LiveCoin.net has launched Steem trading on their platform. Now you can sell or buy Steem for Bitcoin. This feels like a breath of fresh air amidst the ongoing crypto bloodbath! As a Steemit user I welcome this move by LiveCoin!
Today, I saw Steem listed on LiveCoin website when I was looking some alternate exchanges for some interesting coins and trading opportunities. I also found it listed on the Blockfolio (portfolio manager) mobile app. However, only Steem/BTC pair is available, and ergo you will not be able to trade your SBDs on their platform at press time.
I tried creating an account today to test it out but I didn't receive any email for activation so if any of you here use LiveCoin, I would love to get some feedback in the comments from your experience using this platform.
LiveCoin doesn't seem to have any official press release to this effect at the moment but I expect it to get popular as trading volumes increase in the future. At press time, the trading volume/liquidity is very low. But it's good to see new exchanges open up to our favorite crypto Steem!
Indian Government and Reserve Bank Mulling Bitcoin Status
Indian government is considering the pros and cons of regulating bitcoin as well considering the positive aspects as well as the repercussions of a total ban on the leading cryptocurrency. Currently, Bitcoin and cryptocurrencies sit in a very grey area; they are neither legal or illegal! Indian government as well as the Reserve Bank of India have cautioned citizens against cryptocurrency sale/purchase.
Bitcoin made news after demonetization when the userbase for most exchanges in India grew at an unprecedented rate due to the increased demand for Bitcoin. Cyber ransomware attacks also unleashed a wave of press coverage for Bitcoin in India.
The government is considering new ways to levy tax on Bitcoin. One of the ways it can do this quickly is by bringing trading of Bitcoin via currently operating exchanges under the purview of its stock market regulator, Securities and Exchange Board of India (SEBI). This would allow it to tax Bitcoin similar to Gold and other precious metals.
However, it is also considering drafting an entirely new regulatory framework that will enable it to levy tax under the new Goods and Services Tax (GST) regulations on the sale/purchase of Bitcoin cryptocurrency.
A senior government official told The Hindu—a top Indian newspaper:
The discussion on whether crypto-currencies should be banned or regulated has been on for some time. The pros and cons for both aspects were put forth in the meeting chaired by Finance Minister Arun Jaitley last month.
A proposal to ban such currency altogether was also considered at the meeting, but found few takers among top officials from the Ministries of Finance, Home Affairs and IT as well as SEBI, the Reserve Bank of India, the State Bank of India and NITI Aayog.
The Reserve Bank of India is also closely monitoring trading activities and transaction of the Bitcoin exchanges in India. It is actively looking for any discrepancies, money laundering and other nefarious activities. This is due to the difficulty in ascertaining ownership and origin of the funds transferred using Bitcoin.
In my opinion it's impossible to ban Bitcoin! The government could do well to tax its sale/purchase in a reasonable manner without burdening its users as well as the exchanges operating in the country and pushing them to a corner. It would be foolish for any government to consider banning Bitcoin/cryptocurrencies in it's entirety. Cryptocurrencies are here to stay!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Talk—The Importance of Doing Absolutely Nothing and Taking a Break!
- Dummies Guide to Basic Steemit Account Security + Account Recovery Guide! Must Read For Steemit Users!
Follow Me: 