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Indian Government Unveils Draft Crypto Bill Ahead of Supreme Court Hearing

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Indian Government Unveils Draft Crypto Bill Ahead of Supreme Court Hearing

The Indian government has officially released the report by the interministerial committee tasked with proposing crypto measures. The announcement came one day before the country’s supreme court was scheduled to hear the writ petitions against the crypto banking restriction. The report contains the draft bill which proposes a ban on cryptocurrency.

Also read: G20 Leaders Issue Declaration on Crypto Assets – A Look at Their Commitments

Draft Bill Now Public, Supreme Court Hearing Delayed

The Indian supreme court was scheduled to hear the crypto case on July 23. It was expected to address the banking restriction by the central bank, the Reserve Bank of India (RBI). However, the case was not heard by the court on Tuesday.  Read more...

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Court Declares Bitcoin Legal in China as a ‘Virtual Property’

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China is not a bitcoin-friendly country as it has taken a slew of measures to kill the flagship cryptocurrency, which include imposing a blanket ban on all initial coin offerings (ICO) and shuttering crypto exchanges. But the latest order by Hangzhou Internet Court suggests that owning bitcoin is not illegal in China as it gave […]

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Renewed Ransomware Menace Hits Georgia Court System

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Ransomware, which recently totally disrupted the government in Baltimore, has now overtaken a court system in Georgia . Ransomware Making A Comeback? After receiving a ransom note, officials in Georgia decided to take a system offline to be safe. Bruce Shaw, an official with the state court system, said: “Our systems have been compromised, so […]

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Bitcoin ‘Inventor’ Craig Wright Claims He Can’t Access Coins in Court Testimony

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Self-Proclaimed Bitcoin 'Inventor' Claims He Can't Access Coins in Court Testimony

On June 28, Craig Wright, the Australian native who claims to be Satoshi Nakamoto, spent the day in a Florida court battling with the Kleiman attorney. Wright became emotional when he told the court that he designed the network but didn’t like how it turned out. At one point he told the court he was “ashamed of his invention.”

Also Read: These Are 2019’s Biggest Cryptocurrency Winners and Losers so Far  Read more...

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‘Bitcoin Inventor’ Craig Wright Allegedly Cries in Court Amid $10B Crypto Lawsuit

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Self-proclaimed bitcoin inventor Craig Wright reportedly cried in court during cross-examination in the $ 10 billion crypto lawsuit filed against him by the estate of deceased computer genius Dave Kleiman. On Friday morning, Wright was captured on a Twitter video as he headed into the Paul G. Rogers Federal Building in West Palm Beach, Fla. Estate […]

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‘Bitcoin Inventor’ Craig Wright Basks in Satoshi Glow as Court Date Looms

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By CCN Markets: Self-proclaimed bitcoin inventor Craig Wright had his fondest wish come true when the capital city of Colombia formally recognized him as Satoshi Nakamoto. Bogota Grants Craig Wright’s ‘Satoshi’ Wish Officials in Bogota presented Wright with a fancy certificate affirming him as the creator of bitcoin. The events unfolded at the 2019 Expo-Bitcoin International in Bogota, a week-long crypto conference. Wright, the chief scientist at nChain, and Jimmy Nguyen, nChain’s CEO, both attended the conference, where they discussed how Latin Americans could use cryptocurrencies to improve their economies. Notably, Wright discussed “bitcoin and the law.” Certificate: Wright Is  Read more...

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Court Orders ‘Bitcoin Inventor’ Craig Wright to Put Up or Shut Up

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By CCN Markets: A Florida judge ordered Craig Wright — the self-proclaimed inventor of bitcoin — to put up or shut up if he wants to prove that he’s Satoshi Nakamoto. In a June 14 motion to compel, federal magistrate judge Bruce Reinhart ordered Wright to produce a list of all the bitcoin he mined prior to December 31, 2013. The judge set a June 17 deadline for Wright to produce the list of his bitcoin holdings — or else face court-ordered sanctions. Judge to Craig Wright: Show Me the Money In his decision, Judge Reinhart said Wright has not  Read more...

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Crypto Exchange Bits of Gold Wins Court Dispute Against Bank

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Israel’s Supreme Court has ruled in favor of crypto exchange Bits of Gold in its legal battle with Bank Leumi, the country’s second-largest bank. The ruling means Bank Leumi has to open banking services to the exchange, although the bank has objected to the decision in principle, per a report on Finance Magnates.

The news outlet quotes Bits of Gold CEO Yuval Roash who commented on the ruling and what it meant for the crypto community in Israel.

“We worked hard to set up a company which met regulatory requirements, in a new industry, and those efforts paid off. I am proud to be a part of this flourishing industry and push it towards the right regulation,” he said.  Read more...

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Cryptopia Suits Gather Steam as Another Failed Exchange Is Bound for Court

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Cryptopia Suits Gather Steam as Another Failed Exchange Is Bound for Court

When cryptocurrency exchanges fail, a seismic shock shudders through the cryptosphere. With thousands of users, from traders to companies, left out of pocket, litigation is inevitable in a bid to claw back some of the losses. Cryptopia is the latest in a long line of exchanges to face a litany of lawsuits from anguished creditors.

Also read: Mixing Service Bitcoin Blender Quits After Bestmixer Takedown  Read more...

