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| July 16, 2018

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Tencent streaming spinoff to list shares in U.S. amid music industry comeback

July 8, 2018 |

Tencent Holdings Ltd.’s plan to spin off its online-music business and list shares in the U.S. is the latest sign that the long-beleaguered recording industry is finding its way to financial health.

The move will let American investors bet on the Chinese market for music-streaming services, which…


L.A. Times – Business

Major Indian Cryptocurrency Exchange Shares What to Expect When RBI Ban Begins

July 1, 2018 |

Major Indian Cryptocurrency Exchange Shares What to Expect When RBI Ban Begins

The banking ban by India’s central bank is set to begin on July 5. One of the largest crypto exchanges in the country, Unocoin, is working on banking alternatives. News.Bitcoin.com spoke with the exchange’s CEO about what to expect when the ban begins, trader sentiment, and possible ways to bypass the ban.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

RBI Ban Impending

Major Indian Cryptocurrency Exchange Shares What to Expect When RBI Ban BeginsThe crypto banking ban mandated by the Reserve Bank of India (RBI) is set to take effect on July 5, according to the central bank’s circular issued on April 6. There are five known petitions against the ban that the Supreme Court will hear on July 20, with one exception. The petition by the Internet & Mobile Association of India (IAMAI) will be heard on July 3.

One of India’s largest cryptocurrency exchanges, Unocoin, is a member of IAMAI, as are some other major crypto exchanges including Zebpay and Coinsecure.

Speaking with news.Bitcoin.com on Saturday, Unocoin’s CEO and co-founder, Sathvik Vishwanath, explained that the sentiment among Indian traders “is quite weaker than before.” He elaborated that banks would not support crypto exchanges’ customers “to send and receive INR as it would still violate the RBI policy which not only restricts entities but also individuals.” The CEO added:

All customers are expecting the exchanges to figure out the alternatives. Long term investors have not lost hopes…From the effective date [RBI’s ban], the businesses will have tough time till the alternative methods have been figured out.

Major Indian Cryptocurrency Exchange Shares What to Expect When RBI Ban BeginsThe Bangalore-based crypto exchange, with about 370,000 unique users, recently launched a crypto-to-crypto trading platform called Unodax.

Several other crypto exchanges in India have similarly launched all-crypto platforms, including Zebpay and Koinex, with the hopes that investors will continue to trade cryptos even without banking support. However, Vishwanath revealed to news.Bitcoin.com:

The alternative revenue paths like crypto-to-crypto exchange do not have any traction in India as of now.

Unocoin Working on Banking Alternatives

Unocoin announced this week that it is working on banking alternatives for when the RBI ban takes effect. “Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’,” the exchange warned:

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.

The exchange also clarified, “This is not a small undertaking and it will take us some time to deploy new solutions.” Customers can still deposit and withdraw INR “through normal banking channels” until further notice. Vishwanath confirmed, “There are some third-party dependencies to be resolved before we can implement these [mechanisms].”

One Financial Institution Not Under RBI

One financial institution stands out as a possible banking alternative for crypto firms. Gangtok-based State Bank of Sikkim (SBS) is a lender that is not regulated by RBI and therefore is not affected by the ban.

Major Indian Cryptocurrency Exchange Shares What to Expect When RBI Ban BeginsIn a reply to a right to information application filed by a New Delhi-based lawyer in April, the central bank wrote, “it may be noted that SBS was constituted in terms of the State Bank of Sikkim Proclamation, 1968. SBS is not licensed under Section 22(1) of the Banking Regulation Act, 1949 by Reserve Bank of India. Banking Regulation Act, 1949 is not yet applicable to SBS,” Quartz reported.

However, Vishwanath told news.Bitcoin.com:

The [SBS] bank has made a strict internal policy that they do not want to support any crypto assets businesses. So for the time being this is out of the question.

What do you think will happen when the RBI ban takes effect? Let us know in the comments section below.


Images courtesy of Shutterstock and Unocoin.


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The post Major Indian Cryptocurrency Exchange Shares What to Expect When RBI Ban Begins appeared first on Bitcoin News.

Bitcoin News

Stocks rise, led by tech shares, as U.S.-China trade fears ease

June 20, 2018 |

U.S. stocks are mostly higher Wednesday morning as global markets let go of some of their fears about the growing trade dispute between the U.S. and China. Technology companies and banks are making some of the largest gains. 21st Century Fox is jumping after it agreed to a new deal with Disney,…


L.A. Times – Business

ZTE Shares Plunge About 40% as Trading Resumes

June 13, 2018 |

ZTE shares plummeted in the opening minutes of trading in Hong Kong, wiping out nearly $ 8 billion in market value and reflecting investors’ unease about the future of the Chinese telecommunications giant following devastating U.S. sanctions.
WSJ.com: What’s News Asia

Stocks rise for the fourth straight day; bank shares jump

June 6, 2018 |

U.S. stocks rallied Wednesday, notching their fourth gain in a row as banks climbed along with bond yields. On Wall Street, there were signs that investors were getting a bit less nervous about international trade tensions.

Some of the biggest gains went to industries that have lagged behind the…


L.A. Times – Business

Stocks inch higher; technology and small-company shares rise

June 5, 2018 |

U.S. stocks are mostly higher early Tuesday after posting solid gains over the last two days. Technology companies are rising further, and the smallest companies are also making gains. Oil prices continued to decline, pulling energy stocks lower. Banks slipped as bond yields decreased. Twitter…


L.A. Times – Business

GM Shares Surge as Softbank Fund Invests in Its Driverless-Car Unit

May 31, 2018 |

SoftBank’s tech-focused Vision Fund will invest $ 2.25 billion in General Motors’s driverless-car unit, as the auto maker battles tech companies and startups in a race to commercialize autonomous vehicles.
WSJ.com: US Business

GOP tax overhaul prompts drugmakers to buy back shares at highest rate in at least a decade

May 28, 2018 |

Drugmakers, whose industry pricing faced renewed scorn this month from President Trump, have been taking advantage of the GOP tax overhaul he signed last year to buy back shares of their own underperforming stocks.

Large-cap biopharmaceutical companies took advantage of repatriation of overseas…


L.A. Times – Business

Stocks slide as oil prices and energy-company shares sink; Gap drops

May 25, 2018 |

Energy companies and oil prices are sinking again Friday morning on reports OPEC countries plan to produce more oil soon. Overall U.S. stocks are slightly lower again as falling bond yields put pressure on banks, even as they help dividend-payers such as makers of household goods. Gap is tumbling…


L.A. Times – Business