#IntlRoundup: India’s Supreme Court Hears Final Arguments Against Ban; Swiss Company Funds a Crypto Bank
The global nature of digital currencies makes following international news beneficial for investors and interested market participants. However, due to how fast news travels through the landscape, it can be easy to miss the occasional story now and again. As part of a regular weekly roundup, Coinsquare News compiled the week’s significant international news headlines. This week, we look at a Swiss financial services company raising money for a cryptocurrency bank, the state of cryptocurrency action in India, and more.
Swiss company raises millions to build a crypto bank
As Bloomberg reported this week, Seba Crypto AG, a Swiss financial services company, raised $104 million USD (currently worth nearly $136 million CAD). The company says it raised funds in order to support its aim of building a bank that will allow customers to swap between fiat currencies and cryptocurrencies.
“Our vision is when you log in into your online banking, you’d have access to crypto and fiat within one account,” said Seba Crypto AG CEO, Guido Buehler.
Seba Crypto AG is composed of former bankers from the Swiss multinational investment bank UBS Group AG, and is headquartered in Zug. Private and institutional investors contributed to the funding effort, and the group says that it is currently in talks with Swiss financial regulators.
Reportedly, it will file a final application with the Swiss Financial Market Supervisory Authority (FINMA) by the end of October in order to legally operate in the country.
Supreme Court of India is hearing final arguments against the RBI’s cryptocurrency crackdown
This week, India’s Supreme Court is hearing final arguments against the Reserve Bank of India (RBI)’s orders to financial institutions. The orders in question severely limit the ability for banks to hold any type of relationship with cryptocurrency traders and exchanges.
Critics argue that the central bank’s controversial actions against the cryptocurrency industry are leaving institutions unable to engage with a significant financial market. Critics also believe that the RBI’s actions are encouraging trading to occur on a peer-to-peer basis outside of the country’s watch, as legal avenues for cryptocurrency engagement in the country are becoming few and far between.
Despite backlash against the crackdown, India’s Supreme Court previously rejected appeals for a stay on the RBI’s ruling.
According to the Indian English-language newspaper, the Financial Express, the country’s supreme court is hearing final arguments on petitions that challenge the RBI’s ban. The outcome could prove significant for the future of cryptocurrency in India.
Police in New Zealand issue a public alert against Bitcoin fraud
In a public alert dated September 26th, 2018, New Zealand police from Canterbury issued an alert to the public following a victim losing a substantial sum to a cryptocurrency scam.
According to the release, the scam’s victim lost $320,000 NZD (around $277,000 CAD) from their life savings after being deceived by a fraudulent actor promising a sizeable return on investment involving Bitcoin and other cryptocurrencies.
Reportedly, the victim’s investment grew as money was deposited, but began to decline as they invested more of their funds via the scam’s website. As a result, Canterbury Police hope to remind people to stay safe among online scams and do their best to avoid malicious actors.
Speaking on the incident, Senior Sergeant Paul Reeves said that if a platform’s offer appears “too good to be true, it probably is.”
This was also the case with BitConnect, which shut down its primary services following negative press and government action. The platform was also the subject of a class action lawsuit filed earlier this year that claims its promises to investors were overtly fraudulent.
Italian football club Juventus announces a blockchain-based token for fans
On Monday, the popular Italian football club, Juventus, announced a partnership that will reportedly lead to the launch of a digital token for the club’s fans.
As stated on the club’s official website, Juventus is entering a multi-year global partnership with Socios.com, a blockchain-based fan engagement platform. In doing so, the club intends to launch a “Juventus Official Fan Token” which its international supporters will be able to engage with.
“The launch of the ‘Juventus Official Fan Token’ will evolve the club’s global fan engagement strategy and help to expand our global audience by bringing our fans closer together,” the club said, in the announcement.
Juventus’ blockchain-backed token will be available exclusively through Socios.com and can be traded with the platform’s native token, $CHZ.
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