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India’s Budget Proposed Today But No Word On Banning Crypto (Yet)

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India's Budget Proposed Today But No Word On Banning Crypto (Yet) 101
Source: iStock/HomoCosmicos

India’s budgets session has started, but so far there seems to be no word on the much-discussed crypto ban.

India’s Finance Minister Nirmala Sitharaman has presented Union Budget 2021-22 today, as was confirmed by the Ministry of Finance‘s website. The Ministry offers the text of Sitharaman’s speech, and a number of other documents – but what seems to be missing is the expected crypto bill.

That said, this news is still developing.

This was a highly anticipated session as per a January 29 bulletin, the so-called ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ was slated for “introduction, consideration, and passing.” This was, however, a tentative list.

The bulleting states that the Bill “seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.” It does not define “private cryptocurrencies” though, nor does it specify what these exceptions are. Based on the wording, it could be assumed that the Bill would allow exceptions to promote blockchain.

Additionally, the Bill seeks to “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.”

At the moment of writing, there seems to be no mention of cryptocurrencies, no information about a crypto Bill or banning any digital currency, nor about the potential central bank digital currency (CBDC). The Ministry did not reply to a request for comment by publishing time.

The Cryptoverse has started reacting to the news, but they too don’t have enough information to go on yet.

Co-founder and CEO of crypto exchange Unocoin, Sathvik Vishwanath, tweeted that the Bill was inevitable for the discussions on crypto regulations in India to begin. “But [the government] has [a lot] to lose if they stick with the same argument [of the ban],” he said, adding that it’s “unlikely [the government] could see the long term prospect yet before an active dialogue with the industry players and stake holders.”

Co-founder and CEO of crypto exchange WazirX, Nischal Shetty, shared an open letter addressed to the Government, writing that he’s “optimistic that the government is not going to simply ban crypto.” He also said that the hashtag ‘IndiaWantsCrypto’ is trending in the country.

Blockchain and cryptocurrency policy advisor Tanvi Ratna further said that the “private” in the Bill means “not public, i.e., not issued by the government.”

And while some believe there wouldn’t be an outright ban anyway, others argue that even if not discussed today, the Bill could be introduced in the coming months.

In March 2020, the Supreme Court overruled the central bank’s ban on cryptocurrency, allowing banks to handle cryptocurrency transactions from exchanges and traders, but rumors of a new ban have haunted the country since.
___
Learn more:
India’s Crypto Ban to ‘Get Thrashed’, while Unocoin Gains 100s of Users Daily
‘World’s First’ Physical Crypto Banking Branch Opened in India
OKEx CEO Says Indian Crypto Ban ‘Unlikely’, Has 3 Scenarios in Mind
Indian Crypto Ban Allegedly Moves Forward, Industry Called to Action





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FreshKorn Cryptocurrency

Dow plummets more than 500 points as volatility returns to stock market

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The Dow fell more than 530 points Friday, a drop of around 1.6%. It was a broad-based selloff, with all 30 Dow stocks finishing in the red. Intel (INTC), Goldman Sachs (GS) and Walgreens (WBA) were among the biggest decliners.

The Dow is now on a five-day losing streak, falling nearly 3.5% this week. That’s the worst weekly pullback since late January.

Bullard, who does not have a say on the Fed’s policy committee this year but will have a vote in 2022, also said in the interview that the Fed is also starting to discuss the idea of tapering, or cutting back, its bond purchases.
Wall Street is worried about inflation. But investors are also nervous about the Fed taking away the stimulus it injected into the market during the height of the Covid-19 pandemic.

“There is more future volatility ahead,” said Bruce Monrad, portfolio manager of Northeast Investors Trust. “It should increase as the Fed starts to think about raising rates and once it starts tapering.”

These market gyrations could become more routine, which may alarm investors who have gotten used to more calm on Wall Street.

It’s actually been an unusually quiet first half of 2021 — despite the craziness with meme stocks like AMC (AMC) and GameStop (GME) and the big moves in bitcoin (XBT) and other cryptocurrencies.
This cannabis stock is a new Reddit favorite
If you look at the broader stock market, and the VIX (VIX) volatility index in particular, 2021 has been serene for investors.

