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India’s Supreme Court heard the petitions against the crypto banking ban by the Reserve Bank of India (RBI) today. After hearing some arguments from both sides, the court decided to set another hearing date, allowing some of the regulators involved to respond to the petitions.
Supreme Court Hearing on July 20
The long-awaited hearing at which the Supreme Court of India was scheduled to address all of the petitions against the crypto banking ban by the country’s central bank has finally taken place.
Today’s hearing follows the hearing on July 3 of the petition by the Internet and Mobile Association of India (IAMAI). The court did not grant a stay against the ban at that time. Last week, the central bank responded to a representation by the association but did not change its stance on crypto.
The latest chapter of the courtroom saga did not see an overturn of the ban. The court also did not hear all arguments by both sides. Crypto Kanoon, a platform engaged in crypto regulatory analysis, legal awareness and news, detailed:
Limited arguments were advanced on behalf of IAMAI and RBI today.
Another Hearing Date Set
There are at least five writ petitions filed against the RBI ban. However, according to Crypto Kanoon, “SEBI [the Securities and Exchange Board of India] and few others have not filed their response to the petition seeking regulation…All (remaining) parties to file their reply within 4 weeks.”
Sohail Merchant, CEO of crypto exchange Pocketbits, commented on the outcome of today’s hearing:
Final hearing [is] slated for 11th of September. Now that is the Judgement Day.
According to lawyers familiar with the case, the central bank has been challenged on two grounds. They concern article 19(1) (g) and article 14 of the Indian constitution. The former “allows citizens to enjoy the right to carry on any occupation, trade, or business,” Quartz explained, adding that the latter “prohibits discrimination and mandates equal protection under the law for all.”
P2P Services Live
In response to the RBI banking ban, a number of crypto exchanges in the country have set up peer-to-peer (P2P) services.
Koinex launched its P2P platform called Loop on July 17. “Loop is a peer-to-peer fiat to crypto trading platform where registered users can trade in cryptos with other registered users in INR,” the exchange described.
“To ensure user safety, a built-in escrow system is employed which releases the cryptocurrency only after the seller double confirms the exact payment of the trade.” According to its website, the service currently offers the buying and selling of BTC, ETH, and XRP without network or transaction fees.
Last week, Wazirx launched its P2P service, also without network or transaction fees. The exchange recently claimed to have 125,000 users on its main platform after operating for four months. Meanwhile, Coindelta is also preparing to launch a P2P service called Flux.
What do you think of the Supreme Court hearing today? Do you think RBI’s ban will eventually be lifted? Let us know in the comments section below.
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The post Indian Supreme Court Heard Crypto Petitions Today but RBI Ban Stays appeared first on Bitcoin News.
A little-known sexually transmitted disease carries the potential to become the next superbug. Per the BBC , health officials in the UK have set new guidelines regarding the bacterial infection Mycoplasma genitalium, or MG, out of fear improper treatment could lead to antibiotic resistance. Huffington Post UK reports the British Association…
The Indian Supreme Court heard one petition against the crypto banking ban by the country’s central bank today. However, the court did not grant a stay and the ban is set to proceed as planned, prompting crypto exchanges in the country to start implementing their solutions for banking alternatives.
No Stay Granted by Supreme Court
The Supreme Court of India heard one petition against the crypto banking ban imposed by the Reserve Bank of India (RBI) on Tuesday, July 3. This petition is by the Internet and Mobile Association of India (IAMAI) whose members include major crypto exchanges in the country such as Unocoin, Zebpay, and Wazirx.
The central bank issued a circular on April 6, banning all financial institutions under its control from servicing cryptocurrency companies. The ban is set to take effect on July 5. A number of industry participants have petitioned against the ban. Other than the petition by IAMAI, there are four other petitions which the Supreme Court will hear on July 20.
Wazirx’s founder and CEO, Nischal Shetty, shared with news.Bitcoin.com after Tuesday’s hearing that the Supreme Court did not grant a stay on RBI’s crypto banking ban. The IAMAI petition will now be heard along with the rest of the petitions on July 20. “All eyes are on the 20th now,” he emphasized, elaborating:
The IAMAI had [also] submitted a representation to the RBI which was a detailed document explaining blockchain, cryptos and how they function. The RBI has said it will respond to that within 7 days….The representation was made with the belief that if the RBI gets a deep understanding of blockchain and crypto then they may go easy on the ban and think about regulations.
RBI’s Ban Effective July 5 – What Will Banks Do?
Prior to Tuesday’s hearing, industry participants were hopeful that the court may grant a stay on the RBI ban. Nonetheless, major crypto exchanges in the country have been trying to find banking alternatives.
