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<ul><li>More than 51 per cent of the total <keyword id="6354947" type="General" weightage="100" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> trading volume on various <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> exchanges this year is fake.</li><li>According to data provided by niche news publisher BanklessTimes.com, the majority of this fake Bitcoin volume is due to wash trading.</li><li>According to the report, faking trading volume can be a way for exchanges to attract new customers.</li></ul>More than 51 per cent of the total Bitcoin trading volume on various crypto exchanges this year is fake amid volatile global economic conditions, a new report has claimed. Bitcoin is the blue chip of cryptocurrency and represents 40 per cent of the total crypto assets outstanding in the new and volatile crypto markets. Its market cap is currently at 382.25 billion. According to data provided by niche news publisher BanklessTimes.com, the majority of this fake Bitcoin volume is due to wash trading. Wash trading is illegal, where an asset is bought and sold simultaneously on the same platform to create false liquidity. This is often done by bots or spoofing orders. "It's difficult to talk about cryptocurrency without talking about Bitcoin. Yet, there is a concern that a large part of the daily traded volume of Bitcoin is fake. This puts into question the legitimacy of exchanges and the reliability of data," said Jonathan Merry, CEO of BanklessTimes. Another factor contributing to the fake volume is stablecoins such as Tether (USDT).A Tether pairs very well with Bitcoin and is often used to buy and sell Bitcoin on exchanges. "This results in much volume being generated without any actual Bitcoin changing hands," said the report. According to the report, faking trading volume can be a way for exchanges to attract new customers. By appearing to be more popular than they actually are, exchanges can trick investors into thinking there is more activity and liquidity on their platform. Another reason people might engage in wash trading is to prop up the price of a particular asset, according to the report. By buying and selling the asset simultaneously, they can create the illusion of demand and drive up the price. This can be done for personal gain or artificially inflate an asset's price before selling it. "Investors should be wary of exchanges that report false figures. You must do your research and only use exchanges you trust," the report suggested. SEE ALSO: <a href="https://www.businessinsider.in/business/news/whatapp-business-gives-a-new-lease-of-life-to-solopreneurs-across-india-and-bharat/articleshow/94673370.cms">WhatsApp Business gives a new lease of life to solopreneurs across India and Bharat</a> <a href="https://www.businessinsider.in/business/news/indias-service-sector-activity-falls-to-6-month-low-in-sep-amid-inflation-competition-pmi/articleshow/94675187.cms">India's service sector activity falls to 6-month low in Sep amid inflation, competition: PMI</a>

More than half of Bitcoin volume on crypto exchanges fake: Report

<ul><li>The Indian government is reportedly mulling over classifying Bitcoin as an asset class of its own.</li><li>This will make it easier for Indians to trade in it by giving the Securities and Exchange Board of India (SEBI) control without banning Bitcoin altogether.</li><li>Regulation around cryptocurrencies is expected to be tabled in Parliament during the Monsoon session next month.</li></ul>Recent crypto friendly announcements in El Salvador and Paraguay may have affected India’s stance towards the industry. The country is reportedly planning to classify <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> as an asset class so that Indian can still trade using the cryptocurrency. Sources told the <a href="https://www.newindianexpress.com/business/2021/jun/10/after-el-salvador-india-may-move-to-classify-bitcoin-as-an-asset-class-2314097.html">New Indian Express</a> that the Finance Ministry would be formulating a new set of regulations for Bitcoin and the Securities and Exchange Board of India (SEBI) would be in charge of how these regulations are implemented. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was supposed to come to the fore during the Parliament’s Budget session in March. However, the session was cut short due to the second wave of COVID-19 infections in India. Now, it is expected that the bill will be tabled during the Monsoon session of Parliament set to kick off next month. But, not everyone is in support of the new regulations in their current form. The bill met <a href="https://www.livemint.com/market/cryptocurrency/whats-in-store-for-the-country-s-crypto-industry-11616432928274.html">widespread pushback</a> from both crypto companies and industry experts. Why does it matter if Bitcoin is classified as an asset class? According to a brief posted on the agenda for the Parliament session, the cryptocurrency bill wants to “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India (RBI)”. It is also looking to “prohibit all private cryptocurrencies” in India, which has led to speculations about what India would classify as a ‘private cryptocurrency’. It’s possible that Bitcoin’s classification as an asset class will take it out of the purview of private cryptocurrencies and make it akin to gold and other taxable assets. The Internet and Mobile Association of India (IAMAI) had <a href="https://www.livemint.com/technology/tech-news/digital-rupee-can-co-exist-with-crypto-assets-iamai-11613373607400.html">clarified</a> in February that the existence of a CBDC wasn’t pre-conditioned on banning crypto assets in India. “Existence and use of crypto assets by Indian consumers open up a wide scope for Indian entrepreneurs to issue such currencies and it is likely that Indians who comprise 15% of global buyers will prefer an Indian crypto asset,” the industry body stated. The IAMAI has also formed a set of <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">self regulatory guidelines</a> for crypto companies who are among its list of members as the government mulls over its new legislation. Will Bitcoin being an asset class be enough? Crypto being classified as an asset class may not end the industry’s woes with regulations though. India’s Enforcement Directorate (<a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-wazirxs-founder-nischal-shetty-gets-notice-from-ed-for-2971-crore-transactions/articleshow/83427891.cms">ED</a>), an agency tasked with fighting economic crime, issued a notice to the country’s largest <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchange</a> <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword>. <div type="twitter" handle="dir_ed" handlename="ED" image="http://pbs.twimg.com/profile_images/489323563262816257/i9Of1j9I_normal.png" favoritecount="2228" retweetcount="690" status="ED has issued Show Cause Notice to WazirX Crypto-currency Exchange for contravention of FEMA, 1999 for transaction… https://t.co/dcU8XlOugB" createdat="1623397497000" id="1403256929435017217"></div> While WazirX has said that it complies with all required laws, including collecting know your customer (KYC) documents and anti money laundering (AML) processes, the ED is the second regulatory body to take steps against crypto exchanges. The Reserve Bank of India (RBI) had also <a href="https://economictimes.indiatimes.com/tech/technology/rbis-concerns-on-cryptocurrency-remain-unchanged-governor-shaktikanta-das-says/articleshow/83230813.cms">issued</a> an informal guidance to lenders to stop doing business with crypto companies last month. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-launch-teased-expected-to-be-released-on-june-18/articleshow/83426239.cms">Battlegrounds Mobile India launch teased, expected to be released on June 18</a> <a href="https://www.businessinsider.in/tech/news/android-12-beta-breaks-records-googles-most-downloaded-beta-version-ever/articleshow/83425692.cms">Android 12 beta breaks records — Google’s most downloaded beta version ever</a>

India may classify Bitcoin as an asset class, but that may not solve the underlying problem

The <keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Friday asked the Centre to make its stand clear on <keyword id="6395759" type="General" weightage="20" keywordseo="bitcoins" source="Orion">Bitcoins</keyword>. Currently, there is no regulation or any ban on the use of cryptocurrencies in the country. A bench comprising Justices D.Y. Chandrachud and Surya Kant told the additional solicitor general (ASG) Aishwarya Bhati, "You have to make your stand clear." The bench was hearing a plea by Ajay Bhardwaj against the Union of India. Bhati submitted before the bench that this case involves 87,000 Bitcoins and the accused is not cooperating with the investigation, and multiple summons have been issued so far. The bench queried, "Is it illegal or not..." Bhati replied: "We will do that my lord." Advocate Shoeb Alam, appearing for an FIR informant, sought cancellation of bail granted to Bhardwaj. The bench pointed out that a status report had been filed by the Enforcement Directorate in July last year. Bhati added that the accused has not cooperated in the probe. The bench directed the accused to meet with the investigating officer (IO) and cooperate in the investigation. The bench said the IO will file a status report showing the cooperation of the accused and scheduled the matter for further hearing after four weeks. The bench added that the interim order restraining arrest of the accused will continue till the next date of hearing. The Reserve Bank of India's order banning banks from supporting crypto transactions, was reversed in March 2020, by the Supreme Court. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-donations-to-ukraine-surge-as-war-with-russia-intensifies/articleshow/89818975.cms">Bitcoin donations to Ukraine surge as war with Russia intensifies</a>

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More than half of Bitcoin volume on crypto exchanges fake: Report

IANS

India may classify Bitcoin as an asset class, but that may not solve the underlying problem

BI India Bureau

Supreme Court asks government to take a stand on Bitcoin

IANS

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