Indian Banks Will No Longer Provide Services for Trading in Cryptocurrencies 209

The Reserve Bank of India (RBI) banned regulated banks from making transactions related to trading in cryptocurrencies.

The country’s banks no longer have to provide the services of purchasing cryptocurrencies and serve companies associated with trading in virtual currencies. This decision was not spontaneous, the country’s central bank repeatedly warned banks, companies and users about the risks associated with the use of virtual currencies, according to Сointelegraph.

The Indian Ministry of Finance criticized Bitcoin and other cryptocurrencies for their “lack of intrinsic value” in January of this year, and this month several large Indian banks have limited the functionality of cryptocurrency exchange accounts.

In early February the media published fake information about the ban on cryptocurrency in the country, which led to a drop of the rate on the cryptocurrency market.

The statement of the Central Bank of India claimed:

“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time”.

RBI, like the Ministry of Finance of the country, does not recognize cryptocurrency as the legal means of payment in the territory of India. This sphere is not regulated in the country on the legislative level.

Subscribe to The Coin Shark news in Telegram: https://t.me/thecoinshark

Buterin, Winklevoss and Others: The Future of the Digital Currency World According to Major Crypto Personalities 798

experts opinions on crypto

The crypto world has entered the new stage of its development, it has always been volatile, but these couple of weeks have been absolutely crazy: coins are jumping up and down, Bitcoin ETF is on its way, blockchain is taking over the world.

No doubt, crypto specialists and financial experts have a lot to say. Today we came up with a compilation of sayings from the stars of the cryptocurrency universe that we found particularly interesting and important.

The CEO of the crypto exchange Gemini, Tyler Winklevoss believes that the acceptance of cryptocurrency in the world as a means of payment equal to fiat will not happen in the next couple of years:

The vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail-driven market. This will change over time, but it will take time.

Pantera Capital’s CEO is way more optimistic on this issue. He sees great potential in the blockchain technology, and digital coins, according to him, are “superior form of currency.

Ethereum’s founder Vitalik Buterin wants cryptocurrencies to become more user-friendly and common in the everyday life. He also thinks it may become possible only in case the proper regulatory framework for crypto is developed by the state governments.

I want to be able to walk into a convenience store, get a card and pay a small fee to start using Bitcoin Cash,” he said.

The last, but certainly not least, is the CEO of BitMEX, Arthur Hayes, who has some serious doubts concerning Ethereum. According to his calculations, the price of the world’s #2 coin will drop lower than $100.

It is this moment,” he added, “that Ether goes from a 3-digit to a 2-digit shitcoin.

Although we are sure that experts know what they are talking about, the crypto world is way too unpredictable. We can only wait and see whether the abovementioned predictions turn out to be true or not.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Andreas Antonopoulos Criticized Bitcoin ETF 627

opinion on bitcoin etf

The well-known author of books about Bitcoin and the founder of his own Bitcoin-business Andreas Antonopoulos published a Youtube video where he expressed his opinion about Bitcoin ETF and explained why they cause so much sensation.

I’m going to burst your bubble. I know a lot of people really want to see an ETF happen because ‘too the moon’ and ‘lambos’ and all that. I think it’s a terrible idea. I still think it’s going to happen… I’m actually against ETFs,” he said.

Antonopoulos explained that he understands why many people are so impressed by the idea of Bitcoin ETF:

Everybody’s so excited about ETFs because what we’ve seen in other markets is that when an ETF becomes available—as we saw in gold—the price really increases dramatically as suddenly that commodity becomes available to a lot more investors and these investors pile on. But the other side of it is that there’s always these claims that the commodities markets are heavily manipulated and opening up these exchange-traded instruments only increases the ability of institutional investors to manipulate—especially [in the case of] large market makers—the prices of commodities, not just in the markets where it’s traded as an ETF but more broadly,” he clarified.


We remind you that the SEC postponed the decision upon Bitcoin ETF until September.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

SEC Sent a Request to Tesla Regarding Tweets of Elon Musk 620

musk wants to make tesla private

The Securities and Exchange Commission (SEC) has sent Tesla Inc. a request concerning its executive director Elon Musk and his messages on Twitter about the plans to privatize the company, reports The New York Times.

