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<ul><li>The company will sell the token at a face value of Rs. 10 till June 1, while BTX lists on the exchange on June 4. </li><li>Like most new coins today, the <keyword id="11246224" type="COMPANY" weightage="20" keywordseo="bitex-coin">Bitex Coin</keyword> is also based on the Ethereum chain and will be the native currency for the <keyword id="10251857" type="COMPANY" weightage="20" keywordseo="Bitex">Bitex</keyword> exchange. </li><li>The coin is a utility token -- it has value, but it can’t be used to purchase another product.</li></ul><keyword id="6286377" type="UNKNOWN" weightage="20" keywordseo="Crypto-exchange">Crypto exchange</keyword> platform Bitex, on Wednesday, announced its Bitex Coin (BTX) in over 50 countries. According to Bitex, which is based in the United Arab Emirates (UAE), the total support of BTX will be capped at 1 billion to be issued by Global Cryptocurrency Exchange, and 20% of this will be available for public sale through an Initial Exchange Offering (IEO). The company will sell the token at a face value of Rs. 10 till June 1, while BTX lists on the exchange on June 4, which is when a second round of public sale will begin. Like most new coins today, the Bitex Coin is also based on the Ethereum chain and will be the native currency for the Bitex exchange. The company says it will help in “mass adoption of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">cryptocurrencies</a>” by reducing hurdles in fiat currency to crypto conversion, bank related delays and high fiat deposit/withdrawal fees on platforms. The company said it will charge zero trade fee for BTX trading pairs, and 50% fee for trading with other cryptocurrencies. What are utility coins? The coin is a utility token -- it has value, but it can’t be used to purchase another product. In essence, you cannot go to a platform that accepts crypto payments and pay with BTX, at least for the time being. Utility tokens allow crypto exchanges like Bitex to increase their overall market share in terms of trading volumes, since they can be traded only on their own platforms. Platforms like <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">WazirX</a> and Binance also issue their own currencies. Utility tokens can become full-fledged cryptocurrency in future, but there’s usually a fixed period for that. “A significant interest in cryptocurrencies has been observed since last year across India and around the world. Yet despite the mainstreaming of the digital asset, it continues to be concentrated among few investors and mass adoption is still at the periphery owing to several systematic challenges ranging withdrawal and deposit time, banking related delays among many others,” said Monark Modi, chief executive and founder of Bitex. “Currently, high fiat deposit and withdrawal fee, custody of fiat funds and 2-5 days to process fiat withdrawals are other major deterrents to trading on cryptocurrency exchanges,” the company said in a press release on Wednesday. But despite future use cases, the crypto industry has been largely settling into asset-based trading. While popular and mature crypto like <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">Bitcoin</a> and Ethereum still can be used as currency, it’s unlikely that smaller coins like BTX will grow beyond the asset stage. That is, it’s unlikely that they will be widely accepted as modes of payments in future, though one cannot rule them out either. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/internet-computer-cryptocurrency-is-valued-at-45-billion-within-24-hours-of-the-debut/articleshow/82572233.cms?upcache=2">This cryptocurrency is valued at $45 billion, and it's just a day old</a>

