Government bodies worldwide are reacting to the emerging dominance of cryptocurrencies on the world financial stage. Some of them are instituting regulations on these virtual coins while others are formally recognizing or introducing them. Uber co-founder, Garret Camp, launched a cryptocurrency trading app as well. Here is the cryptocurrency roundup news for July 26, 2018.
India’s Law Commission Recognizes Cryptocurrencies as a Valid Form of Payment
The Law Commission of India is a government body that operates under the country’s Ministry of Law & Justice. This statutory body comprising of legal experts now recognizes cryptocurrencies as a valid form of payment. In fact, the Commission is pushing for its introduction in the gambling industry as a way of encouraging cashless transactions in this industry.
This recognition by a government body is welcome news to the cryptocurrency industry in India. For example, the CEO of a local cryptocurrency exchange known as WazirX termed this move as a positive sign. He was hopeful that other government bodies in India would follow suit encouraging the growth this relatively new industry.
It is worth noting that the Reserve Bank of India had prohibited local banks from engaging in cryptocurrency transactions or facilitating them. The country’s Supreme Court will deliver a verdict on this matter on September 11, 2018.
Iran to Beat US Sanctions by Developing a Cryptocurrency
Donald Trump withdrew from the Iran Nuclear Deal on May 8, 2018. This withdrawal means that US trade sanctions against Iran would resume leading to adverse effects the Iranian economy. The country’s regime now sees the unregulated cryptocurrency industry as a way of bypassing US restrictions on trade with the nation.
In April 2018, the government had announced a domestic, but experimental cryptocurrency. In the previous year, it had suggested that Iran would examine Bitcoins as a possible alternative to international payment networks. Now the regime is intent on moving ahead with those plans given that foreign capital inflows will reduce drastically once the sanctions resume fully.
Press TV, which is the state-sponsored television station in Iran announced that the country’s central bank would be spearheading these efforts.
Malta Introduces Cryptocurrency Laws and then Opens Consultations
Malta passed new laws last week to regulate the cryptocurrency industry. Although published on July 20, 2018, these rules will come into force on October 1, 2018. This duration between the publication of these cryptocurrency laws and their enforcement will give Malta residents enough time to adjust to them.
It will also open some room for negotiations between the local authorities and cryptocurrency traders. In fact, the Financial Services Authority (FSA) in Malta initiated a consultation program to seek views from the public on this subject. This consultation exercise will ensure that the stakeholders in the industry understand these laws and their impact on the cryptocurrency industry in the country.
Malta passed these laws, collectively known as the Virtual Finance Assets Act (VFAA), to regulate the cryptocurrency industry. Many analysts argue that it is the first country to establish a comprehensive regulatory system for blockchain technology.
Uber Co-Founder Launches Commission-Free Cryptocurrency Trading App
Garret Camp, co-founder of Uber, announced the imminent launch of his cryptocurrency in March 2018. It now seems as though he opted for a joint venture with an E*TRADE alum to launch a zero-fee cryptocurrency trading app. Voyager is the name of this joint venture. This startup unveiled plans to offer commission-free trading for fifteen different cryptocurrencies.
This launch is causing ripples in the cryptocurrency market because it has the financial backing and technical expertise of Garret Camp. Cryptocurrency market analysts are already claiming that will he will replicate the success of Uber in this venture. Doing so would mean that Robinhood and E*TRADE have some serious competition on their hands.
Currently, these cryptocurrency trading apps have 4 million and 3.9 million client accounts respectively. They are hard to beat, but usurping their dominance on the market is possible. Only time will tell.
Here is the market price for popular cryptocurrencies.
| Name of Coin | Current Price ($) | Change Last 24 Hours (%) |
| Bitcoin | 8,215.78 | -1.19% |
| Ethereum | 477.26 | 0.24% |
| Bitcoin Cash | 832.25 | -2.36% |
| XRP | 0.4597 | -0.23% |
| Litecoin | 86.70 | -0.42% |
| EOS | 8.63 | -0.46% |
| Cardano | 0.170664 | -0.60% |