Your Cryptocurrency Newsletter for February 01, 2021

If you are interested in cryptocurrencies, this newsletter is for you. [img] [img]( [FeedBinary Newsletter]( [Digital Currency Bill: Crypto startups seek clarity on govt’s proposed ban of ‘private’ cryptocurrencies]( Credit: financialexpress.com The RBI in its booklet on payment systems released this week had said that it is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it. As the Modi government looks to introduce a new bill in the ongoing parliamentary session for India to have its own official digital currency, cryptocurrency startups have scrambled to urge the government to engage them in the decision-making process. According to the bulletin of the Lok Sabha on Friday for the budget session, The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 bill sought to ban all “private cryptocurrencies” in the country such as bitcoin except “for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the legislation read. The bill, nonetheless, intended to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.” [cryptocurrencies] The startups are now looking for clarity on the term ‘private’ as cryptocurrencies are based on a distributed and decentralised network that allows them to function beyond the control of the government or any regulatory authorities similar to the internet. “Its success will depend on the details, particularly the definition of what the bill calls ‘private cryptocurrencies’. This is not a common term. Bitcoin is not privately owned by anyone. It is a public good, like the internet,” said Rahul Pagidipati, CEO, ZebPay. “Understanding that cryptocurrency is a global and decentralized system, there is no way any government can ban it. That would require that kind of technology and control, which technically does not rest with anyone. They can certainly ban the legitimate use of crypto which will only make it difficult for a common person who does not understand it to get involved in it,” said Kumar Gaurav- Founder and CEO, Cashaa. Cryptocurrencies are only virtual currencies wherein encryption techniques are adopted to regulate the generation of their units and verify the transfer of funds, operating independently of a central bank. The Supreme Court of India had early last year set aside a circular by the Reserve Bank of India that had imposed a blanket ban on banks and financial institutions from providing services to any individual or business dealing in digital currencies. As the apex court had earlier refused to stay the circular issued in April 2018, the banks and bourses dealing with cryptocurrencies, including bitcoins, had closed down operations for a while. The RBI circular had declared that cryptocurrency-related businesses like virtual currencies, crypto assets, etc, are illegal and had asked banks, e-wallets, and payment gateway providers to withdraw support for such exchanges and other businesses dealing with virtual currencies in India. Startups are now wary of the ban as it might impact investors and people employed in the nascent sector. “We urge the government to take the opinion of all the stakeholders before taking a decision which may affect the livelihood of the entire workforce employed in the digital asset industry in India,” said Shivam Thakral, CEO, BuyUcoin. “We are talking to other stakeholders and will definitely initiate deeper dialogue with the government and showcase how we can actually create a healthy ecosystem in unison,” added Sumit Gupta, Co-founder & CEO, CoinDCX. Importantly, the RBI in its booklet on payment systems released this week had noted that cryptocurrencies have gained popularity in recent years even as the regulators and governments have been skeptical about these currencies and are apprehensive about the associated risks, it said. “Nevertheless, RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it.” “Millions of Indians have already invested in this new asset class. Millions more want the same opportunity to build wealth that investors in other countries already have. We have faith in the government and hope that this bill will move India forwards, not backward,” added Pagidipati. Bitcoin – the most valued cryptocurrency – was worth $624 billion in market cap, theoretically ahead of the market cap of companies like Berkshire Hathaway ($536 billion), Samsung ($499 billion), Visa ($426 billion), Walmart ($397 billion) and more, as of January 31, 2020, per CompaniesMarketCap. [Credit: financialexpress.com]( The post [Digital Currency Bill: Crypto startups seek clarity on govt’s proposed ban of ‘private’ cryptocurrencies]( appeared first on [Feed Binary](. [Read Full Story]( ------------------ [Dogecoin-This Meme-Based Cryptocurrency’s Price Rise to Record High With Over 800%]( Credit: india.com Even though Dogecoin was started as something of a joke or a fun version of Bitcoin in 2013, it gradually gained a following soon after it was created [Cryptocurrency] Dogecoin (DOGE), a digital currency that was initially launched as a joke, based on a viral dog meme, has surpassed all-time high with a 800 per cent surge, giving the meme-based cryptocurrency a market value of about $7 billion. The record high also prompted prompting a congratulatory message from well known DOGE lover Elon Musk who tweeted a picture of dog posing on the cover of a magazine named ‘DOGUE’ instead of ‘VOGUE’. Even last month, a tweet from the Tesla CEO sent the virtual currency’s value flying. Dogecoin, much like Bitcoin, is a cryptocurrency, which was initially started as a joke in the year 2013, by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is instant, fun, and free from traditional banking fees. And now, Dogecoin is the 10th most valuable cryptocurrency by market value, just behind Bitcoin Cash and ahead of BNB. Dogecoin has the image of a Shiba Inu dog from the popular “Doge” meme as its logo. According to a report by Investopedia, even though Dogecoin was started as something of a joke or a fun version of Bitcoin, it gained a following soon after it was created. It is believed that DOGE’s casual presentation suited the mood of the crypto community. “Its scrypt technology and unlimited supply was an argument for a faster, more adaptable, and consumer-friendly version of Bitcoin,” said the report. It added, “Dogecoin is an inflationary coin, while cryptocurrencies like Bitcoin are deflationary because there’s a ceiling on the number of coins that will be created. Every four years the amount of Bitcoin released into circulation via mining rewards is halved and its inflation rate is halved along with it until all coins are released.” And, in the past 24 hours, the price of Dogecoin (DOGE) skyrocketed to an all-time high of $0.082 per Messari, before settling down to $0.073, up 822% and bringing the year-to-date gains to about the same amount. As per reports, over $12 million worth of DOGE was traded in the past 24 hours. Reports suggest that the price of Dogecoin surged steeply after Reddit traders targeted it in an attempt to repeat the unprecedented share rises in heavily shorted companies like GameStop and AMC. As soon as Dogepain price soared, so did the Dogecoin funny memes and jokes all over the internet. Netizens couldn’t just keep calm as Dogecoin’s value increased in matter of a day and flooded the internet with hilarious posts and memes. Many social media users are even urging others to buy in, declaring they could propel the cryptocurrency’s value “to the moon.” [Credit: india.com]( The post [Dogecoin-This Meme-Based Cryptocurrency’s Price Rise to Record High With Over 800%]( appeared first on [Feed Binary](. [Read Full Story]( ------------------ Sponsored Content � � � [fb](  [tw]( ------------------ You received this email because you operate or create content for a website/service and based on your website it seemed like this could be important information to you and your users. Want to change how you receive these emails? [Update your preferences]( or [Unsubscribe](