Bitcoin Ban Means Massive Brain Drain for India, Crypto Industry Warns

India is seeing the first signs of an anticipated brain drain, as the government mulls stark legislation that would criminalize domestic cryptocurrency …

India is seeing the first signs of an anticipated brain drain, as the government mulls stark legislation that would criminalize domestic cryptocurrency investments.

A Sept. 16 Economic Times report has taken the measure of industry sentiment on the ground, as a proposed blanket ban — currently still in the form of draft legislation — awaits its formal review process by lawmakers.

“The first large democracy” to ban crypto

As the Economic Times notes, the draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has proposed a 10-year prison sentence for anyone who “mines, generates, holds, sells, transfers, disposes of, issues or deals in cryptocurrencies.”

The severity of the proposed penalty and the extreme position reflected in the document — whether or not and in what form it eventually becomes national law — is already prompting local crypto businesses to take pre-emptive measures to protect themselves.

Rahul Jain — an employee at formerly domestic exchange Bitbns — told the Economic Times:

“As a startup from India, we always wanted to serve from India, but this recent complication has made it difficult for domestic crypto exchanges to operate their businesses in India. So, we are now an Estonia-based company, and any Indian law to criminalize crypto will not impact us.”

Nischal Shetty, CEO and founder of well-known Indian exchange WazirX has meanwhile argued that the proposed bill is poised to erode the wealth of over 5 million Indians who own “crypto assets worth thousands of crores.”

The executive said that the arbitrary decision to criminalize crypto-asset investment would destabilize existing businesses that have been operating legitimately and make the country an unfortunate pioneer in its role as “the first large democracy to ban an innovative technology such as crypto.”

Missing out on a $10 trillion industry

While local opinions differ as to whether or how the bill will evolve into a definitive statutory shape, the Economic Times’ sources were unanimous in viewing the summer’s developments as a retrograde move for the country. Shetty noted that:

“As a country largely reliant on the services sector, India will lose its edge as a technological power if the ban on crypto is enforced. Shunning this industry will mean massive job losses and a brain drain […] Crypto is predicted to be a $10 trillion industry in the next five years, and if we are to achieve our Prime Minister’s goal being a $5 trillion economy, then crypto is integral to that vision.”

As reported this August, Sidharth Sogani — CEO of crypto and blockchain research firm Crebaco Global Inc —- has forecast that India will lose around $12.9 billion worth of market if cryptocurrency is eventually banned in the country.

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Latest cryptocurrency news and prices, 16 September 2019

Today, HTC announced its partnership with Bitcoin.com to add bitcoin cash support for its Exodus 1 blockchain phone. The new function will come …

Bitcoin’s hashing power has reached an all time high as the crypto holds onto support above the $10,300 area. The altcoin markets are for the most part seeing modest gains on the day. Here are your latest cryptocurrency news and prices.

Latest Bitcoin (BTC) news and prices

As per data from BTC.com, a reputable mining pool, bitcoin’s two-week average hash rate has surpassed another major milestone reaching 85 exahashes per second (EH/s) as of 19:00 on Friday. Furthermore, mining difficulty also smashed a fresh record of close to 12 trillion.

Moreover, both the abovementioned figures have jumped 60% since June 14 as per the data from BTC.com.

Bitcoin’s mining difficulty – which is a measure of the difficulty when creating a new block of BTC transactions, adjusts after 2,016 blocks which usually occurs on a fortnightly basis. The phenomenon happens to ensure that the time to produce new blocks remains around 10 minutes, even as hashing power, which is deployed by computers around the world, competing to win newly minted BTC, fluctuates.

Read more here.

(Trading at $10,351.60 at 14:00 16 September 2019)

Latest Ethereum (ETH)news and prices

In the past analysis, we discussed the chances of an upside break in ETH price above the $185 resistance against the US Dollar. The price did gain traction and broke the main $185 and $186 resistance levels. Moreover, there was a close above $185 and the 100 hourly simple moving average. It opened the doors for more gains above the $190 level. On the other hand, bitcoin price remained in a range above the $10,300 level.

Ethereum price even broke the $192 level and traded to a new weekly high at $195. The current price action indicates more gains above the $195 level. If there is a downside correction, an initial support is near the $193 level. It coincides with the 23.6% Fib retracement level of the recent upward move from the $187 swing low to $195 high.

