Month: August 2018

India: Bitcoin still legal?

Crypto currencies have found an unlikely ally in their quest, as they may now be legalized after intense litigation between businesses, consumers and the Reserve Bank of India. The recommendation to legalize crypto comes from the Indian Legal Commission, as it is an important part of their complaint against a blanket ban on sports betting and casinos.

India’s controversial ban on crypto currencies

The Indian government’s fight against virtual currencies began in April 2018, when the Reserve Bank of India (RBI) banned all financial institutions from trading in crypto exchanges. The result of this ban was serious, as it dried out the liquidity of the stock exchanges concerned and damaged the Indian-based crypto-currency investors. RBI gave banks three months to break off all connections to crypto companies. The Indian Central Bank made https://www.binarycheck.net/bitcoin-profit-scam/ a Bitcoin Profit statement at the time of the ban in which it said:

“It was decided that with immediate effect, the companies regulated by RBI may not provide services to individuals or companies trading or processing crypto currencies. Regulated companies that already provide such services must terminate the relationship within a certain period of time”.

When the deadline became apparent in July, the stock exchanges and investors intensified their efforts to protest against the ban on the crypto currency and filed their petitions in the country’s highest court.

Crypto and Bitcoin Code ban

The Indian Supreme Court, led by Chief Justice Dipak Misra, ruled in favor of the RBI, upheld the crypto ban and accepted the arguments of the RBI. The main argument of the RBI was that Indian law by nature prohibits crypto currencies, as it requires all legal currencies Bitcoin Code to be physical and stamped by the government.

India’s ban on crypto was only temporary
After the court’s decision to maintain a blanket ban on crypto currencies, there was another turn in the complicated situation. An unnamed government official within the Indian government recently told Quartz India that the government is indeed opposed to a comprehensive ban on the trade in crypto currencies and is considering classifying them as commodities instead.

“I don’t think anyone really thinks about banning it (crypto currencies). This is about regulating trade and we need to know where the money comes from. Allowing it as (a) commodity can make us better regulate trade and so it is considered,” said the anonymous senior government official.

The government official seemed to suggest that the April ban was rather a temporary measure introduced as the government examines how the industry should be regulated. He also explained that the government is not concerned about crypto currencies themselves, but about the illegal activities for which they could be used.

BitFlyer recruits Wall Street experts to dominate the crypto market

BitFlyer – Founder acquires Wall Street executives to fill key positions he believes are necessary to build a crypto empire in the developing institutional market.

BitFlyer hires talent away from the banking giants
Yuzo Kano, himself a former Goldman Sachs trader, has hired talents to gain and expand experience within his own ranks to expand into the emerging institutional crypto market with BitFlyer.

The Bitcoin Profit regulatory

The regulatory reform at the beginning of 2018 has made Japan Bitcoin Profit the preferred location for the global expansion of the crypto industry, as the government, unlike most other countries such as the USA and the UK, has given the green light. This regulatory framework makes the transaction from traditional banking into the crypto world a less intimidating step. Bloomberg reports:

“THE KANO TEAM, WHICH INCLUDES A FORMER HEAD OF THE FIXED INCOME DESK AT BARCLAYS PLC AND A FORMER PRIVATE BANKER AT CREDIT SUISSE GROUP AG, HAS DOUBLED IN THE LAST SIX MONTHS TO MORE THAN 150 PEOPLE AND IS WELL ON ITS WAY TO REACHING 300 BY THE END OF THE YEAR”.

BitFlyers user numbers increase
BitFlyer has tripled its users to 2 million since 2017. The exchange already has offices in Tokyo, San Francisco and Luxembourg and is considering expanding to include locations in Africa, Australia and other Asian countries. Kano’s expansion plans extend beyond new offices and the crypto trade. He plans banking services such as digital payment and advisory services for investors and start-ups interested in introducing an ICO.

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Kano expands bitFlyer into the institutional market
Talking to Bloomberg in his office in Midtown Tower in Tokyo, Kano said: “I need more staff. And those with the best skills come from global banks.

BitFlyer’s spending is only a small part of the expanding team as the company is looking for programmers, regardless of their educational background, as long as they have proven skills, to earn $100,000 per year, partly due to the underpopulated technology sector in the countries. Kano has divided his new appointments into two groups: Bankers in their forties looking for a change and employees in their twenties looking for the pace of a start-up.