India May Ban Crypto Soon

According to anonymous official source of the Economic Times, corresponding bill has been already developed
26 April 2019   310

The government of India has developed the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019" which is designed to completely ban operations with Bitcoin and other cryptocurrencies within the country. This is reported by the Economic Times, citing sources within the government.

The bill has been developed since 2018. Representatives of various departments, including the Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA) participated in its preparation .

The publication quotes unnamed officials, according to which these departments have supported a direct ban on the purchase, sale and release of cryptocurrencies. After receiving the necessary comments, the draft law in its final reading will be proposed to the next government of India, which will begin work after the elections in May.

In addition, a cryptocurrency ban can be passed in accordance with the Money Laundering Prevention Act (PMLA). In particular, officials had previously noted that the purchase and release of cryptocurrencies, such as Bitcoin, Ethereum, Bitcoin Cash, etc., are made by private individuals and companies because of false motivations for receiving huge profits.

Such “schemes”, in their words, are not only opaque and do not fall under any regulated legal framework, but also often turn out to be financial pyramids, in which gullible investors are involved in order to deceive.

Note that earlier it was reported that the government of India is ready to legitimize the use of Bitcoin and other cryptocurrencies, but only under the strict restrictions of the industry.

CFTC to Approve LedgerX's Deliverable BTC Futures

At the same time, another platforms such as Bakkt, ErisX and Seed CX still awaiting regulatory approval
26 June 2019   67

Cryptocurrency derivatives provider LedgerX LLC has received a license from the Authorized Derivatives Market (DCM) from the US Commodity Futures Trading Commission (CFTC), which will allow it to launch the country's first bitcoin futures.

Deliveries for deliverable futures are made in the underlying asset, not in fiat funds. Thus, LedgerX outstripped the Bakkt, ErisX and Seed CX platforms, which are still awaiting regulatory approval.

At the same time, LedgerX intends to launch the Omni platform for trading options, swaps, and bitcoin futures for retail investors, since at the moment it does not see enough interest from institutional market participants.

However, it should be added that some experts have already expressed fears that the nature of the license received will not allow LedgerX to provide margin tools to customers, and Bakkt should have such functionality.

Recall about the intentions to obtain the appropriate permission and overtake competitors LedgerX said in April.