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CZ Opines That the Recent Crypto Ban in India Will Bring About a Global Adoption

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CZ Opines That the Recent Crypto Ban in India Will Bring About a Global Adoption

Changpeng Zhao, Binance’s CEO in a tweet on June 7, 2019, stated that the proposed draft bill in India seeking the ban of cryptocurrencies will help to push the adoption of cryptocurrency and specifically, privacy coin. A number of cryptocurrency enthusiasts have also been quick to agree with the CEO.

Media Outlet Informs of Draft Bill to Ban Cryptocurrency in India

Bloomberg Quint on June 7, 2019, reported that India has proposed a draft bill which targets the ban of cryptocurrency in the South Asian country. According to the media, if the bill is approved into law, anyone found holding, selling, or trading crypto assets will face between one to ten years in prison. In the same vein, they will be fined thrice the profits made from their trade or the loss encountered by the system.

While the news has stirred a lot of controversy in the cryptocurrency space, several comments have been made in its regard. Changpeng Zhao (CZ), for instance, gave his stance when he said if India goes ahead to ban this asset class, then it will drive up the adoption of cryptocurrency globally.

On consideration, this goes contrary to what others may be expecting since blocking access to cryptocurrency in a region that accounts for 17.74% of the total world population could potentially impact on its price. Like others have pointed out, no one likes to be told what they can and cannot do and as such, it will only pique their interest. As a Twitter user stated, “There is a Buddhist proverbthe best way to control someone is to let them roam free”

News About Crypto Ban in India Yet Unproven to be True

Despite CZ’s tweet, a number of people have pointed out that the news emerging from India is yet to be proven to be true. According to them, the government is still framing guidelines to determine how it will regulate the crypto space.

Another user, Shalini (Indian CryptoGirl) while responding to CZ’s tweet said the best way to know the country’s decision pertaining to cryptocurrencies is to wait for the supreme court’s notice. Shalini also noted that while the news may have come from a reputable media outlet, anonymous sources were quoted and as such, it is a clickbait that is meant to spread FUD (Fear, Uncertainty, and Doubt).

CZ, on the other hand, made another tweet agreeing that the news is aimed at creating FUD, however, his comments were made as a way of stressing the point. In his own words: “But can’t waste an opportunity to stress the point: The more restrictions you add, the more people want freedom / #crypto.”

John McAfee Also Comments on Potential Crypto Ban in India

Apart from CZ, other members of the space that have aired their views regarding the potential ban include John McAfee, founder of McAfee Associates and Bitcoin proponent as well as Tony Vays, a cryptocurrency enthusiast. According to McAfee in two tweets which he has deleted:

“The war has begun. An entire nation wishing to free itself is now punished for using the instrument of freedom.”

“If there ever was a time for Anonymous to step up to the plate, that time is now!”

Cryptocurrency

Tron (TRX) Finds its Way Back to the Top Ten List

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Tron CEO Justin Sun, known for his flair for publicity and announcement of any achievement on his network announced in a tweet that Tron has made its way back to the list of top ten performing cryptos. TRX’s performance has been outstanding since the second quarter of 2019 both in its level of development and features.

According to the Coinmarketcap.com index at the time of writing, the trend curve shows Tron is moving higher than most other coins including Bitcoin (BTC) and Ethereum (ETH). It currently trades at $0.039 increasing at 6.18% in 24 hours at a market cap of $2.6 billion.

A few days ago, Tron (TRX) had a new surge in price which saw it to the $0.04 trading price. This new rate has been retained seeing the digital asset performing higher than most other cryptos.

Looking at the recent happenings that have created a boost in Tron (TRX) performance; it can be easily seen that though the network has recorded few partnerships with other companies, more of what pushes up its performance is the volume of activities on the platform.

A report from Dapp.com states that Tron is the most ambitious project in the Dapp field. In the second quarter of the year, it has been able to launch $2 million projects more than other blockchain protocols in upgrading its Dapp ecosystem.

A review of TRX performance reveals that in a space of four months, the transaction volume increased from less than 130,000 transactions to  2 million transactions.

Investors may still not be so willing to stake much on this digital asset even with every sign of high returns, because the trend in activity can change any time.

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Cryptocurrency

World’s Largest Interdealer Broker to Offer Crypto Derivatives

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Why Bitcoin Is Better Than Other Cryptocurrencies

TP ICAP has entered the crypto market where it is to offer crypto derivatives, hoping to boost its dwindling core business which is in commodity, financial and energy markets. Last year, TP ICAP lost 36% of its market value in the wake of the financial crisis.

It has since salvaged about 10%. TP ICAP is set to be the intermediary between customers wanting to buy and sell Bitcoin futures, Bloomberg reports.

The firm’s new venture will be based in London and will be led by Simon Foster and Duncan Trenholme. This move is however not sudden as it might seem. Roughly a year ago, TP launched a working group tasked with examining the firm’s best approach to cryptocurrency.

Notably, a year later, they announce their approach to crypto to be trading of Bitcoin futures and they envision adding non-deliverable forwards (NDFs) tied to Bitcoin.

This is a sweet spot for the firm as it joins other big players such as Fidelity Investments, JP Morgan, and Intercontinental Exchange to engage in crypto derivatives trade. These firms’ decision to engage in Bitcoin, derivatives trade is unlike their clients’ who prefer to not trade in cryptocurrencies that are still recovering from the infamous yearlong slump.

Bakkt, a much-anticipated crypto trading platform known for its multiple delayed times is set to launch its own physically settled Bitcoin futures trading testing on July 22. Additionally, Nasdaq is set to launch its own crypto futures platform during the course of this year.

“Every institution is on an educational journey,” said Trenholme, who is co-leading TP ICAP’s new venture. “Many are exploring how tokens can legitimately be traded or stored and I’d expect more projects to hit the market over the next year or two.”

TP ICAP is also exploring other digital asset offerings. The firm is thinking about participating in the actual cryptocurrency market. “We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market,” said Simon Foster.

“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”

This venture will entail cash-settled futures contracts trading on a regulated market which will be managed by CME Group to avoid potential risks of fraud and market manipulation. Their clients will also have to undergo rigorous anti-money laundering and identity checks.

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