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The ChiNext index rose more than 1% intraday, while the Shanghai Composite Index is currently down 0.3%. Sectors such as marine economy, semiconductors, liquor, grain, cross-border payment, and food processing are among the top gainers.On March 16th, Bernstein analysts stated in a research report that the Middle East conflict is unlikely to affect helium supply and disrupt chip manufacturing. The analysts noted that although Qatar produces one-third of the worlds helium, company inventories, underground storage, increased Russian supply, and the deepening relationship between chipmakers and industrial gas companies should all provide support. The analysts pointed out that helium supply has grown faster than demand in recent years, and Russia has increased its helium production due to its ample reserves. Meanwhile, even in the event of a helium shortage, chipmakers will be prioritized, as semiconductor foundries are likely one of the least price-sensitive major application areas.March 16th, Futures News: Economies.com analysts latest view: Spot silver prices fluctuated in the latest intraday trading, influenced by the stability of the key support level of $79.50. This price level, mentioned as a potential target in our previous analysis, provided upward momentum, helping spot silver partially recover its previous losses and alleviating the obvious oversold condition on the Relative Strength Index (RSI), especially with the appearance of positive converging signals. However, as the price is still trading below the EMA50, negative pressure remains. The EMA50, acting as dynamic resistance, limits the possibility of a full rebound in spot silver in the short term. Furthermore, the break below the short-term bullish corrective trendline exacerbated this impact.Philippine Energy Minister: The Philippines has been in contact with Russia regarding potential oil imports.March 16th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices retreated slightly in the latest intraday trading. This pullback is a corrective move, designed to accumulate momentum for further gains, potentially resuming the upward trend. This pullback occurred against the backdrop of prices consistently finding dynamic support, as they have remained above the EMA50 moving average, further solidifying the stability and dominance of the main bullish trend in the short term. Prices are also moving along the support line of this trend. Notably, the Relative Strength Index (RSI), after digesting its previous overbought condition, has begun to release positive signals, opening up upward channels for further profit-taking in the near term.

Indian Crypto App CoinSwitch Chief Insists Clear Rules on Digital Coins

Jimmy Khan

May 24, 2022 09:40

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According to CoinSwitch CEO Ashish Singhal, creating crypto standards will eliminate regulatory ambiguity in India and protect investors.

 

Cryptocurrency legislation is gaining a lot of traction throughout the world, but it seems to be a genuine puzzle in India. Despite seeming to have reached a decision on crypto taxes, the Indian government is still working on a framework for the industry.


Furthermore, the cryptocurrency industry in the nation has recently grown in popularity, particularly among the youth. According to a Chainalysis research, India is one of the world's fastest-growing crypto marketplaces, with a 641 percent increase from July 2020 to June 2021.

The CEO of CoinSwitch Wants More Clarification on Cryptocurrency Regulation

Various crypto sector firms in India have asked the government for clarification on cryptocurrency legislation. Even India's Supreme Court has requested the government to clarify if bitcoin (BTC) is lawful.


In the midst of the controversy, India's leading crypto app CoinSwitch's CEO Ashish Singhal appealed for regulatory "peace and predictability" on Sunday. He believes that this will help to alleviate the present uncertainties and protect crypto investors.


He emphasized his worries about the various uncertainties that crypto holders in India face at the World Economic Forum in Davos. "Users don't sure what will happen with their assets — is the government going to prohibit, not ban, how will it be regulated?" he told Reuters.


In addition, he emphasized the need of rules. "Regulations will offer tranquility and greater predictability," Singhal said.


CoinSwitch has a market valuation of $1.9 billion and over 18 million users, despite delisting stablecoins TerraUST and LUNA after the Terra network's failure. A16Z, Tiger Global, and Coinbase Ventures are among the investors in the Bengaluru-based startup.


CoinSwitch, like other major exchanges, has blocked rupee deposits, making it more difficult for consumers.

Filling regulatory loopholes

Having 'clarity' in crypto legislation, according to Singhal, might provide comfort to holders and enhance the country's crypto business.


The latest tax adjustments, new crypto advertising restrictions, and the recent ban on celebrity endorsements, according to Singhal, are still important efforts to simplify the business.


Coinbase, a global cryptocurrency exchange, opened in India in April. It stopped using an inter-bank money transfer service weeks after it was launched (UPI). The Reserve Bank of India and the government have been pressuring the exchange to disable the UPI payment facility, according to the exchange's CEO.


Given the decentralized nature of digital assets, Singhal said that authorities are concerned about criminal actors. Furthermore, citing financial instability, the central bank approved the prohibition of cryptocurrency. The RBI was concerned that cryptocurrency may lead to an economy's "dollarization."


"We are pressing for restrictions," Singhal remarked. We can get clarity with the correct legislation."

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