“Inevitable” cryptocurrencies in India, the Chinese situation and the politics of New York

"Inevitable" cryptocurrencies in India, the Chinese situation and New York politics - India Cryptocurrencies BanIn this article we will deal with a story about cryptocurrencies in India, the Chinese year-end charts and the European Central Bank participating in the stablecoin race. In addition, we will also briefly address the proposed Bitlicense revision of the New York regulator - the first in five years - and many other important regulatory developments in the cryptographic space.

The Indian government is deliberating on the country's cryptographic policy, meanwhile, an important member of the Indian parliament, dr. Subramanian Swamy, said that "cryptocurrency is inevitable". His observation followed the statements made by the governor of the Reserve Bank of India (RBI) last week regarding cryptocurrencies and digital rupees. Swamy also said, "I argue that India, an established superpower in the software, should agree to transition to the cryptocurrency." He will chair a conference that will take place at the UN headquarters in India on December 18, where the cryptocurrency will be discussed.

New York proposes new rules, IRS still undecided

In the United States, the New York State Department of Financial Services (DFS) has proposed new Bitlicense rules to simplify the requirements of licensees seeking to list new currencies. This is the first revision of the regulation in five years. The DFS proposes to create a pre-approved list of coins to be listed for all licensees without having to obtain approval. The coins considered for the pre-approved list are BTC, BCH, ETH, ETC, LTC, XRP, PAX and GUSD.

Licensees may also obtain approval for their company specific listing policy. Once this policy has been approved, the licensee will be able to self-certify the coins he wishes to list in the future without having to obtain prior approval; they just have to notify the DFS of their intention to list those coins.

The ECB participates in the Stablecoin tender

The new president of the European Central Bank (ECB), Christine Lagarde, held her first press conference as head of the ECB last week. The former head of the International Monetary Fund (IMF) said that "there is clearly a demand" for stablecoin and proceeded to outline his plans to guide the ECB in this revolution. He believes he will carry out his plans by mid 2020.

However, Lagarde said he currently only knows one stablecoin, without specifying which one. A recent ECB report, however, mentions a series of stablecoins including Facebook's Libra, Tether and Nubits.

Projects for Digital Yuan and Crypto in China

On December 9, Caijing reported that the People's Bank of China (PBOC) is preparing to test its digital currency in two cities: Shenzhen and Suzhou. There has been much speculation as to when China will release its digital yuan, but the PBOC has not given a timetable for the launch, noting that further testing and research is needed.

Meanwhile, the Chinese Center for Information and Industry Development (CCID) has released the 15th update of its cryptographic project rankings, the latest this year. 35 cryptocurrency projects were assessed and classified by the public blockchain technology assessment index. EOS is still at the top of the general classification, followed by Ethereum and Tron. Compared to previous rankings Bitcoin and Bitcoin Cash rise.