Wazirx is preparing to launch a P2P crypto transfer service to allow its customers to buy and sell crypto through its escrow service, bypassing the RBI ban. Shetty told news.Bitcoin.com that the new service will launch when banks stop providing services to crypto exchanges. He detailed:
If banks stop providing services after July 6th then we’ll need to launch P2P. All eyes are on banks now to see what they will do. Do they wait for the July 20th hearing or do they go ahead and implement the ban on transactions from July 6th onwards?
Unocoin’s CEO and co-founder, Sathvik Vishwanath, also told news.Bitcoin.com last week that his exchange is working on banking alternatives. “Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’, our banking relationships are likely to be disrupted on or before July 5th, 2018. We are in the process of deploying new mechanisms for INR deposits and withdrawals,” his exchange announced.
What do you think of the Supreme Court’s decision today? Let us know in the comments section below.
Images courtesy of Shutterstock and Wazirx.
Need to calculate your bitcoin holdings? Check our tools section.
The post Indian Supreme Court Heard Crypto Petition but Upholds RBI Ban – Effective in 2 Days appeared first on Bitcoin News.
Police in San Diego said a “shooter” was arrested Sunday after gunfire was heard not far from the finish line of the city’s marathon, leading to a frightening scene for runners and spectators.
As the saying goes, the best things in life are free: love, friends, and great software that works almost as well as a paid product. If you’re like me, you have probably shopped around for certain apps or programs, and then you balked at the price tag. “Is this really worth $ 200?” you ask yourself.
Forget calling him out, Tyron Woodley called Nate Diaz directly today — and left him a voicemail telling him to sign a fight contract so they can get it on at UFC 226. It all went down on the “TMZ Sports” TV show (airs Wednesday night on…
Global Blockchain Business Council and Survey Monkey teamed for an appraisal of American attitudes toward the world’s most popular cryptocurrency, bitcoin. Awareness of the decentralized currency is way up, but those who actually own the digital asset remains relatively low.
Americans More Bitcoin Aware, But Remain on Sidelines
During the second week of this year, 5,761 adults were polled about their attitudes toward bitcoin. Survey Monkey, one of the partners, selects “from the nearly 3 million people who take surveys on the Survey Monkey platform each day,” their methodology website tab explains. “Data have been weighted for age, race, sex, education, and geography using the Census Bureau’s American Community Survey to reflect the demographic composition of the United States. The modeled error estimate for this survey is plus or minus 2 percentage points.”
The last time such a large survey was conducted, back in 2013 by the firm On Device in preparation for a London conference, bitcoin awareness by americans languished at 25%. True enough, the first decentralized virtual currency was only about four years old, but there seemed at the time to have been sufficient press coverage warranting greater familiarity.
By 2018, not quite a decade into its tenure, bitcoin awareness has jumped by more than twice that number according to Survey Monkey and Global Blockchain Business Council. And though brand acknowledgement is growing, actual participation seems somewhat low. Nearly six in ten respondents revealed they’d at heard of bitcoin, up some 33 points from 2013’s measure (the two surveys are not linked). More than 5,000 people participated in the current questionnaire.
More Trust Bitcoin Than Government
A fraction of that number actually have bitcoin, be it on a wallet or an exchange. According to the survey, only 5% hold the digital asset; 21 percent of that number claim to be “considering adding it to their portfolios.” A supermajority of holders are male, under 34 years of age (58%), white. One analyst phrased the results as basically admitting ten percent of millennials own bitcoin while older Americans barely break one percent. Bitcoin holders’ politics are politically independent by half: less than 20% trust their government more than the Bitcoin network (almost a quarter).
A third of holders “use it to avoid government regulation,” 28% “see it as a store of value,” and 63% “see it as a growth investment.” Revealingly, little-to-no discussion about bitcoin’s medium of exchange use case seemed pressing. Holders were three times more likely than their nocoiner counterparts to claim they’d purchase more bitcoin if they had an extra $ 1,000 USD.
“But risk remains as bubbles are in the eye of the beholder,” the survey continued. “Asked about possible 2018 asset crashes, 38 percent of all Americans (and 41% of Bitcoin owners) see Bitcoin as a bubble poised to pop this year. Some 31 percent say the same about U.S. stocks and 27 percent say so about housing prices.” Still, the survey did note almost 70 percent expect bitcoin to increase in value over the coming half of a decade. A little more than 10 percent believe it will die out.
What do you think of bank employees being banned from crypto? Let us know in the comments section below.
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To outsiders, cryptocurrency is a strange and bewildering world. Dive into bitcoin Twitter for the first time and you’re confronted by an array of confusing acronyms, memes, and jargon tossed around like confetti. Cryptocurrency has its own language, honed through years spent lurking in trollboxes and forums with like-minded geeks. For anyone who’s new to bitcoin, the following glossary should come in handy.
