Monthly Archives: September 2021

Currently, bitcoins and other cryptocurrencies are beyond the purview of legal regulation in India

Indian investors are waiting in anticipation for the official verdict on cryptocurrency exchanges in the country. Even though El Salvador has embraced the digital revolution in currency, India is still mulling over the issue. Last week, Jayant Singh, Chairman of the Parliamentary Standing Committee on Finance, said in an online event that the Indian government would take a distinctive approach to regulate cryptocurrencies in India. The statement came at a time when cryptocurrency is still unregulated in the country. India has a strong base of cryptocurrency investors and exchanges. But investors are still in the dark about the future of cryptocurrency.

Is Cryptocurrency Illegal In India?

Currently, bitcoins and other cryptocurrencies are beyond the purview of legal regulation in India. We cannot call them illegal because they are not yet authorised for use by any central authority in the country. Cryptocurrency remains outside the scope of any guidelines, regulations, or rules. This makes Bitcoin and altcoin transactions riskier because disputes arising from these exchanges will not be legally bound.

Cryptocurrency Taxes

Though India hasn't yet imposed regulations on cryptocurrency transactions, it has asked for transparency in all such undertakings. In April, amendments were introduced in the Companies Act for this purpose. Owing to this transparency, digital asset and the gains thereof are likely to be counted as a capital asset, which is bound by taxes under capital gains. But companies are not yet sure how to treat the different types of gains and income in this regard.

Cryptocurrency Bill

The Cryptocurrency Bill is speculated to be tabled during the Parliament's winter session this year. Its aim is to define and classify cryptocurrency according to the technology involved. An inter-ministerial panel on cryptocurrency recently suggested that cryptocurrencies be treated as digital assets and not currency. There are also speculations that government-enforced crypto coins may become the norm.

What If India Bans Cryptocurrency?

A ban on cryptocurrency in India would mean you won't be able to convert local fiat currency to buy cryptocurrency or liquidate HODL-ed cryptocurrencies into cash. Crypto exchanges will also stop. The ban would ensure that the HODL-ed cryptocurrency stays on HODL until the restriction is lifted.

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Cryptocurrency In India: What Can We Expect In The Future? - NDTV Profit

A University of California San Diego student named Richard Yuan Li was indicted on August 26th for a SIM swapping scheme that involved stealing phone numbers and accounts and extorting at least 40 people for cryptocurrency and other payments, according to a new release the US Department of Justice shared on Monday.

According to the indictment (PDF), Li convinced Apple customer service in 2018 to send him a replacement iPhone 8 for one he claimed was lost in the mail. Li and others then convinced carriers to port victims phone numbers to the iPhone 8 to take control of their accounts and in some cases, drained their crypto wallets directly.

Li and his co-conspirators contacted victims and demanded that they pay ransoms in order to avoid further harm, including additional account compromises, the loss of additional cryptocurrency, and the release of victims confidentiality information the conspirators obtained, the DOJ writes.

If Li is convicted for all counts, including wire fraud, aggravated identity theft, and conspiracy to engage in interstate communication with intent to extort and to commit computer fraud and abuse, he could serve 20 years in prison and pay a fine up to $250,000, among other possible charges.

SIM swapping is the practice of stealing someones identity by assuming their phone number. Typically, numbers from unsuspecting victims are ported over to burner phones often by asking carriers to do it and then scammers use those phones to impersonate the victim and seize control of their online accounts. Lis case is an unfortunate reminder of how common SIM swapping is. In 2019, it even happened to Twitter CEO Jack Dorsey.

Phone numbers being the key ingredient for identity theft has a lot to do with the common way two-factor authentication is set up. By default, many online services offer two-factor authentication but use a mobile phone as the second method for identifying someone. With stolen phone numbers, that can just as easily become a foothold to taking over someones account.

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SIM swapper charged in cryptocurrency theft scheme - The Verge

You wont see them chartering private jets or flexing on TikTok in their $17m mansions, but some female cryptocurrency investors have been quietly accumulating millions.

