Flagging the issue of misleading non-transparent advertising on cryptocurrency, Prime Minister Narendra Modi on Saturday chaired an extensive meeting in transit forward for cryptocurrency and related issues in which it was discussed that unregulated cryptocurrencies cannot be allowed for money laundering and terror financing, according to government sources.
The meeting was held after a consultative process done by the Reserve Bank of India, the Finance Ministry, and the Ministry of Home Affairs (MHA) in which global and Indian experts were consulted and global examples and best practices studied.
According to the sources, the government strongly feels that attempts to mislead the youth through over-promising and non-transparent promoting must be stopped.
It was also discussed that unregulated cryptocurrency markets cannot be allowed to become avenues for money laundering and terror financing.
Sources said that the government is cognizant of the way that this is an advancing innovative technology it will keep a nearby watch and make proactive steps.
There was consensus also that the steps taken in this field by the Government will be progressive and forward-looking. The government will continue to pro-actively engage with the experts and other stakeholders.
Since the issue cuts across individual nations’ borders, it was felt that it will also require worldwide associations and collective strategies.
Cryptographic money Stocks Rally as Coin Price Surge Eclipses Rocky Earnings
(Bloomberg) – Shares of cryptocurrency-related companies are rallying with digital tokens to record highs as FOMO has investors downplaying some high-profile misses this earnings season.
Coinbase Global Inc., the biggest digital-asset trade in the U.S., briefly spooked investors this week after revenue in the third quarter contracted more than Wall Street was anticipating amid volatility in the price of Bitcoin and other digital tokens. Crypto miner Marathon Digital Holdings Inc. closed nearly 15% lower on Wednesday after reporting revenue that missed analyst expectations.
Despite the fact that Coinbase and Marathon shares at first sank right after their outcomes, the fervor for all-things crypto keeps on lifting the more extensive area and surprisingly prompted a bounce back in those two stocks in the stocks of recent days. An exchange-traded fund that tracks more than 50 crypto-related companies including Coinbase and Riot Blockchain Inc., advanced 1.8% this week while also setting a record, extending gains since the end of September to 36%. Bitcoin and Ether, which together account for about 65% of the crypto universe’s estimated $2.7 trillion market value, touched all-time highs.
“There’s a lot of short-term volatility in crypto, so you’re seeing it in crypto stocks too,” said Natalia Radyushkin, the chief financial officer of crypto platform Unbanked.com. “But the sentiment is overwhelmingly bullish, and it’s playing out in the fourth quarter — when fireworks usually happen.”
Bakkt Holdings Inc. turned into the most recent crypto organization to be greeted by disappointment after it released results on Friday for the first time since its public debut in October. The shares fell as much as 9.8%.
Investors in crypto stocks might be in for more volatility in the weeks ahead, with crypto extremely Michael Novogratz’s Galaxy Digital Holdings Ltd. set to report Monday and miner Riot Blockchain Inc. the following week.
Still, the rally is giving some bulls the opportunity to stop and think who are trusting that costs will chill prior to giving more cash something to do. Indeed, Even the 8.1% decline in Coinbase the day after its earnings report wasn’t enough to entice Gurgavin Chandhoke, an Ontario, Canada-based individual investor who trades crypto stocks and digital currency.
“I’m waiting for Bitcoin to go down to pick up Coinbase for cheaper,” Chandhoke said. “When it’s going up, people have FOMO and buy.”