Indian Crypto Exchanges to Suspend Trading

BTCXIndia and ETHEXIndia have announced their plans to suspend cryptocurrency trading from March 5 and March 1 respectively
01 March 2018   201

As Economic Times portal reported, Indian cryptocurrency exchanges BTCXIndia and ETHEXIndia have announced their plans to suspend cryptocurrency trading. 

BTCXIndia is a famous India’s crypto token exchange, and a venture backed company based out of Hyderabad. It used to provide real time trading of crypto tokens and INR and operating at the high levels of security and reliability with an XRP wallet and exchange.

It has recently emerged that BTCXIndia sent emails to its users stating that it stops accepting deposits from January 1, 2018, and halts trading from March 5, 2018. The same message appeared on the main page of the exchange.

Btcxindia exchange announcementBTCXIndia announcement

ETHEXIndia cryptocurrency exchange has posted a similar message on its website stating that customers should withdraw their funds before February 28 as the exchange stops ETH trading from March 1, 2018.

ETHExindia trading announcementETHEXIndia announcement

Such announcements of Indian exchanges may apperar in the aftermath of complicated relations between government regulators, banks, crypto exchanges. For instance, the Reserve Bank of India issued a statement in December comparing cryptocurrencies to ponzi scheme and warned people to stay away from virtual currencies such as bitcoin.

In the beginning of February 2018, we have reported that 100,000 tax notices were sent to investors by the income tax authorities of India, as cryptocurrency is not considered legal tender in the country, but still requires taxes to be payed for any operations with it.

Cryptocurrency to be Regulated in France

French Ministry of the Economy and Finances creates working group to regulate cryptocurrency
22 March 2018   117

Bruno Le Maire, the French Minister of the Economy, announced the government initiative to constitute the instructions and regulations towards cryptocurrency. The group is also aimed to decrease the influence of Bitcoin and altcoins to the formal system of economy with the help of required concept. These measures would help French government to prevent tax avoidance and some other criminal activities (such as money laundering).

In an op-ed that was published in French media this week the Minister of the Economy Bruno Le Maire made a promise not to miss the blockchain revolution. He refined the reasons of the French authorities`decision to regulate the technology. According to his point of view, it is impossible for any consumer or entrepreneur to carry out a transaction, invest, develop in business being in a regulatory vacuum. The Minister also put this position on the top among the rest questions to be discussed at G20 Summit in Buenos Aires. Bruno Le Maire is sure that the role of France is to be a driving force in “building the world of tomorrow”.

The Minister is going to present his case at the G20 Summit in 2018 in Argentina. He hopes that the framework can help in decreasing illegal activity in cryptocurrencies. Le Maire also explained that the sphere of digital funds is extremely attractive for criminals.

The leader of the working group is Deputy Governor of the Central Bank of France Jean-Pierre Landau. The French Central Bank supports the Government and hopes there would be no negative impact and consequences for the traditional economy system.

The key object of cryptocurrency regulation is to limit various negative factors in the financial sphere caused by digital money, such as the price volatility. Le Maire claims that at the same time the regulation of the cryptocurrency can support the development of the technology and can even lead to the economic growth. As blockchain can destroy not only traditional daily practices in banking and financial markets, but also patents and certified acts, the French Minister of Economy urges that the working group should foresee all these changes and become “actors of this revolution”, instead of simple viewers.