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Huobi and Abra Keep Their Crypto Baskets as Coinbase Bundle Closed

Crypto baskets were the hot trend of the end of 2018, and multiple companies started offering their own crypto bundles. But we haven’t heard a lot about them since. Huobi, Abra and OKEx replied to our requests for comment.

As a reminder, crypto baskets come with a select suit of coins that are often weighted against the market, which means that the percentage of market dominance is also often the percentage that the coin makes up in a user’s bundle. It’s meant to make things easier for the users and lower the risks.

U.S.-based cryptocurrency exchange Coinbase and a popular digital currency wallet and exchange Abra, announced their respective bundles within days of each other in 2018. Coinbase offered its Coinbase Bundle, with five tokens within the basket. However, as it was recently reported, Coinbase quietly removed its Bundle product less than a year since its launch. Their reason for discontinuing the bundles is unknown and the company haven’t replied to our request for comment.

What about the other baskets then?

Singapore-based crypto exchange Huobi was more open about their HB10 Index and its digital asset HB10, that help to invest in 10 coins.

Since its launch in June 2018, “we’ve reconstituted and rebalanced our HB10 product 5 times and it still works well”, a spokesperson of the company toldCryptonews.com, adding that just recently, their average daily trading volume was USDT 955,430.

“It’s been a good fit for certain types of client”, the spokesperson said, adding that ”Traders with very high risk appetite may prefer to trade in tokens that give them a chance at higher returns. However, HB10 it is popular amongst traders coming from traditional institutional markets because its overall volatility rate is small as compared with other single coins, its risk diversification effect is significant, and its overall price performance is stable.”

HB10’s initial net value upon its launch on June 11th, 2018 was USDT 0.9158, while its latest net value is USDT 0.6757. Its asset size stands at USDT 36,7 million, according to their website. The HB10 Index consists of BTC, BCH, BSV, EOS, HT, ETC, XRP, ETH, LTC, ADA.

Meanwhile, the aforementioned Abra, in cooperation with Bitwise Asset Management, provides Bitwise 10 (BIT10) index, which tracks the price of 10 coins. There is a USD 5 minimum investment, no restrictions on entry or exit timing, and no fees. Since June 6th though, Abra no longer offers BIT10 in the United States because of regulatory uncertainty in its market. Nonetheless, Abra told Cryptonews.com that it’s “seeing solid growth” for this product among the international users. “It’s a great option for retail investors because it gives them a simple way to get exposure to the crypto market and benefit from the diversification and rebalancing of index investing”, Abra explained without providing any numbers. Just a week ago, due to regulatory uncertainty, the crypto wallet was forced to make changes that impact its U.S. customers.

Bitwise 10 Large Cap Crypto Index is rebalanced each month and now includes BTC, ETH, XRP, LTC, BCH, EOS, XMR, XLM, DASH, ADA.

Also last year, major crypto-to-crypto exchange OKEx introduced its two indices, OK05 and OK06. However, it serves as an index only in providing a benchmark of the market.

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LG Electronics and Unicorn Could Create Cryptography Companies

The cryptocurrency scene in East Asia could soon host two new Great Success players, namely South Korean mobile telecom provider Toss and electronics giant LG.

According to a Newsway report, Toss is one of three mobile phone companies waiting for a securities trading license from the Financial Services Commission (FSC) in South Korea. The Toss app has about 12 million active users and last year the company got a unicorn. The company’s financial sponsors include PayPal and COME VC in the United States and South Korea.

If the report states that Toss has been approved by the FSC, it is “very likely” that the company will move “into an area that includes investments in cryptocurrency”.

I will submit your request to the FSC on May 30 and the regulator will announce its decision at the end of July. Korea Foss Securities and Cocoa Group’s KakaoPay subsidiary are the other two companies that ask the FSC to handle securities issues. Member of the Government Council of X Klaytn, and it is known that the entire cocoa group is interested in blockchain technology and activities based on cryptocurrency.

1xBit
Meanwhile, LG Electronics is filing a patent on the so-called ThinkQ wallet for an application registered with the US Patent and Trademark Office. The company already offers a wide range of products, smartphones, applications and services. with IoT compatible in your THINQ offer extension as per presentation includes LG products and services recently added to your wallet application:

Cryptocurrency for mobile electronic purse pairs.
Question of the virtual currency.
Provide multiple payment options via customer-managed electronic terminals on the site available in retail stores
Electronic bill payment services.
Yesterday, Cryptonews.com announced the portfolio reported by the Samsung blockchain. You will see a range of new DAPPS for AVAILABLE users of the company’s SMART Galaxy S10 phones.

