#india's cryptocurrency bill

[cryptomarkett]

In 2022 US Crypto Industry Increase Lobbying Budgets by 120%

The US Crypto industry is projected to increase its lobbying budget by 120% in 2022, demonstrating a clear commitment to influencing the legislative landscape...Read More

[cryptolegal]

Understanding the Crypto Exchange Licensing Process in India

Understanding the Crypto Exchange Licensing Process in India Cryptocurrency exchange plays an important role in the digital financial landscape of India. However, the legal framework for this landscape keeps changing, creating uncertainty among investors. It continues evolving as there has been a rise in cryptocurrencies, with people investing in digital currencies such as Bitcoin and Ethereum. Hence, regulatory authorities in India are continuously working to establish clear guidelines and legal frameworks. Let's have a detailed look at current crypto regulations.

Current Crypto Regulations

The crypto regulatory framework has always been uncertain in India, especially when the Supreme Court put a ban on crypto exchanges in 2018. The Supreme Court of India removed the ban in 2020 but still couldn't establish strict regulations. However, we have a few financial regulations, such as anti-money laundering (AML) and Know Your Customer (KYC). Unfortunately, they are not formal regulations, creating a room for ambiguity.

The government plans to develop a proper draft bill that can provide clarification on all crypto operations. Meanwhile, users must get crypto exchange licensing for security reasons. So, let's look at a few licensing requirements.

Licensing requirements

Anti-Money Laundering: Anti-Money Laundering (AML) prevents financial fraud that might happen during crypto exchanges. Its systems work to detect money laundering.

Know Your Customer: Dealing with crypto exchange requires proper identification. Hence, implementation of KYC is required. KYC regulations ensure protection from illegal activities.

Taxation: In 2022, the government of India imposed a 30% tax on crypto profits and 1% Tax Deducted at Source (TDS) on all crypto exchanges. So, you must adhere to all these tax compliances if you are a trader or investor.

What is the future of crypto regulations?

The Indian government plans to release a cryptocurrency bill after realizing the popularity and growth in the crypto industry. A bill will ensure minimal fraudulent activities and more supervised exchanges. Also, it will classify the digital commodities under Securities and Exchange Board of India (SEBI) regulations. So, we can expect changes in current crypto exchanges.

Licensing will be mandatory if you wish to enter the crypto world. So, applications will be compulsory to regulate all the operations.

You will be asked to maintain a certain capital, like the banking system. Your future funds will be protected as a trader or investor.

Regulatory authorities will frequently audit crypto users to ensure that exchanges are done under all the compliances.

Challenges that might come in future crypto regulations

One challenge that many people might encounter is obtaining clarity about crypto regulations. Even today, many businesses are exchanging digital assets without proper understanding of crypto licensing. It creates security issues leading to illegal activities. These issues can be solved with a robust security system like licensing.

Conclusion

It's been years since cryptocurrencies are operating in India. However, it's still in the early stages with no clarity among the crypto users. Fortunately, the government is working to develop a comprehensive regulatory system. Meanwhile, you must get a crypto exchange license and comply with AML and KYC to protect your funds. Much needed regulatory guidelines should be necessary to enhance security.

[biblenewsprophecy]

Russia, USA, & Bitcoin

On July 30, 2024, Russian lawmakers passed a bill that will allow businesses to use cryptocurrencies, like Bitcoin, to skirt Western sanctions imposed after Russia's Special Military Operation into Ukraine. This is to go into force in September 2024. This is hoped to help with trade between Russia, China, India, the United Arab Emirates, and others. What are several advantages to Russia in doing so? Could there be "unintentional consequences" in dealing with Bitcoin? Is Bitcoin "as good as gold" or silver? What does the Bible teach about gold? Does the Bible allow for the '666' power to use unregulated Bitcoin? Has a bill been introduced in the US Congress for its Treasury to purchase 1 million Bitcoin? Has Donald Trump made statements about the USA stockpiling Bitcoin should he again become President of the United States? Does the Bible warn against debt accumulation, show that the USA dollar will one day be worthless, and prophesy that the strongest military on the earth will be conquered? Should you rely on any nation, gold, or cryptocurrency? What should Christians rely on? Dr. Thiel and Steve Dupuie address these issues.

