#CryptoCorner; #Japan Proposes Rules for #ICO’s, #India’s Central Bank and Bank of Montreal Move to Ban #Crypto Dealings
#CryptoCorner; #Japan Proposes Rules for #ICO’s, #India’s
Central Bank and Bank of Montreal Move to Ban #Crypto Dealings
Point Roberts, WA, Delta BC – April 5,, 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 5, 2018
By Samuel Mowers at Investorideas.com
Japan Proposes Rules for ICO’s, India’s Central Bank and Bank of
Montreal Move to Ban Crypto Dealings
“ICO is still in its infancy and has no industry
practices yet. Appropriate rules must be set to enable ICO to obtain public
trust and to expand as a sound and reliable financing method. Based on a shared
awareness of this necessity, financial institutions, non-financial companies,
and venture companies have co-founded the ICO Business Research Group. This
report proposes rules needed to establish ICO as a sustainable financing method
based on discussions conducted by the research group.”
Bloomberg reports that “the proposals will be deliberated by Japan’s Financial
Services Agency later this month, and could eventually become law in a few
years.”
The Reserve Bank of India (RBI), India’s central
banking institution, released a statement today saying that effective immediately it is banning any dealings with
cryptocurrencies in any institution under its control.
“Reserve Bank has repeatedly cautioned users,
holders and traders of virtual currencies, including Bitcoins, regarding
various risks associated in dealing with such virtual currencies. In view of
the associated risks, it has been decided that, with immediate effect, entities
regulated by RBI shall not deal with or provide services to any individual or
business entities dealing with or settling VCs. Regulated entities which
already provide such services shall exit the relationship within a specified
time.”
In a similar move, CoinDesk reports that Canada’s Bank of Montreal (BMO) will be banning crypto purchases
on debit and credit cards. In an email to CoinDesk, a spokesperson for BMO
said:
"I can confirm that we no longer allow the
purchase of cryptocurrencies via Interac Online Payments or by using a retail
consumer Mastercard-branded credit or debit card."
The email went on to explain the bank’s move as a
means to safeguard clients.
"This
decision was made due to the volatile nature of cryptocurrencies, and so to
better protect the security of our clients and the bank."
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