Cryptoblockade Petitions claimed by India`s Supreme Court

The Supreme Court (SC) of India has prohibited all high courts from filing petitions against the central bank’s (RBI) crypto-curbing circular from April
18 May 2018   462

The cryptocurrency exchanges, adopters and advocacy groups pace different high courts (HC) around the country in filing petitions against the RBI’s circular from April – effectively barring banks from processing all cryptocurrency purchases – in a hearing on Thursday the Supreme Court has ordered that HCs will no longer let any petitions to be filed, according to the report by the local news resource Crypto Kanoon. The Supreme Court has also denied to put any stay, or a temporary delay, on the central bank’s circular.

The Delhi High Court was given the petitions against the RBI circular by the range of crypto firms including the exchange operator Kali Digital and Flintstone Tech, a crypto trading and storage platform. They claimed that RBI’s new measures were “arbitrary, unfair and unconstitutional”. Earlier this month, 4 more Indian exchanges challenged the RBI circular and its constitutional validity with a writ petition. During Thursday’s events` development, the Supreme Court has appointed the next proceeding on the matter on July 20 when it will hear related petitions filed at the court.

After numerous warnings against cryptocurrency-related investments over the years, the Reserve Bank of India published a sweeping policy banning all regulated financial institutions including banks from providing services to firms “dealing with or settling [cryptocurrencies]” on April 5. The RBI also mandated banks to settle and block their services and relationships with customers dealing with cryptocurrencies in a 3-month period that will run out on June 6.

Bakkt Won't Support Margin Trading

CEO of a trading site shared new information about the platform
21 August 2018   114

The CEO of Bakkt trading platform Kelly Loeffler said that the site will not support margin trading, and all transactions will be fully secured with assets.

A critical element to price discovery is physical delivery. Specifically, with our solution, the buying and selling of Bitcoin is fully collateralized or pre-funded. As such, our new daily Bitcoin contract will not be traded on margin, use leverage, or serve to create a paper claim on a real asset. This supports market integrity and differentiates our effort from existing futures and crypto exchanges which allow for margin, leverage and cash settlement. 

Kelly Loeffler

CEO, Bakkt

Also, Kelly Loeffler told new details about the upcoming platform. Thus, at the present time, a robust framework for the creation of an exchange is being developed. This framework will have several important characteristics, including compliance with regulatory requirements of regulators, a transparent system of pricing for assets and infrastructure at the institutional level.

Parent company of the New York Stock Exchange (NYSE), one of the world's largest financial corporations Intercontinental Exchange (ICE) in partnership with Microsoft, Starbucks and BCG are engadged in creating Bakkt.

Bakkt's ecosystem will include federally regulated exchanges, custodian services, applications for merchants and users. Bitcoin, as the most liquid crypto currency, will be the first in the listing of the new platform and will be traded in pairs with fiat currencies.