An Indian government panel has recommended banning all private cryptocurrencies and a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies, which could signal the end of them in India.
“The Committee is of the view that it would be advisable to have an open mind on the introduction of an official digital currency in India.”
The proliferation of crypto assets may create a multicurrency environment prone to monetary and exchange rate volatility, warned St. Louis Fed President James Bullard. “Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange.”
Due to mounting regulatory pressures in the United States, the Circle is moving the majority of its exchange operations to Bermuda, where it received a full Digital Assets Business Act license its crypto exchange Poloniex. 70% of Poloniex users hail from beyond the U.S.
Facebook has seen an increase in the median number of comments, likes and ads clicked by users on the service from January to July. In the U.S., Facebook users increased their engagement from six comments, nine post likes and 13 ads clicked on Jan. 3 to eight comments, 13 post likes and 17 ads clicked on July 18.
Hope lies in tools such as zero-knowledge proofs and in emerging “self-sovereign” identity concepts, as well as in a more open-minded regulatory model for curtailing crime – one that doesn’t depend on revealing people’s personal identifying information. But these are a ways off; they will require user adoption and; to a still large extent, belief in them by policymakers.
In May 2019, IOSCO published “Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms.” The focus of the report is on the secondary market trading of crypto-assets on CTPs, assuming that the regulatory authority has the legal authority to regulate those assets.
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The Kiffmeister is a former Senior Financial Sector Expert at the International Monetary Fund.
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