DailyCryptonews by cryptoborges - 31/01/2021

By Francisco Borges | CryptoNews by cryptoborges | 1 Feb 2021

Hi huys hope you enjoy your daily dose of crypto news.

Indian government looking to crack down on crypto scams with proposed ban: Cashaa CEO

Kumar Gaurav, founder and CEO of cryptocurrency exchange Cashaa, believes the Indian government’s latest efforts to regulate digital currencies are more of an attempt to prevent illicit activities in the industry rather than outright ban crypto.

The governing body will be considering a bill intended to "prohibit all private cryptocurrencies" while also creating a regulatory framework for a digital rupee issued by the Reserve Bank of India, or RBI. The central bank announced last week that it would be "exploring the possibility".However, the bill also says it will allow for "certain exceptions to promote the underlying technology of cryptocurrency and its uses."

In a statement from Gaurav shared with Cointelegraph, the Cashaa CEO said "there is no way any government" can ban crypto given its nature as a global and decentralized system.

"They can certainly ban the legitimate use of crypto which will only make it difficult for a common person who does not understand it to get involved in it," said Gaurav. “However, what we understand is that the Indian government is trying to crack down on scams that are running in the name of Bitcoin."

“We are positive that the government will come up with regulations and policies that will put control on the scams and let the innovation in the industry [...] grow and thrive.”

‘When alt season?’ eToro may have some answers

In its latest quarterly report, eToro breaks down various cryptocurrency investment themes related to the 2020 bull market.

The research found that the top 100 altcoins, when held equally, were “a more lucrative investment” than BTC for most of 2020 – until Dec. 18, to be precise.

As eToro explains: “If you started with bitcoin, with only two swaps the entire year – bitcoin to altcoin in May, and back into bitcoin in September – the 3x or 4x gains seen by either investment grows to over 7x.”

Relative trade volume, social media activity, new coin listings and the number of news articles published from crypto projects appear to have an impact on whether altcoins are about to have their time in the sun.

It continues: “This metric seems to not only capture the May and October swaps, but also potentially the short alt season in late February.”