India Does Not Recognize Cryptocurrencies as Legal Tender

Today, while presenting the country’s budget  for 2018, Arun Jaitley, Indian finance minister, spoke on refusing to recognize virtual currencies legal
01 February 2018   1140

During his speech on the Union Budget 2018-19 at the Indian Parliament, Arun Jaitley reported that the Indian government does not consider any cryptocurrency as a valid funds. Also, the government will take measures to eliminate the use of virtual currency as part of the payments system or in financing activities.

Last month the country's Ministry of Finance already cautioned the public against investments in cryptocurrencies, calling them a ponzi scheme. The finance minister’s statement was released in a month after the above mentioned caution.

Despite the government position , this statement is likely to cause concern among traders and investors of cryptocurrencies.

However, any ban or restriction on the usage of virtual money as payment does not prohibit trading on cryptocurrency exchanges, because the finance minister did not report any ban on cryptocurrency exchanges.

At the same time, there are some restaurants and other local places which accept cryptocurrencies in India, and they might be forced to stop due to the government planning to take measures against cryptocurrency.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   90

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.