fbpx
Connect with us

Bit Coin

Major Indian bank breaks ‘banking ban’ with WazirX crypto exchange deal

Published

on

Major Indian bank breaks ‘banking ban’ with WazirX crypto exchange deal

Indian banks have reportedly been slow to accept the Supreme Court’s decision allowing them to do business with crypto firms.

5788 Total views

18 Total shares

Major Indian bank breaks ‘banking ban’ with WazirX crypto exchange deal

Kotak, India’s leading private bank, has reportedly become the first to open its gates to the crypto community, per a report published in the Economic Times

The banking giant announced it has partnered with the leading crypto exchange WazirX, which would allow traders to use the banking services to liquidate their funds. The partnership between the two parties is being seen as a major breakthrough for the crypto community, given Indian banks have frozen crypto payments and withdrawals for the past eight months.

“WazirX has opened an account with Kotak which can be used to receive and pay money to investors trading on the exchange. The account is yet to become operational. Paperwork, KYC, and some testing are on,” said one of the people familiar with the matter.

Private banks in India have refused to do business with crypto platforms citing a lack of clarity on regulations and were often found using non-valid circulars from the Reserve Bank of India (RBI) to deny services. 

WazirX and Kotak did not immediately respond to Cointelegraph’s request for comment.

The RBI circular in question dates back to 2018 when the Indian Central Bank ordered banks to avoid offering their services. The circular was later disqualified by the Supreme Court in March 2020, clearing banks to offer their services. However, it had little to no impact on banks’ actual behavior. 

Related: India to regulate, not ban, crypto: Cabinet documents

Rameesh Kailasam, CEO of the industry lobby IndiaTech.org, explained why banks refuse to offer their services even after the Supreme Court ruling:

“Post RBI clarifying to banks in May this year that they cannot cite the 2018 order as it was set aside by the Supreme Court, banks were free to engage with the cryptocurrency ecosystem. Since then banks have been permitted to engage provided they undertake necessary due diligence processes around KYC, AML, CFT, PMLA, FEMA, besides looking at their own financial health and risk exposures. Hence banks who have done this homework would typically be free to engage with the industry.”

The latest partnership between one of the leading Indian crypto exchanges WazirX and popular banking giant Kotak also hints toward positive crypto regulations in the making. The Indian government is set to discuss the cryptocurrency bill during the ongoing winter parliamentary session. Industry insiders suggest that the government is looking to regulate digital assets as an asset class rather than imposing a blanket ban.

Go to Source

Bit Coin

Bitcoin (BTC) RSI and MACD Generate Bullish Divergences Near $40,000 Support

Published

on

Bitcoin (BTC) RSI and MACD Generate Bullish Divergences Near $40,000 Support

Bitcoin (BTC) indicators are showing several short-term bullish signals above a strong support level, making a breakout above resistance a likely scenario.

Since Jan 8, BTC has been trading slightly above the $41,500 mark. Despite slipping to a local low of $39,650 on Jan 10, it bounced immediately and created a very long lower wick. This shows a great deal of buying pressure at this level.

More importantly, both the RSI and MACD have generated significant bullish divergences (green lines). These divergences normally present before significant upward movements. 

If an upward move transpires, it’s likely to be met by resistance around $50,930. This target is both the 0.382 Fib retracement resistance level and part of a horizontal resistance area.

Short-term BTC movement

The six-hour chart shows that BTC has broken out from a descending resistance line and validated it as support after (green icon). 

After a brief rebound, BTC created a slightly lower low on Jan 19. This served to validate the $41,200 area as minor support. 

BTC is also following another descending resistance line (dashed) in the shorter term. A breakout above it would likely take the price to $45,850. This target is the minor 0.5 Fib retracement resistance level and a horizontal resistance area.

Finally, the two-hour chart shows that BTC is potentially trading inside a descending wedge, which is considered a bullish pattern. Currently, it’s approaching the end of this pattern which has been in place since Jan 13. 

Similar to the daily time frame, the RSI has generated a considerable bullish divergence, supporting the possibility of a breakout.

So, when taking into account the ample support just below the price and numerous bullish divergences, an eventual breakout seems like the most likely scenario. 

This is also in line with the short-term wave count.

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.

Go to Source

Continue Reading

Bit Coin

Singapore crypto ATMs shut down after central bank crackdown

Published

on

Singapore crypto ATMs shut down after central bank crackdown

The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public.