The company will use its own blockchain platform, Monachain, and will conduct its operations in South Korea. Beginning of the Sayit Blockchain.

As already mentioned, LG is working with a KB bank in Payment Platform, which seems to endanger LG’s jet.

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Bitcoin predicts a parabolic jump of nearly $ 14,000, an increase of 320% since December, as the euphoria sets in

A cryptographic winter for digital assets has given way to a white summer.
The world’s # 1 cryptocurrency reached its highest level in about 17 months on Wednesday, rising to almost 60% in June.
At the peak of the day, Bitcoin BTCM19, -6.91%, a daily high of CME Group Inc. reached -3.17% to $ 13,680, according to FactSet.
BTCUSD bitcoin prices, + 1.39% on CoinDesk, also jumped over $ 13,000. But on Wednesday after the crash of the Coinbase website, prices dropped by more than $ 1,700 in just a few minutes. The site was online again Wednesday night and priced at $ 12,400.
Bitcoin, the 2009 digital coin, generated a market value of $ 237 billion, the total amount of Bitcoin in circulation. Wednesday’s rally means that Bitcoin now represents 62.6% of all digital currencies collected on the CoinMarketCap.com data website. At its peak on December 16, 2017, Bitcoin’s market value was $ 326.5 billion.
About do not know what has pushed the price of Bitcoin on the rise lately, but after the values ​​at unintir in December have reached $ 194.96 3, assets rebound, 319% rise.
Bepaalde market participants point out the increase in investment volume in the bitcoin, suggesting a growing appetite for cryptographic assets, while institutional investors, traditional companies include cryptography projects launched.
Michael Moro, CEO of Genesis Global Trading, the digital currency trading platform, said in e-mailed comments, “Volumes are two to three times higher than 12 months ago.”
“While this increase and volume is due to the increased activity of our usual buyers of hedge funds and family offices, we have created a new and interesting group of buyers: Private School Foundations, which supports the spread of Bitcoin and Crypto,” he said.
The game Libra proposed by Facebook Inc., -0.62%, use blockchain, digital registry technology crypto currencies, which underlies the bitcoin underlying a digital currency like the social media giant and its dozens to create Uber Technologies Inc. UBER, -1.37% Visa Inc. V, -0.13% MasterCard Inc. MA, + 0.60% in PayPal Holdings Inc. PYPL, -0.25%, Hope is becoming a global payment system.
This has generally been seen as an implicit acknowledgment of technology blockchain and, to a lesser extent, cryptographic assets that were developed digitally for the first time over ten years ago, when a person or people known as Satoshi Nakamoto have struck the first Bitcoin ,
However, the strong recovery has led some crypto experts to be cautious with early investors.
Jeff Dorman, chief investment officer of the company’s management of cryptographic Arca Investments, told Marketwatch that the parabolic rise of bitcoin in June gave the impression that the asset was now “overbought and had to fall while red”.
“We’re seeing a lot of signs and they’re all overbought,” Dorman said.
Thomas Lee Fundstrat, a popular crypto bull, said last week that he is tracing the rising prices of bitcoins to investors ‘FOMO’ u missed the fear of the operator. He predicts that prices will eventually reach $ 40,000. Lee made a series of false predictions for Bitcoin in 2018.
Bitcoin futures have risen 270% since the beginning of the year, and Bitcoin-indexed assets have also risen.
Graustufen Investments, a subsidiary of Digital Currency Group, is betting the greyscale bitcoin trust GBTC, a popular way managed on bitcoin, to raise 325% in the premium 2019 semester.
By comparison, the DJIA Dow Jones Industrial Average rose, -0.04% to 14% this year, the S & P 500 SPX jumped -0.12% to 16.5%, while the Nasdaq Composite COMP Index, + 0, 32% reported 19.3% in 2019 on Wednesday afternoon, according to FactSet data.

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Coinbase Leads the ‘Most Trusted’ Exchanges Ranking, Binance is 8th

By Sead Fadilpašić

Below, is the top 10 “most trusted and reliable exchanges” “for investors and traders who want to identify the best venues for their risk appetite,” ranked by crypto market data provider CryptoCompare.

Today, the company launched its inaugural Exchange Benchmark in response to the problem of wash trading and inflating volume through incentivized trading schemes.

