RBI to Ban Regulated Entities From Dealing With Crypto

The Reserve Bank of India has given 3 months to regulated entities like banks to unwind their positions with the entities related to cryptocurrencies
05 April 2018   413

The Reserve Bank of India has forbidden regulated organizations to provide services to any private person or company whose activities are related to cryptocurrencies. This is reported by Bloomberg Quint.

The central bank gives such organizations, including banks, 3 months to break off relations with cryptocurrency companies, said the deputy head of RBI Bibhu Prasad Kanungo.

Thus, the last decision of the regulator is aimed at undermining the infrastructure that serves traders and other members of the market The possession and trading of cryptocurrencies is not currently a violation of the law.

At the same time, the regulator intends to support the blockchain based solution development for financial market to increase transparency.

Despite the ban imposed, RBI supports the idea of ​​issuing state crypto-currency.

These are issued by the central bank and are considered the liability of the central bank. They will be in circulation in addition to the paper currency that we have. It also holds the promise of reducing the cost of printing notes.
 

Prasad Kanungo

Deputy Governor,  RBI

The Reserve Bank of India has set up a special committee, which is studying the possibility of issuing state cryptocurrency. 

Users Suspected RusGas of Scam

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol
07 December 2018   95

The RusGas cryptocurrency project (RGS) demonstrates disturbing signs and releases new tokens in excess of the pre-set emission limit, Cryptovest reports. With an aggregate capitalization of $ 117, RGS trading volume for the last few days is $ 35,000. Events unfold against the backdrop of promises made by the project organizers about the upcoming restart.

Most of the RGS trade is focused on the Crex24 exchange, which has a daily  of $ 700,000. RusGas had a daily volume of several million dollars in its best days, which already then caused questions about the authenticity of this value.

According to CoinMarketCap, RGS emissions are limited to 10 billion tokens, but Etherscan indicates that currently 298 addresses contain 860 billion RGS. The rapid growth of emissions was recorded in recent days and hours. The largest wallet contains 99% of all tokens, which is probably the crex24 wallet. The developers themselves explain these movements to the next restart.

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol(PRL), when the additional issue feature was used in a smart contract.

The likelihood of such an outcome is a characteristic feature of projects based on the Ethereum protocol, which allows additional emission of tokens through a smart contract at the discretion of its owner, not to mention other vulnerabilities that cost investors a lot of money.

RusGas is based on the idea of ​​using tokens and blockchains to optimize the Russian gas industry. Despite the dubiousness of the project’s mission, the data on the network indicates that in April of this year he managed to raise $ 2.2 million for ICO.