1267 Total views

30 Total shares

Singapore crypto ATMs shut down after central bank crackdown

The Monetary Authority of Singapore has reportedly decided to shut down cryptocurrency automatic teller machines in the city-state.

According to Bloomberg, to comply with new regulations issued by the Monetary Authority of Singapore (MAS), Singapore’s central bank, cryptocurrency ATM operators in the country were forced to shut down their operations on Tuesday.

The new clampdown on cryptocurrency ATMs sparked several reactions from the city’s cryptocurrency operators, with Daenerys & Co saying it was “surprised” and canceling its ATM service on Tuesday evening. Its main competitor, Deodi, switched off its ATM network and sent staff to remove its crypto ATMs.

The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public. On Monday, the central bank released new guidance that bans crypto firms from advertising their services in public places, websites and social networks.

Singapore’s souring on crypto, however, is more of a surprise. Coincub, a fintech startup based in the city-state, named Singapore the most crypto-friendly country in the world in December, owing to the city’s “good legislative environment” and “high rate of cryptocurrency adoption.” However, the legislative climate in the city-state appears to be cloudier right now.

Related: UK advertiser ASA continues crypto ad banning spree

Cointelegraph reached out to the MAS for more information but did not receive a response as of publishing time. This article will be updated if new details emerge.

The clampdown in Singapore came soon after similar advertising limitations were enacted in Spain and the United Kingdom. On Monday, the Spanish government required crypto businesses to submit ad campaigns for regulatory approval 10 days in advance, while the U.K. launched a review of cryptocurrency advertising norms, vowing to crack down on products with deceptive claims.

Go to Source

Continue Reading

Bit Coin

Turkish ruling party holds meeting in metaverse, talks crypto regulation

Published

on

Turkish ruling party holds meeting in metaverse, talks crypto regulation

Turkey’s governing political party has discussed the upcoming crypto regulation in its first metaverse meeting.

939 Total views

35 Total shares

Turkish ruling party holds meeting in metaverse, talks crypto regulation

Ak Party, Turkey’s governing party, held its first metaverse meeting on Monday wherein it discussed upcoming crypto regulation. 

The Grand National Assembly of Turkey (TBMM) hosted its first meeting in the metaverse, Cointelegraph Turkey reported. Attending the virtual meeting were TBMM group deputy chairmen Mahir Ünal and Mustafa Elitaş along with Ömer İleri, the vice president of Ak Party responsible for information and communication technologies.

Physically, Elitaş attended the meeting from the parliament building, while Ünal and İleri were at the Ak Party (AKP) headquarters. Crypto regulation was the highlight of the meeting, Ünal told state-run news agency AA, adding that crypto assets require both financial and legal regulations.

Elitaş, who recently hosted a meeting with representatives from the Turkish crypto ecosystem at TBMM, stressed that it’s impossible to stay out of the virtual world. “I believe that metaverse-based meetings would be improved expeditiously and become an essential part of our lives,” he added.

Elitaş is also expected to meet with Binance Turkey on Thursday. As reported before, Binance Turkey was fined 8 million Turkish lira (about $600,000) after failing an audit for monitoring Anti-Money Laundering compliance.

As blockchain technology made digital ownership possible, Turkey has sped up its metaverse efforts, Öİleri said. Seeing the metaverse as a nascent yet quickly developing field, he predicted that it could impact many industries in the future.

Ak Parti olarak #Metaverse üzerinden ilk toplantımızı gerçekleştirdik. pic.twitter.com/19Xfd6sIWR

— AK Parti Bilgi İletişim Teknolojileri (@AKbilgitek) January 17, 2022

The metaverse is open for development in virtual reality, product management and innovative business models, İleri noted, adding that AKP wants to pave the way for a metaverse ecosystem.

Related: Turkey’s crypto law is ready for parliament, President Erdoğan confirms

İleri argued that digital and technological advancements have legal, economic and social aspects. The AKP is striving to develop policies regarding crypto assets and social media to protect the citizens while empowering Turkey’s innovation capabilities, he concluded.

While the Turkish government is keen on blockchain technology and a central bank digital currency, Turkish President Recep Tayyip Erdoğan is known for his stern stance against cryptocurrencies. Last year in a public Q&A session, he “declared war” on crypto, saying, “We have absolutely no intention of embracing cryptocurrencies.”

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Bit Coin | Major Indian bank breaks ‘banking ban’ with WazirX crypto exchange deal
a

Market

Trending