Here is how they have ranked the “most trusted and reliable exchanges”:

  • 1. Coinbase – grade AA, total: 60.30
  • 2. Poloniex – grade AA, total: 59.90
  • 3. Bitstamp – grade AA, total: 59.60
  • 4. bitFlyer – grade AA, total: 57.20
  • 5. Liquid – grade AA, total: 56.30
  • 6. itBit – grade AA, total: 56.0
  • 7. Kraken – grade A, total: 54.10
  • 8. Binance – grade A, total: 54.0
  • 9. Gemini – grade A, total: 53.20
  • 10. Bithumb – grade A, total: 53.10

The ranking components include: geography, legal/regulatory, investment, team/company, data provision, trade surveillance, and market quality. We see that exchanges in the top 10 category have received either AA or A grade, and all are in the 50-59 score range, save for Coinbase that is just above 60, though the differences in scores between an exchange and the one that immediately follows or precedes it is small. While most of these are relatively strong in the investments and market quality categories, certain points have been lacking in the geography and trade surveillance categories.

There are ten exchanges, ranking 101 to 110, that have received the F grade. These are: Upbit Singapore (17.90), Coinroom (17.40), Yobit (17.20),Bit-M (16.90), AidosMarket (16.00), IQFinex (15.10),Ethermium (14.60), CryptoExchangeWS (13.10),LiveCoin (13.00), FatBTC (11.20) – all significantly lacking in the legal category. However, according to CryptoCompare, Exchange Benchmark indicates that the exchanges who got C-F grades have increased market share by 30% in the last 12 months.

Meanwhile, one of the top rated exchanges, the U.S.-based Poloniex, faces a backlash from the community that is unsatisfied with their risk management, and they might even face lawsuits. However, news about the exchange’s problems surfaced in June, while CryptoCompare based its rankings on data collected in May.

Also, following a number of unfortunate events, Coinbase got into the #DeleteCoinbase crisis earlier this year.

Overall, the Benchmark is ranking 110 active spot exchanges globally, “offering investors and traders a comprehensive, granular and reliable source of information on the best trading venues”, according to CryptoCompare.

The ranking methodology is comprised of a combination of:

  • 34 qualitative metrics – due diligence checks consisting of six main categories designed to rate each exchange qualitatively on the basis of the above-stated ranking components;
  • and quantitative metrics – measuring market quality through a combination of five metrics the objective of which is to measure the cost to trade, liquidity, market stability, behavior towards sentiment, and “natural” trading behavior.

Trading volume is not used directly in the ranking, as volumes can be easily manipulated, CryptoCompare concludes, and any untrusted exchange can provide false data.

Finally, “Metrics were categorized into several buckets and distributed fairly,” they explain, “to arrive at a final robust score, ensuring that no one metric overly influences the overall exchange ranking.”

Meanwhile, just recently, it was also reported that only 10 out of 83 cryptocurrency exchanges, analyzed by crypto investment company Bitwise Asset Management, passed a test aimed to show if they were reporting systematically inflated bitcoin trading volumes. Out of the above mentioned exchanges, seven were on the “passed” list to: Poloniex, Bitstamp, BitFlyer, itBit, Kraken, Binance, and Gemini.

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Soared 160% in 5 months, where did Bitcoin’s madness start this year?

Since the beginning of 2019, the price of bitcoin has been “all the way to the north”. Since the beginning of the year, it has risen from 3,300 US dollars per piece to the current 8500 US dollars per piece. In just five months, the increase rate is as high as 160%, which has regained the last year of a bear market. The full decline in the last 7 months.
Although for the “super-emerging market” of digital currency, traditional financial people often ridicule their lack of logic, price volatility is terrible and there is always no valid explanation. The inefficient market pricing leads to news-to-price feedback. “random”. But since the beginning of 2019, this wave of bitcoin has not been accidental.

In February of this year, Grin and Beam were officially released under a privacy policy called MimbleWimble’s new privacy protection protocol, which verifies the sender’s and recipient’s private keys without transmitting any information. While the identity of both parties to the transaction is kept secret, the transaction is almost impossible to track, which is the best of both worlds. With Li Qiwei’s announcement of the plan to introduce the MimbleWimble privacy agreement in the Litecoin upgrade, the price of Litecoin has risen sharply. Since the digital currency world has always had “bit gold, Wright silver”, the motivation behind the creation of Litecoin is to improve bitcoin. Bitcoin also benefits indirectly.
After the currency restarted the Launchpad crowdfunding platform and completed the fundraising of the two projects of BitTorrent and Fetch.AI, the currency platform BNB went out of a wave of explosions. Subsequently, the concept of IEO suddenly sprang up, Prime, JumpStar, stellar plan… The “preferred” platform of each project rose from the ground up and became a new phenomenon-level hotspot in the cryptocurrency market. The attention and participation of the entire digital currency market ushered in Another wave of climax in the first half of this year.