Also read: 10 Bitcoin Apps That Everyone Should Have
Stop Confusing Bitcoin Beginners With Your Cryptophasia
Every community has its patois: an esoteric language that makes perfect sense once you’re accustomed to it and zero sense up until then. As a tech-driven industry that runs on memes and in-jokes, bitcoin is guiltier than most of flummoxing casual observers. Crypto has developed its own idioglossia – an idiosyncratic language spoken only by a few. There’s a better word for this though: cryptophasia. As Wikipedia explains:
Cryptophasia. Secret speech. Yep, that sounds about right. If it’s not cryptocurrency traders prattling about fib retracements, Wyckoff counts, and Ichimoku clouds, it’s bitcoin factions hurling out pejoratives like “bcash” and “segwetters” which mean nothing to the uninitiated. Defining those phrases is beyond the remit of this article – anyone keen on mastering crypto’s cryptophasia needs to “lurk moar” as the adage goes. For newcomers, however, the following phrases can be considered your starter pack. These ten are on the house. After that, you’re on your own.
A Brief Glossary of Bitcoin Slang
Nocoiner: As Urban Dictionary explains, a nocoiner is someone who holds zero bitcoin because they doubted it back in the day and, now that it’s rocketed, vents their frustrations by hating from the sidelines. “The nocoiner takes out his or her bitterness on Bitcoin Hodlers, by constantly claiming that Bitcoin will crash, is a scam, is a bubble, or other types of easily refuted FUD.” Which brings us nicely onto our next definition…
FUD: Fear, Uncertainty, and Doubt. A mechanism for scaremongering and spreading unsubstantiated rumors, usually with the intention of crashing a coin’s price and then profiting by buying it for cheap.
SoV: Store of Value. Often used alongside MoE – Medium of Exchange. “Due to rising fees bitcoin is a useless MoE but it’s a damn fine SoV.”
Whale: A whale is an individual with substantial cryptocurrency holdings – enough to manipulate the market in some cases, or to drop $ 4 million on a fleet of F1 cars. You will probably never be a whale, but don’t let that stop you from dreaming. Classic whale tactics include setting huge sell walls to prevent a cryptocurrency from rising further, dumping on the market, and posting screenshots of their Blockfolio to induce envy.
Hyperbitcoinization: This isn’t slang but it is a hella big word. It’s one worth learning though cos you’ll be hearing a lot of it over the next year. Hyperbitcoinization is the notion that bitcoin’s rising value will cause a flight from devalued fiat currencies to crypto. It’s already happening.
Fiatsplaining: When people from a traditional finance background try to explain to you how cryptocurrency works. Badly.
Bags: Cryptocurrency bags are altcoins that are currently at a loss and are thus weighing you down. Usually this is because their value has plummeted relative to bitcoin due to bitcoin soaring, the altcoin being a piece of crap, or both.
Flip: To buy a crypto asset, usually via an ICO, and then quickly sell it for a profit before its value inevitably tanks.
Shitcoin: An altcoin that has no real use case or future. That doesn’t mean you can’t still trade and profit from it, but be under no illusions, even if it rockets in price, a shitcoin will always be a shitcoin, and will come back to earth with a bang.
Scamcoin: Even worse than a shitcoin, a scamcoin is designed to outright defraud investors. Never buy a scamcoin, not for the lols, and certainly not for the sick gainz promised.
DYOR: Do Your Own Research. A wise acronym to recall when investing in cryptocurrencies. Assess the merits of each project rather than blindly piling in just because you heard someone shilling Gorillionaire Coin as next big thing.
Rekt: Do you even meme? Rekt is simply an internet spelling of ‘wrecked’. Short bitcoin when it’s on a bull run and you’re gonna get rekt. Buy a scamcoin and you’re gonna get rekt. Hold onto a shitcoin for too long and you’re gonna get rekt. Don’t feel bad when it happens though: everyone gets rekt at some point. Pick yourself up and vow never to make the same mistake again.
Hodl: Bitcoin’s most famous meme is familiar even to novices. But some of them seem to be laboring under the misconception that it’s an acronym for Hold on for Dear Life. Nope. Hodl is just a lolcats style misspelling of “hold” stemming from a drunken rant on the Bitcointalk forum back in the day.
Hodl hard, DYOR, ignore the FUD, don’t get rekt and you’re sure to have a good time. Welcome to the crazy world of cryptocurrency cryptophasia.
What other cryptocurrency jargon deserves to be on this list? Let us know in the comments section below.
Images courtesy of Shutterstock.
The post Bitcoin Glossary: You’ve Heard of Crypto Mania – Now Say Hello to Cryptophasia appeared first on Bitcoin News.
Donald Trump’s ambassador to the United Nations believes the women who have accused the president of sexual misconduct “should be heard.” Appearing on Face the Nation today, Nikki Haley said she is “incredibly proud” of the women who have come forward over the last months with allegations of sexual harassment…