Crypto exchange Bitex’s new utility token aims to simplify trading in rupee

<ul><li><keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> has bounced back from its lowest point in March at $4,900 and has already crossed $18,000.</li><li>Bitcoin is trading at a three-year high, and the <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> is inching closer towards the all-time high of $20,000. </li><li>Experts believe this time around the growth will be sustainable and is here to stay. </li></ul>Bitcoin, everyone’s favourite cryptocurrency, is not only out of the woods, but is witnessing a bull run. Bitcoin has bounced back from its lowest point in March at $4,900 and has already crossed $18,000 – its highest since December 2017. It is inching closer towards the all-time high of $20,000. Bitcoin prices in 2020 have been rising for 112 days, making it the first time in history it has achieved this. The 12-year old cryptocurrency has seen euphoric highs and biggest crashes but experts believe this time around the growth will be sustainable and is here to stay. “This time there are more genuine reasons for the price increase like American hedge funds adding crypto assets to their balance sheet, PayPal allowing access to its millions of customers to buy and sell cryptos followed by an announcement from DBS bank that they will soon start providing trading services for crypto to their clients. It looks like the growth we are seeing now is more sustainable and the global recession and pandemic is fuelling it,” said Sathvik Vishwanath, CEO of Unocoin. Here’s why Bitcoin is booming again The faith of institutional investors Bitcoin has found a stronger foothold in the market with American hedge funds and institutional investors turning to the crypto market. Even major banking institutions like <a href="https://www.businessinsider.in/stock-market/news/bitcoins-massive-rally-is-different-from-the-speculative-frenzy-of-2017-as-more-institutional-investors-buy-in-says-mike-novogratz/articleshow/79291143.cms">Citibank and Bank of America </a>are talking about the crypto asset. In fact, JPMorgan Chase’s billionaire CEO Jamie Dimon, who had earlier called Bitcoin a “fraud”, switched sides to say that he believes in Bitcoin, even though it is not <a href="https://finance.yahoo.com/news/jamie-dimon-says-bitcoin-is-not-my-cup-of-tea-even-as-jp-morgan-has-warmed-to-crypto-161245479.html">his cup of tea</a>. JP Morgan had launched its own cryptocurrency last year called JPM Coin. “The recent bull run in Bitcoin is caused due to increasing investment from institutional investors, investment banks and more importantly payment companies. This is largely owing to a shift in investor sentiments towards alternative asset classes, especially digital assets,” said Monark Modi, Founder and CEO, Bitex. Modi added that another factor has been the likes of an investment bank like JP Morgan Chase which has adopted blockchain based interbank payment systems through Stablecoins. “Judging by this heightened interest towards cryptocurrencies, Bitcoin has the potential to touch $22,000 by coming quarter,” he said. PayPal’s Bitcoin push One of the biggest factors behind the <keyword id="10298153" type="UNKNOWN" weightage="20" keywordseo="bitcoin-bull-run">bitcoin bull run</keyword> is fintech leader PayPal accepting cryptocurrency on its platform. PayPal said that it plans to “significantly increase cryptocurrency's utility by making it available as a funding source for purchases at its 26 million merchants worldwide.” Right after PayPal’s announcement which was termed as the <a href="https://www.businessinsider.in/stock-market/news/bitcoin-leaps-to-highest-since-july-2019-after-paypal-opens-service-to-cryptocurrencies/articleshow/78793386.cms#:~:text=Bitcoin%20soared%20as%20much%20as,highest%20level%20since%20July%202019.">biggest news for crypto</a> in 2020, Bitcoin had surged over 8%. "Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce,” Dan Schulman, president and CEO, PayPal had said in October. COVID has changed investor outlook As COVID-19 brought in market uncertainties all around, investors became more accepting of Bitcoin as the cryptocurrency offered an alternative to gold. “The virus crisis is propagating the reassessment of bitcoin. There is a reassessment about its value here as an alternative currency; as an alternative to gold,” Nikolaos Panigirtzoglou, an analyst at JPMorgan told <a href="https://www.theguardian.com/technology/2020/nov/17/bitcoin-jumps-to-three-year-high-as-covid-crisis-changes-investor-outlook">the Guardian.</a> The Bitcoin halving event Bitcoin halving takes place when the reward for mining Bitcoin transactions is cut in half. During this, the cryptocurrency’s inflation rate is halved and so is the rate at which new bitcoins are circulated. The last Bitcoin halving event took place in May, 2020. “In the previous 2 halvings too, Bitcoin and the overall crypto market cap rose exponentially, and we are expecting a similar trend. This time around, we are witnessing interest not only from retail but institutional investors globally too,” said Sumit Gupta, Co-founder and CEO, CoinDCX. Gupta expects that along with Bitcoin, the prices of other crypto currencies like Ethereum too will now increase. “This is mainly because both Bitcoin and Ethereum have strong fundamentals. We are expecting Ethereum also to perform well in the next few years owing to ETH 2.0 scheduled in December 2020,” said Gupta. ETH 2.0 or Ethereum 2.0 is the next upgrade to the Ethereum blockchain, scheduled to be launched in December 2020 after a long delay. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/harley-davidson-dealer-shares-how-they-are-looking-at-legal-options-on-compensation-after-the-company-exited-india-operations/articleshow/79300260.cms">A Harley Davidson dealer in Delhi shares his anxiety over the US luxury motor company's sudden exit from India</a> <a href="https://www.businessinsider.in/business/startups/news/zomato-is-being-pulled-apart-in-a-polarised-india-for-pushing-advertising-money-to-backing-a-partisan-news-outfit/articleshow/79296969.cms">Zomato is being pulled apart in a polarised India⁠ for pushing advertising money to back a partisan news outfit</a>