The interest of traditional “giant” companies in the fast-growing digital currency ecology has also given considerable support to Bitcoin, a market-represented currency. In the list of companies that have already laid out or decided to participate in the ecological layout of the digital currency market, we can see leaders in various industries such as Facebook, Disney, Nike, Samsung and Fidelity. Among them, Facebook has announced that it will officially release its own digital currency GlobalCoin in the first quarter of next year; Samsung has built a hardware wallet in the flagship model S10 in the first half of this year, and is developing a blockchain main network based on Ethereum, which is likely to become The technical reserve of the currency; and recently the telecommunications giant AT&T also announced that it began accepting payments in digital currency.

Furthermore, the market still has some expectations for bitcoin ETFs such as VanEck / SolidX that have been postponed many times. US Securities and Exchange Commission Commissioner Hester Peirce said in an interview at the 2019 New York Consensus Conference that the time is now ripe for the approval of Bitcoin exchange-traded funds, and that each application may be approved, but the SEC still has some issues to solve. Such as market manipulation and asset custody. And because the US Securities Exchange Act requires the US Securities and Exchange Commission to decide whether to approve an exchange-traded fund within 240 days from the date of registration, if the SEC does not make a decision after 240 days for any reason, the exchange trades. The fund will be automatically approved. Therefore, the market generally believes that we are very likely to see the birth of the first bitcoin exchange-traded fund before October 13 this year.

The lightning network, which appears to be able to provide a more reliable payment solution for Bitcoin, maintains a high-speed growth momentum and provides a very direct boost to Bitcoin’s further strength. The Lightning Network allows for a large number of transactions to be carried out without the Bitcoin network expanding, and the transaction fee is almost zero. More importantly, the lightning network is able to achieve seconds.
As Bitcoin officially broke through the $8,000 mark, market trading volume has continued to soar in recent times, and the arrival of the flood season has also caused miners to “wake up”. Today, bitcoin continues to occupy the headlines of major websites. The bear market atmosphere of the past year is gradually dissipating, and market confidence can be quickly rebuilt. Bitcoin is obviously also “cognitive” by more people in this process, and is thus “recognized” by more people.

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The volume of the three major currencies has reached a new high, and hundreds of altcoins have skyrocketed

In the past few days, the cryptocurrency has risen sharply. Bitcoin has repeatedly broken through the two barriers of 7,000 US dollars and 8,000 US dollars. It once reached 8300 US dollars, and this year, the increase rate exceeded 110%.
As the market soars, the trading volume of trading currencies also rises.

The Odaily Planet Daily found that the overall market trading volume of bitcoin and digital currency has reached record highs. On May 16, the total daily trading volume of the cryptocurrency market hit a new high again, reaching 106.9 billion US dollars. These days’ data have broken through the previous historical highs. On January 5, 2018, the total daily trading volume of the cryptocurrency market reached 70 billion US dollars, a record high.
Among them, BTC, ETH, LTC transaction volume growth is particularly obvious. The Odaily Planet Daily found that among the top 10 currencies of the current market value, the single-day trading volume of BTC, ETH and LTC all broke the historical high.

On May 14, BTC reached US$34.9 billion. Today’s (16th) trading volume was approximately US$32.5 billion, after a record high of US$23.5 billion on January 6, 2018. On May 16, 2019, the ETH transaction volume reached $15.1 billion, exceeding the historical maximum of $9.797 billion on January 11, 2018.
Mainstream currencies are active and trading volume is high

The top ten currencies in the market capitalization, BTC, ETH, LTC trading volume is particularly prominent. As for other cryptocurrencies, such as XRP, the recent trading volume has not broken through the historical high.

Market participants generally believe that an important reason for the increase in trading volume is the increase in market incremental funds, which has led to active market transactions.

“In recent months, it has been a record high. This means that there is a lot of money running into the market.” OKex analysts believe that the main reason for the collective rise in digital currencies came from the rebound of low prices in the previous period before May. After May, due to changes in the global economic situation, the main driving force came from the risk aversion purpose of funds. In the cold winter of the market early this year, the price of many digital currencies has been lower than the average price before the winter. Driven by good news such as IBM, Facebook and other large companies announced to enter the digital currency field, the platform currency rose at the beginning of the year, the market gradually got rid of the pessimism in the bear market some time ago, so the price of digital currency ushered in rising.

