No ban on crypto advertisements; to soon come out with Bill, says Nirmala Sitharaman

No ban on crypto advertisements; to soon come out with Bill, says Nirmala Sitharaman

The government will soon introduce a new crypto bill, said Finance Minister Nirmala Sitharaman during Question Hour in Rajya Sabha today.

The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 seeks to ban all but a few private cryptocurrencies to promote underlying technologies while allowing an official digital currency by RBI.

After approval of the Cabinet, the government will introduce a new crypto bill in Parliament after Cabinet approval, FM Nirmala Sitharaman said.

Speaking in Lok Sabha, the finance minister said, “We are close to bringing a bill in parliament.. It will be introduced in the house once cabinet clears the bill.”

The government will not ban advertisements on cryptocurrency. Stating this in Lok Sabha, Finance Minister Nirmala Sitharaman said, “This is a risky area and not in a complete regulatory framework. No decision was taken on banning its advisements. Steps are taken to create awareness through RBI & SEBI.

Anndy Lian, Chairman, BigONE Exchange said, “There is a need to have a good understanding on how cryptocurrencies in India will be like. Firstly, there is no blanket ban. The crypto bill in circulation is an old bill. The regulators are reworking on the new bill. Secondly, there is no proposal to recognise Bitcoin as a currency. With the given scenarios, it is only right for the government not to ban advertisements on cryptocurrency related promotions. But do bear in mind, there are advertising laws in India such as the Press Council of India Act, 1978 and there is an Advertisement Standard Council of India to observe fairness. Therefore, this does not mean that crypto companies can go “Wild Wild West ” and put up misleading messages or advertisements promising sure-win schemes.”

Govt not to recognise bitcoin as currency

On November 29, Sitharaman in reply to a query on whether the government has any proposal to recognise Bitcoin as a currency in the country, the Finance Minister said ”No, sir”.

The Ministry said, “Cryptocurrencies are unregulated in India. RBI has vide its circular dated May 31st, 2021, advised its regulated entities to continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances.”

The government will look at a regulatory mechanism like it is done for currency by Reserve Bank of India (RBI), according to news reports. Cryptocurrency could be treated as a commodity and will be taxed. There will be a regulatory mechanism on cryptocurrency like there is RBI for currencies.

The Government has received a proposal from RBI in October, 2021 for amendment to the Reserve Bank of India Act, 1934 to enhance the scope of the definition of ‘bank note’ to include currency in digital form.

 

 

Original Source: https://www.freepressjournal.in/business/no-ban-on-crypto-advertisements-to-soon-come-out-with-bill-says-nirmala-sitharaman

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Commentaries by Anndy Lian “New Global Standards Come with the Marriage of Binance & Coinmarketcap”

Commentaries by Anndy Lian “New Global Standards Come with the Marriage of Binance & Coinmarketcap”

Blockcast: We are doing interview sessions with crypto and blockchain people weekly and it has been quite a while since we speak to Anndy Lian. He is still an intergovernmental blockchain advisor and is very active in South East Asia, Japan, South Korea and most recently in Sri Lanka.

So today, we have Anndy on the call with us. Hi Anndy, it is good catching up with you. We have not met face to face yet, my name is John, the newest member at Blockcast.cc.

We have seen your comments on a Cointelegraph article. Blockcast and a few other Korea based media companies would hope to find out more of your views on Binance’s influence over Coinmarketcap.

(Image Credits: Cointelegraph)

 

In your view, are the data on exchanges and ranking platforms accurate and trustworthy in general?

Anndy Lian: Thanks John for the call.

The data that is tabulated by the exchanges are certainly not the correct value. If they are accurate, bitcoin would have a trillion market cap next week (Just saying). But as of now, these data are what the industry can make do with. Many ranking platforms have their way to tabulate the scoring, mostly are based on volume. This is not good enough, that is why CoinMarketcap came up with a slightly different weightage to test it out.

Blockcast: Having said so, what is then the most effective and trustworthy methodology for ranking exchanges? Do you think web traffic is enough?

