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   369

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. 

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   134

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
 

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.