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RBI regulates crypto trading with no restriction in India

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RBI regulates crypto trading with no restriction in India

The Reserve Bank of India explains that there is no ban on banks lending bank accounts for the cryptocurrency traders.

In a Right to Information (RTI) question raised by Unocoin co-founder Harish Bv, According to a report by Cointelegraph, the central bank explains that there is no ban.

Feedback to RTI query documented on April 25, On May 22, RBI declared that “As on date, no such prohibition exists. “

As per the report, most of the banks such as The central bank and other commercial banks i.e., State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, and Bank of Baroda have not reacted to queries.

RBI’s directive was suppressed by the Supreme Court in March, that forbidden entities beyond its jurisdiction from trading in digital currencies.

Just after the apex court declaration, traders had put forward questions that banks were going on with to compel regulations.

“After Supreme Court scrapping RBI’s Ban on crypto and RTI’s reply from RBI, it is clear that there is no need for any blockchain or crypto company to register out of India.”

According to the report, Harish clarifies that “Bankers have been saying that they need new RBI circulars mentioning that there are no more restrictions for them to provide bank accounts for crypto businesses. Now, we have received a positive response from the RBI.”

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Blockchain

Chainlink and Bitcoin Gold Are Rallying Amid Strong Buyer Demand

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The altcoin market has started the weekend with amazing gains, with Chainlink (LINK) regaining its bullish momentum and Bitcoin Gold (BTG) making a double-digit win.

Chainlink Regains Its Bullish Momentum

The price of the Chainlink (LINK) token continues to rise, striving to push its recent two-month high of $30.40. At the time of writing, the token is trading around $28.88, according to data from CoinGecko.

The price jump comes in direct correlation with the rise in its network activity to its recent three-month high. A day before that, Chainlink price feeds went live on the Fantom Opera mainnet, a scalable platform for hosting DeFi apps and enterprise software. All this collectively contributed to its price rise.

At the beginning of the year, Chainlink’s price was at sky-high, amid announcements of multiple new partnerships. The token’s last all-time high was reached on May 10 at $52.88.

Over the past week, the trading volume of LINK has increased by a whopping 71.0%, while the overall circulating supply has increased 0.25% to over 447.51 million. This makes an estimated 44.75% of its max supply, which is 1 billion. The current market cap for LINK stands at 13th, at 12.62 billion.

Bitcoin Gold Making Double-Digit Gains

The price of Bitcoin Gold (BTG) seems to have paid well for investors this year, with a gain of more than 600% since January. At the time of writing, the cryptocurrency is trading at $75.19 after a 15.4% gain in the past 24 hours.

If the bullish momentum continues, BTG could soon reach the resistance of $78 to create a new monthly high. If it slumps, the altcoin could see the lower support level of $74, which could also be retested if investors want another rally.

Bitcoin Gold is a hard fork of the original Bitcoin network that was created to improve efficiency in the mining process. The other major Bitcoin forks are Bitcoin Cash and Litecoin.

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Blockchain

Solana-Based Defi Protocol Luna Yield Reportedly ‘Rug Pulls’ Investors, $6.7 Million Taken

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A decentralized finance (defi) project that utilizes the Solana blockchain called Luna Yield has allegedly committed a “rug pull,” according to various individuals on social media. Reports indicate that the investors who put funds into the project lost an estimated $6.7 million according to an “anonymous source.”

Luna Yield Creators Reportedly Dip Off With $6.7 Million in Funds, Solpad Platform Promises Compensation to IDO Participants

The world of defi has reportedly seen another rug pull but this time in the Solana blockchain ecosystem, according to numerous reports. Solana’s website that had a page dedicated to describing the Luna Yield decentralized exchange (dex) aggregator protocol now shows a 404 error. The aggregator project promised high yields and then suddenly the platform went dark and users could not access the funds locked into the dex aggregator.

The Luna Yield team was anonymous and the project developers allegedly got away with $6.7 million in tokens. Coindesk reporter Sebastian Sinclair details he was told by an “anonymous source” that “$6.7 million in assets had been taken.” Furthermore, Sinclair insisted that the team verified the amount via the “SOL scan block explorer.” On various channels like Twitter, discussions concerning the subject are littered across social media.