A written article of related interest is available titled 'Reuters: Russia to allow crypto payments in international trade to counter sanctions; Bloomberg: Trump Likes the Idea of a Federal Bitcoin Reserve’

Youtube video link: Russia, USA, & Bitcoin

Reuters: Russia to allow crypto payments in international trade to counter sanctions; Bloomberg: Trump Likes the Idea of a Federal Bitcoin Reserve

COGwriter

Reuters reported the following:

Russia to allow crypto payments in international trade to counter sanctions

MOSCOW, July 30 (Reuters) – Russian lawmakers passed a bill on Tuesday that will allow businesses to use crypto currencies in international trade, as part of efforts to skirt Western sanctions imposed after Russia’s invasion of Ukraine.

The law is expected to go into force in September, and Russian central bank Governor Elvira Nabiullina, one of the backers of the new law, said the first transactions in cryptocurrencies will take place before the end of the year.

Russia has faced significant delays in international payments with major trading partners such as China, India and the United Arab Emirates after banks in those countries, under pressure from Western regulators, became more cautious.

“We are taking a historic decision in the financial sphere,” the head of the Duma lower house of parliament, Anatoly Aksakov, told lawmakers. https://www.reuters.com/technology/russia-launch-international-payments-crypto-before-end-2024-2024-07-30/

Here is some more about that:

Russia Legalizes Bitcoin And Crypto for International Trade To Bypass Sanctions

In a significant legislative move, Russian lawmakers have passed a bill permitting businesses to use Bitcoin and other cryptocurrencies in international trade, according to a report by Retuers. This development is part of Russia’s strategy to circumvent Western sanctions imposed following the invasion of Ukraine. The new law, expected to take effect in September, aims to address delays in international payments, particularly with key trading partners like China, India, and the UAE. …

Despite efforts to shift to trading partners’ currencies and develop an alternative BRICS payment system, many transactions still rely on dollars and euros via the SWIFT system, risking secondary sanctions. Nabiullina emphasized that these sanctions have complicated import payments, extending supply chains and increasing costs.

This decision by Russian lawmakers aims to mitigate the economic challenges posed by sanctions and ensure smoother international trade operations. 07/30/24 https://bitcoinmagazine.com/business/russia-legalizes-bitcoin-and-crypto-for-international-trade-to-bypass-sanctions

While the BRICS nations may or may not end up with their own currency, Bitcoin is something that many of them are willing to deal in.

This helps Russia in many ways as 1) It has accumulated more Indian rupees than it has reasons to spend, 2) bypasses the USA dollar, and 3) gives Russia a lot more flexibility in buying from non-BRICS aligned nations as well.

Plus, Russia likely realizes that anything it can do to bypass the USA dollar hurts the USA which is trying to hurt Russia with its sanctions policies.

I have long warned of “unintended consequences” of USA sanctions policies against Russia.

Six years ago, we put out the following video on our Bible News Prophecy YouTube channel:

15:19

US Sanctions and Tariffs leading to New World Order?

Russian Prime Minister Dmitry Medvedev said new US sanctions would be a declaration of economic war. Iran, North Korea, China, Europe, and Turkey are also upset about USA sanctions and tariffs. A Turk asserted “Somebody must find a solution and stop the USA.” The BRICS nations see US sanctions and tariffs as helpful to their objectives to trade without the USA. Are “unintended consequences” of USA policies threatening the current Anglo-American world order and leading to a New World Order? What has ‘Lord’ Jacob Rothschild and Russian President Vladimir Putin stated? Does Bible prophecy show that a confederation of Turks, Arabs, and Europeans pose a real threat to the USA and UK? Is the final time of the Gentiles coming? Will it be worse than people imagine? Dr. Thiel addresses these issues and more.

Here is a link to our video: US Sanctions and Tariffs leading to New World Order?