Digital currency brokerage 1Token senior analysts believe that BTC is favored for three reasons: First, Bitcoin will be halved again in May next year, according to historical experience, each halving will open a round of halving; second is Institutional investors are running into the market this year. For example, grayscale investment company grayScale Investments, its bitcoin investment trust, hit a new high of $140 million in the year on 5.13, including CME bitcoin futures and Grayscle are strictly regulated. The common investment tools of institutional investors; the third is the impact of trade wars, active funds need to find a way out or hedge, Bitcoin bears part of this function.

The future analysts of the blockchain asset management platform said that the increase in trading volume was mainly caused by quantitative institutions and market makers. He explained that early quantitative institutions and market makers frequently traded in the recent market, causing the total volume of transactions to continue to rise.
The cryptocurrency analyst “No. 7 trader” said, “The skyrocketing market has attracted large funds to enter the market. The entry of large funds has adversely affected the market’s further rise. The market has become dominated by stock funds.

The reason for the surge in LTC transactions, “Seventh Trader” believes that the main reason is that LTC is about to be halved in August this year. The halving of block rewards will lead to an increase in mining costs and a halving of production, which will significantly support the price of Litecoin and its intrinsic value. “LTC is a main line of the first half of the market, halving the market with ‘big pie’ (BTC) to get rid of the $3,000-4,000 area.”

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How to use Coinbase?

Coinbase was Founded in June of 2012, Coinbase is a bitcoin wallet and platform where merchants and consumers can transact with the new digital currency bitcoin. We’re based in San Francisco, California. Bitcoin is the world’s most widely used alternative currency with a total market cap of approximately $3.5 billion. The bitcoin network is made up of thousands of computers run by individuals all over the world.

Coinbase is the world’s most popular way to buy, sell, and use bitcoin. Create a bitcoin wallet where you can securely store bitcoin. Connect your bank account so that you can exchange bitcoin into and out of your local currency. Buy your first bitcoin to begin using the future of money.

Coinbase has three core products: an exchange for trading bitcoin and fiat currency, a wallet for bitcoin storage and transactions, and an API for developers and merchants to build applications and accept bitcoin payments. The company offers buy/sell trading functionality in 25 countries, while the wallet is available in 190 countries worldwide. The exchange can be funded through a bank transfer or wire, and trades on the exchange have a maker/taker price model in which traders pay either a 0.25% fee (taker) or nothing (maker) to execute trades.With Coinbase, bank transfer transactions can take up to 5 business days and may come in increments. Coinbase is limited on amount that can be bought dependent on level of verification.

 If you are gambling, sports betting, casino, poker ect then do not use coinbase. They prevent the the withdrawal to known bitcoin addresses associated witth such sites. Perhaps they have legal reasons which we can understand, however this action is against the concept of bitcoin, where you have freedom of speech in regards to transactions.

Coinbase is the most well known exchange in the USA. It is clear
who owns the exchange and they are in compliance of current regulations.
Recently they attracted some really big investors. Coinbase is easy
to use for turning fiat (dollar$) into bitcoin. Coinbase is not really
built for day trading.

Ease of use
Coinbase is easy to use and the verification process is straight forward

Security
There have been no major security breeches and they have paid large
bounties for people that found security issues. There is a unconfirmed story going around about an email database that was stolen, but this is still unconfirmed.

Trust
Coinbase is solvent, they have big investors and don’t look like they are in any danger of going bankrupt. The exchange is a US based company and they are in compliance
of all current regulations.

Anonymous
No, you have to verify your account

Day Trading
Coinbase is not set up for day trading

Altcoins
You wont find Litecoin or any other altcoins here.

Ease of use: A+
Security: A+
Trust: A+
Anonymous: No
Day Trading: C

 

The Article Copy from http://www.payinghyiponline.com/coinbase.html

 

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Aussie Banks Still Cold to Cryptocurrency Businesses Despite Regulation

The Commonwealth Bank of Australia (CBA), Australia’s largest bank, however, revised its policies 14 months ago to prohibit virtual currency purchases via credit card. Despite this, a Commonwealth Bank spokesperson stated that “customers are still able to buy and sell cryptocurrencies using their CBA transaction accounts and debit cards.” CBA subsidiary Bankwest shares the same policies.

Few Banking Options Available to Australian Cryptocurrency Businesses

News.Bitcoin.com was unable to find an Australian financial institution that expressed a willingness to bank cryptocurrency businesses.