The platform that helped launch the Luna Yield IDO, Solpad detailed that the project would help compensate IDO participants who were affected. “After internal discussion within Solpad Foundation, we have finalized the compensation plan for Luna Yield IDO participants,” the team tweeted. “We will sort out the list and directly [distribute] the compensation into the participant’s wallet (the same wallet that joined the IDO on August 16th. We will compensate users in USDC, with a value equal to 60% of the purchased amount.”

The official Solpad Twitter account further noted:

For example, if user A bought 400 USDC of allocation in the round, he will get 400*60% = 240 USDC, airdrop directly user A wallet. The distribution will start next week, and we expect it to finish within a few days. Thank you so much for being so patient with us.

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Critics Warn Other Chains Like Cardano, Solana Daily Hopes Project Staves Off More Rug Pulls

The Luna Yield website has been taken down by the creators it seems and archive.org has crawled the platform on various occasions, but has had a hard time showing the site. On Twitter, one individual said that once Cardano upgrades to Alonzo Purple, it too could see a rug pull like Solana (SOL) has seen this week.

“The rug pull that recently occurred in the Solana ecosystem from Luna Yield is something I can see happening in the Cardano ecosystem literally days to weeks after Alonzo if proper scrutiny isn’t exercised by the community involved,” the individual said. “Good tech isn’t immune to stupidity.”

The Twitter account Solana Daily told its 28,700 followers about the rug pull on August 20. “Rug pull on Solana,” Solana Daily detailed. “Yesterday, [Solpad] announced that their second IDO of Luna Yield went wrong, when the dev team of the project decided to shut down all the social media and withdraw the liquidity. Hope that no more rug pulls appear [in] our ecosystem.”

While SOL is up 66% in seven days after the news went viral on social media, the price of SOL dipped by 1.8% against the U.S. dollar and down 3.8% against bitcoin (BTC).

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Financial

Peer-to-peer Lending Credit: a breakthrough in cryptocurrency transactions

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blockchain project has the most attractive potential in 2023

What is P2P2C?

PEER TO PEER TO CRYPTO (P2P2C) is a peer-to-peer lending form of digital money between ETM and BTC, ETH, USDT, XRP, BNB. It uses blockchain technology platform allowing borrowers and lenders to connect directly with each other without the need for financial intermediaries such as banks or credit institutions. 

Ethersmart: P2P Lending Credit

Ethersmart Digital Banking is a bank that can perform most banking transactions online through the internet. Digital bank transactions allow you not to go to a bank branch and minimize the paperwork involved. At the same time, the digital banking feature can be performed anytime, anywhere, regardless of time and space.

Ethersmart.org is the most successful project in 2020 as it has built a reputation with the financial market and an intelligent development process towards a picture of sustainable growth to protect investors’ capital, share the income equally for all members. Especially, the ETM token is an intermediary coin in the super profitable ecosystem, where casino billionaires can use ETM to increase their assets hundreds of times. 

Peer-to-peer lending credit brings benefit to both borrowers and lenders about interest rates. Lenders enjoy higher interest rates than savings rates. Borrowers enjoy lower interest rates. Besides, they are always guaranteed ETM numbers and collateral are BTC, ETH, USDT, XRP, BNB

ETM teams want ETM to be traded more on satellite products in order to increase your ETM hoard profits even higher.

The potential of blockchain 3. 0 of Ethersmart launched in 2022

Ethersmart Digital Banking is a bank that can perform most banking transactions online through the internet. Ethersmart applies blockchain to bank in order to provide EDBank with a customer identification system based on a distributed ledger. This is really effective because all banks and credit institutions must have a KYC (Know Your Customer) authentication process.

Blockchain Ethersmart allows users to verify identity with just one simple step and this information is stored, authorized to other banks in the system. Financial and banking operations are directly related to deposit and loan security. 

When EDBank applies blockchain technology, the whole distribution system of deposit and payment will be decentralized and will not be controlled by any individual or organization. Or as simple as insurance, utility, commercial payment . . . 

Instead of the traditional way of working, the payment above will be done automatically. The system will operate on smart contracts, verify automatically and without delay between parties.Moreover, the payment process is instant.

Statistically, more than half of today’s top regulators acknowledge that blockchain plays a key role in the success of banks as well as financial companies. Analysts also emphasize that banks around the world will save $ 80 billion by 2022 by adopting blockchain technology. Some financial analysts believe that, in the near future, blockchain will replace existing bank transfer systems.

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