Opinion

A banking ban by the Reserve Bank of India (RBI) on crypto in India has finally been lifted by the country's Supreme Court. The Supreme Court ruled this RBI decision to ban crypto in an ongoing case as unconstitutional. The Court concluded its hearing on the case on the 28th of January 2020, after more than a year of hearing proceedings. An extensive hearing of the arguments by the counsel for the Internet and Mobile Association of India, Ashim Sood…

Bitfinex, the 11th largest cryptocurrency exchange based on daily trading volume, is set to delist 46 crypto trading pairs. According to a blog post published on March 2, these trading pairs have been experiencing low liquidity on the platform hence will face removal on March 6, 2020. Delisting Will Improve Liquidity on Bitfinex Bitfinex says removing trading pairs is a common way to increase liquidity in the stock market. It will also result in an optimized and efficient shopping experience…

The Federal Financial Supervisory Authority (BaFin) recently published guidelines under which crypto is a financial instrument. Regarding a press release on March 2, BaFin described crypto as a digital representation of value that is not issued or guaranteed by any central bank or authority. He added that the currency established by law does not tie cryptocurrencies. Hence, they do not have the legal status of currency or money. However, BaFin treats crypto as a medium of exchange accepted by individuals…

On the 2n of March 2020, the National Bank of Fujairah (NBF) announced its partnership with Ripple, a leading blockchain remittance company. The deal aims at allowing seamless cross-border payments through the RippleNet platform. Additionally, RippleNet will enable NBF’s customers to conduct and secure real-time payments with clear end to end tracking of transactions. Vince Cook, the National Bank of Fujairah CEO, noted that banks have to act with agility and look for new and improved methods to provide services…

On the 3rd of March 2020, the US treasury met with industry leaders and finance watchdog experts to debate about supervisory and regulatory challenges facing digital assets, including cryptocurrencies. Steven T. Mnuchin said that the US welcomes responsible innovation that may improve the financial system's efficiency. He added an urgent need to protect the US national security and maintain the integrity of the financial system. Additionally, the treasury focuses on preventing the misuse of digital currencies by money launderers, terrorist…

Binance recently announced its partnership with the largest Turkish Bank, Akbank. Binance is a top crypto exchange in terms of volume. The collaboration will allow Turkish users to withdraw and deposit Turkish Lira (TRY) instantly on Binance through desktop and iOS App with low fees. Earlier, Binance announced support for the Turkish Lira on its platform for Turkish citizens. Zhao’s Views on Akbank Integration with Binance Changpeng Zhao, Binance CEO, pointed out that the exchange is expanding the available options…

SEC filing disclosed that MoneyGram received cash incentives from Ripple amounting to $11.3 million that had wrongfully been reported as profits. However, Ripple’s CEO Brad Garlinghouse set things straight confirming that his company gives monetary incentives to its clients. SEC's Involvement Ripple invested in MoneyGram in June 2020 and has since been pumping huge sums of money into the venture. The revelation comes from a U.S Securities and Exchange Commission (SEC) filing on the 2nd of March 2020.  A recent…

Two major UAE banks, Dubai International Financial Centre (DIFC), and Mashreq Bank announced the launch of a new blockchain data-sharing platform. This announcement was made on the 1st of March 2020, offering a new platform that allows for the instant opening of digital bank accounts. Licensed businesses and corporations will have to verify their identities through an internal blockchain platform. This platform has gone live, open to all corporates and banks based in the UAE. Increased Change and Simplification Signifying…

The past few weeks have seen the BTC price dip below the $9,000 support against the USD. Despite attempts being made to bounce it back, it still ended up settling down below the 100 hourly simple moving average (SMA). BTC Upward Correction Prices recently dropped to a low of around $8,403, before making an upwards correction. Bitcoin is currently trading slightly above the $8,450 and $8,500 levels. A keynote was the recent break above a key bearish line, coupled with…