Cryptocurrencies have been in existence for more than a decade now and countries seem to be exploring the space now. While several countries remain bullish towards cryptocurrencies, a few others have publicly criticized the same. On the other hand, a few countries seem to be confused about their stance on decentralized digital assets.
As per a recent report, Nirmala Sitharaman, the Indian Minister of Finance and Corporate Affairs revealed that several countries had warned against racing into cryptocurrency while discussing questions on Facebook’s crypto project, Libra. This took place during the International Monetary Fund and the World Bank’s annual meeting.
Sitharaman elaborated on the same and said,
“On our side, the Reserve Bank Governor spoke about it during our turn to intervene. I got the sense that many countries were cautioning on rushing into this. Some of them [countries] of course even suggested that they shouldn’t be using, all of us shouldn’t be using the name stable currency because that’s the expression they used. Many cautioned to the extent saying even the name should not be stable currency, it should relate to virtual currency or something of the kind”
Private cryptocurrencies similar to Facebook’s Libra is out of the question for the Indian authorities as it is “not something they are comfortable with.” The Indian Finance Minister has addressed the topic for the first time.
However, residents of India still seem to be unclear about the position of cryptocurrencies as the Supreme Court has time and again postponed the hearings pertaining to digital assets.
Sitharaman also pointed out that,
“In fact, this morning some of the presentations were also highlighting the strengths of such virtual currency. But equally everyone without fail spoke about the challenges together with talking about it as a if necessary step forward. So everyone was stepping cautiously on it”
Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings
Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.
Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.
Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.
Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.
Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.
Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,
“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”