“Volatility has been very low because the market overall supported by improving earnings,” said Marco Pirondini, head of equity at Amundi US. “But there is always some speculation in other corners of the market.”

The VIX, which many investors refer to as Wall Street’s “fear gauge,” is now hovering around the pre-pandemic levels of February 2020. It’s been steadily declining since peaking in March of last year. The VIX has fallen nearly 15% in 2021.

But the VIX spiked about 10% Friday, and some experts warn that the summer and latter half of 2021 could be a bit bumpier than the first six months of the year.

“When you look at the VIX, it’s eerily quiet. But that’s a little bit misleading,” said Darren Schuringa, CEO and founder of ASYMmetric ETFs, which runs a fund designed to lower investor risk.

Schuringa said he’s worried about the “speculative excess” in the meme stocks as well as in the tech sector and thinks that a broader market correction could be on the horizon.

It’s also clear, as Friday’s market pullback illustrates, that investors are hyperfocused on every little thing the Fed says about interest rates, tapering, inflation and the economy.

“I’m concerned about volatility in the second half of year. There is less room for error,” said Daniela Mardarovici, co-head of US multisector fixed income at Macquarie Investment Management. “Even a mild surprise from the Fed could create an aftershock.”

Still, it’s worth noting that volatility, while rising lately, remains relatively low. Measures of volatility for oil and interest rates have tumbled in recent months, along with the VIX.

“We could see some hiccups ahead. But it’s still pretty calm,” said Bill Sterling, global strategist with GW&K Investment Management.

Investors may also be overreacting to every utterance by Fed members. After all, Bullard is just one person, who doesn’t even have a vote until next year. The remaining Fed members still don’t think a rate hike is imminent.

“Big changes from the Fed are likely still years away. This volatility might be transitory but it will rear its head every now and then because of more uncertainty,” said Marvin Loh, senior global macro strategist with State Street Global Markets.



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FreshKorn Cryptocurrency

Dow plummets 500 points as volatility returns to stock market

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The Dow fell 500 points in late morning trading Friday, a drop of around 1.5%. It was a broad-based selloff, with 29 of the 30 Dow stocks in the red. Caterpillar (CAT) was the only winner while Intel (INTC), Goldman Sachs (GS), American Express (AXP) and Walgreens (WBA) posted the biggest drops.

The Dow is now on pace for its fifth straight day of losses, falling more than 3% this week.

Bullard, who does not have a say on the Fed’s policy committee this year but will have a vote in 2022, also said in the interview that the Fed is also starting to discuss the idea of tapering, or cutting back, its bond purchases.
Wall Street is worried about inflation. But investors are also nervous about the Fed taking away the stimulus it injected into the market during the height of the Covid-19 pandemic.

“There is more future volatility ahead,” said Bruce Monrad, portfolio manager of Northeast Investors Trust. “It should increase as the Fed starts to think about raising rates and once it starts tapering.”

These market gyrations could become more routine, which may alarm investors who have gotten used to more calm on Wall Street.

It’s actually been an unusually quiet first half of 2021 — despite the craziness with meme stocks like AMC (AMC) and GameStop (GME) and the big moves in bitcoin (XBT) and other cryptocurrencies.
This cannabis stock is a new Reddit favorite
If you look at the broader stock market, and the VIX (VIX) volatility index in particular, 2021 has been serene for investors.

“Volatility has been very low because the market overall supported by improving earnings,” said Marco Pirondini, head of equity at Amundi US. “But there is always some speculation in other corners of the market.”

The VIX, which many investors refer to as Wall Street’s “fear gauge,” is now hovering around the pre-pandemic levels of February 2020. It’s been steadily declining since peaking in March of last year. The VIX has fallen nearly 15% in 2021.

But the VIX spiked more than 10% Friday morning, and some experts warn that the summer and latter half of 2021 could be a bit bumpier than the first six months of the year.

“When you look at the VIX, it’s eerily quiet. But that’s a little bit misleading,” said Darren Schuringa, CEO and founder of ASYMmetric ETFs, which runs a fund designed to lower investor risk.

Schuringa said he’s concerned about the “speculative excess” in the meme stocks as well as in the tech sector and thinks that a broader market correction could be on the horizon.



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FreshKorn Cryptocurrency

Con Artists Capitalizing On Cryptocurrency Craze – CBS Miami

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