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Thai Navy SEALS on Monday announced their latest successful extraction of four youth soccer players trapped in a cave by adopting the U.S. Navy’s “Hooyah!”
As the start of the crypto banking ban by the Reserve Bank of India approaches, cryptocurrency exchanges in the country are preparing to stop fiat deposits and withdrawals while boosting crypto-to-crypto trading. Zebpay plans to continue crypto-INR trading pairs even after the ban. Unocoin has launched a weighted basket order tool to simplify crypto investing.
No Fiat Withdrawals But Trading to Continue
The date for India’s crypto banking ban imposed by the Reserve Bank of India (RBI) is drawing near. All regulated banks and financial institutions must stop servicing cryptocurrency exchanges by July 5.
Zebpay, a leading cryptocurrency exchange in India, warned its customers this week that their “rupee withdrawals could stop,” citing RBI’s order. The exchange wrote:
If Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible…[However] Crypto deposits and withdrawals are continuing as usual. The RBI circular only talks to banks, and other regulated entities about shutting accounts. This doesn’t affect BTC and other cryptos.
Having launched a crypto-to-crypto trading service in April, Zebpay announced Thursday its intention “to continue offering crypto-to-crypto trading.”
The exchange also clarified, “Our present intention is to allow crypto-INR pairs to trade even after our bank accounts shut [down].” Nonetheless, it warned, “we are unable to fathom all the consequences of the bank account shutting [down] and hence cannot guarantee that we will continue the crypto-INR trade pairs forever.”
Soon after Zebpay’s announcement, the trading volumes of all cryptocurrencies on the exchange spiked while their prices dropped. The price of BTC fell sharply by about 20%, from ₹458,879 to ₹367,733, before leveling off around ₹405,000.
Some media outlets have suggested that Zebpay manipulated crypto prices with its announcement. However, the exchange insists that it “does not buy, sell, or trade in crypto. It is just an exchange platform that match-makes buy-and-sell orders of its customers.”
Crypto Asset Allocation Tool
Another major Indian exchange, Unocoin, announced the launch of an asset allocation tool this week. This weighted basket order tool, called Crypto Basket, allows investors to buy “cryptoassets based on market cap” and “according to exchange volume.” It also allows specific customizations by letting investors “uncheck cryptoassets” which they do not want to buy, the exchange detailed.
This tool is available on Unodax, the multi-crypto exchange platform which Unocoin recently launched. The company described:
The basket order helps you to place orders for multiple cryptoassets with a fund distribution model of your choice. You can let Unodax set the distribution for you, or choose your custom distribution model.
Supreme Court Hearing After the RBI Ban
On April 6, RBI issued Circular DBR.No.BP.BC.104 /08.13.102/2017-18, banning all banks and financial institutions under its control from providing services to cryptocurrency companies.
The central bank, however, recently admitted that it issued the ban without doing enough research.
Crypto industry participants have engaged with the central bank to offer alternatives; some are asking for the deadline to be extended. The country’s Supreme Court said it will hear all petitions against the ban on July 20, which is two weeks after the ban commences.
How much do you think the RBI ban will affect the Indian crypto industry and exchanges? Let us know in the comments section below.
Images courtesy of Shutterstock, Unocoin, Zebpay, and RBI.
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The post Indian Crypto Exchanges Prepare for RBI Ban – New Trading Tools, No Fiat appeared first on Bitcoin News.
Heading into his North Korea summit with characteristic bravado, President Donald Trump said Thursday that “attitude” is more important than preparation as he looks to negotiate an accord with Kim Jong Un to denuclearize the Korean Peninsula, the AP reports. Preparing to depart Washington for the next week’s meeting, Trump…
Any new U.S. sanctions would likely affect European multinationals, if they have big business stateside or use the U.S. dollar or American banks in transactions.
WSJ.com: What’s News Europe
President Bashar al-Assad is warning the West against attacking Syria as President Donald Trump’s international allies make preparations to join the United States in any military action against the regime in response to last week’s suspected chemical attack.
CNN.com – RSS Channel – World
Immigration has become a central battleground in Italy’s March 4 general election, along with fear of crime, a battered economy, and disgust with political incumbents.
WSJ.com: What’s News Europe
It’s been six months since the inception of the Bitcoin Cash (BCH) network, and the decentralized currency’s infrastructure continues to grow. Over the past week, there’s been many new announcements surrounding the BCH chain and its ecosystem.
Six Months In, the Bitcoin Cash Network Celebrates a Successful Hard Fork and Address Serialization Change
Six months have passed since the birth of the cryptocurrency bitcoin cash, and so far the protocol and economy continues to thrive despite the coin’s adversaries. Since the August 1st hard fork that produced the network, there’s been over 36,000 blocks mined, and the BCH chain is 8406 blocks ahead of the core chain. The Bitcoin Cash network recently had a successful hard fork which changed the protocol’s difficulty algorithm, and has kept mining profitability more consistent ever since the implementation. At 12.76 percent of the core chain’s difficulty, BCH is currently 5.6 percent more profitable to mine than BTC. Additionally this month BCH wallet providers and businesses implemented a new address format making it very difficult to send BCH to a BTC address.
