India Warns to Stay Away from Cryptocurrency

RBI has clarified that it has not given any licence to any company to operate with cryptocurrency 
29 December 2017   1675

The Reserve Bank of India issued a statement on Friday comparing cryptocurrencies to ponzi scheme and warned people to stay away from virtual currencies such as bitcoin. RBI added that cryptocurrencies are not backed by regulations hence there is a real and heightened risk of investment

There has been a phenomenal increase in recent times in the price of cryptocurrencies including Bitcoin, in India and globally. Cryptocurrencies don’t have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other cryptocurrencies therefore is entirely a matter of mere speculation resulting in spurt and volatility in their prices.

 

Arun Jaitley

Finance Minister of India

The Minister also said that transactions of cryptocurrencies are encrypted and they are also likely being used to carry out illegal activities, such as, terror funding, smuggling, drug trafficking and other money-laundering Acts.

RBI has clarified that it has not given any licence to any company to operate such schemes or deal with bitcoin or any cryptocurrency. The government also noted it that cryptocurrency is not legal tender and it does not have any regulatory permission or protection in India.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   110

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.