As far as cryptocurrencies go, ZeroHedge posted the following in 2022:

The Bitcoin is ‘as-good-as-gold’ myth is over

November 17, 2022

When you invest in gold or buy silver coins … you are choosing to invest in an asset that has no counterparty risk.

Sadly those who have been holding their bitcoin on the crypto exchange FTX, have not experienced the same level of reassurance and service from the exchange’s management.

This time last year, cryptocurrency enthusiasts were still touting “Crypto as the new gold”– crypto touted as having the same ‘safe’ attributes as gold.

The main attribute is that it is a currency that government doesn’t control. Also, it is without counterparty risk. The latest debacle has once more proved this is not always the case for cryptocurrencies.

The news that the crypto exchange FTX was filing for bankruptcy on November 5 sent Bitcoin plunging down a further 25%.

This is on top of the more than 60% Bitcoin has already declined since its November 2021 peak. …

The FTX collapse has brought to light that the CEO, Sam Bankman-Fried, had authorized billions of dollars worth of customer assets to be lent to its affiliated trading firm Alameda Research to fund risky bets.

According to news reports Alameda Research owes FTX upwards of US$10 billion. This is more than half of its US$16 billion in customer assets!

The bankruptcy case is likely to take years to unravel. There could be more than one million creditors, and more than 100 other related corporate entities involved.

Everyone who thought they owned Bitcoin held by FTX became an unsecured bankruptcy creditor. These are the ones who must now rely upon some Court to confirm just how much, or any Bitcoin they will receive. …

Only time will tell if the timing of the test (on the heels of the FTX collapse) is simply ‘bad timing’ or an omen of a system building in even more risk. Investing in physical gold and silver are still the tried-and-true alternative!  https://www.zerohedge.com/news/2022-11-17/bitcoin-good-gold-myth-over

The reason crypto can never replace gold lies in physics: Gold cannot be destroyed

Everything else can. Computers. Exchanges. Mining Pools. Wallets. Powergrids. Internets. Nations. You name it. If you blew up the planet earth, the gold atoms would still be there.

Unlike anything else you can invest or store money in, gold doesn’t rely on any external force for this to continue to be true over time. It is sort of like a battery with no expiration date.

Gold exists as atomic number 79 on the periodic table. It is chemically inert and does not interact with oxygen. It is the only element with properties that make it completely immune to the forces of entropy. The only way to destroy it would be to fire it into the sun, or somehow put it in the middle of an equivalent fusion reaction that took the atoms apart at a subatomic level. (Stanczyk A. A Gold Guys View of Crypto, Bitcoin, and Blockchain. Medium.com, December 10, 2017 https://medium.com/@alex.stanczyk/a-gold-guys-view-of-crypto-bitcoin-and-blockchain-26e42eeab6b7)

Yes, gold and silver have been safer than being with FTX.

Cryptocurrencies, like Bitcoin, have never been backed by anything other than the desire of many to use it to trade or speculate with. (Note: that although currencies like the USA dollar were once backed by gold, currently it, and nearly all currencies of the world, are backed by nothing either–so in that respect are not much different than cryptocurrencies.)

As long time reader of this COGwriter Church of God News page are aware, I never bought into the myth that Bitcoin was “as good as gold” and have long warned about it–here is a link to something posted here over 8 years ago: Bitcoin seller ‘goes dark’–Bitcoins are not the answer.

Yet, for nations under sanctions such as Russia, Iran, and North Korea, they have different needs and interests which cryptocurrencies may assist.

It remains my view that once governments get involved enough with their own digital currencies, steps to eliminate Bitcoin will take place.

As far as governments being involved, former US President and Republican party candidate Donald Trump has brought it up.  Notice the following:

Trump Likes the Idea of a Federal Bitcoin Reserve. Don’t Laugh.

The idea of a government fund invested in cryptocurrency may sound foolish, but there are reasons for the US Treasury to consider adding Bitcoin to its portfolio.