Bitcoin Cash Compatible Bitcoin Unlimited 220.127.116.11 Released, While Kucoin Exchange Launches BCH Trading Pairs
Lots of infrastructure and support was added to the BCH ecosystem over the past seven days. This week the Bitcoin Unlimited development team released its Bitcoin Cash compatible client version 18.104.22.168. The release adds a few optimizations like a new and more performant logging system. In other news, the exchange Kucoin added BCH pairs section to its trading engine, bringing more liquidity to the BCH environment. The exchange details that the new BCH pairs section stemmed from lots of “community demand.”
The Village Catalog, an Online General Store, Focuses On Bitcoin Cash Acceptance; a New Woocommerce Plugin for BCH Released
Another addition to the BCH economy was the announcement from the Village Catalog an online general store that focuses on bitcoin cash acceptance. The Village Catalog sells a wide variety of healthy food products and cooking accessories for bitcoin cash.
“The Village Catalog is a place to find a quality product and have it shipped quickly and at a reasonable price — We use bitcoin cash because it’s peer-to-peer electronic cash in its original form: it is easy and cheap to transact with and secure to use,” explains the Village Catalog.
Another announcement that adds more bitcoin cash merchant adoption is the new Woocommerce plugin called ‘Cryptowoo’ that offers an API to take orders paid in BCH. Woocommerce version 1.2.1 allows any merchant using Word Press the ability to accept cryptocurrencies much like Bitpay and Paypal integrations. Additionally, if BCH supporters want to wait for Bitpay’s plugin the company announced its Woocommerce, WHMCS, and Prestashop new implementations will include bitcoin cash support.
Tokenstars Organization Plans On Switching to Bitcoin Cash
Following the merchant plugin release the charity organization Tokenstars has announced it is making the switch from BTC to BCH because bitcoin core fees are “too expensive.” Tokenstars hosts charity auctions tied to luminary autographs, celebrity products and even a chance to dine with well-known individuals. During the company’s ‘Crypto Xmas Charity Auction’ the team decided to accept bitcoin cash.
“The projects we launched in December, ‘Tokenstars’ Team’ token sale and Crypto Xmas Charity Auction, have shown that bitcoin is being used less for payments now — When compared to our ACE ICO from fall 2017, there is a sharp decline in bitcoin transactions — Bitcoin became too expensive for making regular payments and instead, bitcoin’s volatility and high commissions turned it into an investment tool,” Tokenstars CEO, Pavel Stukolov explains to news.Bitcoin.com.
In order to expand the number of Crypto Xmas Charity Auction participants, we now accept bets in bitcoin cash. We will also start accepting bitcoin cash as payment currency for Team tokens during TokenStars’ ICO.
Bitcoin Cash: What’s In Store for the Next Six Months?
Overall bitcoin cash had a decent few weeks minus the downwards market action that most cryptocurrencies experienced this January. Bitcoin cash has remained relatively stable compared to many digital assets in the space. And as we mentioned in our last Markets Update BCH markets have been strongly correlated with BTC’s market action. Bitcoin cash has remained consistently between 12-15 percent of BTC’s value. Usually, for every $ 1,000 BTC price drop, BCH dips about $ 100 and vice versa during more bullish market sentiment. BCH supporters believe the price will regain strength as proponents wait for more infrastructure support like Bitpay’s upcoming BCH invoice conversion. However, even though the two markets share a relationship right now the Civic CEO and entrepreneur, Vinny Lingham thinks bitcoin cash will someday outpace bitcoin core.
“Bitcoin and bitcoin cash are focusing on two totally different markets right now,” Lingham said in a recent Fast Money interview on January 25.
When I look at it from the product standpoint, I think the greater demand is for peer-to-peer cash than for digital gold.
In addition to the past couple of weeks, the six months of life the Bitcoin Cash network has experienced has been very fruitful. The pace of transactions continues to rise while fees remain cheap and confirmation times come quickly for users. Moreover, BCH developers have released their roadmap recently which discusses some of the proposals going forward for the next six months. Bitcoin cash could see another hard fork that increases the block size, and a variety of other features like colored coins. Not only is Bitcoin Unlimited donating its resources, but developers and representatives from several projects including Bitprim, Nchain, Bitcrust, ElectrumX, Parity, and Bitcoin XT are also all collaborating to bolster the BCH protocol’s growth.
What do you think about the growth of bitcoin cash and it’s latest infrastructure additions? Let us know in the comments below.
Images via Crypo-graphics.com, Pixabay, Tokenstars, The Village Catalog, Coin Dance, and Bitcoin Unlimited.
The post Bitcoin Cash Supporters Prepare for the Network’s Next Six Months appeared first on Bitcoin News.
If all goes according to plan, this year could mark the first time since 2011 that U.S. astronauts will blast off to the International Space Station in an American-made spacecraft.
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QUESTION: My neighbor, who’s a board member, recently handed me a copy of a solicitation letter from an HOA trade group given to him at a management conference.
The letter encourages managers responsible for drafting association operating budgets to include donations to the group as an “incidental”…