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FORTUNE.COM: Crypto traders panic at India’s vague plan to ‘prohibit all private cryptocurrencies’

FORTUNE.COM: Crypto traders panic at India’s vague plan to ‘prohibit all private cryptocurrencies’

India will introduce a legislation to regulate cryptocurrencies during the winter session of parliament that begins Nov. 29, sparking panic in the crypto market as traders speculated that the government will ban some—if not all—digital currencies.

Prices of major cryptocurrencies fell on Indian exchanges on the news. Bitcoin dropped by 17%, Ethereum by 15% and Tether by almost 18%.

The planned legislation comes after Reserve Bank of India (RIB) Governor Shaktikanta Das said earlier this month that he had “serious concerns” about cryptocurrencies impact on financial stability, alluding to hordes of small investors who were attracted by speculation in the asset.

The notification for the proposed bill, posted Tuesday on the lower house of parliament Lok Sabha’s website, seeks to prohibit all “private cryptocurrencies” in India, with exceptions to “promote the underlying technology and its uses.” It also seeks to “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.”

But the government has not clarified the definition of “private cryptocurrencies” or the exceptions, and it is not known whether that term refers to crypto assets whose transactions cannot be tracked on crypto exchanges—or to cryptocurrencies in general.

Previous crypto bills

This is not the India’s first attempt to regulate the freewheeling crypto market.

Three years ago, the Reserve Bank of India (RBI), ordered financial institutions to break all ties with individuals and businesses dealing in cryptocurrency. But in March 2020, the Supreme Court derailed the plan, overturning the order because it violated the freedom of trade guaranteed by India’s Constitution.

Since then, however, retail banks have been reluctant to facilitate crypto transactions, despite the RBI revocation of its 2018 directive.

Earlier this year, Indian lawmakers were expected to revisit crypto regulation, with a bill that would have issued a complete ban on cryptocurrency and punish any violation with 10 years’ jail time or a fine—or both.

The proposed legislation was not taken up due to a lack of space on the legislative calendar, which gave crypto exchanges and digital currency professionals time to lobby for regulation of the sector instead of an outright ban.

The lobbying reportedly persuaded government officials to regulate rather than prohibit private digital currencies. But doubts have now resurfaced about the shape of the proposed legislation. Policymakers are reportedly again thinking of more stringent regulation of private cryptocurrencies.

Sowing doubt is the fact that the draft contents of the Cryptocurrency and Regulation of Official Digital Currency Bill 2021, as the legislation is known, have not yet been made public.

A panic reaction

With India having the second-largest number of crypto users worldwide, “this move looks like it will not only hurt individuals, but also larger businesses,” says Anndy Lian, Chairman at BigONE Exchange for cryptocurrency.

India is estimated to have around 15 million crypto investors with a cumulative investment value of $6 billion.

Clarity on whether the new regulation proposes to ban most cryptocurrency will only be known when the bill is presented to parliament. And after the bill is introduced in parliament at the end of this month, it will likely be extensively debated and modified.

When parliament produces final regulations, however, legal analysts expect them to fall short of a full ban.

“Banning cryptos is a non-workable proposition from the word go because crypto is a global phenomenon. It cannot be banned,” said Pavan Duggal, a senior Supreme Court lawyer and a specialist in cyber laws and cryptocurrencies. “The better option would be to regulate in a legal framework and enabling manner.”

The proposed legislation on cryptocurrency is the first time that the Indian government “is seriously looking at the crypto ecosystem,” he added.

Much of today’s fear of a ban has been driven by the lack of clarity of what constitutes a “private cryptocurrency”, but according to Kumar Gaurav, founder and CEO of Cashaa, a company that finances the crypto industry, its prohibition won’t affect most people.

The term refers to digital assets that are used for financing drug trafficking and terrorism, not digital assets in general, says Gaurav.

“I am sure that what we’ve seen is a panic reaction to India’s bill. It will probably blow over in a couple of days,” he added.

 

Original Source: https://fortune.com/2021/11/24/india-proposed-bill-prohibit-private-cryptocurrencies-bitcoin-shiba-inu-dogecoin/

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- “NFT: From Zero to Hero” and “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”.

www.anndy.com
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Anndy Lian on NewsX: India’s Official Digital Currency. Time To Make A Shift?

Anndy Lian on NewsX: India’s Official Digital Currency. Time To Make A Shift?

The development of Bitcoin and thousands of other cryptocurrencies these past few years have left India needing to create a framework for the creation of an official digital currency, which will be issued by the Reserve Bank of India (RBI). A bill in this regard is planned to be tabled in the upcoming winter session of the parliament.

The Indian government is worried about the volatility of cryptocurrency, how it can be misused, and cryptocurrencies’ impact on the country and its economic situation. The primary idea of the RBI behind this move is to protect consumers from the appalling level of volatility seen in digital currency. The governor of RBI went to the extent of saying that cryptocurrencies pose a serious concern to the macroeconomic and financial stability of India.

