With the rise of cryptocurrency, it makes sense bitcoin investors are in the crosshairs of not one but two government agencies, DOJ and IRS. Let’s watch my take on this Make sure to subscribe CCNMarkets on Youtube: https://bit.ly/2Kvn6xn
Since leaked information regarding India’s cryptocurrency bill emerged, there have been constant discussions about what it entails. Four different government bodies have been asked about their involvement in the drafting of the bill. South Korea went through a similar situation, causing confusion to the public.
RTIs Filed Seeking Answers
Since local media started reporting on the leaked information of India’s unannounced cryptocurrency bill, numerous discussions have ensued over what it entails.
By CCN Markets: In a somewhat bizarre video tweet around lunch on Friday, cryptocurrency aficionado and repetitive presidential candidate John McAfee said he’s launching a website dedicated to exposing corruption in the U.S. government. This will perhaps be McAfee’s second-most important launch of recent times, having recently unveiled a cryptocurrency exchange. Corruption within the American Government pic.twitter.com/VyWIpqKKbm — John McAfee (@officialmcafee) June 14, 2019 Crazy McAfee Doing Some Public Good McAfee is an outlandish personality anywhere he is, which is either a defect or a point of admiration depending on where you stand. In either case, most people wouldn’t want
By CCN Markets: The Indian government continues to project a deep level of hypocrisy as it turns its attention to sponsoring a blockchain and cryptocurrency course. As CCN recently reported, the government is simultaneously proposing an insane anti-crypto bill with hard jail-time for bitcoin users. The undergraduate course, which is entitled Blockchain Architecture Design and Use Cases, is completely free unless you want a relatively inexpensive certificate. Cryptocurrency is hugely popular in India, and the government’s indecision on the blockchain is no doubt leaving many local enthusiasts confused. Building on Closed Blockchains? SWAYAM, or Study Webs of Active Learning for
The Australian Securities and Investments Commission (ASIC) has published an update on how it intends to regulate crypto-related businesses and initial coin offerings (ICOs).
In this guideline, the financial regulator outlines requirements that need to be followed for cryptocurrency businesses to be compliant with the ASIC Act.
This update is noteworthy as the country continues to battle crypto scams, losing almost $ 4.3 million in 2018.
Going forward, companies issuing crypto assets deemed to be financial products will be required by law to procure an Australian Financial Services (AFS) license. On the flipside, for crypto assets which aren’t financial products, promoters must ensure that they don’t engage in any form of deceptive advertising.
The Australian Federal Police (AFP) has charged a government employee alleged to have misused government IT infrastructure for personal cryptomining operations, per a press release.
In the release, the AFP states that the unnamed 33-year-old man is an IT contractor with the Australian government, who took advantage of his access to “manipulate programs to use the processing power of the agency’s computer network for cryptocurrency mining.”
For his effort, the report claims he earned AU$ 9,000 (around $ 6,200) from the mining operation.
The Indian government has engaged in numerous crypto-related initiatives and projects while actively drafting the regulatory framework for cryptocurrencies. Below are 11 crypto-specific initiatives that the government has been involved in.
Committee to Draft Crypto Law
An interministerial committee under the chairmanship of Subhash Chandra Garg, Secretary of the Department of Economic Affairs, has been constituted to draft the regulatory framework for cryptocurrencies. Included on the committee are representatives from the Ministry of Electronics and Information Technology, the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the Central Board of Direct Taxes.
The Indian government has been progressing on cryptocurrency regulation. A recent report from the Ministry of Finance confirms some recommendations. Meanwhile, local media reported Friday that a draft bill on the regulatory framework for cryptocurrencies is being circulated among relevant government departments.
Ministry of Finance’s Confirmation
The Ministry of Finance recently published a summary report of the government’s activities in 2018. “An inter-ministerial committee under the chairmanship of Secretary, Department of Economic Affairs with representatives from concerned departments has been constituted for considering all aspects related to virtual currencies and crypto assets,” the document begins to explain.
The government of India is said to be renewing its efforts to completely outlaw public cryptocurrencies, according to The Economic Times.
A seastead launched by an early bitcoin adopter off the coast of Thailand has run into trouble with local government. The Thai Navy boarded the structure Saturday, claiming it violates criminal law, which is punishable by death or life imprisonment. The owner claims that his floating home is located outside of Thailand’s maritime boundaries.
Seastead Allegedly Violates Criminal Law
American early bitcoin adopter Chad Andrew Elwartowski and his Thai girlfriend, Suprenee Thepdet aka Nadia Summergirl, launched a seastead on Feb. 2 off the coast of Phuket, Thailand. However, the Thai Navy boarded the structure Saturday and accuses the couple of breaching the country’s Criminal Code, Section 119.
