In this week’s cryptocurrency round-up, there is a lot going on. First, India is still trying to figure out what to do with cryptocurrency, and an overall ban on the sector is looking more and more probable. The CFO of Binance also has some words for Facebook and the way that it seems to be thinking about crypto, and is more than skeptical.
Gene Simmons, one of the most famous rockers in the world, and also an author/entrepreneur - is a fan of Bitcoin, and not afraid to tell this to well-known cryptocurrency influencers. In an especially interesting bit of news, John Mcafee claims to have had a conversation with Satoshi Nakomoto himself.
India Discussing Blanket Crypto Ban
There are many various countries all over the world that have cracked down heavily on the cryptocurrency markets for various reasons. There are some that are concerned about whether the sector is running rampant with fraud, for example, thanks to the fact that much of the initial coin offering (ICO) sector has had issues with “exit scams”, where cryptocurrency projects that don’t really exist or misrepresent their connections/value end up vanishing, and investors’ money ends up stolen. There are others that are more concerned with the fact that criminal and terrorist organizations might be using cryptocurrencies to launder or accept massive amounts of money, as well.
India is the second-most populous country in the world, and the world’s seventh-most largest economy. It has not been receptive to cryptocurrency at all, as evidenced by the fact that a cryptocurrency ATM was seized last year before it was even functional. The startup responsible for the ATM, Unocoin, was also targeted, with both founders being arrested, as well. Many have been vocal about the fact that the two largest economies in Asia, China and India, both have not set clear regulatory framework surrounding the sector, and how this poses a threat to cryptocurrency market growth in that particular part of the world.
It appears as though India is considering a blanket ban on cryptocurrency in general, as well. A new report suggests that the ban has the support of many various government departments. Various officials have confirmed that this includes The Department of Economic Affairs (DEA), Central Board of Direct Taxes, Central Board of Indirect Taxes and Customs and the Investor Education and Protection Fund Authority. The Ministry of Corporate Affairs has also chimed in, characterizing the entire cryptocurrency sector as a space run by “Ponzi schemes”.
India has been mulling over and debating how to proceed with cryptocurrency regulation since 2017, and there are many individuals on both sides of the issue. Either way, there has been real blows made to the economic growth of the sector, especially since the RBI ban, where banks are barred from lending money to cryptocurrency-related companies by the Reserve Bank of India.
Binance CFO Has Words For Facebook
It is impossible to deny just how powerful Facebook is these days, especially when one considers that the social media company boasts over two billion monthly active users, which is a significant portion of the population alive today. It is also one of the most powerful and influential companies in Silicon Valley, as well, and the company’s new interest in cryptocurrency has caused a lot of stir about the fact that many other startups might follow suit. For those who might not be aware, Facebook is developing its own stablecoin set to be launched sometime in the near future. The hope is that Facebook will be able to disrupt the global payments and remittance sector, which could be especially effective considering the fact that they own Whatsapp, one of the most widely-used messaging services in the world.
It appears as though the chief financial officer (CFO) of Binance has some words for Facebook with regards to their efforts. Wei Zhou did not hold back whatsoever, going as far as to call the founder and CEO of Facebook, Mark Zuckerberg, a “megalomaniac”. Zhou also happened to be a former Harvard classmate of Zuckerberg, and he stated that their goal is to actually limit the cryptocurrency sector rather than help grow it. He stated: Their goal is to wall off other people from coming into their system. Their goal is not to open up their system to other people.” Zhou criticized the mindset, elaborating that Facebook wants a “closed Facebook ecosystem”, which many believe goes against the entire idea of decentralization.
Zhou also referenced he amount of control that Zuckerberg seems intent on using, stating that the company is not a “community-driven organization” and that “key decisions are made by one person”. It is safe to say that Zhou, the CFO of the world’s largest cryptocurrency exchange by daily volume, is skeptical of the company’s plans and principles in general.
Gene Simmons Is A Bitcoin Fan
There are many executives and influencers that have weighed in on the future of Bitcoin, and how large of a role it will play in the financial system, of tomorrow, but it appears as though Gene Simmons of the legendary rock band “Kiss” has also been vocal about the fact that he supports Bitcoin. For those who might not know, Gene Klein, known professionally as “Gene Simmons” is the co-founder of Kiss, a band that saw immense success throughout the 1980s. In fact, the band is one of the best-selling bands of all time, having sold over 100 million records since they started in the early 1970s. The band is famous for their face paint and stage outfits, as well as how detailed and elaborate their live performances are, implementing such stunts as pyrotechnics, rockets, and more.
Simmons made the comments at a crypto-related event for large investors, where Anthony Pompliano was speaking. Pompliano is one of the most active and popular cryptocurrency influencers in the world, and also the co-founder and partner of cryptocurrency venture fund Morgan Creek Digital. He boasts over 200,000 Twitter followers and also sends out a cryptocurrency-focused weekly newsletter called “Off The Chain”, a reference to “blockchain”.
Simmons was also in attendance, and the two took a picture together. Pompliano claims that Simmons told him that “Bitcoin is volatile, but every time people think that it’s dead, it goes up a little”. This isn’t the first time that Simmons has spoken about being open to cryptocurrency investment, either, as he has stated in the past that he might be open to diversifying his investments with some crypto-assets. He also has floated the idea of a “KIss Coin”, although it has not come to fruition as of yet.
Mcafee Claims To Know Satoshi
Ever since the legendary Bitcoin whitepaper was made public in 2008, there have been countless claims and assumptions about the true identity of the Bitcoin creator, who goes by the alias of “Satoshi Nakomoto”. Of course, that hasn’t stopped all sorts of people from claiming that certain individuals might be Satoshi for many different reasons. Interestingly enough, one of the most influential cryptocurrency figures in the world, John Mcafee, claims to know exactly who Satoshi is, and also claimed that he would reveal his true identity. He also shared that they actually had a conversation, as well. Mcafee claims that Satoshi is not happy about all of the interest in uncovering his/her true identity, either. It is also worth noting that to this day, no one seems to know if “Nakomoto” refers to one person or a group of people.
Mcafee is a very controversial figure who started as a cybersecurity pioneer who founded Mcafee associates in 1987, and has grown to be one of the most respected figures with respect to cryptocurrency. There are others that have questioned his motives, and whether they are purely financial, and how legitimate many of his claims are and were. He is also controversial due to his constant issues with authorities. He has been accused of murder, and is currently on the run from U.S. authorities while simultaneously running for President of the United States, as well. This is because Mcafee claims that he has been indicted by the Internal Revenue Service, which might not be too surprising if one considers that Mcafee has been vocal about not paying taxes or believing in paying taxes. He has continued to run his campaign for months since being “in exile”. No one has provided concrete proof that they are Satoshi, which could potentially happen if they were to move one of the 1 million BTC codes in Satoshi’s possession. The coins haven’t been moved in over ten years, however.
Many were anxious to see what Mcafee had to say, but the cryptocurrency proponent has apparently backed off of the claim after consulting with his lawyer. This has apparently been a passion of Mcafee’s for a long time. Either way, he posted a tweet, elaborating that revealing Satoshi’s identity could it could “risk his extradition”. He stated that he would wait until a later time to reveal the true identity of Satoshi.