It has been reported that a huge amount of ₹$40,000 (rupees) have already been spent when it comes to cryptocurrency. Furthermore, the idea of cryptocurrency was, when it was formulated in 2008, to bypass the banking system. This brought rise to RBI’s worry that cryptocurrency will overtake the banking system when it comes to investments in India.

Back when cryptocurrencies were banned in China, the fallout was that a lot of people and a lot of that investment and interest were redirected to the USA. India does not want to make that same mistake. It is almost certain that there will be a lot of problems if there is a blanket ban on cryptocurrency in India.

India is all set to create a framework for the creation of an official digital currency that will be issued by RBI. NewsX invited a panel of experts to talk about the topic. The expert panel consists of Akash Jindal, Sr Economist; Siddhartha Sogani, CEO of Creabaco Global Inc., Bitcoin Expert; Hanif Shaikh, CEO of Upsocial Network, Crypto Expert and Anndy Lian, Chairman, BigONE Exchange and Founding Member of Influxo. News Anchor, Vineet Malhotra discussed the following topics:

• How will this impact the total economic atmosphere of the country?
• Are cryptocurrencies such a threat to the economic environment of any country?
• What is the next step for India?
• How important is the concept of decentralisation when it comes to cryptocurrency?

Here’s what BigONE Chairman Anndy Lian had to say in an interview with India’s NewsX:

The right direction is to embrace cryptocurrency in all manners – because cryptocurrency is here to stay. It is the future of currency. In whatever way that it is called – currency or digital asset – it must be embraced.

Mainstream media may always say that cryptocurrencies are illegal as it may involve money laundering, among other things. But the fact is that the top currency used to carry out such illegal things is the very common US dollar.

Every move made via a blockchain is recorded on the chain. If Bitcoin is sent to a dodgy account, it’s going to be recorded on the chain. How will these dodgy accounts cash it out? Will they be so daring to do that?

BigONE is on the Top 40 list globally. All good exchanges must go through the same regulatory steps to ensure Know-Your-Customer (KYC) and Anti-Money Laundering (AML) processes are carried out. Through these frameworks, illegal acts are minimised.

Decentralisation does not, in any way, mean the removal of governments of taxes. It must be emphasised that when it comes to decentralisation, there is no intention of moving away from countries’ legacy systems or financial systems. Nonetheless, people are living in the real world, and not in the metaverse. Actual, physical money is still required to live as we head into the future.

The term “decentralisation” must not be tweaked in such a way that it is portrayed to be a bad thing. There exists proper entities – proper companies – to back the system. In the cryptocurrency world, everything needs to be registered. When founders of a project are doxxed, documentation to prove that will be kept in a centralised depository. If anything were to happen, tracing back to the person or team in charge will not be an issue.

It is imperative to redefine the term “decentralised” such that governments, family offices, and traditional banking staff know what it means exactly. In comparison to the traditional space, what is experienced in the cryptocurrency world is actually no different. For exchanges such as BigONE, different kinds of available financial requirements are stringently addressed. In this way, proper regulation is assured. Let’s be open-minded and address it.

The Indian government and crypto practitioners are open-minded and progressive about cryptocurrency. As the bill gets drafted, it is good that they would have all the experts to provide their confounding, broad, and elaborate views on what the cryptocurrency market pertains to, as well as the volatility and risks.

This is the second time Anndy Lian is invited to the NewsX Live commentary segment. The first time was with Garrett Minks, Founder & CTO, Rair and Vishal Malhotra, Actor on NFT.

The full video can be found on NewsX official channel:

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- “NFT: From Zero to Hero” and “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”.

www.anndy.com
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Forbes India: Innovative Ronaldinho NFT Launched by Influxo Studio with technology from BigONE Exchange

Forbes India: Innovative Ronaldinho NFT Launched by Influxo Studio with technology from BigONE Exchange

In 2021 the rise of non-fungible tokens (NFTs) has been nothing short of phenomenal. In the art world in March the ‘shock of the new’ came in the form of a $69.3 million sale of a digital collage at Christie’s. But the real mass market for NFTs in 2021 arrived with the NFT-enabled ‘makeover’ of the National Basketball Association (NBA) sports collectibles, with over $200 million in sales in February and March alone. Until now the global game of football has lagged behind, this is starting to change. Italy’s Serie A has started offering NFTs, with collectibles including match highlights made available to celebrate the 2021 Coppa Italia final. And now with the recent announcement of a limited edition NFT collection featuring two-time FIFA World Player of the Year, Ronaldinho it seems certain NFTs are about to take the world of football by storm.

Up until now technology in sport has pushed in the other direction from NFTs which accentuate the scarcity and uniqueness of sporting moments. In the past this took the form of football cards, traded among fans and friends, with some being sold and bought on platforms such as eBay. Globally there are hundreds of millions of football fans whose childhoods included collecting, swapping and trading cards. With the advent of NFTs the digital makeover of trading cards involves the upgrading of images for high quality video clips, blockchain-based certification for authentication agencies, and digital displays in the form of smartphones for binders, and online trading platforms for offline collectors’ events.

