T Rabi Sankar, the deputy governor of the Reserve Bank of India (RBI), advised the Indian government to ban cryptocurrencies on Monday – comparing digital currencies to Ponzi schemes and branding them a threat to control of the economy. In a speech to the Indian Banks Association, Sankar warned that …
Read More »Fraudcoin: Biggest & nastiest scams to rock the cryptocurrency market
The crypto market became the subject of intense scrutiny across the world after it grew into a huge industry, with entire regions being used for mining, crypto exchanges filing for IPOs, and big investors making a sudden U-turn towards crypto trading. However, while gaining legitimacy with consumers, the rise of …
Read More »Bitcoin leads cryptocurrency market meltdown amid concerns over global equity markets
The digital asset lost as much as 10% during the day’s trading, falling to $43,692.57, according to Coin Metrics. Other cryptocurrencies were also in the red, with ether losing 9% to $3,038.74 and XRP becoming the worst performer, down 14% on Monday. “This sell-off is the continuation of a well-established …
Read More »Russia to slow down payments to cryptocurrency exchanges as Moscow seeks to stop citizens from ‘impulse purchases’ of bitcoin
Speaking to an international banking forum, First Deputy Governor of the Bank of Russia Sergey Shvetsov noted that countries around the world are discussing cryptocurrencies and their impact on the economy. However, in Moscow, there are fears it could lead citizens into financial ruin. “There is a strong possibility that, …
Read More »US regulators want the ‘crypto’ out of cryptocurrency – because that will help them use it to control your every move
SEC Chair Gary Gensler cited “investor protection” as the reason the commission should have carte blanche to take the “crypto” out of “cryptocurrency” in a speech to fellow finance bigwigs on Tuesday, describing the sector as “like the Wild West” as he urged Congress to rein it in. But Gensler, …
Read More »Bitcoin cops: Russia to create service to monitor cryptocurrency transactions as authorities seek to fight cybercrime & terrorism
That’s according to Moscow business daily RBK, which also revealed that the tracking service will be created by a subsidiary of SberBank, the country’s largest banking and financial services company. As per the tender documentation, the service will be able to provide data on the value of a cryptocurrency wallet, …
Read More »Bitcoin plunges below $30,000 amid broader cryptocurrency market sell-off
The top cryptocurrency lost more than 6% on Tuesday, trading around $29,700, with rivals ethereum and XRP losing 9% and 11% respectively, CoinDesk data shows. The drop in crypto prices followed a major sell-off on global stock markets, with the Dow Jones Industrial Average having its worst performance since October …
Read More »US tax agency requests ‘clear dictate’ from Congress to collect cryptocurrency transfers data
“I think we need congressional authority,” the IRS head, Charles Rettig, said on Tuesday in testimony to the Senate Finance Committee. He argued that his service gets “challenged frequently” in the field of cryptocurrency operations and having a “clear dictate from Congress” allowing it to collect the relevant information “is …
Read More »China’s cryptocurrency regulations are a smart move and other countries should look to do the same
Recently, Chinese regulators released a statement saying that the country would effectively ban any financial institutions and payment companies from doing business related to cryptocurrencies. This ban refers specifically to cryptocurrencies such as bitcoin and not China’s official digital yuan, which is in development right now. Though many have been critical of …
Read More »Cryptocurrency market has lost nearly $1 TRILLION in value since April peak
At its lowest point, the price of the world’s most popular digital asset tumbled $12,000, or nearly 30%, to trade just above $30,000. Ether, the second-biggest cryptocurrency, shed around 40% of its value, while joke token dogecoin lost as much as 50%. As of 13:58 GMT, bitcoin was down more …
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