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Supreme Court Advocate Suggests How to Regulate Cryptocurrency in India

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Supreme Court Advocate Suggests How to Regulate Cryptocurrency in India

An Indian supreme court advocate has shared some thoughts on the kind of cryptocurrency regulation India can benefit from. The right regulatory framework “would ensure transparency, oversight and accountability,” but a “one size fits all” regulation would be a mistake, she explains. Meanwhile, the Indian crypto community and industry bodies have urged the central bank to allow crypto businesses to participate in its new regulatory sandbox.

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request  Read more...

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Israeli Court Rules Bitcoin Is an Asset

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Israeli Court Rules Bitcoin Is an Asset

An Israeli court has ruled that bitcoin is an asset, confirming the central bank’s stance. The case involves the country’s tax authority and the founder of a blockchain startup who argues that profits from the sale of cryptocurrency should be tax-free. The court has ruled in favor of the tax authority, endorsing the central bank’s definition of currency.

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request

Latest Court Ruling on Nature of Bitcoin

An Israeli central district court reportedly ruled in favor of the country’s tax authority Monday, recognizing bitcoin as a financial asset and not a currency. Profits on its sale in Israel are therefore subject to capital gains tax.  Read more...

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Tether Partly Backed by Bitcoin, Court Transcription Reveals

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Tether And Bitcoin

Tether, a stablecoin tied to the dollar that is meant to mediate the volatility of other cryptocurrencies, is partly backed by bitcoin.

As detailed in court documents obtained by The Block, Tether admitted to using some of the cash reserves meant to back its stablecoin to purchase bitcoin, among other assets.

This revelation is the latest in legal proceedings between the New York Attorney General (NYAG) and Bitfinex, a leading cryptocurrency exchange which shares management with Tether. Bitfinex and the NYAG have gone back and forth in a battle of legal letters after the NYAG petitioned the New York Supreme Court to stop the exchange from drawing on a $ 900 million line of credit it established with Tether to cover $ 850 million in losses it incurred when its fiduciary relationship with payment processor Crypto Capital went south.  Read more...

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Bitfinex, Attorney General Legal Sparring Continues With New Court Filings

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Bitfinex and the New York Attorney General’s (NYAG) legal sparring in relation to $ 850 million in missing funds escalated with another round of court filings this past weekend.

The top exchange and New York’s principal legal advisor went back and forth with each other in two new letters submitted to the New York Supreme Court. Within the fresh filings, each a response to a previous filing by the other, the same ole song and dance.  Read more...

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In Fourth Report, QuadrigaCX Court Monitor Recommends Bankruptcy Proceedings

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QuadrigaCX monitor Ernst & Young suspects that the beleaguered exchange’s late CEO, Gerald Cotten, may have been financing personal expenditures with company funds, and it is now recommending that the assets in Cotten’s estate be placed under a preservation order.

In January, the exchange announced that it was insolvent, owing clients roughly $ 250 million CAD, after Cotten died of septic shock while honeymooning with his wife, Jennifer Robertson, in Jaipur, India. Since Cotten’s death, the exchange filed for creditor protections in the Nova Scotia court system and the court has appointed a dual counsel in Miller Thompson and Cox & Palmer to represent clients who lost money to the exchange.  Read more...

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Indian Supreme Court Set to Hear Crypto Case on March 29

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Indian Supreme Court Set to Hear Crypto Case on March 29

The four-week window that the Indian supreme court has given the government to come up with crypto regulation is coming to an end. According to the court’s Advance List, the crypto case is listed for March 29. Meanwhile, the community is ramping up efforts to bring about positive crypto regulation and the end of the banking ban imposed by the central bank.

Also read: Indian Exchange Launches Lending Program for 5 Cryptocurrencies  Read more...

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Israeli Court Rules Against One-Size-Fits-All Bitcoin Ban by Bank

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An Israeli court ruled on March 17, 2019, that banks can't enforce a blanket ban against all accounts linked to cryptocurrency. Instead, the court said, banks need to consider the specific type and scope of crypto-related activity before determining whether or not to open an account.

The case involved a lawsuit begun in May 2018 by Israminers, a bitcoin mining company based in Ukraine, against the Union Bank of Israel. The bank refused to accept deposits into the company's account, and ultimately shut the account down because much of the money in the account was related to bitcoin.  Read more...

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As Court Reconvenes for QuadrigaCX, Questions Surround Empty Cold Wallets

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As QuadrigaCX’s legal counsel descends on the courtroom in Halifax, Nova Scotia, for another round of legal proceedings, the court monitor’s third report on QuadrigaCX’s finances — specifically its revelation that the exchange’s cold wallets are empty — lays out some hopeful avenues for fund recovery — and some frustrating dead ends.

QuandrigaCX has been entrenched in a solvency scandal ever since its founder’s untimely death on December 8, 2018. Gerald Cotten passed away while honeymooning with his wife, Jennifer Robertson, in Jaipur, India. According to his widow and his company, he died with the sole knowledge of the exchange’s cold storage private keys and seed phrases. The exchange filed for creditor protection on February 5, 2019.  Read more...

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Indian Supreme Court Gives Government Deadline to Reach Decision on Crypto Regulations

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The Supreme Court of India made a decision on February 25, 2019, to present the government with an ultimatum: Develop crypto regulations within the next four weeks or the court will make its own judgement.

In addition to setting this deadline, the court has refused to hear further argument from parties in the ongoing legal battle, instead forwarding the issue to the Union of India, the legal term for the federal government of India, per local media sources.  Read more...

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