But what NFTs bring is something quite different, the application of technology to create scarcity. For the first time a football fan can become the owner of exclusive pieces featuring the Brazilian world-class soccer star. Daniel Liu, partner at investment backers INBlockchain and INFLUXO CEO explained: “Our trusted platform, seamless user experience and trusted team of investors and developers has allowed us to secure Ronaldinho for the platform’s first collection and we’re thrilled to show what’s in store for the future of digital collectibles.”

For football fans the attraction of NFTs comes down to their power to deliver that specific type of uniqueness that ownership brings. While this form of ownership may feel unfamiliar to older football fans, it comes as no surprise to a younger generation of fans already used to spending money on virtual currencies within video games. In other words, they offer the same kind of ‘bragging rights’ through use of a smartphone, that once physical football cards gave an earlier generation of fans.

Ronaldinho’s NFT ‘Masterpiece’ collection sits on the Influxo marketplace, where you can browse, buy, and bid on high-quality NFTs endorsed by world-class celebrities and artists. Collectively called ‘INFLUXO X Ronaldinho’, as well as the NFTs there is a set of Sports cards. ‘Football Magic’. Ronaldinho’s career saw him win the UEFA Champions League as well as two La Liga titles with Barcelona and a Serie A crown while playing for AC Milan with the 2005 Ballon d’Or and his 2004 and 2005 FIFA World Player of the Year awards among his many individual accolades. With INFLUXO acting as the gateway, supported by blockchain technology providers BigONE, it’s an exciting opportunity for the most dedicated fans to collectible digital assets and real-world experiences.

“I’m so excited to share this news that @Influxo_NFT is launching a series of NFTs in my honor, giving my biggest fans the chance to bid for my unique NFT digital collectibles, and to collect the seven exclusive sports cards, said Ronaldo de Assis Moreira, famously known as Ronaldinho.  “I love the fact I’ll get the chance to meet my fans in person in Dubai next year, including all the NFT auction winners, and one lucky fan with the full set of sports cards. The devotion of football fans is what help make the global game of football truly special, so it’s really good to celebrate this with my fans all around the world.”

Liu confirmed the NFT collection will include seven unique ‘Masterpiece’ series, together with a complete sports card NFT collection all endorsed and signed by the footballer. They depicting Ronaldinho playing football, futsal, footvolley, e-sports, teqball etc. The cards will be a limited edition of 1000. The NFTs are based on original pictures created by Camaleão, a world-famous artist who specializes in creating physical canvases. The artist said that the creative idea that inspired the pictures of Ronaldinho was to depict fragments of his footballing genius. To bring these into the NFT world INFLUXO partnered with a world-leading animation studio to digitize Camaleão’s canvases, confirmed Liu.

Anndy Lian, founding partner of INFLUXO and Chairman of BigONE which is providing the platform that supporting Ronaldinho’s first NFT digital collectible sale, says he’s delighted to be working with the Brazilian star. “We are happy to work with Ronaldinho on this very special NFT launch, using our safe and secure blockchain technology to make sure it all runs smoothly for him, and all his fans around the world.”

While in 2021 NFTs have risen to prominence in art and sport, and the legion of football fans have yet to enjoy access to a NFT marketplace, this is starting to change says Lian. “The beauty of NFTs is that they can capture the kind of dynamic moments that are the 21st century version of the beloved, but static football cards. And for football clubs and leagues they have the potential to provide much-needed form of revenue.” While NFTs confer ownership, the copyright remains with the club or player.  “The sky’s the limit, the beauty of NFTs is that they aren’t just for digital collectibles, they can be used to prove ownership for traditional football cards, through to player’s shirts and other sought-after memorabilia”, Lian added.

The seven NFTs from the Ronaldinho collection will be made available to fans through a live online auction process, with a starting bid price of 20,000 USDT. The idea is that the winners of each auction will in addition to the unique collectible NFT also receive the opportunity to participate in a unique experience, meeting with Ronaldinho in Dubai next year. The experience includes a round-trip ticket and a two-day hotel stay, as well as a gala dinner and of course the meeting with Ronaldinho himself.

To take part each bidder must show proof of funds and have enough money locked in their wallet at the start of the auction in order to start bidding; in addition, each bidder has to place a minimum increment bid of 10,000 USDT. The specialist auction process is designed so that in the final hour, there will be an ‘extra time’ period, which requires a bid to occur only if and when the increment amount is 10% of the current auction price. The final and highest bidder wins the auction. Once their bid is confirmed, and payment settled, all the other bidders’ locked money will be returned after the auction ends.

Sports legend card NFTs will also be available for sale for 299 USDT. A complete series consists of six cards and one airdropping card. Collectors who hold the complete set will also be entered into a sweepstakes for a chance to win the same Dubai experience with the NFT auction winners, with ten runners up winning a Ronaldinho-signed football shirt.

 

 

Source: https://www.forbesindia.com/article/brand-connect/innovative-ronaldinho-nft-launched-by-influxo-studio-with-technology-from-bigone-exchange/70481/1

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- “NFT: From Zero to Hero” and “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”.

www.anndy.com
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