July 31, 2024

Which financial assets a central bank should buy and sell is hardly a novel question. Historically, the US Federal Reserve has focused on shorter-term Treasury securities, but quantitative easing had the Fed buying mortgage securities and quality commercial paper in significant quantities. More generally, central banks often hold gold and foreign currencies. https://www.bloomberg.com/opinion/articles/2024-07-31/trump-likes-the-idea-of-a-federal-bitcoin-reserve-don-t-laugh

‘Absolute Game Changer’—Congress Introduces Radical Bitcoin Bill As Trump Primes Price For A $100 Trillion Surge To Replace Gold

The bitcoin price has climbed almost 20% since Trump was revealed to be the headline speaker at the Bitcoin 2024 conference in Nashville, Tennessee, with billionaire investor Mark Cuban issuing a “crazy” bitcoin price prediction.

Now, after Trump promised to create a “strategic national bitcoin reserve” and predicted bitcoin could eclipse gold’s $16 trillion market capitalization, U.S. senator Cynthia Lummis (R-WY) has introduced a bill to direct the U.S. Treasury to purchase 1 million bitcoins worth almost $70 billion—while MicroStrategy’s Michael Saylor has upped his huge bitcoin price prediction. …

“If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future, we’ll keep 100%,” Trump said during his Saturday speech at Bitcoin 2024. “This will serve, in effect, as the core of the strategic national bitcoin stockpile.” https://www.forbes.com/sites/digital-assets/2024/07/28/absolute-game-changer-congress-introduces-radical-bitcoin-bill-as-trump-primes-price-for-a-100-trillion-surge-to-replace-gold/

The Bible teaches that the coming Beast power will control buying and selling (Revelation 13:16-18)–hence the Bible makes no provision for something like Bitcoin being able to operate like it has.

A couple of years ago, the European Union has stated that it will be the “sheriff” of Bitcoin. Related to that, the Continuing Church of God (CCOG) put out the following video on our Bible News Prophecy YouTube channel:

9:03

EU to be ‘Sheriff’ of BitCoin & Digital Currencies

Will Bitcoin remain unregulated? The European Union does not think it should be and it released a paper titled “Proposal for EU Regulation on Markets in Crypto-Assets.” Christine Lagarde, president of the European Central Bank, earlier endorsed EU regulation of crypto and digital currencies. A Belgian declared that the EU was the “new Sheriff in town” to deal with the “wild west” of Bitcoin, blockchain, and other cryptocurrencies. The European Union now also has the European Public Prosecutor’s Office in operation, mainly to deal with financial matters? Will the Europeans end up controlling buying and selling associated with 666 in Revelation 13:16-18? Is Europe taking preliminary steps to do so now? Dr. Thiel address these issues.

Here is a link to our video: EU to be ‘Sheriff’ of BitCoin & Digital Currencies.

As far as gold goes, it is mentioned 453 times in the NKJV Protestant translation of the Bible and 464 times in the Roman Catholic Douay-Rheims Bible–hence it is something that the Bible refers to. Furthermore, gold is prophesied to have worth into the time of the Great Tribulation (cf. Revelation 18:12,16), but that will not last either. For more on gold and prophecy go, check out the article: The Plain Truth About Gold in Prophecy. How Should a Christian View Gold?

As far Bitcoin itself goes, unless adopted and controlled by the Beast, it will become worthless.

The time is also coming when the USA dollar will be worthless. And yes, the Bible tells that for a time gold will be worthless, but that does not happen to gold until years after the demise of the US dollar. But placing too much confidence in gold, currencies, or alternatives like Bitcoin will not truly save anyone (cf. 1 Peter 1:7). Yet, true repentance and turning to the Jesus of the Bible can.

UPDATE 08/04/24: We just uploaded the following related video:

14:59

Russia, USA, & Bitcoin

On July 30, 2024, Russian lawmakers passed a bill that will allow businesses to use cryptocurrencies, like Bitcoin, to skirt Western sanctions imposed after Russia’s Special Military Operation into Ukraine. This is to come to force in September 2024. This is hoped to help with trade between Russia, China, India, the United Arab Emirates, and others. What are several advantages to Russia in doing so? Could there be “unintentional consequences” in dealing with Bitcoin? Is Bitcoin “as good as good” or silver? What does the Bible teach about gold? Does the Bible allow for the ‘666’ power to use unregulated Bitcoin? Was a bill been introduced in the US Congress for its Treasury to purchase 1 million Bitcoin? Has Donald Trump made statements about the USA stockpiling Bitcoin should he again become President of the United States? Does the Bible warn against debt accumulation, show that the USA dollar will one day be worthless, and prophesy that the strongest military on the earth will be conquered? Should you rely on any nation, gold, or cryptocurrency? What should Christians rely on? Dr. Thiel and Steve Dupuie address these issues.

