India to Ban Cryptocurrencies and Regulate Official Digital Currencies
The Indian government has served appropriate government agencies and departments with a draft bill on cryptocurrency regulation. This is part of the inter-ministerial consultation process necessary for proposed laws. The bill, if passed into law, will ban cryptocurrencies and provide regulations for official digital currencies.
If it receives positive feedback from the various agencies and departments, the bill is expected to be recommended to the next government after the May 2019 elections .
CFTC Chairman Gives Clues on Bakkt Bitcoin Futures Delay
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, indefinitely postponed Bakkt in December 2018. In a recent interview with Coindesk, Christopher Giancarlo, the Chairman of the Commodities Futures Commission (CFTC), may have hinted at the reasons for the delay of the Bakkt Bitcoin Futures Exchange.
It can be deduced that Bakkt is yet to be approved because the law does not permit ICE to be a custodian. ICE is neither a regulated trust or bank. Additionally, ICE does not operate its own clearing house but plans to use ICE Clear US for this purpose.
The CFTC Chairman also touched on how asset class participants in the clearing house may not “want the exposure to mutualize their risk on their interest rate or commodity futures with somebody else’s cryptocurrency holdings.”
Since Bakkt plans to use the ICE Clear US clearing house, the reaction of clearing members to cryptocurrency holdings on ICE Clear may also be an issue.
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