India intends to propose legislation prohibiting digital currency trading, while other economies in Asia have opted to regulate the market, Bloomberg Qint reported.

It is anticipated that the India federal cabinet will talk about the legislation prior to the time it moves to parliament, the outlet reported, citing unnamed sources. Blockchain will be encouraged by the federal government, which is not enthusiastic about digital currency trading, according to two unnamed sources in the report.

Moreover, the federal administration’s think tank is looking into potential cases where blockchain technology could be harnessed, the report stated. South Korea and Singapore regulate digital currency trades, while China recently let bitcoin be exchanged as virtual property instead of fiat currency.

In other news, the U.S. Securities and Exchange Commission (SEC) unveiled charges against Washington state-based digital eSports gaming and gambling company Unikrn for holding an “unregistered initial coin offering (ICO),” according to a press release.

The SEC claimed that the company landed roughly $31 million via an offering of the UnikoinGold (UKG) coin. The firm consented to settle the charges through a $6.1 million penalty to be provided via a Fair Fund to investors.

The press release noted that the company agreed to the payment “without admitting or denying the SEC’s findings.”

And Binance Holdings is facing a suit from Japan-based Fisco Cryptocurrency Exchange in a complaint that arose from the purported laundering of stolen digital currency, according to the complaint from Fisco.

According to the complaint, Fisco alleged that “cyber-thieves” took digital currency valued at roughly $63 million in a 2018 hack of the Zaif digital currency exchange. Hackers took a combination of digital currency, including bitcoin. (Fisco had bought the Zaif exchange shortly following the incident.)

After the hack, the complaint said that pilfered bitcoin was tracked to one bitcoin address through publicly available analytics, and that analytics indicated that the Zaif hackers ultimately laundered approximately 1,452 bitcoin via Binance.

“Despite being one of the world’s largest cryptocurrency exchanges, Binance’s ‘know your customer’ and anti-money laundering protocols are shockingly lax and do not measure up to industry standards,” Fisco alleged in its complaint.



Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

(Excerpt) Read more Here | 2020-09-15 16:58:55
Image credit: source


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.