By Harry B - Crypto Speculator - 07-09-2021
Over the last year, we have seen the Indian government remain undecided on regulation surrounding cryptocurrency trading in India. There have been many threats in the country for banning the trading of crypto altogether. However, in recent days, cryptocurrency banning may no longer be the solution for India. Instead, the Indian government looked at cryptocurrency from another angle and considered the technology behind the crypto coins.
Cryptocurrency is currently being re-categorised, focusing on the technology used by the coin rather than the currency aspect. By looking at crypto assets in this way, markets and investors can recognise the asset type as a commodity. In fact, the asset class is on its way to being officially recognised as a commodity in a new draft bill; how this will affect cryptocurrency holders and the prices to buy crypto is yet to be known.
Even though it is good news that the Indian government have established crypto as a commodity instead of banning it entirely, cryptocurrency may fall under the same regulations. Potential rules for crypto commodities in India may include taxes and closer monitoring of how the assets are utilised. The main reason for the Indian government wanting to convert crypto to become a commodity asset is because it could resolve numerous previous issues.
One issue noted is that the country doesn't consider Bitcoin (BTC) as a legal tender because the government believes that only banks should be entitled to create currencies. Within the new draft, it stated that cryptocurrencies would be judged based on their technology. The draft bill says that the authorities will primarily focus on the end-use of all crypto assets, meaning that the technology behind the blockchain would help categorise each digitalised product.
If you are looking to Buy and Sell cryptocurrency, then you can head over to BC Bitcoin where you can safely start investing today.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards