic Republic of the Cook Islands Costa Rica Cote D'Ivoire Croatia Cuba Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands (Malvinas) Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran, Islamic Republic of Iraq Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Kiribati Korea, Democratic People's Republic of Korea, Republic of Kuwait Kyrgyzstan Lao People's Democratic Republic Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macedonia, the Former Yugoslav Republic of Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia, Federated States of Moldova, Republic of Monaco Mongolia Montserrat Mozambique Myanmar Namibia Nauru Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island Northern Mariana Islands Oman Pakistan Palau Palestinian Territory, Occupied Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russian Federation Rwanda Saint Helena Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syrian Arab Republic Taiwan, Province of China Tajikistan Tanzania, United Republic of Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States Minor Outlying Islands Uruguay Uzbekistan Vanuatu Venezuela Viet Nam Virgin Islands, British Virgin Islands, U.s. Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe

Read the original:
Cryptocurrency Exchange Script | Blockchain Solutions | Zodeak