A statement issued by the People’s Government of Yiling District, Yichang has revealed that Chinese officials have been the target of a ransomware email attack in recent days.
Chinese Government Officials Face Ransomware Attack
A statement issued by a Chinese provincial government website has announced that the National Network and Information Security Information Center has identified overseas hackers targeting the websites of government departments with emails containing ransomware.
Russian cybersecurity expert Eugene Kaspersky has said cryptocurrencies can be a success, but only if governments stop trying to control them or alternatively when all countries unite under a single global government. However, the billionaire does not believe Bitcoin will replace the existing financial system despite the currency’s “great” qualities.
‘Government of the Earth’
Speaking to the Dubai-based magazine Arabian Business, Kaspersky opined that cryptocurrencies are ahead of their time. “Cryptocurrencies are a great idea, but the world is not ready for them yet,” said Kaspersky, chief executive officer of IT security company Kaspersky Labs.
The government of Venezuela has begun offering a cryptocurrency remittance service. Remittances can be sent using two types of cryptocurrency. The service was launched by the Superintendency of Cryptoassets and Related Activities, the country’s main crypto regulator, which has also set a monthly limit and a commission per transaction.
Government’s Remittance Service
The government of Nicolas Maduro has started offering a cryptocurrency remittance service. The Superintendency of Cryptoassets and Related Activities (Sunacrip), the main regulator of all crypto activities in Venezuela, announced the launch of the service on its Patria platform last week. According to its website:
The Bahrain Economic Development Board is inviting Indian firms to take advantage of the opportunities its country has to offer including for crypto businesses. The board has been collaborating with the Indian government on a number of issues. The Central Bank of Bahrain recently published its final rules on crypto assets.
Indian Companies Invited to Bahrain
The Bahrain Economic Development Board (EDB) has invited Indian companies to set up base in its country by providing “a plethora of opportunities to Indian fintech firms for open banking, blockchain, crypto assets, robo advisory and remittances,” The Economic Times reported Sunday.
The government of India has told the country’s supreme court that the committee tasked with drafting crypto regulation is in the final stages of deliberations. The court plans to hear the petitions against the banking ban by the central bank after the government produces crypto regulation.
Crypto Regulation in Final Stages
The Indian supreme court briefly heard the crypto case on Monday. Lawyer Jaideep Reddy of Nishith Desai Associates was at the court representing the Internet and Mobile Association of India (IAMAI) in its writ petition against the crypto banking ban by the central bank, the Reserve Bank of India (RBI). He told news.Bitcoin.com on Friday that “The matter was heard for a very short period of time,” elaborating:
The Chinese government’s China Electronic Information Industry Development (CCID) department has released its tenth public blockchain rankings. CCID’s index scoring, which is published every month, is broken out by technology (left column in the below table), application (middle column) and innovation (right column). Notably, EOS (EOS) continues to hold the top spot while newly added […]
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.
The government of India has inaugurated a national cyber forensics lab which includes a cryptocurrency forensic lab to perform crypto-related analyses. Alongside this is the inauguration of the Delhi Police’s cybercrime unit which will deal with fraud involving cryptocurrencies. It is the first cybercrime awareness and detection center in the country, according to a commissioner.
Indian Government’s Crypto Forensic Lab
India’s Union Home Minister Rajnath Singh inaugurated a national cyber forensic lab and the Delhi Police’s cybercrime unit called the Cyber Protection Awareness and Detection Center (Cypad) on Monday, The Hindu reported.
The Indian government panel tasked with drafting crypto regulation is reportedly worried that cryptocurrencies could destabilize the rupee if they are accepted as payments. Its concern came to light despite evidence that cryptocurrencies do not currently pose a threat to financial stability.
Impact on the Rupee
The Indian government committee tasked with developing the regulatory framework for cryptocurrencies is reportedly “obsessed” with the impact they may have on the rupee if they are allowed to be used in payments, Quartz India reported. The committee is headed by Subhash Chandra Garg, Secretary of the Department of Economic Affairs.
The U.S. stock market extended its rally Friday after better than expected jobs data suggested that the impact of a partial government shutdown on the economy was largely overblown. Dow Surges Past Major Milestone All of Wall Street’s major indexes traded higher on Friday, reflecting a mostly upbeat pre-market for U.S. stock futures. The Dow Jones Industrial Average rose 166 points, or 0.7%, to 25,166.17. Shares of Exxon Mobil Corp (XOM) and Visa Inc. (V) led the Dow blue chips higher. The broad S&P 500 Index advanced 0.3% to 2,712.55, with seven of 11 primary sectors contributing to the gains.