Rachel Siegel was once a substitute teacher in New York living paycheck to paycheck, as she puts it. Now shes a self-described millionaire and content creator who goes by the name Crypto Finally. This all happened over years of me sitting at my computer in my pajamas, she says. I just spent a lot of time learning and I think anyone could achieve it.

According to a 2021 study brokerage eToro Ltd, women account for just 15 percent of Bitcoin traders, but more of them are getting into the game. Even Reese Witherspoon is on board at the beginning of September, the Morning Show actress announced shed got into Ethereum, tweeting: Lets do this #cryptotwitter.

Leah Thompson, also known as Girl Gone Crypto online, fell down the crypto rabbit hole in 2011 after watching a friend mine currencies. I got to experience that really big 2017 bull run, she says, referring to when the cryptocurrency shot up to 21 times the price from the start of the year. And that was just so exciting to see the Bitcoin I had bought went up to $20,000. The Seattle investor had never seen a return that big: I felt hooked.

But investing in crypto is a high-risk, high-stakes endeavour. For every story of success, there are also people losing their savings and homes. Many of the exceptions who do strike it rich are known for expensive cars, holidays and huge mansions selling a dream of extreme wealth, alongside bragging about their incredible portfolios and offering tips on their YouTube channels and social media. These figures, however, tend to be men.

Puerto Rico-based Wendy O says shes already acquired her first million, but adds that she knew shed made it when she realised she could afford to be a stay-at-home mum and never worry about money again. That point came in 2018, when the former HIV/AIDS healthcare worker started paying for groceries and bills from the money she made from trading.

I grew up very, very poor and lost my dad when I was 11, she says. My mum and my two sisters and I shared a one bedroom in a relatives house until I was like 18, but now I take care of my family.

Wendy first invested in 2017, when her daughter was just a year old. She initially planned to trade stocks but didnt have the $25,000 needed to open a brokerage account, so opted for cryptocurrency instead. By the end of that year, she had bought around $1,000 worth of Bitcoin now worth roughly more than three times as much.

Rachel Siegel and Leah Thompson. Photo: courtesy of subjects

In the UK, Sara Trojanowska (AKA AltCoin Sara) believes there are key differences between how men and women invest. The 28-year-old says that while stereotypes online suggest that men are bullish and are rewarded for taking risks, she thinks the opposite is true. I think women are better investors. They take their time, analyse the markets and arent led by ego.

She says that she invested like a man in 2017 after watching her partner get into crypto, and splashed out without knowing enough about the market. It proved to be a learning curve. Now, Sara says shes financially free her next goal is to become a multi-millionaire by 30 and she claims to be on track to hit it.

But for all the joys of financial elevation, women in crypto are often the butt of jokes. Online crypto culture (namely the funny memes) are the the cherry on the cake of the industry, as Sara says, but the sexism that goes alongside it is hard to miss.

Rachel Siegel knows this all too well. In September 2020, she minted a tame selfie of herself in a robe as an NFT. CoinDesk, a cryptocurrency news site, headlined the story Thirst Traps Explode on NFT Platforms, With Predictably Controversial Results and ran it with a picture of her in a bikini from her personal social media. Some days later, she sighs, she tweeted something inane about Ethereum and was told shut up slut in one of the first comments.

Wendy O struggles with the same thing. I've had men call me stupid, since the day I started posting content, all the time. Its a choice female influencers and investors have to make to participate in crypto culture: Do you join in with the sexism that positions women as morons or sexual objects, or do you call it out and attract even more abuse?

I didn't play like one of the guys for a very, very long time, Rachel says. But I've developed a thicker skin now and Ive started hitting back. I've been more accepted because of it.

For now, being a visibly successful woman in crypto is a double-edged sword, but the joke will ultimately be on their detractors. Women like Wendy and Rachel arent buying Lambos or Bugattis with their Bitcoin, but theyve acquired a level of financial freedom unthinkable to many. Arguably, the real flex is never needing to check your bank account.

