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India Lists Cryptocurrency Bill to Be Taken up Parliament — Crypto Legislation Expected Before Year-End

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India Lists Cryptocurrency Bill to Be Taken up Parliament — Crypto Legislation Expected Before Year-End

India Lists Cryptocurrency Bill to Be Taken Up in Parliament — Crypto Legislation Expected Before Year-End

The government of India has listed a cryptocurrency bill to be taken up in the upcoming session of parliament that starts next week. The bill seeks to prohibit cryptocurrencies with some exceptions. It will also create a facilitative framework for a digital rupee to be issued by the Reserve Bank of India (RBI).

Indian Government Pushes for Crypto Legislation Before Year-End

The Indian government has listed a cryptocurrency bill to be taken up in the winter session of Lok Sabha, the lower house of India’s parliament, according to the legislative agenda for the upcoming session released Tuesday.

The title of the bill is “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021.” The government expects it to be introduced and passed in the same parliamentary session, which is set to commence on Monday, Nov. 29, and will conclude on Dec. 23.

According to the government’s description, the bill aims “To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

India Lists Cryptocurrency Bill to Be Taken up in Parliament — Crypto Legislation Expected Before Year-End
The crypto bill listing on the Indian government’s tentative list of legislative businesses to be taken up during the upcoming session of Lok Sabha. Source: Lok Sabha

This is the second time the Indian government has listed a cryptocurrency bill to be taken up in parliament. In January, the government listed a crypto bill for the budget session. However, it was not taken up. The title of the bill and the accompanying description for the winter session are exactly the same as the listing for the budget session of parliament.

Tanvi Ratna, CEO of Policy 4.0, commented on the news of the Indian government listing the crypto bill Tuesday:

Yes, it’s expected that the government will pass legislation in this session itself. However, it may not be a complete legislation.

She added: “Operational & implementation questions are likely to be debated in the budget session only.”

Ratna believes that cryptocurrencies like bitcoin (BTC) or ether (ETH) could be allowed in some form. Noting that “The exemptions that are being mentioned are ones routed through GIFT City,” she clarified:

Private cryptocurrencies are not privacy coins but non-rupee currencies. It is expected that some basic coins such as BTC, ETH etc could be allowed in some form.

A senior government official told Reuters Tuesday that the plan is to ban private crypto assets ultimately while paving the way for a new central bank digital currency (CBDC).

The RBI has previously said that it is working on a digital rupee, which is expected to be launched in phases. The central bank has repeatedly said that it has major concerns about cryptocurrency.

However, since the current crypto bill has not been made public, Indian crypto experts have urged investors not to panic sell.

The only bill that has been made public is the original one drafted by the inter-ministerial committee (IMC) headed by former Finance Secretary Subhash Chandra Garg. Published in July 2019, the title of that bill was “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019,” which is slightly different from the one listed to be taken up in the upcoming session of parliament.

The bill drafted by the Garg committee has been seen as outdated as the crypto ecosystem has significantly evolved since the bill was published. Even Garg himself admitted that when the bill was drafted, crypto was viewed more of a currency, rather than an asset. He now believes that crypto assets should be regulated. “Regulate, control cryptocurrencies but allow the crypto assets, encourage the crypto services,” the former finance secretary said in May.

Last week, Indian Prime Minister Narendra Modi urged all democratic countries to work together on bitcoin and cryptocurrencies to ensure that they do not fall into the wrong hands. He also chaired a comprehensive meeting on crypto. Furthermore, India’s Parliamentary Standing Committee on Finance held a meeting with representatives from the crypto industry.

Do you think India will ban cryptocurrencies like bitcoin and ether? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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PlanB Admits $98,000 November Bitcoin Price Target ‘First Miss’

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PlanB Admits $98,000 November Bitcoin Price Target ‘First Miss’

Some investors reacted angrily after PlanB admitted that his model failed to accurately predict the price of bitcoin (BTC) for November.

The popular crypto analyst aimed for a $98,000 BTC price for the end of this month. Just last week, he insisted the price target was still possible, even as markets declined.

PlanB correctly predicted BTC reaching $47,000 in August and $43,000 in September. He slightly missed the $63,000 target for October, but said the three percent “rounding error was close enough for me.”

Now the pseudonymous Dutch investor says that his $98,000 prediction for this month “will probably be a first miss,” according to a tweet posted on Nov 25. He did not give an exact reason for the failure.

“I see this miss as an outlier, a black swan, that has not occured in the data last 10 years,” he explained.

He spoke as the price of bitcoin tanked to $55,300 on Nov 23, down 20% from its record high of $69,000 reached on Nov 10. Some analysts are blaming the decline on fears of the impending Mt. Gox BTC repayments.

Bitcoin ‘stock-to-flow model still on track to $100,000’

PlanB, who claims 25 years of financial markets experience, is famed for creating the stock-to-flow (S2F) price prediction model. The model is based on the ratio of the current supply (stock) of an asset or commodity to its annual production (flow).

It can be applied to any asset with limited supply really, and the Dutch analyst did so with bitcoin in 2019. The idea is that since the bitcoin supply diminishes with every “halving” event every four years, it will create boom and bust cycles. He then uses these cycles to forecast prices.

PlanB explained that the missed November target relates only to the “floor model,” one of his three price prediction tools. Unlike the S2F, the so-called floor model relies on price and on-chain data, he says.

He insisted the stock-to-flow model had not been “affected and indeed [was] on track towards $100,000.”

