India Bans Banks from Processing Cryptocurrency Purchases
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Indian residents can no longer purchase cryptocurrency through their bank accounts, according to new measures adopted by the country’s central bank.
The sweeping policy, announced on Thursday by the (RBI), prohibits RBI-regulated institutions from allowing their customers to purchases cryptocurrencies, and it also bars banks from providing services to businesses “dealing with or settling [virtual currencies].”
From the :
“Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time.”
As a result of the ban, traders will no longer be able to deposit or withdraw fiat currency at cryptocurrency exchanges, forcing them to use peer-to-peer (P2P) trading platforms such as LocalBitcoins. According to data from CoinDance, LocalBitcoins transactions denominated in INR currently account for roughly $1 million in volume on a weekly basis.
Source: coindance
The RBI statement acknowledges that blockchain technology has many potentially-beneficial applications but argues that cryptocurrencies raise a number of concerns related to consumer protection, market integrity, and preventing financial crimes.
“Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system,” the RBI said. “However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.”
As CCN , India-based cryptocurrency trading volume had already plummeted by 90 percent in recent months as banks themselves had already begun to restrict the ability of cryptocurrency exchanges to secure access to financial services and locals to trade with funds stored in Indian bank accounts. However, until now, this blockade had not been codified into official government policy.
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2018 is set to be an exciting year for anyone looking to expand or diversify their investment assets. With the rapid growth of cryptocurrencies around the world, the main challenge is deciding where to invest.
CEDEX is set to answer that question when it launches its new and revolutionary Blockchain-based diamond exchange beginning with an ICO Token Pre-sale of its CEDEX Coin on the 16th March 2018. Due to of the total. The aim of turning the existing diamond industry into the next asset class for investors will then be well underway.
Up to this point, diamond exchanges have functioned on a business to business (B2B) basis, leaving the public with little way to get involved. CEDEX aims to bring the traditional diamond industry into the world of innovative financial markets, thus enabling a transparent and safe way for the public to invest in diamonds as they would any other financial asset.
In De Beers’s Diamond Insight Report carried out in 2016, they attribute 95% of global diamond trade to consumer retail. This outlines the present gap in the market for investment in diamonds that CEDEX is aiming to capitalize on.
The lack of financial investment in the diamond market up until this point can be attributed to a number of challenges that the revolutionary CEDEX Exchange will overcome.
These challenges include:
Difficulties around the standardization of diamonds
The lack of liquidity within existing diamond trading methods open to the public.
Issues concerning transparency within the market.
CEDEX will solve each of these issues thus successfully opening the diamond investment market to the public for the first time. , the worlds largest online diamond exchange. This partnership will further enhance the efficiency and reliability of determining the value of diamonds. Furthermore, IDEX’s existing user base of over 7000 diamond dealers will be encouraged to embrace CEDEX as a way of increasing their market reach.
The proprietary technology behind CEDEX, which will overcome the existing issues around transparency in the market, is a self-learning algorithm called DEX. DEX is the machine learning algorithm which is the backbone of CEDEX. DEX has three primary functions:
Gem Composite Data
The parallel composite which gives a precise indication of the rarity of the diamond category.
The Indices composite, giving traders market directions of the diamond industry.
Each diamond that is listed on CEDEX will be categorized based on its Gemmological composition by the DEX proprietary technology. A combination of both the market indices and the GIA certification of each diamond is used to generate the most accurate diamond pricing available. Only GIA (Gemological Institute of America) certified diamonds are accepted for valuation. After online valuation, the diamond assets are physically verified against their GIA certificate and stored for safekeeping. At this point, the seller is issued a Diamond Token which can be listed on the exchange or sold directly to another user.
Another important aspect of DEX is the ability to rank each diamond in its category in order of “Investment Potential”. In this way, even beginner traders can recognize lucrative trades. The liquidity of the CEDEX Exchange will be guaranteed through the funds raised with the launch of the CEDEX Coin. CEDEX have pledged 15% of the funds raised by the CEDEX Coin Token Sale to be allocated to working capital. An initial inventory will be purchased by CEDEX on their own exchange, enabling liquidity from Day 1.
Finally, standardization will also be achieved through the implementation of the innovative DEX proprietary technology solution, which will create a unique benchmark value, rate and smart contract for every stone on the CEDEX Exchange.
The CEDEX Coin
The CEDEX Coin will be an ERC-20 compatible token, assuring its legitimacy in the existing cryptocurrency market. It will be traded over the public Ethereum blockchain, allowing users to transform their assets into diamonds in the most efficient manner possible.
The CEDEX Coin will power the Exchange and is the only means of payment used over this platform. It will be listed on all major exchanges allowing for transferability between it, existing crypto and fiat currencies. Although CEDEX Coins can be stored in any wallet compatible with ERC-20, it is recommended that they are stored in an offline storage solution for optimal security.
Up to 41% of the supply of CEDEX Coin will be pre-allocated to the CEDEX founders and team members before it becomes available for purchase. The company will hold 20%-25% of the CEDEX Coin supply for future development and marketing expansion. This holding will also be used for purchasing additional diamonds in order to expand the financial offering of the CEDEX project.
The Upcoming ICO
CEDEX Token Pre-sales will start on March 16, 2018, at 19:00 GMT. During this Token Pre-sale, the CEDEX Coin will become available for use.
The minimum purchase limit at launch will be set at 1 coin which will be valued at 1 Ethereum. It became apparent that demand for The CEDEX Coin at pre-sale would far surpass the 20% initially intended to be offered, so that amount has been increased to 50%. Users will be able to purchase CEDEX Coin using Ether, bitcoin and fiat currencies according to the current rates in the market.
In order to purchase tokens during the pre-sale, you will need to register at .
Techfinancials, a public company listed on the London Stock Exchange, is the primary owner (90%) of CEDEX. As such, the support, both in asset use and experience is of tantamount importance and a rarity in the I.C.O world.
This level of both credibility and accountability provides potential investors with sound peace of mind.
With a solid plan and roadmap ahead, together with the support of Industry leaders like IDEX, CEDEX represents both an interesting investment opportunity in both diamonds and the CEDEX coin itself.
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