Read more at newsbtc.com

(Trading at $193.87 at 14:00 16 September 2019)

Latest Ripple (XRP) news and prices

XRP’s next hard fork is looming over Ripple, the San-Francisco-based startup behing the world’s third-largest altcoin.

@Crypto_Bitlord, a Twitter user who boasts over 100,000 followers, who claims to hold XRP, has been rallying XRP investors who have shown disappointment in the token’s recent performance, to split from the original ledger in light of Ripple’s alleged dumping of XRP tokens. The plan comes hot on the heels after a popular change.org petition by the same user dubbed “Stop Ripple Dumping,” which has garnered more than 3,500 signatures in the past month.

However, it seems that @Crypto_Bitlords plan seems to be mostly a trolling attempt which is yet to become concrete. Despite this, there are many disgruntled XRP investors out there, many of whom are taking Ripple to court.

Read more here.

(Trading at $0.263030 at 14:00 16 September 2019)

Bitcoin Cash (BCH) news and prices

Native support for bitcoin cash is coming to HTC’s blockchain phone.

Today, HTC announced its partnership with Bitcoin.com to add bitcoin cash support for its Exodus 1 blockchain phone. The new function will come with Bitcoin.com’s preinstalled wallet and be rolled into the Exodus 1 software update. Bitcoin.com will also sell the Exodus 1 and all future versions.

In a statement, HTC’s chief decentralization officer Phil Chen called the update a natural next step for the phone. “The Zion Vault is happy to support BCH natively in hardware so security goes hand-in-hand in the BCH blockchain as an alternative to dominant payment rails and platforms,” he said.

Read more at coindesk.com

(Trading at $307.82 at 14:00 16 September 2019)

Litecoin (LTC) news and prices

Litecoin is among the weekend biggest gainers alongside Ethereum and Bitcoin Cash. The altcoins are said to be fighting to find their path away from Bitcoin. The largest cryptoasset is hovering above $10,300 as discussed in an earlier published analysis.

The lower high pattern recorded last week met its end on meeting the main ascending trendline at $67.52. The buyers pushed LTC above the simple moving averages; the 50 SMA on the one-hour chart at $69.11 and 100 SMA at $69.49. This move allowed the bulls to boost Litecoin upwards and reclaim the support at $70.

Read more at fxstreet.com

(Trading at $71.64 at 14:00 16 September 2019)

Tether (USDT) news and prices

Tether sent another large batch of tokens to Binance today. The issuer of the popular stablecoin has sent $300 million worth of USDT to the world’s largest exchange by volume. According to the company’s website, it’s because they are conducting another chain swap from the Omni protocol to the ERC20 one. This could mean that the Ethereum network will see even more USDT ERC20-based transactions, causing further challenges for its blockchain.

Read more at cryptopotato.com

(Trading at $1.01 at 14:00 16 September 2019)

EOS news and prices

EOS price performed really well in the past few days and it broke the main $3.850 resistance. The upward move was such that the price even surpassed the $4.000 barrier. It is now trading above the $4.100 level and it seems like there could be a minor downside correction towards the $4.000 level.

Read more at newsbtc.com

(Trading at $4.09 at 14:00 16 September 2019)

Binance Coin (BNB) news and prices

The CEO of Binance is facing criticism after wrongly accusing someone of attacking the newly launched bitcoin futures platform.

In an unusual turn of events, a debacle between Changpeng Zhao (‘CZ’) and an unnamed entity ensued over Twitter on September 16.

Zhao originally claimed the party attempted to crash the market serving Binance’s newly-launched Bitcoin $10137.8 +0.07% futures product.

Data reveals a sudden dip in the BTC/USD price for the futures order book, which went from $10,324 to $10,024 in seconds on Sunday evening.

Read more at bitcoinist.com

(Trading at $20.79 at 14:00 16 September 2019)

Bitcoin SV (BSV) news and prices

In 2019, Bitcoin Association has so far sponsored two Bitcoin SV Wallet workshops, which have both been very productive. The first in February gave us the new Paymail protocol (to remove cumbersome Bitcoin addresses from the user experience); the second in August delivered a commitment from many parties to contribute to a wide range of technical standards for BSV.