@RuchoSharma

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The Women Making Millions Off Cryptocurrency - VICE

Ray Dalio, founder of the world's largest hedge fund, Bridgewater Associates, believes regulators would ultimately take control of bitcoin if the cryptocurrency gains mainstream success.

"I think at the end of the day if it's really successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it," Dalio told Andrew Ross Sorkin Wednesday on CNBC's "Squawk Box" at the SALT conference in New York.

U.S. regulators have stepped up their oversight of the volatile cryptocurrency space as the wild rides in the speculative markets continued to grab attention. Securities and Exchange Commission Chairman Gary Gensler said Tuesday that Wall Street's top regulator is working overtime to create a set of rules to protect investors through better regulation of the thousands of new digital assets and coins.

Bridgewater Associates Chairman Ray Dalio attends the China Development Forum in Beijing, China March 23, 2019.

Thomas Peter | Reuters

Despite some heavy bouts of volatility, bitcoin has been quite successful as of late. The crypto has more than quadrupled the last 12 months and was around $47,500 on Wednesday. It hit a high above $60,000 earlier this year.

"You haveEl Salvador taking it on and you have India and China getting rid of it. And you have the United States talking about how to regulate it and it could still be controlled," Dalio said.

In June, El Salvador has become the first country to adoptbitcoinas legal tender. Meanwhile, India is expected to propose a law banning cryptocurrencies and penalize miners and traders. China has started cracking down on the crypto markets, ordering miners to shut their operations.

Dalio said bitcoin doesn't have intrinsic value, meaning the asset lacksfundamental and objective worth.

"There are so many things in a historical perspective that didn't have intrinsic value and had perceived value. And then it went hot and it became cold. It could be either way. You just have to know what it is. It could be tulips in Holland," Dalio said.

Still, the billionaire investor said bitcoin makes a good alternative to cash, and he owns a smaller percentage of the digital token compared with his gold exposure in the portfolio.

"I think it's worth considering all the alternatives to cash and all the alternatives to the other financial assets. Bitcoin is a possibility. I have a certain amount of money in bitcoin," Dalio said. "It's an amazing accomplishment to have brought it from where that programming occurred to where it is through the test of time."

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Ray Dalio says if bitcoin is really successful, regulators will 'kill it' - CNBC

Bitcoin's value has jumped over $47,000 after improvement in buying sentiment. (Photo: Reuters)

Cryptocurrency prices improved over the past 24 hours as buying momentum surged in the wake of improving investor sentiment. The values of most cryptocurrencies have rebounded after a period of volatility.

Bitcoin, the worlds largest cryptocurrency, crossed $47,000 or 2.95 per cent higher than its value 24 hours ago, at 12:50 pm. Bitcoins market capitalisation jumped to $885 billion and the 24-hour trading volume remained stable at $1.03 billion.

The largest altcoin Ether also rose 2.41 per cent compared to its value 24 hours ago. It was trading at nearly $3,400 and its market capitalisation increased to $397.41 billion. The 24-hour trading volume was, however, lower at $793 million.

Cryptocurrency highlights | Check yesterday's prices

A majority of altcoins saw further improvement in their valuation over the past 24 hours and only some like Cardano and Polkadot struggled to gain momentum.

Commenting on the broad-based recovery, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, We are witnessing a solid buying momentum across the cryptocurrency markets.

"After consolidating for some time, the markets are now inching closer towards their highs for the day. Bitcoin went past the $47,000 mark before facing a pull-back, he added.

The largest altcoin, Ethereum, went past the $3400 level. The star performers of the day were Uniswap and Chainlink. Both of these tokens were under a lot of bearish dominance for quite some time.

Cryptocurrency

Price (US Dollar)

24-hour change

Market cap (Billion)

Volume (24 Hours)

Bitcoin

47,145.80

3.19%

$887.10

$1.03 billion

Ether

3,396.93

2.61%

$398.23

$793.31 million

Dogecoin

0.240800

1.57%

$31.58

$844.12 million

Litecoin

181.69

1.43%

$12.45

$98.92 million

XRP

1.09

0.92%

$108.97

$3.39 billion

Cardano

2.39

-0.88%

$77.18

$292.40 million

DISCLAIMER: The cryptocurrency prices have been updated as of 01:10 pm and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and will be updated daily.

