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Cryptocurrency This Week: SC To Hear Amit Bhardwaj Case On March 17, Shopify Joins Libra And More

Cryptocurrency This Week: SC To Hear Amit Bhardwaj Case On March 17, Shopify Joins Libra And More

As Brazil works on PIX project to counter crypto, US to launch fiat cryptocurrencies

Google's ex-VP Surojit Chatterjee has now joined Coinbase, as chief product officer

Supreme Court to hear ED's bail rejection petition on March 17 in Amit Bhardwaj's case

While India is also mulling entering the uncharted world of fiat cryptocurrencies, the US central bank has also been working on a similar plan.

Confirming the move at a Congressional hearing, the US Federal Reserve Chair Jerome Powell said, “Every major central bank is currently taking a deep look. We feel that’s our obligation, technology has now made that possible. I think it’s very much incumbent on us and other central banks to understand the costs and benefits and tradeoffs associated with a possible digital currency.”

The US New Jersey Assemblywoman Yvonne Lopez has backed Digital Asset and Blockchain Technology Bill (A-2891) which supports consumer rights and proposes crypto entities to comply with a host of standards in this regard.

“Throughout New Jersey, there are ATMs that dispense Bitcoins. People see and hear about it in their day to day lives, but most are not quite sure what it is,” said Lopez.

Meanwhile, Brazil is working on an instant payments project called PIX. According to Reuters’ report, the platform, named PIX, will allow money transfers 24 hours a day, seven days a week, by mobile phone, internet banking or ATMs.

Interestingly, Central Bank of Brazil President Roberto Campos Neto said PIX is being developed as a response to new digital payments methods such as cryptocurrencies. Commenting on the same, Neto said “If we think about what has happened in terms of the creation of Bitcoins, cryptocurrencies and other encrypted assets, it comes from the need to have an instrument with such characteristics.”

Amit Bhardwaj Case To Be Heard On March 17

Amit Bhardwaj’s bail cancellation petition will now be heard by the Supreme Court on March 17, 2020.  Hearing the case on February 14, the SC had adjourned the case for two weeks which has now been listed on March 17.

Accused of one of the largest Bitcoin-based scam, the GainBitcoin founder Amit Bhardwaj has been out on bail since April, last year. However, Bhardwaj had earlier failed to deposit INR 10 Cr within the six months, as initially ordered by Supreme Court.

Bhardwaj who had deposited INR 6 Cr by December 18 was ordered to deposit the remaining sum of INR 4 Cr by March 31. “We make it clear that no further extension will be granted,” said the Court.

On Bhardwaj joining the investigation, advocate Deepak Prakash who is representing him at the Supreme Court earlier told Inc42

“Amit Bhardwaj has been asked to appear at the Shalimar Bagh Police Station every Monday. However, because of his health condition, the Court has maintained that he can’t be taken outside Delhi.”

The ED Mumbai is investigating the Amit Bhardwaj’s case and wants him to join the investigation in Mumbai.

Ex-Google VP Surojit Chatterjee Is Coinbase’s New CPO

Surojit Chatterjee who was till recently working as VP, product at Google has now joined leading cryptocurrency exchange Coinbase, as the chief product officer. Chatterjee will be responsible for making the crypto-economy accessible to millions of more people through Coinbase’s suite of products.

Once a Flipkartian too, Chatterjee commented,

“Google ads has helped democratize commerce, Flipkart and ecommerce has revolutionized life in India, and I believe Coinbase is going to turn conventional finance on its head.”

Shopify Joins Facebook’s Libra Association

While bigwigs including Visa, Mastercard, eBay, Stripe, Mercado Pago and Paypal have withdrawn from Facebook’s Libra Association, Canadian ecommerce company Shopify has joined Libra Association.

In a press statement, the company said that the company aims to make commerce better in parts of the world where money and banking could be far better. “That’s why we decided to become a member of the Libra Association. This is one step, but not the only step we’ll be taking to be a part of the solution to this global problem.”

As a member of the Libra Association, “we will work collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere. We want to create an infrastructure that empowers more entrepreneurs around the world,” it said.