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With no representation in committee finalising Bitcoin policy, industry players feel left out

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The interdisciplinary committee finalising a regulatory framework for cryptocurrency trade in India has no representation from the stakeholders or players in the segment.

Ten-member committee

The 10-member committee, which is headed by Subhas Chandra Garg, Secretary, Department of Economic Affairs, comprises officials from the Department of Economic Affairs, Department of Financial Services, Department of Revenue (CBDT), Ministry of Home Affairs, Ministry of Electronics and Information Technology, Reserve Bank of India, NITI Aayog and State Bank of India to decide on the fate of cryptocurrency in the country.

Industry players such as Zebpay, Unocoin, Belfrics, and WazirX, among others, have expressed disappointment over the committee’s move to work on a framework without having any representation from the industry.

“That’s the saddest part as the inclusion of fintech and crypto exchange players would have made the proposal competitive and workable,” said Praveen Kumar, CEO, Belfrics, a leading cryptoexchange.

Gopal Modi, founder of another exchange called CoinRecoil, said the company’s legal firm Khaitan and Khaitan had raised the issue (of exchanges not having a representation in the committee) in the Supreme Court, to which the apex court had asked crypto players to send their respective recommendations to the RBI.

“However, the RBI has not reverted on the recommendations. Besides, how can a committee not have a single voice from the industry?” asked Modi, who moved the Supreme Court in May this year over the RBI’s decision to bar banking institutions from dealing with cryptocurrencies. According to sources, the committee has also not asked for any formal recommendations from crypto players, mostly exchanges dealing with trading of Bitcoins, Ethereum and other Altcoins.

But the crypto and blockchain arm of IAMAI (Internet and Mobile Association of India) met with individual members of the committee to discuss the importance of blockchain and future of cryptocurrencies in the country and globally.

“We have met the committee members individually and made recommendations on how to regulate cryptos. The problem is the government is not acting fast to resolve the issues related to the legality of Bitcoins in India,” said Ajeet Khurana, CEO, Zebpay.

Khurana said that the committee is most likely to come up with its report before September 11, when the final hearing on the petition filed by various exchanges against the RBI would be heard in the Supreme Court.

“The committee has called us for a meeting before making the report public,” Khurana said without disclosing the date.

Khurana said that during the previous meeting, IAMAI, through its recommendations, had explained to the committee the manner in which liberal democracies have approached the issues related to cryptocurrencies, and the way they are working with the existing payment ecosystem.

“For any crypto to function in a legal way, it has to co-exist with the traditional payment paradigm. Only then, cryptos can be traceable,” Khurana said, adding that even after the banking system has officially disengaged with the crypto exchanges, the ecosystem is thriving on the peer-to-peer channel, which is not traceable. “It is ingrained in the ecosystem.”

Source: https://india.belfrics.com/press-articles/with-no-representation-in-committee-finalising-bitcoin-policy-industry-players-feel-left-out/

Blockchain

Crypto profile adds value to identity theft impersonation

Identity theft continues to haunt users across the globe. Crypto profile adds value to the impersonation persona prices. Crypto becomes a high demand area of stolen identities. Online security and cyber-crime have been going hand in hand for decades. IT experts are constantly devising new strategies to ensure the protection of critical data while IT […]

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  • Identity theft continues to haunt users across the globe.
  • Crypto profile adds value to the impersonation persona prices.
  • Crypto becomes a high demand area of stolen identities.

Online security and cyber-crime have been going hand in hand for decades. IT experts are constantly devising new strategies to ensure the protection of critical data while IT criminals are on the quest to break through security obligations and gain access to valuable information. This has opened doors to a new shady identity theft market running digitally that has sold 1.9 billion identities online in 2017 alone. While the US justice department is also deeming cryptocurrency a threat somewhat ignoring other areas.

Critical information researchers at the Eindhoven University of Technology have stumbled upon a shocking piece of information wherein provided evidence exhibits a fancy display of thousands of detailed digital profiles being traded on an online Russian-based identity theft marketplace. The criminals are able to access confidential information such as credit card details, authentication passwords, etc. through a personalized “fingerprint.”

Crypto profile adds value to identity theft impersonation 1
The identity theft cycle

The Ultra-modern marketplace boasts up to 260,000 user profiles and adding more to its list, keeping it updated and relevant at all times. Every profile comes with detailed information such as email addresses and user authentication passwords. Etc and also helps their customers filter profiles to reach the target prospective victims conveniently.

Crypto profile add values to identity theft prices

The research further reports the profiles pricing varying between $1 to $100 depending upon the selection. Retrieval of cryptocurrency-related profiles was deemed to be priced the highest, while the country of origin was spotted as an additional critical marker. For a few hundred dollars, this state of the art organized unlawful operation grants criminals easy access to rich profiles that are likely to turn into a thick financial gain. Not just access but also the facility to download the list of target profiles through dedicated software.

Terming this illegal operation as the largest discovered to date, Researchers Campobasso and Allodi had to extensively look into profile listings and get access to invite codes under the pretext of being cybercriminals in order to gain access to the website whose name has been keeping anonymous to diminish the risk of retaliation.

