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RBI’s Crypto Ban Upheld Leaving Indians to Ponder Future of Cryptocurrency

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Wed, 07/04/2018 - 08:37
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  • Cryptocurrency businesses took a hit when the Indian courts decided to uphold the RBI’s ban on crypto-dealings, so where does this leave India?

Cover image via U.Today

The news out of India recently was disconcerting for many in the cryptocurrency industry as the application to the Supreme Court to try and halt a circular put out by the Reserve Bank of India failed.

The Court refused to stay the RBI’s decision to essentially blockade all businesses operating with around cryptocurrencies. This means that the deadline for ending business with cryptocurrency will elapse, on July 5.

It means rough roads ahead for the cryptocurrency industry in India, which was burgeoning, however, there is still some sort of light at the end of the tunnel as reports suggest the RBI is looking at creating its own cryptocurrency.

Working around it

Indian businesses that operate in the country are now in a real quandary as there are no technical regulations stopping the use of cryptocurrencies, rather the Reserve Banks has decided to make their operating much, much harder.

Already, in anticipation of the outcome of the court hearing, some exchanges had changed their tact in order to remain compliant with the RBI’s memo. Exchanges starter operating as an escrow account in a peer-to-peer trading platform, rather than the normal exchange business model.

Wasted potential

The upholding of the RBI’s decision will have a major role to play in blunting the India cryptocurrency space as it was already seen that when the pressure began, companies already started to fold.

Back in March, two Indian cryptocurrency exchanges shut their doors citing regulatory fears for the reason. It is now up to those who remain to either keep fighting or to crumble under the heavy pressure.

The move has been roundly criticised by not only the Indian cryptocurrency community but by as influential figures as Tim Draper. It will be interesting to thus see how the next few months pans out for India, especially for those who were working and using the space, including a majority of women.

About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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Weirdest Crypto Names You Can Find: from Jesus Coin to FirstBlood

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Fri, 11/29/2019 - 16:31
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  • Can Bread coin feed you and Jesus Coin buy you a pass to heaven? See a selection of the weirdest crypto coin names prepared for you by U.Today

Cover image via 123rf.com

It seems that while making up names for new coins, their creators think as wide and deep as they can. And after they do that, it appears they ultimately choose what comes to their mind first, they want to have fun, give users an idea of what the coin can be utilized for.

Sometimes, unless there is some special story behind a coin’s title, people seem to use their favorite movies, names of Greek or Scandinavian gods, or references to the Bible, favorite novels.

FirstBlood (ranked 322) is a good example here. It is trading at $0.099154, with the market cap totaling $8 483 439 and daily trading volume amounting to $895. Name taken from a famous in the past action movie about John Rambo.

First blood
Image via CoinMarketCap

Ubiq (ranked 540). The name of a popular novel by Philip K. Dick.

U.Today’s selection of coins with weird names

All coin names below are on the CoinMarketCap list. They are divided into several topics or utility purposes that their creators might have kept in mind when making them. Their ranking on CoinMarketCap is shown in brackets.

Names to do with the Bible

Jesus Coin (1673), Noah Coin (221), Haven Protocol (576).

Jesus Coin
Image via CoinMarketCap

Outstanding personalities of the past

Davinci Coin (332), Mao Zedong (1176). The latter sounds like it is more suitable for China instead of the ‘China Coin’ (DCEP) that the local central bank is working on.

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Titles that sound to be used on adult websites

Eroscoin (1220), Titcoin (1753), Bitcoin Adult (1846), Desire (1855), HOT Token (2248), Sexcoin (2266).

Earlier U.Today reported that the adult content giant PornHub accepts Verge, Tron’s TRX and some believe it may also be accepting XRP in the future, now that PayPal backed off from collaborating with PornHub.

Just peculiar names for cryptocurrencies

Some names of coins sound like these assets were created just for fun.

Bread, aelf (ELF), DeepOnion, Evil Coin, BROTHER, BUDDY.

Cabbage, Dynamite, HiCoin, DeepBrain Chain, TrollCoin, Nuggets, BunnyToken.

Separately, two coins should be noted – TrumpCoin and PutinCoin. The latter is trading at $40 but at the time of writing is falling by around 45 percent.

There is even Bitcoin CZ – sounds like it was created by a big fan of Changpeng Zhao.

Another coin worth mentioning is WHACKD coin created by John McAfee. It is based on the popular meme "Jeffrey Epstein Didn't Kill Himself", since it is to do with Jeffrey Epstein, an American financier, who was accused of a sexual abuse but committed suicide in the prison cell. Many, including John McAfee, believe it was a murder, not suicide.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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