Anndy Lian: I think what CZ and CoinMarketcap did with the input of web traffic might be a good starting point but as I commented openly, this is not good enough. CZ also mentioned on Twitter that this is just the beginning.

Having said so, there is no one most effective methodology, there will still be grey area for example when the metric was purely based on volume, the volume can be manipulated. When the web traffic is introduced, with added variables like unique visitors, unique mac address, IP, etc, this can also be manipulated. So there isn’t one metric fit all approach when ranking is concerned.

There must also be a component to score based on geographical locations too. Just quoting an example based on my own opinion. The web-based model works well for the USA and European users’ market. This is reflected on the current top 100 exchanges where you see Huobi (Ranked 18th) and Okex (Ranked 6th) who have more Chinese users technically are ranked much lower. Chinese users, in particular, are doing more trading and monitoring through apps and not web. Therefore, incorporating app or API traffic could be another add on. I could be wrong, I am just looking at this from a third-party standpoint.

(Image Credits: Coinmarketcap)

 

To be effective, there must be a revision of the current methodology and weightage model. Firstly, the actual trading volume must be as accurate as possible, the numbers must not be washed and for this to happen, mechanisms such as taxable trade should come into the picture to beef up the indexes and create a level 1 trustworthiness for both the exchanges and retail/ professional investors. We should also adopt some of the practices that are done in the financial exchanges so to make the ranks meaningful.

Blockcast: Is an exchange rating platform being owned by an exchange an inherent conflict of interest?

Anndy Lian: To be honest, it is not ideal for an exchange to own an exchange rating platform especially in the early stages of this industry.

Take Binance for exchange, people will start to gossip that Binance is on top of the charts because they are the owners. But is this true, we are not sure.

But I believe it can be done too with proper compliance and governance and also arm length relationship would be good enough too for Binance and Coinmarketcap. They have to properly address this to all the stakeholders constantly so to assure them of the independence between the 2 companies. They can also look at having all the data stored in a decentralised platform to ensure data integrity. All the little bit helps.
People will continue to speculate and spread more rumours especially when the number 1 exchange bought the number rating platform. If you look at this from a business perspective, if you can buy the best company, of course, you will buy the best in the basket. But the future lies in how Binance and Coinmarketcap manage the governance and compliance aspects of things. This is the key.

Blockcast: What are the possible upsides for the industry with Binance at the helm of Coinmarketcap?

Anndy Lian: For Binance, I have been following CZ on Twitter for a long while. He has followed me too. So I have read many of his posts and chain of thoughts. With this as the background, I think for Binance to take the helm, it has more positives than negatives in my opinion.

They will help to set a new standard on how all the crypto companies and exchanges are ranked. I believe they will also try to have stricter criteria for companies to be listed, they can also set the standard and start to execute them on Binance using their platform for trial and error.

New standards such as companies must submit details of the top 3 personnel of the company, they should be declaring their income, background etc and be digitally proven documents on-chain etc. While these are just my wishful thinking, I believe strongly only the leaders on the very top of this industry can put together new standards. We will all see new global standards with the marriage of Binance & Coinmarketcap

Blockcast: We noted your pinned message on Twitter. My wish list for this year: 1) Help more companies to go into #Blockchain 2) Start a new project that can help the blockchain community 3) Become part of a top 20 token 4) Make a token to become top 50 on CMC. What is this about?

Anndy Lian: This is just my wish list. As you know, I invest in companies, run companies myself, founded a few companies, run Singapore oldest think tank and even done many things for the governments. But I have not gotten myself involved in top crypto companies, as in working for them.

I want to work for the top blockchain companies. I want to use my strengths to help the top maintain their status as the top or for them to move a few levels up. Maybe CZ can hire me after reading this interview (laughs).

Blockcast: I believe companies are already eyeing your talents. Do you have any other things to share with our readers?