The regulator requests information from each of the Tesla directors . The Commission is interested in whether Mask had any actual grounds for such statements, and the SEC intends to find out why such important information was provided to them publicly, via the social network.

Last week, the directors were outraged when the head of Tesla wrote details of the deal to transfer Tesla from a publicly traded company to a private company.

The representatives of Tesla were sure that Elon Musk was “out of control” and asked him to stop discussing the situation in the company on Twitter. Nevertheless, Mask continued to publish messages on the social network, publicly revealing the details of the company’s strategy and issuing “dubious” information.

We remind you that Twitter has recently begun blocking accounts containing the name of Elon Musk.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

The Former CEO of Paypal: Bitcoin Is Eventually Going to Go A Whole Lot Closer to Zero 700

bitcoin's future is not bright

The ex director of Paypal Bill Harris is known for his scepticism and harsh comments aimed at Bitcoin. He even called it “the greatest scam in the history”. This time CNBC interviewed Harris to find out whether his opinion on the world’s #1 digital coin has changed.

According to the businessman, Bitcoin is supposed to be “instant, free, scalable, efficient, secure, globally accepted and useful”, and it fails to fulfill all of those characteristics. Harris believes that there is “no value” in BTC.

He has also mentioned that there is no need in solving the problem of Bitcoin scalability, because we don’t need Bitcoin at all.

Look how difficult it is to get money from one country across the border to another. It’s slow, it’s expensive, it’s all those things. Agree. You don’t need Bitcoin, you don’t need XRP, you don’t need any of that to solve that problem. What you need is faster networks.

Unlike many of his colleagues, Bill Harris has way more trust in conventional fiat currencies due to their relative stability which cannot be said about Bitcoin.

In conclusion he summed up his thoughts by saying:

Bitcoin makes no revenue, no profitability.

Frankly speaking, the current CEO of Paypal Dan Schulman agrees with Harris on this issue, although Paypal might change its opinion on BTC if it becomes more stable.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

The SEC Has Shut Down Another Scam Project and Fined It $30 Thousand 459

sec shut down a scam

Although the new advisor of the Securities and Exchange Commission sees great potential in cryptocurrency, the organization keeps finding and liquidating suspicious projects and scams. This time the time has come for the company Tomahawk Exploration LLC.

Tomahawk promised its investors to be an intermediary and convert their funds into the shares of the company specializing in oil production. The prices of oil would go up, and the investments would grow correspondingly.

It does sound tempting, but the ICO turned out to be just another scam in the list of the SEC. The Commission has shut the company down with a fine of $30k, also the ex CEO of Tomahawk is not allowed to hold any leading positions of any enterprise or own any company shares.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Forbes Published 5 Main Blockchain Tendencies for 2018 782

blockchain trends

Blockchain is one of the most rapidly developing technologies of all times. Its main features (speed and transparency) earned recognition and approval from businesses and companies from all over the world.

Forbes has conducted a research and established 5 major paths that the blockchain is likely to follow this year.

1. Companies actively implement blockchain. For example, we have recently reported about the pilot version of election in Ukraine conducted on blockchain.

2. Implementation of this technology follows a thorough research. With blockchain being fairly new, the more conventional fields that are not related to digital technologies or computer sciences treat it very carefully. For example, the Stanford University created a research center for possible introduction of blockchain in the future.

3. The hype is going to fade. Blockchain has been marketed as a panacea for quite a while. Many people were sure it would help to solve major world problems. However, the results coming from this technology, though being mostly beneficial, are not as phenomenal as everyone thought they would be.

4. New and smaller projects are more likely to implement blockchain since they are more adaptable to changes and upgrades. Huge companies like Amazon find it way more difficult.

5. The personal information on people and other important data will be secured a lot better with the help of blockchain. Scammers never rest, however, blockchain will ensure that they have the hardest time ever hacking and stealing.

Thus, we can definitely see a lot of potential for blockchain. More and more companies choose to implement it. Hopefully, this technology will keep flourishing and bring benefits to those using it.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/