Justin Stagner put the miss into perspective. “[It is] not like you just barely missed it either. I mean, its looking like you really blew this one,” he stated.

Mounting criticism

Some investors reacted angrily to PlanB’s admission of failure, blaming the crypto analyst for their financial losses.

“I used my student loans along with a short term loan using my house as collateral to go all in at $68k because you told me it would reach $98k. Now I’ll be homeless and without a degree…” complained Twitter user Brett Lethbridge.

Another lamented: “Now your stock-to-flow model is not reliable anymore. Most people incurred great losses because of your prediction.”

However, several other people replying defended PlanB, and even thanked him for his predictions. Often, they defaulted to a familiar refrain, a disclaimer of sorts, that his forecasts are “not financial advice. Do your own research.”

PlanB himself averred:

It is indeed absurd that when you publish information for free, somehow people make you responsible for their investment decisions and actions. Everybody is responsible for their own (investment) decisions and actions. Blaming others is a sign of immaturity: NGMI (not going to make it).

The Dutch analyst has faced criticism before. He’s often accused of adjusting his price predictions lower once it becomes clear that the S2F would miss its target, and be invalidated.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin (BTC) Falls Below $56,000 After Failure to Sustain Rebound Rally

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Bitcoin (BTC) Falls Below $56,000 After Failure to Sustain Rebound Rally

After initiating a bounce on Nov 25, Bitcoin (BTC) decreased considerably the next day and is back at its weekly lows.

Since Nov 19, BTC had been hovering above the $56,500 support. This is both a horizontal support area and the 0.382 Fib retracement support level.

Yesterday, technical indicators started to show some bullish signs.

After 15 successive lower momentum bars, the MACD finally created one higher (green icon). This was a sign that the short-term trend is gradually picking steam. 

Furthermore, the RSI generated a bullish divergence (green line). This is a bullish occurrence in which a price decrease is not accompanied by the same increase in selling momentum.

However, BTC reversed its trend on Nov 26 and is in the process of creating a bearish engulfing candlestick (red icon). This is a type of bearish candlestick in which the entire previous day’s increase is negated the next day. There are still more than 15 hours until the daily close, but the start of the day looks extremely bearish.

If a breakdown were to occur, the next support area would be found at $53,250.

Short-term BTC movement

The six-hour chart shows that BTC has been decreasing under a descending resistance line since Nov 19. This is a sign that BTC is correcting.

Furthermore, BTC created a lower high relative to the price on Nov 20. This is considered a bearish sign since it didn’t have enough strength to reach its previous highs.

The even shorter-term two-hour chart shows that BTC is trading inside a symmetrical triangle and is very close to its support line, which coincides with the $56,500 horizontal support area. 

Therefore, a breakdown from it would likely accelerate the drop.

Wave count

The wave count suggests that BTC is in the C wave (red) of an A-B-C corrective structure. This means that after the correction is complete, the upward movement is expected to resume. 

The sub-wave count is shown in pink. It shows that BTC is in wave five of the correction, which is the final phase. 

There is a considerable Fib confluence between $53,250-$53,800, created by: 

  • Length of sub-wave one (pink)
  • External retracement of sub-wave four (white)
  • Length of wave A (red)

These levels also coincide with the long-term Fib support outlined in the first section. Therefore, BTC is expected to reach a low in this area before reversing.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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South Korea Crypto P2P Trading Hits New Highs as Regulators Debate Taxation

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South Korea Crypto P2P Trading Hits New Highs as Regulators Debate Taxation

P2P crypto trading has hit a new all-time high in South Korea, data from LocalBitcoins shows. The jump in P2P trading comes at a time when there is a lot of uncertainty surrounding regulation in the country.

Peer-to-peer trading of cryptocurrencies in South Korea is hitting all-time highs as regulators offer some ambivalent comments on regulation. Data from LocalBitcoins shows that over 353 million in Korean Won was traded in the first week of November. This is a significant jump from previous weekly volumes.

South Korean P2P trading volume: Coin Dance

Pondering crypto tax

The increased interest in P2P trading comes as regulators are working on implementing a regulatory framework. South Korea, already one of the leading governments when it comes to cryptocurrency market regulation, is doubling down on its bid to prevent any illicit activity.

The high P2P volume may be a result of investors seeking to make the most of their capital as regulators bear down. Recent reports have indicated that there is some confusion among investors because of the lack of clarity surrounding regulation.

One of the primary issues is the implementation of crypto taxation. South Korea officials announced that it would tax the asset class, to the tune of 20%.

But lately, reports have suggested that there could be a change or complete repeal to this taxation scheme. The taxation law will come into effect in 2022, though it remains unclear about what specific form it will take.

NFT regulation is also throwing more confusion into the mix, as the Financial Services Commission (FSC) said in early November that it would not subject the special asset to taxation. However, later, the Vice Chairman of the organization said that tax provisions would be made for NFTs.

Uncertainty still looms

At the moment, it’s uncertain exactly what the regulatory landscape in South Korea will look like, given the lack of conclusion so far. The South Korean opposition party challenged the taxation scheme and pushed for a delay to 2023, demanding a more generous tax plan.

Exchanges are one of the major elements of the industry under the microscope, with 2021 seeing the first regulatory compliance certifications being sent to them. Several exchanges have had to shut down following regulatory scrutiny.

As it stands, it’s unclear what the specifics of crypto regulation will be. However, it’s almost certain that there will be a framework implemented, and whether or not it is stricter than investors like remains to be seen.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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