Here is a link to our video: Russia, USA, & Bitcoin.

Although the USA is not likely to repent nationally to prevent its prophesied demise (c. Habakkuk 2:6-8; Daniel 11:39; Isaiah 10:5-11), nor can Bitcoin prevent it, personally you can repent, as well as physically take steps, before the dollar-based economic system collapses.

Do NOT place your confidence in Bitcoin, FTX, the US dollar, or gold, but “seek first the Kingdom of God” (Matthew 6:33).

Related Items:

Physical Preparation Scriptures for Christians. We all know the Bible prophecies famines. Should we do something? Here is a version in the Spanish language Escrituras sobre Preparación física para los Cristianos. Here is a link to a related sermon: Physical preparedness for Christians.

The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold? A video of related interest may be: Germany, Gold, and the US Dollar.

The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.

Is God Calling You? This booklet discusses topics including calling, election, and selection. If God is calling you, how will you respond? Here is are links to related sermons: Christian Election: Is God Calling YOU? and Predestination and Your Selection. A short animation is also available: Is God Calling You? Christian Repentance Do you know what repentance is? Is it really necessary for salvation? A related sermon is also available titled: Real Christian Repentance.

Just What Do You Mean — Repentance? Do you know what repentance is? Have you truly repented? Repented of what? Herbert W. Armstrong wrote this as a booklet on this important subject.

When You Sin: Do You Really Repent? This is an article by Charles F. Hunting. A related sermon is Confess to God and truly repent.

USA in Prophecy: The Strongest Fortresses Can you point to scriptures, like Daniel 11:39, that point to the USA in the 21st century? This article does. Two related sermon are available: Identifying the USA and its Destruction in Prophecy and Do these 7 prophesies point to the end of the USA?

Who is the King of the West? Why is there no Final End-Time King of the West in Bible Prophecy? Is the United States the King of the West? Here is a version in the Spanish language: ¿Quién es el Rey del Occidente? ¿Por qué no hay un Rey del Occidente en la profecía del tiempo del fin? A related sermon is also available: The Bible, the USA, and the King of the West.

Blockchain, Karl Guttenberg, and 666. American Express just announced a deal with Ripple related to using its blockchain technology. No longer confined to Bitcoin, blockchain technology is moving towards the mainstream. Former German Economic and later Defense Minister, Karl-Theodor zu Guttenberg has long been an adviser to Ripple and has plans for internationally-expanding the use of blockchain money. Jim Rickards, Doug Casey, and others have expressed concerns that blockchain money will give governments too much control over buying and selling. Could any of this be related to biblical prophecies in the Books of Daniel and Revelation? Could any of this help fulfill the prophecies related to buying and selling and 666 in Revelation 13? Dr. Thiel addresses these issues and more in this video. A related written article is also available: Amex launches blockchain-based business payments using Ripple: Prelude to the Beast and 666?

Some Doctrines of Antichrist Are there any doctrines taught outside the Churches of God which can be considered as doctrines of antichrist? This article suggests at least three. It also provides information on 666 and the identity of “the false prophet.” Plus it shows that several Catholic writers seem to warn about an ecumenical antipope that will support heresy. You can also watch a video titled What Does the Bible teach about the Antichrist?

Might German Baron Karl-Theodor zu Guttenberg become the King of the North? Is the former German Defense Minister (who is also the former German Minister for Economics and Technology) one to watch? What do Catholic, Byzantine, and biblical prophecies suggest? A video of related interest would be: Karl-Theodor zu Guttenberg and Europe’s Future.

