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Cryptocurrency ban to be made explicit; Govt to introduce Bill soon

Cryptocurrency ban to be made explicit; Govt to introduce Bill soon

In 2019, an inter-ministerial committee under then economic affairs secretary Subhash Garg had suggested that private cryptocurrencies like bitcoin be banned, and any activities related to virtual currencies be criminalised.In 2019, an inter-ministerial committee below then financial affairs secretary Subhash Garg had instructed that personal cryptocurrencies like bitcoin be banned, and any actions associated to digital currencies be criminalised.

The federal government will quickly introduce a Invoice in Parliament that can explicitly ban personal cryptocurrencies corresponding to bitcoin, because it concurs with the central financial institution that enabling personal events to toy with currencies can probably threaten the soundness of the monetary sector.

However the Cryptocurrency and Regulation of Official Digital Forex Invoice, 2021, will facilitate the launch of any official digital foreign money and bolster an ecosystem round it. The Reserve Financial institution of India (RBI) is near rolling out such a foreign money.

Whereas senior authorities officers and RBI have all the time made their opposition to personal cryptocurrencies clear, the Invoice can be introduced in to offer a strong authorized backing to the ban and is predicted to take away any ambiguities round it, a supply informed FE.

“Introduction of currencies is a sovereign perform, and it should stay that manner,” the supply added. Plus, with expertise altering the way in which folks undertake transactions, it’s vital to have a framework for numerous modes of funds, he added.

The worth of bitcoin surged final month after electrical automobile producer Tesla introduced its purchases of the cryptocurrency value $1.5 billion. Nevertheless, it fell about 10% a number of days later after Elon Musk noticed the bitcoin value appears excessive. Bitcoins have seen a spike in worth since October 2020, from about $10,000 a chunk to shut to $50,000 now, beating returns witnessed in most asset lessons.

The Supreme Court docket final yr put aside a 2018 RBI round that had barred monetary sector entities from providing providers to any particular person or enterprise dealing in digital currencies. This displays the priority that extant legal guidelines are insufficient to cope with the proliferation of personal cryptocurrencies. A strong authorized backing, subsequently, may go a great distance in eradicating any ambivalence over the problem.

Cryptocurrencies usually function independently of a central financial institution. These are primarily digital currencies through which encryption methods are used to manage the era of their items and confirm the switch of funds.

In 2019, an inter-ministerial committee below then financial affairs secretary Subhash Garg had instructed that personal cryptocurrencies like bitcoin be banned, and any actions associated to digital currencies be criminalised.

Even the central financial institution had via public notices in December 2013, February and December 2017, warned holders and merchants of digital currencies about dangers related in coping with such currencies.

The authorities’ discomfit with bitcoin stem from the truth that it doesn’t derive its worth from any underlying belongings or earnings. Since its worth relies upon purely on what an investor is prepared to pay for it, it may be simply swayed with speculative bids. Furthermore, such currencies usually preserve the house owners’ identification nameless, making it troublesome to trace its stream. This may trigger safety dangers and the currencies can be utilized to funnel black money.

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The Fourth Industrial Revolution And Crypto

The Fourth Industrial Revolution And Crypto

The fourth industrial revolution and crypto

Cryptocurrency will be a major piece of technology in the so-called ‘Fourth Industrial Revolution’, also called ‘The Great Reset.’ The World Economic Forum (WEF) foresees it benefiting supply chains. But, we’ve also seen early implications for the Internet of Things and Smart Cities. During the first Industrial Revolution in the 1750s, people went from manufacturing inside their homes to factories on a mass scale. Now we enter the Fourth Industrial Revolution on the backs of many technologies beyond blockchain, such as AI, machine learning, autonomous vehicles, drones, and more. 

We see the ongoing pandemic has accelerated the adoption of nascent technologies as we move, in a manner where the government doesn’t necessarily have all the power, towards a cashless, streamlined, and transparent financial system.  

We’re seeing such a financial system developing in countries across the world with blockchain projects such as Electroneum, Stellar lumens, and Ripple. These companies are trying to solve a lot of issues out there for the unbanked. They are the seed of blooming micro-economies throughout the world. Give it ten years or so, and they could transform the poor economies. 