Anndy Lian: Recently, I am also being appointed at the Chairman (Asia) for DECENT Foundation based in Switzerland. I have not visited their tech development centre yet due to COVID19 but I am very impressed with their work done on an enterprise level for the blockchain industry. Plus they have been around since 2015, which means they are mature in their business model. I hope to introduce them to some of my blockchain friends and bring them to Asia.

The COVID19 situation has not been very kind to everyone, I hope the virus can be controlled as soon as possible so to let all businesses go back to their usual operations.

This virus has also brought in some positives to the current business situation. Companies who did not believe in technology implementation are now looking at digitalising their records and sales online. And companies, who are already more tech-savvy, are exploring how to incorporate new tech like blockchain to their existing infrastructures.
This is just the beginning of a new tech era and I am very sure that blockchain and cryptocurrency have earned their position in this evolution.

Blockcast: Thank you Anndy for your time. I hope to see you in Seoul soon. If you want to interact with Anndy Lian, you can do so by visiting www.anndy.com or at his Twitter handle https://twitter.com/anndylian.

Original Source: https://blockcast.cc/interviews/commentaries-by-anndy-lian-new-global-standards-come-with-the-marriage-of-binance-coinmarketcap/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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“What’s to come in 2020: Major Shifts in the Crypto Investment Space” @ Biki Korea Investment Insights

“What’s to come in 2020: Major Shifts in the Crypto Investment Space” @ Biki Korea Investment Insights

Meet the hottest digital asset exchange in the world, BiKi.com, as they visit Korea during their World Tour. Ethan Ng, CEO of BiKi and several prestigious panel members will discuss, “What’s to come in 2020: Major Shifts in the Crypto Investment Space”, moderated by author and investor Anndy Liang.

 

This event is perfect for…

* blockchain projects seeking fundraising or listing opportunities;

* industry professionals seeking a preview of Korea blockchain trends;

* traders/investors wanting to know more about BiKi;

* media wanting insight into the Korean crypto investment scene;

* and of course, blockchain / crypto / tech enthusiasts of all stripes!

 

We invited top crypto funds and blockchain industry experts who can share the latest on the tech and business opportunities ahead in 2020. Guest panelists include members of Rocketfuel, Blockcrafters, and more.

Afterwards, network with crypto exchange participants, projects, and investors over food and drinks.

Slots are limited, do sign up soon.

Sign up link: https://www.eventbrite.com/e/biki-korea-investment-insights-tickets-74254532305?aff=erellivmlt

Agenda:

15:00 – 15:30 Registration

15:30 – 15:35 Welcome speech and start of Lucky Draw

15:35 – 15:50 Keynote by CEO of BiKi Southeast Asia BiKi Exchange

15:50 – 16:35 Panel Discussion: What’s to come in 2020: Major Shifts in the Crypto Investment Space, with panelists:

-Ethan Ng – CEO, BiKi Southeast Asia

-Christine Choi – Co-founder, Block Patch

-Joony Koo – Founding member, BlockCrafters

-Fred Kim – Partner, Rocketfuel

-Moderator: Anndy Lian, Blockchain Advisor, Asian Productivity Organization

16:35 – 17:00 Panel Question & Answer

17:00 – 17:05 Lucky Draw Winner Announcements

17:05 – 18:30 Networking – Drinks and light refreshments served

 

About BiKi.com:

Headquartered in Singapore, BiKi.com is a global cryptocurrency exchange ranked Top 20 on CoinMarketCap. BiKi.com provides a digital assets platform for trading more than 150 cryptocurrencies and 250 trading pairs. BiKi.com is focused on providing the safest, most stable and most effective cryptocurrency trading platform. 100% of the transaction fees are used in buyback and burning of platform token, BIKI. Since its official opening in August 2018, BiKi.com is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 1.5 million registered users, 130,000 daily active users, over 2,000 community partners, and 200,000 community members. BiKi.com has received investments from Huobi co-founder Du Jun, Genesis Capital Zhu Huai Yang, FBG Capital, ChainUP and others totaling approximately 10 million USD.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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