Two Horned Beast of Revelation and 666 Who is 666? This article explains how the COG views this, and compares this to Ellen White. Here is a link to a prophetic video Six Financial Steps Leading to 666?

Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe? Here is a link to a video titled: Can You Prove that the Beast to Come is European?

Must the Ten Kings of Revelation 17:12 Rule over Ten Currently Existing Nations? Some claim that these passages refer to a gathering of 10 currently existing nations together, while one group teaches that this is referring to 11 nations getting together. Is that what Revelation 17:12-13 refers to? The ramifications of misunderstanding this are enormous. A related sermon is titled Ten Kings of Revelation and the Great Tribulation. Who is the Man of Sin of 2 Thessalonians 2? Is this the King of the North, the ten-horned beast of Revelation 13:1-11, or the two-horned Beast of Revelation 13:12-16? Some rely on traditions, but what does the Bible teach? Here is a related link in Spanish/español: ¿Quién es el Hombre de Pecado de 2 Tesalonicenses 2?; here is a link to a video in Spanish: ¿Quién es el ‘hombre de pecado’? Here is a version in Mandarin: N;ÿ Œf/’Y’jNº’ÿ Here is a link to a related English sermon video titled: The Man of Sin will deceive most ‘Christians’.

Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies for the Great Monarch point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States? In the Spanish language check out ¿Quién es el Rey del Norte? Here are links to two related videos: The King of the North is Alive: What to Look Out For and The Future King of the North.

Could God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? Does God have 7,000 year plan? What year may the six thousand years of human rule end? When will Jesus return? 2031 or 2025 or? There is also a video titled: When Does the 6000 Years End? 2031? 2035? Here is a link to the article in Spanish: ¿Tiene Dios un plan de 6,000 años?

Might the U.S.A. Be Gone in 2028? Could the USA be gone by the end of 2028? There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028? In Spanish: Seran los Estados Unidos Destruidos en el 2028?

When Will the Great Tribulation Begin? 2024, 2025, or 2026? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? A related video is: Great Tribulation: 2026 or 2027? A shorter video is: Tribulation in 2024?

The Gospel of the Kingdom of God This free online pdf booklet has answers many questions people have about the Gospel of the Kingdom of God and explains why it is the solution to the issues the world is facing. Here are links to three related sermons: The World’s False Gospel, The Gospel of the Kingdom: From the New and Old Testaments, and The Kingdom of God

LATEST BIBLE PROPHECY INTERVIEWS

LATEST NEWS REPORTS

[coineagle]

Unveiling Russia’s Crypto Strategy to Bypass Global Sanctions

Key Points

Russia is set to adopt cryptocurrency for international payments by September.

The new bill also contains regulations for cryptocurrency mining, including energy limitations.

Russia is moving towards formalizing the use of cryptocurrency for international payments by September. The first international transactions using digital currencies could be expected by the end of the year, according to a report by Reuters, citing Elvira Nabiullina, the Governor of the Russian Central Bank.

The development is based on the passage of a key bill that enables the use of cryptocurrencies in cross-border trade. The head of the Duma reacted to the bill’s passage by stating, “We are taking a historic decision in the financial sphere.”

Implications of the Crypto Plan

The report suggests that Russia’s progress in the crypto field is linked to its plans to alleviate financial pressures arising from Western sanctions. Payment delays have been experienced, particularly with key trading partners such as China, India, and the UAE.

A large portion of international transfers from these partners passed through the SWIFT system, placing them under pressure to comply with Western sanctions against Russia. Despite Russia’s efforts to encourage trade partners to use local currencies, secondary sanctions have posed challenges to the Russian economy.

Cryptocurrency Mining Regulations

The new bill also stipulates regulations for cryptocurrency mining. Companies interested in mining digital assets in Russia must adhere to regulatory requirements and the set energy limit. Russian President Vladimir Putin has previously expressed concerns that cryptocurrency mining could lead to energy shortages.

The market is now waiting to see how the Russian law will be implemented from September and whether more Russian trade partners will accept international cryptocurrency payments.

