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Digital Currency Revolution Series: Can Bitcoin be a solution for Indian CAD problem?
Indian currency (INR) crypto exchange that operates using a unique voucher based withdrawal model, the BTCINR markets are currently trading with a significant premium (USD equivalent price $11,642) vs the rest of the market.
Of late, the Indian rupee has dropped considerably against the US dollar, while the country's current account deficit is 2.5% (India is importing more than it is exporting) and government debt is quickly growing.
India's current account deficit widened to USD 16.9 billion, or 2.5 percent of the GDP in the last three months of 2018 from USD 13.7 billion or 2.1 percent of the GDP a year earlier. The goods deficit increased to USD 49.5 billion from USD 44 billion a year ago as imports rose 9 percent while exports went up at a softer 7.2 percent. On the other hand, the services surplus increased to USD 21.3 billion from USD 20.7 billion, boosted by a rise in net earnings from telecommunications, computer and information services, and financial services. The primary income gap decreased to USD 6 billion from USD 6.5 billion and the secondary income surplus rose to USD 17.3 billion from USD 16.1 billion.
BTC’s programmable and deflationary monetary policy and its rapidly rising USD value may be making it an appealing proposition for some Indian rupee holders.
Bitcoin has had a difficult relationship with India’s government and financial regulators in recent years. On April 6, 2018, the RBI released an extremely unfavorable ruling for the crypto asset sector in India. The RBI issued regulatory guidance to all financial institutions under its jurisdiction in the recent past, barring them from providing their services to any entities associated with crypto assets.
RBI noted downside risks to growth and with inflation still below the 4% mid-point target, we could yet see a further 75bp cut in the remaining three meetings this year.
The RBI issued regulatory guidance to all financial institutions under its jurisdiction in the recent past, barring them from providing their services to any entities associated with crypto assets. Courtesy: BNC
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -48 levels (which is bearish), while articulating (at 12:44 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex