STANDPOINT by Atique Naqvi

Cryptocurrencies have gained popularity across the world. Facebook revives Libra plans; Value of global crypto market to reach US$1.6 trillion While the Facebook is re-thinking its plan to launch digital currency Libra, India’s highest court has lifted a ban on cryptocurrency today. India’s Supreme Court on Wednesday allowed trading in virtual currency, cryptocurrency and the likes of Bitcoin. However, the court’s decision might be over-shadowed by the upcoming bill proposed by India’s federal government. The draft bill seeks to prohibit mining, holding, selling, trade, issuance, disposal or use of cryptocurrency in India, and the violation could result in hefty fines and imprisonment of 10 years. For now, the supporters of cryptocurrency may rejoice as the draft bill might come in a distant future and may be toned down a tad bit after Supreme Court’s decision. The court ruled in favor of the Internet and Mobile Association of India, which was representing the inter...

Cryptocurrencies have excited the risk takers and day-dreamers around the world, but the investment bankers might turn the elusive money into something tangible.**  By Atique Naqvi, aka Syed Atique Hussain, Boston, United States Cryptocurrencies such as Bitcoin have become financial celebrities. With the exponential rise of Bitcoin, about 750% since the first quarter of 2017, there has been a renewed interest in cryptocurrencies or the blockchain system. Though small and retail investors have been the driving force behind the rise of cryptocurrencies, investment bankers and asset managers are also watching closely at the ‘new money’ as a credible and a legit asset class. The interest from big investment bankers has probably prompted Chicago Mercantile Exchange and Chicago Board Options Exchange to launch Bitcoin Futures.  The investment banking has witnessed a good year in 2017, and before delving into the cryptocurrency aspect, let’s examine the state ...