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Indian govt works on cryptocurrency regulation

Summary:

  • Indian government invites lawyers to present crypto suggestions

  • Wikipedia starts accepting Bitcoin Cash donations via Bitpay

  • Ripple draws a bullish candlestick

Today’s trading on the cryptocurrency market hasn’t brought any notable moves on major virtual currencies. However, it’s worth paying some attention to Ripple as it drew the bullish candlestick at the important technical level on Wednesday. We’ll back to this topic later on. Nevertheless first let’s go to India where the country’s government invited lawyers from Nishith Desai Associates to present suggestions concerning crypto regulations. Note that the company submitted to the government a possible regulatory framework for cryptocurrencies a month ago. One of the three authors of the proposal said earlier this week that “The government is not legally bound to respond to or accept suggestions from the public.” He also added that “Our submission was responded to by the Finance Ministry which was kind enough to invite us to present our suggestions. The presentation mainly consisted of us explaining the suggestions made in the paper … They listened to our proposals with interest.” The report outlines, among others, a number of ways to license cryptocurrency businesses. The suggestions made by the govt included avoiding prohibition, taking a balanced approach and self-regulation for the industry.

The second topic we’d like to focus on - Wikipedia and a possibility to make Bitcoin Cash donations vis Bitpay. This is possible by a cooperation between the Wikimedia Foundation, the non-profit that operates Wikipedia, and Bitpay, the cryptocurrency payment processor. Thanks to this collaboration users are allowed to make donations with Bitcoin Cash. Let us remind that Bitcoin’s acceptance was introduced already in 2014 via Coinbase, albeit Wikimedia decided to switch to Bitpay due to a possibility to add Bitcoin Cash. Bitpay chief commercial officer said that “Bitcoin and Bitcoin Cash are one of the cheapest payment options available so more money goes to charity rather than paying fees. Wikimedia does so much good around the world that it is a privilege to help them raise money.”

Ripple completed the morning star pattern yesterday which was drawn in the vicinity of the support line. In theory it could allow the price to rise beyond $0.35. Source: xStation5
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