Bitcoin Association would like to open up this workshop process to the wider ecosystem. The reason this hasn’t been done to date has been the need to protect intellectual property arising from the outputs of these cooperative efforts for the benefit of the Bitcoin SV ecosystem. The two prior Wallet Workshops were conducted on the understanding that their work product was kept confidential until such time as the outputs could be assessed for potential patentable subject matter, and if appropriate, filing of patent applications to protect any relevant inventions generated by the workshop. This was done for the benefit of the Bitcoin SV ecosystem, to prevent competing blockchain and technology platforms from using innovations from the workshops

Read more at coingeek.com

(Trading at $123.55 at 14:00 16 September 2019)

Monero (XMR) news and prices

In a blog post originally published on Sept. 10, OKEx Korea confirmed it would halt trading of Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on Oct. 10.

The reason, said the exchange, is that as since they are focused on privacy, the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force, or FATF.

“Support for trading of 5 different cryptocurrencies, XMR, DASH, ZEC, ZEN, SBTC, will be terminated,” the blog post reads.

Read more at cointelegraph.com

(Trading at $75.93 at 14:00 16 September 2019)

For your daily top cryptocurrency news and price updates, be sure to check in daily at 14:00.

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Bitcoin.com Announces Partnership With Telecommunications Manufacturer HTC

TAIPEI, Taiwan–(BUSINESS WIRE)–. World’s leading telecom manufacturer strikes a partnership to support wallets and Bitcoin Cash on flagship …

TAIPEI, Taiwan–(BUSINESS WIRE)–

World’s leading telecom manufacturer strikes a partnership to support wallets and Bitcoin Cash on flagship products to be sold worldwide

Bitcoin.com, one of the world’s oldest and most established cryptocurrency innovators with over 4 million wallet holders worldwide, and leading telecommunications manufacturer HTC have announced the beginning of a long-term, mutually beneficial partnership to drive innovation and adoption of crypto technologies.

HTC is known for pushing the boundaries of technology with cutting edge, futuristic smartphones, and they have done it again. HTC’s flagship EXODUS 1 smartphone is now the first phone that provides Bitcoin Cash (BCH) support without having to download a BCH wallet from an app store. For existing EXODUS 1 users, updating the software on their devices will provide users with a Bitcoin.com wallet app pre-loaded on their devices.

Phil Chen, Decentralized Chief Officer at HTC said, “The EXODUS vision has always aligned itself towards public blockchains and its fundamental transformative nature of the future of money and the Internet. The Zion Vault is happy to support BCH natively in hardware for security to go hand in hand with the BCH blockchain as an alternative to dominant payment rails and platforms.”

For Bitcoin.com and HTC, this is the first step in a long journey together. Future plans include rolling out to offer special discounts when paying for phones in BCH, to sell the EXODUS phones on store.bitcoin.com, and many more.

Bitcoin.com’s CEO Stefan Rust said, “There are so many synergies between Bitcoin.com and HTC. We are very excited to be on this incredible journey together.”

Bitcoin.com’s Executive Chairman Roger Ver also added, “Bitcoin.com’s partnership with HTC will enable Bitcoin Cash to be used as peer- to- peer electronic cash for all the EXODUS users around the world.”

About Bitcoin.com

Bitcoin.com is supercharged to change the world with Bitcoin Cash (BCH). Our suite of developer tools has been downloaded 36,000+ times from over 100 countries. Our team is the heart and soul of the Bitcoin Cash industry. We’re committed to making BCH available to all people, whatever their age, gender, nationality or financial status. For more information: visit https://www.bitcoin.com/

About HTC EXODUS & Zion Vault:

HTC’s Project EXODUS is a smartphone solution that will power the decentralized web. For more than 20 years, HTC has created foundational technology for worldwide mobile and virtual reality technology. Through EXODUS, HTC is investing in the development and implementation of blockchain technology that will usher in a new area of secure data storage and transactions and take blockchain technology mobile for the first time.

