Cryptocurrencies’ Prices Rise; Malta Supports Digital Coins

Cryptocurrencies’ prices gained on Thursday. Reports that Malta was supportive of the digital coins gained attention. Meanwhile, India is uncertain whether the country will ban cryptocurrencies.

Bitcoin was trading at $9,254.9 by 12:55AM ET (04:55GMT) on the Bitfinex exchange, up 4.15% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, gained 6.96% at $679.92 on the Bitfinex exchange.

XRP/USD token traded 6.77% higher at $92320 on the Poloniex exchange.

Meanwhile, Litecoin added 8.69% to $161.90.

Malta’s Prime Minister Joseph Muscat said cryptocurrencies are “the inevitable future of money” and will form the future global economy’s foundation.

Malta is supportive of cryptocurrency exchanges and companies by creating fair and defined rules and regulations, which the government said “will offer legal certainty in a space that is currently unregulated.” Binance, one of the world’s largest exchanges, plans to move to Malta from Hong Kong.

Elsewhere, India is preparing a bill on the regulation of cryptocurrency, but different parties hold mixed views on whether to ban or regulate the digital coins. While the finance ministry is said to be in favour of regulating cryptocurrency, the Income Tax Department reportedly thinks otherwise. Reports also said the Reserve Bank of India does not intend to ban virtual currencies.

The Indian Special Investigation Team also said to be wanting to ban the use of bitcoins after discovering that the digital coin was used to pay for drugs. But Sarvesh Tyagi, a Delhi-based cyber law expert, said “it is doubtful that the SIT will succeed in banning the use of cryptocurrencies. Ban is not a solution. We need a regulatory authority.”