The pros entail, for instance, that it is much easier to pay for everything from a cab to an ice cream.  Generally speaking, artists and farmers could benefit during this time. There will be more emphasis on local economies. People will spend more time with their families, instead of going to work every single day. Things will be automated, saving people time. We can spend more of our lives or more of our time pursuing passions that we want to do like learning a guitar or learning to paint and things like that, rather than working in a job that you don’t particularly want to work.

Among the cons, of course, is everything that you spend will be tracked. People’s opinions towards privacy are ever-changing with scandals such as Cambridge Analytica. There will be some pushback there. But, we believe the pros outweigh the cons. 

Privacy is a double-edged sword. You’ve got on one hand where privacy may be jeopardized by everything being tracked. On the other hand, it might be a good thing when everything is tracked. Crime and fraud can be stopped. There is still a scenario where privacy coins become outright banned to prevent crime. But, there’s got to be a way in which everyone wins here. Perhaps, that entails sacrificing some privacy, in order to gain more convenience.

What future awaits cryptocurrencies?

To a certain extent, most people are happy to give up most of their personal information, in order to gain access to services. Privacy is something we need more of in the world. Cryptocurrency is a great way to do it. Perhaps we need more of that than tracking. 

The more the world globalizes, with countries signing trade deals and the European Union becoming ever greater in terms, the more we give up our privacy. Simultaneously, the more people have the appetite for more nationalistic ideas, like we’ve seen with Brexit and likely Poland and Hungary, as well. On top of that, people are becoming more concerned about their privacy.

Obviously, some people that desire less government control are going to be skeptical. And that’s why they may opt for privacy coins. Other people will probably like the fact that things are more tracked. Sure, there will be some tradeoffs. But, if the positives outweigh the negatives, then people will be open to this new world.Throughout our lives, certainly in the next 50 years or so, there’ll be existential questions that we’ll have to ponder. 

When we started in cryptocurrency, back in 2017, we were very much into the idea of it from an investment standpoint–and making money of course. Through the last couple of years, especially now in light of this pandemic, we have seen the greater implications and realized crypto isn’t just there for people to make money. There’s more to it in the Fourth Industrial Revolution. 

If you introduced the idea of cryptocurrencies twenty years ago, it would have been met with a lot more skepticism than in 2008. That is even truer now. We’re seeing how now people are more open to the idea. The Fourth Industrial Revolution has tilled the soil, and a future replete with cryptocurrency now sprouts before our very eyes.

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Regulator Should Prevent Bad Practices Regarding Crypto

Regulator Should Prevent Bad Practices Regarding Crypto

March 3, 2021

SEC Reduces Risks, coinbase, broker, dealer

SEC Nominee Gary Gensler believes that crypto and Bitcoin, in general, are good but that regulators have to prevent bad practices associated with the new technologies as we see more in our latest cryptocurrency news.

The SEC Nominee Gary Gensler was like music to the ears of crypto enthusiasts during the US Congress hearing but a small part raised some red flags and contributed to the markets closing the day with a red candle when BTC started recovering from the crash. Gary Gensler is nominated by US President Joe Biden to become the next SEC Chairman. Bitcoin closed the day with a loss of 2.3% in the past day but 6% down between the highs and lows. Gensler’s statement catalyzed a reaction as the eastern makers brought things back to normal.

Gensler is a well-known crypto expert and he studies cryptocurrencies from a legal standpoint as well as teaches on the subject at MIT. During the previous year, Gensler worked on The Dodd-Frank Act which helped shape the US Financial system after the 2008 crisis. He asserted that cryptocurrencies were a major catalyst for a change, calling for new legal instruments that will protect the investors without affecting innovation:

 “(If confirmed) the SEC would work with fellow commissioners to both promote the new innovation, but also, at the core, ensure for investor protection.”

Gensler’s interventionist approach could be worrisome for some holders as he said that the SEC should take a proactive role when it comes to regulating the markets:

 “(The SEC must ensure that crypto markets) are free of fraud and manipulation, and I think that’s the greater challenge, frankly, because some markets, usually operating overseas, have been rife with fraud.”

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During his time at the CFTC, Gary Gensler hinted that ETH and XRP were securities despite a former commissioner contradicted him on the ETH stance while XRP is disputing this nature. If Gensler is confirmed, the situation will be an obstacle for Ripple to save XRP And could set a precedent for other projects as well. There’s still a lot of room for speculation as he needs to act according to a specific set of guidelines.  Nothing can be taken for granted it seems at Bitcoin is changing trends over the past few days and it seems that it will go after all of the recent events.

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