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Cryptocurrency prices today: Bitcoin rises over $47,000 as buying momentum stregthens - India Today

A press release linking the retailer and digital currency together was fake. Both Walmart and Litecoin say they do not have a partnership.

Walmart is the largest retailer in the United States,according to the National Retail Federation. So, an announcement of a partnership with a cryptocurrency would be big news.

On the morning of Sept. 13, apress release was circulated by GlobeNewswire, a service that distributes press releases to media organizations, that said Walmart had teamed up with Litecoin to accept the cryptocurrency as a form of payment. Immediately following the press release, people on social media withhundreds of thousands of followers begansharing the information. News organizations, including Reuters and CNBC, published stories about the partnership announcement.

THE QUESTION

Is Walmart partnering with Litecoin cryptocurrency?

THE SOURCES

THE ANSWER

No, Walmart is not partnering with Litecoin. The press release linking Walmart and Litecoin was fake.

WHAT WE FOUND

Walmart and Litecoin Foundation both said the press release was fake and that they do not have a partnership.

Walmart had no knowledge of the press release issued by GlobeNewswire, and it is incorrect. Walmart has no relationship with Litecoin,the Walmart statement said.

The Litecoin Foundation has not entered into a partnership with Walmart of any kind,the Litecoin Foundation statement said.

According to its statement, the Litecoin Foundation said a member of its social media team tweeted about the illegitimate partnership on the Litecoin Twitter account. That tweet was then deleted.

GlobeNewswire laterissued a notice to disregard the press release. In an emailed statement to VERIFY, the company said a fraudulent user account issued the fake press release.

This has never happened before and we have already put in place enhanced authentication steps to prevent this isolated incident from occurring in the future, the company told VERIFY.

BothReuters andCNBC updated their stories with corrections after the Walmart-Litecoin partnership had been debunked.

Immediately following the distribution of the fake press release, the price of Litecoin surged.

According to CoinMarketCap, a cryptocurrency price-tracking website, the price of Litecoin was around $175 Monday morning and skyrocketed to just over $230 following the fake press release. Once the word spread that Litecoin and Walmart were not partnering together, the cryptocurrencys price fell to around $180.

The hoax partnership announcement appeared to be a case of price manipulation or apump and dump where someone fraudulently causes the price of something to go up and cashes out before it goes back down.

The U.S. Commodity Futures Trading Commission says virtual currencies and digital tokens are largely unregulated and urges consumers to use caution when buying virtual currency.

The VERIFY team works to separate fact from fiction so that you can understand what is true and false. Please consider subscribing to our daily newsletter, text alerts and our YouTube channel. You can also follow us on Snapchat, Twitter, Instagram, Facebook and TikTok. Learn More

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No, Walmart is not partnering with Litecoin cryptocurrency - KING5.com

Hedera Hashgraphs (CRYPTO: HBAR) price has increased 12.72% over the past 24 hours to $0.53. Over the past week, HBAR has experienced an uptick of over 75.0%, moving from $0.3 to its current price. As it stands right now, the coins all-time high is $0.57.

The chart below compares the price movement and volatility for Hedera Hashgraph over the past 24 hours (left) to its price movement over the past week (right). The gray bands are bollinger bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

Hedera Hashgraphs trading volume has climbed 379.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 1.4%. This brings the circulating supply to 9.63 billion. According to our data, the current market cap ranking for HBAR is #35 at 5.12 billion.

According to our data sources, here are few exchanges that currently support HBAR:

BinanceBinance USCoinbase ExchangeeToro USeToro Non USCrypto.com ExchangeVoyager.comGeminiWeBullRobinHood

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Cryptocurrency Hedera Hashgraph's Price Increased More Than 12% Within 24 hours - Benzinga - Benzinga