Bitcoin is on a record run, surging past $18,000 — here’s why the cryptocurrency is booming again

<ul><li>According to a notification issued by the <keyword id="6376435" type="UNKNOWN" weightage="20" keywordseo="ministry-of-corporate-affairs">Ministry of Corporate Affairs</keyword>, companies will have to disclose <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> related matters in their financial statements.</li><li>The cryptocurrency disclosure requirements come into effect from April 1, 2021.</li><li>Industry insiders have welcomed the decision, saying that this allows companies to treat <keyword id="6994688" type="UNKNOWN" weightage="20" keywordseo="cryptocurrency-transactions">cryptocurrency transactions</keyword> in a legitimate manner.</li></ul>The Indian government has mandated companies to disclose their cryptocurrency holdings. The disclosure will be a part of the financial statements of the company, aimed at giving a better picture of the company’s finances to the stakeholders. According to a notification released by the Ministry of Corporate Affairs (MCA), every company which has indulged in cryptocurrency transactions will have to disclose the following facts: <ol><li>Its cryptocurrency holdings as on the date of the financial statements.</li><li>The total profit or loss on transactions involving these crypto or virtual currencies.</li><li>Deposits or advances received from any person for the purpose of trading or investing in these currencies.</li></ol>These disclosures will be required starting on April 1, 2021, which is when India’s financial year 2021-22 begins. The timing of the MCA notification is important, since it comes at a juncture when there is ambiguity in terms of legality of cryptocurrencies in India. For what it’s worth, the government has proposed a bill to regulate and even ban cryptocurrencies. However, the official word on this is still not available. <div type="Article" hostid="261" msid="80782941" title="“Should I sell my cryptocurrencies?” and other questions answered on India’s proposed Crypto Ban bill" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Industry insiders welcome the decision" comment="subhead" text="Industry insiders welcome the decision">Industry insiders welcome the decision</cmsannotation> The addition to cryptocurrency-related disclosures in the financial statements of companies is a significant decision. For one, it gives an air of legitimacy to these transactions. And secondly, it shows the government’s intent to regulate cryptocurrency investments and trading. “It is a welcome move as the amendment is a great stride towards a regulated environment which is what the industry has been eagerly anticipating. Besides ushering in transparency for the system it will enhance the confidence of investors both retail and institutional especially in the wake of ongoing speculations around the cryptocurrency bill,” said Sumit Gupta, co-founder and chief executive of CoinDCX, a Mumbai-based cryptocurrency exchange. Gupta also stressed on the need for regulation and taxation, suggesting this should be the way forward instead of banning cryptocurrencies. “In light of the recent speculation around banning, allowing cryptocurrencies to be a part of accounting practices will definitely put investors at ease as they no longer have to be worried regarding taxation,” said Monark Modi, founder and chief executive of Bitex. Modi further added that this is a ‘definite endorsement’ and that regulation is the ‘right step ahead. Kumar Gaurav, founder and chief executive of Cashaa, said that this allows cryptocurrency transactions to be treated in a legitimate manner. Overall, with the industry receiving this notification in a positive manner, the retail investors can heave a sigh of relief. Even though the notification does not impact them directly, it is a step in the right direction as far as legitimising and regulating cryptocurrencies in India is concerned. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/what-happens-if-the-government-bans-cryptocurrencies-should-i-sell-bitcoin-checkout-experts-views/articleshow/80782941.cms">“Should I sell my cryptocurrencies?” and other questions answered on India’s proposed Crypto Ban bill</a> <a href="https://www.businessinsider.in/stock-market/news/crypto-firm-kraken-seeks-to-double-its-valuation-to-10-billion-as-trading-in-digital-assets-skyrockets/articleshow/81222984.cms">Crypto firm Kraken seeks to double its valuation to $10 billion as trading in digital assets skyrockets</a>

Indian companies will have to disclose cryptocurrency holdings from April 1 – industry insiders welcome decision

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Crypto exchange Bitex’s new utility token aims to simplify trading in rupee

BI India Bureau

Bitcoin is on a record run, surging past $18,000 — here’s why the cryptocurrency is booming again

Sanchita Dash

Indian companies will have to disclose cryptocurrency holdings from April 1 – industry insiders welcome decision

Rounak Jain

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