[scentedangelpursekid-blog]

The advent of technology is promising a progressive future for us. Technologies like the Internet off Things (IoT), 5G and blockchain can be leveraged to revolutionaize our world. To begin with IoT refers to a collective network of connected devices and technologies. It facilitates the connection between the devices and the cloud, as well between the devices. It is a technology that could connect even mundane objects like toasters and backpacks to the internet. Although it is in its infancy, IoT could be our lucky ticket to a futuristic world of conveniance. IoT works via smart devices and collects data from its environment and user input and then sends this data to the IoT application. Through AI it analyzes the collected data and then makes a decision on that basis. IoT is used to make connected cars with smart dashcams. Such cars can facilitate a healthy urban development in a number of ways. Firstly, they have increased fuel efficiency. The IoT system can predict the vehicles maintenance needs. Additionally, the smart devices in a connected car can inform friends and family right away in case of a car crash. Connected homes could also be a remarkable endeavour. With smart devices providing impeccable security and devices with efficient electrical usage, these homes will be the homes of future. Connected devices at homes could be used to assist in daily chores like vacuuming, finding lost items and automatically turning off devices.

Similarly 5G connection will vastly improve the quality of the internet. 5G is faster because it uses the electromagnetic spectrum not used by any other network. Aside from improving our wifi, 5G could enable driverless, automatic cars to function effectively.

Furthermore, IoT applications facilitate urban planning and infrastructure maintenance. IoT can measure radiation and pollution levels in the atmosphere. The collected data can be used to study the pollutants and thereby, a solution to reduce pollution can be reached. Smart lighting systems can reduce energy bills. Moreover, IoT applications can also detect maintenance needs in bridges, railways and pipelines. This will ensure that the infrastructure is fixed promptly and the city system runs smoothly. Furthermore, smart buildings in university campuses could optimize operational efficiencies. Smart devices will lead to reduced energy consumption. With the presence of IoT applications which would detect any damages right away, maintenance costs will be lowered.

Blockchain, a decentralized ledger technology, has a potential to improve the economy. The information recorded by a blockchain is difficult to change or hack. This makes a blockchain a secure method for verifying information and transactions. Each block in the chain contains a record of transactions; this provides a decentralized and anonymous tracking of digital currencies around the world. Blockchain has applications beyond cryptocurrency therefore several banking and fintech companies are interested in it. In emerging economies like India, Kenya and East Africa, blockchain is aiding banking services, agriculture and supply chain. Due to its ability to keep data secure and speed up the transactions it has a tendency to be incorporated into various mainstream businesses and boost the economy.

What is IoT? - Internet of Things Explained. (n.d.). AWS. Retrieved July 19, 2024, from https://aws.amazon.com/what-is/iot/

Reiff, N. (2023, June 5). How Blockchain Can Help Emerging Economies. Investopedia. Retrieved July 19, 2024, from https://www.investopedia.com/tech/how-blockchain-can-help-failing-economies/

[charcha-equity]

Ringing in the Digital Rupee Era: How CBDCs Could Transform Indian Finance

The way we pay for things is constantly evolving. From barter systems to coins and paper money, and now the rise of digital wallets and UPI, our financial landscape is ever-changing.  Central Bank Digital Currencies (CBDCs) are the next potential chapter in this story, and India is at the forefront of exploring their possibilities.

What are CBDCs?

Imagine a digital version of the rupee issued directly by the Reserve Bank of India (RBI). That's essentially a CBDC. Unlike private cryptocurrencies like Bitcoin, CBDCs are government-backed and regulated, offering stability and security.

Also Read: Journey Of Poonawalla Fincorp’s Managing Director – Abhay Bhutada

Potential Benefits of CBDCs for India

Financial Inclusion: Millions of Indians still lack access to traditional banking systems. CBDCs, with their potential for wider accessibility through mobile phones, could be a game-changer for financial inclusion. Imagine paying bills or receiving government benefits instantly through your phone. This could be particularly impactful in rural areas where bank branches are scarce.