Zion, your private vault on the blockchain, allows you to conduct crypto transactions, view and manage your crypto collectibles, and manage your crypto life while maintaining ownership of your keys. With your Zion Vault, store, send, and request bitcoin, ether, litecoin, stellar, selected ERC-20 tokens, and ERC-721 collectibles.

https://www.htcexodus.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20190916005436/en/

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Thousands of Aussie restaurants will soon accept Bitcoin Cash

Almost half a million Liven App users will soon be able to buy lunch and dinner at thousands of restaurants across Australia using Bitcoin Cash.

Almost half a million Liven App users will soon be able to buy lunch and dinner at thousands of restaurants across Australia using Bitcoin Cash.

Liven is a popular app that provides diners with special offers along with digital tokens as ‘cash back’ style rewards that can be spent at other restaurants in the network.

Gelato Messina, 8Bit Burger, MoVida, Maha, Din Tai Fung, Gazi and Jimmy Grants are just a few of the well-known establishments in the Liven network who’ll soon be accepting Bitcoin Cash and the Liven (LVN) token, along with standard credit card payments, through the app.

Bitcoin.com’s Roger Ver – who became an official Liven advisor back in January tweeted the announcement earlier this afternoon.

“#BitcoinCash is about to become spendable at 1000s of real world restaurants across #Australia thanks to @livenpay who chose #BCH due to its massive user base and ease of use!

#LVN is listing today on http://ZB.com and http://exchange.bitcoin.com soon.”

#BitcoinCash is about to become spendable at 1000s of real world restaurants across #Australia thanks to @livenpay who chose #BCH due to its massive user base and ease of use! #LVN is listing today on https://t.co/01I2NJsD6j and https://t.co/hZZzynHi4e soon. pic.twitter.com/Qh5M5QqZqf

— Roger Ver (@rogerkver) September 16, 2019

Liven is unique

Unlike most rewards programs, you can earn LVN at one venue and spend it at thousands of others.

The company was founded in 2014 by William and Grace Wong alongside university friend David Ballerini.

It received venture capital funding in 2017.

Earlier this year it transformed its ICO into an ongoing “token sale“.

Ver praises Liven for helping spread adoption

“The future of cryptocurrencies depends on practical applications for real people and Liven is a prime example of this,” said Ver when he came on board as an advisor.

“I am excited by this opportunity to grow with them and demonstrate the power of cryptocurrencies to the wider world.”

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HTC’s blockchain smartphone Exodus 1 adds support for Bitcoin Cash

HTC’s blockchain smartphone Exodus 1 has added support for Bitcoin Cash (BCH) through its partnership with Bitcoin.com. According to a report from …

HTC’s blockchain smartphone Exodus 1 has added support for Bitcoin Cash (BCH) through its partnership with Bitcoin.com.

According to a report from Bitcoin.com, HTC has announced BCH support, adding that Bitcoin.com’s wallet app will be pre-loaded on the Exodus 1. In addition, Bitcoin.com will also offer Exodus 1 as well as the upcoming lower priced versions of the device.

HTC’s Decentralized Chief Officer Phil Chen said that the company built the Exodus 1 device to drive the movement to a “fully decentralized web where users have full control over their data and assets.” He added that the first step towards this goal is to allow the crypto community to hold their own keys.

In October 2018, HTC opened access to the first phone of the Exodus project, the ‘EXODUS 1,’ which comes in-built with the Zion Vault – a private wallet on the blockchain that allows users to perform crypto transactions, view and manage their cryptocurrencies and collectibles, while maintaining ownership of their keys.

“The Zion Vault is happy to support BCH natively in hardware so security goes hand-in-hand in the BCH blockchain as an alternative to dominant payment rails and platforms,” Chen said (as quoted by CoinDesk).

CoinDesk noted that HTC previously only accepted bitcoin and ethereum. In May, it allowed users to easily swap between cryptocurrencies within its native wallet through the integration of Kyber Network’s liquidity protocol into Zion Vault.

Chen added that a key reason for adding BCH support is to enable a future “where merchants are using their Exodus device to receive BCH payments at their point of sale (POS)…”

“Bitcoin.com’s partnership with HTC will enable Bitcoin Cash to be used as peer to peer electronic cash for the millions of HTC smartphone users around the world,” Bitcoin.com Executive Chairman Roger Ver said.

TokenPost | [email protected]

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