Of the major banks, while CBA and Westpac declined to comment on the matter, an ANZ spokesperson indicated that the company’s policy “is to not bank businesses that operate as issuers, dealers or exchanges of digital or crypto-currency as they are outside of our risk appetite.” A spokesperson for regional bank Suncorp also indicated that the company does not provide “services to cryptocurrency businesses.”

The country’s credit union also appears to hold policies that are cold to cryptocurrency businesses, with a Newcastle Permanent spokesperson indicating that the entity does not partner with crypto companies, nor does it permit cryptocurrency purchases using its credit cards.

https://news.bitcoin.com/aussie-banks-cold-cryptocurrency-businesses/

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Indian Supreme Court Confirms New Date for Crypto Case

During the hearing on Friday, India’s supreme court was expected to hear about the country’s crypto regulation from the government as well as address the petitions against the banking restriction by the central bank, the Reserve Bank of India (RBI). However, the courtadjourned without much progress on either matter.

News.Bitcoin.com talked to lawyer Jaideep Reddy on Tuesday who was at the hearing about what actually happened. He represents the Internet and Mobile Association of India (IAMAI), on behalf of Nishith Desai Associates, in its writ petition against the RBI ban.

Indian Supreme Court Confirms New Date for Crypto Case

“The matter started with a counsel for the respondents asking for a passover of the matter (i.e., for the matter to be heard at the end of the list for the day). However, the Bench stated that the matter should be heard and that a passover would not be entertained,” Reddy explained. “The respondents are both the government and the RBI, among others,” he clarified. Regarding the banking restriction, he detailed:

Mr. Gopal Subramanium, Senior Advocate for IAMAI, stated to the Bench that this is a matter of high importance and should be heard at length. The counsel for the respondents then asked for the matter to be heard on a non-miscellaneous day … The Bench accepted this request and has now ordered that the matter be heard on July 23, which is after the court’s summer vacation.

Reddy also noted that “Mondays and Fridays are ‘miscellaneous’ days of the supreme court and the present matter is considered to be of a ‘non-miscellaneous’ nature.” The recently released court order from Friday’s hearing confirms the new date. “Upon hearing the counsel the court made the following order … List the matter on 23rd July, 2019,” the order shows.

 

https://news.bitcoin.com/indian-supreme-court-new-date-crypto-case/

 

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Indian Bitcoin Users in the Dark Over Their Tax Liabilities

Fake Invoices

Under the ongoing ban, cryptocurrency users cannot enter the Indian fiat system. Banks in both public and private sector adhere to the guidelines set by the RBI, which means that their account holders have to follow the same rules indirectly. So if a user, say, sells a bitcoin token in an over the counter trade and receives Indian Rupees in return, he/she violates the RBI’s crypto banking ban. Generally, most of these traders are cash-settled, which leaves no means for RBI to detect their presence. However, traders using internet banking conceal such trades using fake invoices.

On the promise of anonymity, the owner of a New Delhi-based over-the-counter cryptocurrency exchange told NewsBTC that they were conducting $4,000 worth of crypto-trades every day.

“Many a time, we have to create fake invoices for crypto transactions exceeding Rs 49,000 (~$711),” she said. “Generally, we make it look like IT support services.”

The owner explained that they were forced to take these measures because of the lack of cryptocurrency regulations, adding:

“I and my cousins were investing in bitcoin since 2015. We could not just dump everything following the RBI ban. We are ready to declare our assets and pay taxes if they create a law. But so far, they have not given any indication towards that direction.”

It is worth noticing that, in February last year, India’s Central Board of Direct Taxes, issued 100,000 tax notices to cryptocurrency traders and investors. Chairman Sushil Chandra said that they “felt” that profits made from cryptocurrency investments were a taxable event, citing finance minister Arun Jaitley’s vows to eliminate illicit use of cryptocurrencies.

Pending Supreme Court Case

The Supreme Court of India is now hearing a case challenging RBI’s authority when it imposed abanking ban on the crypto sector. India’s apex court earlier ordered the central bank to present their crypto regulation proposal’s first draft in four weeks, a deadline which is ending this March 29, two days before the fiscal year close.

RBI did not reveal whether or not it would ban bitcoin, considering the bank has remained mum over its perspective on crypto regulations so far. Based on the outcome, taxpayers could gain some clarity over how they should perceive their crypto investments. Till then, declaring crypto assets could push them to either side of the pit.

Exclusive: Indian Bitcoin Users in the Dark Over Their Tax Liabilities