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$300 Million In A Day, $1 Billion In The Last Week – Grayscale’s Impressive AUM Growth

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Amid the most recent cryptocurrency price developments, Grayscale Investments has increased its assets under management (AUM) by over $1 billion in a week. Perhaps even more impressive is the AUM increase in a day – a “cool” $300 million.

Grayscale’s AUM Explodes In October

CryptoPotato reported Grayscale’s Q3 2020 record-breaking earnings last week. The company highlighted that it purchased over $720 million worth of BTC on behalf of its clients. Adding the price performance of the different cryptocurrencies assets under its management, the total AUM grew to $5.9 billion.

Although October started a bit sluggish in terms of price movements, the situation changed approximately a week ago. The total market cap grew with over $40 billion in that time. Most of the gains came after news from PayPal that it will enable its US-based customers to buy, sell, and store cryptocurrencies.

Naturally, as the prices started seeing fresh highs, Grayscale’s AUM felt the effects, and the company reported its growth to $7.3 billion. This meant a $1.4 billion increase in less than a month and a $1 billion expansion in a week.

According to Grayscale CEO Barry Silbert, the PayPal effect marked the addition of a “cool $300 million in AUM in one day.”

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Bitcoin And Ethereum (Still) Lead The Way

Somewhat expectedly, the two largest cryptocurrencies by market cap are responsible for the majority of Grayscale’s AUM. With over $6 billion, the Grayscale Bitcoin Trust accounts for nearly 83% of the total amount, while Ethereum’s share is significantly lower – about 13%.

It’s also worth noting that those are the only two company products directly reporting to the US Securities and Exchange Commission. The Grayscale BTC Trust received such approval months ago. The Grayscale Ethereum Trust filed a Form 10 with the SEC this summer, and the Commission approved it in early October.

As a result, accredited investors who own or purchase shares from either company products’ private placements can take advantage of enhanced liquidity. This is a direct consequence of the reduced statutory holding period from 12 to 6 months.

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Source: https://cryptopotato.com/300-million-in-a-day-1-billion-in-the-last-week-grayscales-impressive-aum-growth/

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LINK Bulls Activate With 12% Daily Increase But Can They Break $12.5 Resistance? (Chainlink Price Analysis)

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LINK/USD – Bulls Form Ascending Price Channel

Key Support Levels: $11.50, $11, $10.50.
Key Resistance Levels: $12.33, $13, $13.50.

LINK bounced higher from the support at $8.77 at the start of October. From there, it started to form an ascending price channel. The coin recently bounced higher from the lower boundary of this price channel as it reversed from the $9.80 support on Wednesday.

Yesterday, LINK pushed as high as $12.33, where it met resistance at a bearish .5 Fib Retracement combined with the channel’s upper boundary. LINK is now trading at $12 as it faces the $12.33 resistance.

linkusd-oct23
LINK/USD Daily Chart. Source: TradingView

LINK-USD Short Term Price Prediction

If the buyers can break the resistance at $12.33 and push above the channel’s upper boundary, the first level of resistance lies at $13. Above this, resistance is expected at $13.50 (bearish .618 Fib), $14, $14.72, and $15.20 (bearish .786 Fib).

On the other side, the first level of support lies at $11.50. Beneath this, additional support lies at $11, $10.50, $10, and $9.80 (lower boundary of price channel).

There is some bearish divergence that could potentially be forming between RSI and the price. It will be important to watch this divergence to see if it plays out over the next few days as it could potentially send LINK toward the lower boundary of the price channel again.

LINK/BTC – Buyers Battling To Reclaim 0.001 BTC.

Key Support Levels: 0.0009 BTC, 0.000868 BTC, 0.00082 BTC..
Key Resistance Levels: 0.00094 BTC, 0.001 BTC, 0.00108 BTC.

Against Bitcoin, LINK is currently trading at the 0.0094 BTC resistance level. The buyers attempted to break above 0.001 BTC earlier in the month but failed miserably. A bearish .382 Fib Retracement level provides the resistance here, and it caused LINK to roll over until support was found at 0.00082 BTC a few days ago.

Since reaching this support, LINK has rebounded higher and is now facing resistance at 0.00094 BTC before it can make another attempt at 0.001 BTC.

linkbtc-oct23
LINK/BTC Daily Chart. Source: TradingView

LINK-BTC Short Term Price Prediction

Looking ahead, once the buyers break 0.00094 BTC, the first level of resistance lies at 0.001 BTC (bearish .382 Fib). This is followed by resistance at 0.00108 BTC (bearish .5 Fib), 0.00112 BTC, and 0.00116 BTC (bearish .618 Fib).

On the other side, the first level of support lies at 0.0009 BTC. This is followed by added support at 0.000868 BTC, the rising trend line, 0.0008 BTC, and 0.00075 BTC (downside 1.414 Fib extension – purple).

The Stocahstic RSI recently produced a bullish crossover signal that allowed LINk to rebound higher.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/link-bulls-activate-with-12-daily-increase-but-can-they-break-12-5-resistance-chainlink-price-analysis/

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