The government of India is said to be renewing its efforts to completely outlaw public cryptocurrencies.
A report from The Economic Times on Friday, citing anonymous “government officials aware of details” said that a number of government departments in the country have backed the idea of a complete ban on the issuance and trading of cryptocurrencies.
The National Payments Corporation of India (NPCI) – a bank consortium-owned umbrella organization for retail payments and settlements – is planning to use blockchain technology to boost digital transactions.
According to a report in Business Today on Sunday, the NPCI has said it plans to develop a “resilient, real time and highly scalable” blockchain solution using open-source technology.
India’s telecoms watchdog is planning to leverage blockchain technology to combat nuisance calls and SMS messages.
The Telecom Regulatory Authority of India (TRAI) issued draft regulation on Tuesday, marking its intent to utilize the nascent tech in offering a more “agile” process to deal with unsolicited commercial communications from “unscrupulous elements” who evade current systems set up to deal with the issue.
The draft – called “Telecom Commercial Communications Customer Preference Regulations, 2018” – is intended to allow millions of Indian subscribers to take control of voice calls and text messages that they receive, giving them the choice to opt in or out of marketing communications at any time and more power to complain to their telecoms providers about problematic third-parties.
While the focus may be on the U.S. of late, cryptocurrency tax issues are becoming a global problem.
India, for example, has responded by sending tax notices to crypto traders and investors after a survey found $3.5 billion in transactions may have been performed by citizens over the past 17 months.
By now, we’ve just about heard it all from crypto skeptics. From some of the world’s wealthiest investors such as Warren Buffet to economists such as Nouriel Roubini. This time, however, the skepticism is coming from another party: the Indian police.
India hasn’t been the friendliest jurisdiction to cryptocurrencies. The crypto industry in the country has been involved in an endless row with the country’s Reserve Bank, and the RBI has thus far had the upper hand. The animosity has pushed some crypto firms out of business this year.
India could be making a U-turn on its directives for cryptocurrencies. Per reports from the New India Express, a second interdisciplinary committee set up by the Indian government is considering making cryptocurrencies legal in the country again but with more stringent rules.
This revelation comes just a few months after a government panel suggested the creation of a new regulatory framework within the Reserve Bank of India (RBI) that bans digital assets and declares crypto transactions illegal in India.
Technology and law enforcement are usually on opposite ends of a divide. While governments want to analyze as much consumer data as possible, very few people are effectively willing to go along with that plan. In India, a new law has been passed which puts any computer in the country under scrutiny by the domestic intelligence agencies. This decision was finalized by the Indian Ministry of Home Affairs earlier this week.
Indian law Raises Many Questions
It is evident governments around the world have become somewhat intent on harvesting as much consumer data as possible.
It has been long been known that Facebook was working on a blockchain and crypto project. Most suspected that the new token would facilitate payments for Facebook’s 2.5 billion users on its social media platform. However, it turns out that Facebook’s maiden crypto project will focus on Whatsapp. According to sources familiar with the issue, Facebook will target the very lucrative Indian remittance market with the new token. The crypto will be a stablecoin pegged to the U.S dollar, the sources further revealed.
When cryptocurrency enthusiasts rely on mobile applications, there are always some pitfalls to take into account. Virtually all applications require users to provide the tool with access to various parts of the mobile device. In India, this situation is even worse, due to the vastly higher number of app permissions put in place. This is something to keep a close eye on, as it can cause problems in the long term.
Using Bitcoin Apps in India is Tricky
Cryptocurrency enthusiasts in India who use either Android or iOS may want to keep close tabs on their application permissions.
The future of police robots still remains unclear in this day and age. That is not entirely uncommon by any means, as this idea raises a lot of questions and criticism. Hyderabad, a city in India, is introducing its first police robot iteration to the masses.
Hyberabad Sees Merit in Police Robots
It is evident the future of robotics will look very different from what most consumers expect.
It has been a rather interesting, although problematic week for the Pornhub platform. Considering how this is often considered the world’s leading online adult content streaming platform, any developments are of great interest. Despite being blocked in India, the company still looks toward the future. That vision still firmly focuses on cryptocurrencies as well.
Pornhub Steps up its Game in Different Ways
The big news this week involving Pornhub comes out of India.
Scams are nothing new in the crypto industry. From ICOs that received money and then vanished to trading sites that went down with investors’ funds, there is no shortage of people who’ve lost their hard-earned money in their pursuit of the Bitcoin millions. For most, the logical next step was reporting the crime to authorities and letting them investigate. Not for one Indian teenager. The young man had received some money from his father to invest in cryptos and he had been doing well.
The darknet is effectively influencing a lot of unsavory business models. While most of the focus lies on drug sales, there are plenty of other industries to be concerned about. Wildlife trafficking is quickly becoming a booming business in certain parts of the world. Especially in India, the darknet seems to play an even bigger role of importance than ever before.
Animal Trafficking Spikes in Popularity
Numerous reports have been issued regarding the decline of certain animal species.
Agents of the Indian government have met to formally discuss a possible ban on private cryptocurrency holdings in the nation.
On October 30, 2018, the Financial Stability and Development Council (FSDC) issued a press release detailing their recent meeting where they “reviewed the current global and domestic economic situation and financial sector performance.
Barely a week after installation, India’s first Bitcoin ATM has been seized by the police. The ATM was installed in one of the country’s most popular malls and facilitated the withdrawal and deposit of Bitcoins. The police also arrested one of the co-founders of Unocoin, the company that had installed the ATM. The country’s crypto community has been embroiled in a battle with the country’s central bank and this latest move is bound to freshly spark the conflict.
Unclear Regulatory Stance Blamed
The crypto industry in India has been under intense crackdown and this has led to the closure of a number of crypto exchanges.
The cryptocurrency marketplace in India is facing a siege from multiple parts of the government as several incidents amount to a buildup of the Narendra Modi–led government’s actions on regulating cryptocurrencies. If the reports out of India are true, the IMF’s “fastest growing country among emerging economies” may have to meet its 7.
On December 5, the Reserve Bank of India (RBI), the country’s central bank, cautioned investors of bitcoin, clarifying that the government is yet to regulate bitcoin and cryptocurrency exchanges within the local market.
Bitcoin’s eye-popping rally leading this week’s all-time highs sees Indian investors rushing to grab a bite, despite the soaring premiums.
India, much like anywhere else in the world, is seeing an unprecedented demand for bitcoin after the cryptocurrency surged to historic all-time high above $11,000 this week, within days of breaking through the $9,000 milestone on Sunday.
Investors in the country, both retail traders and novice adopters are catching the bitcoin bug. “We are flooded with requests,” revealed one bitcoin executive at Coinsecure, a bitcoin exchange based in India’s capital of New Delhi.
Кто знает подойдет ли этот кошелек для постоянного приема в сатоши? Я просто майнить не решился, но написал несколько ботов для того, чтобы они собирали с кранов монеты. Я так понял, что это веб-кошел...