#CryptoCorner; Indian Startup Challenges Central Bank, NY AG Asks Exchanges for Transparency and Coinone to Open in Indonesia
#CryptoCorner; Indian Startup Challenges Central Bank, NY AG Asks
Exchanges for Transparency and Coinone to Open in Indonesia
Point Roberts, WA, Delta BC – April 18, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Crypto
Corner – April 18, 2018
By Samuel Mowers at Investorideas.com
Read in full at:
Indian Startup
Challenges Central Bank, NY AG Asks Exchanges for Transparency and Coinone to
Open in Indonesia
Indian cryptocurrency startup, Kali Digital
Ecosystems, has filed a writ petition at the Delhi High Court challenging the
country’s ban of
crypto dealings. The ban was mandated by the Reserve Bank of India (RBI), the
country’s central bank. Kali Digital Ecosystems plans to open a cryptocurrency
exchange called Coin Recoil in August 2018.
In an excerpt from the petition, Kali Digital
Ecosystems explains the detrimental effect the central bank policy will have on
its business:
“On
account of the Impugned Circular, the Petitioner will not be able to avail
banking services in connection with operating the cryptocurrency exchange. In
the absence of banking services, the Petitioner will not be able to conduct the
proposed business.”
New
York Attorney General Eric Schneiderman issued a letter
asking cryptocurrency exchanges to “improve transparency and accountability”.
The letter was purportedly sent to 13 exchanges including: Coinbase (GDAX),
Gemini, bitFlyer, Bitfinex, Bitstamp, Kraken, Bittrex, Poloniex, Binance,
Tidex, Gate.io, itBit Trust and Huobi.
Schneiderman
explained the need for initiative in light of the growth in popularity of
crypto in New York and the U.S. broadly:
““With
cryptocurrency on the rise, consumers in New York and across the country have a
right to transparency and accountability when they invest their money. Yet too
often, consumers don’t have the basic facts they need to assess the fairness,
integrity, and security of these trading platforms,” said Attorney General Schneiderman. “Our Virtual Markets Integrity
Initiative sets out to change that, promoting the accountability and
transparency in the virtual currency marketplace that investors and consumers deserve.””
South Korean
cryptocurrency exchange Coinoine has announced its decision to launch an
exchange in Indonesia. The exchange is scheduled to open in June. In a press release the Coinoine
team explained Indonesia’s potential as a market.
“Indonesia is
a nation with high economic growth rate and the world’s fourth largest
population. Indonesia is also highly regarded for its potential growth in the
Fintech industry. Coinone will lead the Indonesian market by providing secure
and convenient services through Coinone Exchange in Indonesia, which is highly
optimized for its culture and regulations.”
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