Boosting Efficiency:  CBDCs could streamline cross-border transactions, potentially reducing processing times and costs significantly. This could be a boon for Indian businesses engaged in international trade. For instance, imagine a small business owner in Mumbai importing textiles from Thailand. With CBDCs, the entire payment process could be settled within minutes, compared to the current system which can take days or even weeks.

Transparency and Security:  CBDCs could potentially offer a more transparent and secure way to conduct transactions. Every transaction could be recorded on a secure, tamper-proof digital ledger, making it easier to track and prevent fraud. This could be a significant advantage over cash, which is susceptible to theft and loss.

Greater Control for the RBI:  With CBDCs, the RBI could have more control over the money supply and potentially implement new monetary policies more effectively. For example, the RBI could program CBDCs to expire after a certain period, encouraging spending and stimulating the economy.

Also Read: Unveiling Abhay Bhutada: A Leader’s Inspiring Odyssey In Finance

Challenges to Consider

Privacy Concerns:  The digital nature of CBDCs raises privacy concerns. How will user data be protected? Can anonymity be maintained in transactions, especially for smaller purchases? These are questions that need careful consideration. The RBI will need to strike a balance between ensuring transparency and protecting user privacy.

Impact on Traditional Banks:  The widespread adoption of CBDCs could potentially impact the role of traditional banks. How will they adapt to this new financial landscape?  While some fear CBDCs could disintermediate banks, others believe they could create new opportunities for collaboration. Banks could leverage their expertise to offer value-added services on top of the CBDC infrastructure.

Technological Infrastructure:  India needs a robust digital infrastructure to support the smooth functioning of CBDCs. This includes ensuring reliable and affordable internet connectivity reaches even remote areas. Additionally, robust cybersecurity measures will be crucial to protect the CBDC system from potential cyberattacks.

The Road Ahead

The RBI is currently in the pilot phase of exploring CBDCs. While there's no set timeline for their launch, it's a sign that India is taking a proactive approach to the future of money.

Also Read: Who is Abhay Bhutada?

A Word from the Banking Professional

As a banking professional, I believe CBDCs have the potential to revolutionize the Indian financial system, echoing the sentiment of legendary investor Warren Buffett who once said, "Innovation distinguishes between a leader and a follower." They offer exciting possibilities for greater financial inclusion, efficiency, and security. However, it's crucial to address privacy concerns, ensure a smooth transition for traditional banks, and invest in robust digital infrastructure.  The success of CBDCs will depend on careful planning, open communication with all stakeholders, and a commitment to building a secure and inclusive digital financial ecosystem.

The arrival of the digital rupee, in the form of a CBDC, could be a defining moment for Indian finance. It's a story we'll all be watching closely in the coming years.

[acquisory]

FUTURE OF CRYPTOCURRENCY IN INDIA — A NEW JOURNEY

India does not have a regulated cryptocurrency market. The draft Cryptocurrency & Regulation of Official Digital Currency Bill, 2021 (‘Cryptocurrency Bill 2021’), which is yet to be passed by the cabinet, aims to ban all private crypto currencies except those issued by the state. So, no person shall mine, generate, hold, deal, issue, transfer or use of crypto currencies in the territory of India. However, the RBI has not proposed to ban underlying block-chain platforms.

Regulatory framework for Crypto currency in India

With many different forms of cryptocurrencies trading in India, the government sought to regulate the market as there was no law / act which governed cryptocurrencies. Reserve Bank of India (RBI) issued several notifications and circulars in 2013, 2017 and 2018 to safeguard the customers from its perception of potential threats from crypto. It was believed that crypto assets might lead to possible money laundering, fraud, and terror financing.

RBI’s 2018 circular led to a prohibition of the crypto industry in India which adversely impacted the homegrown crypto exchanges. Subsequently, in March 2020, the Supreme Court judgement was supportive of crypto assets and paved the way for lifting prior restrictions. The government then proposed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which intended to facilitate India’s own official digital currency issued by the RBI and allowing experimentation with other crypto assets.

Major highlights of Cryptocurrency Bill 2021

The key purpose of the bill will be the “creation of the official digital currency to be issued by the Reserve Bank of India”. The main purpose of the Cryptocurrency Bill, 2021

Read More: https://www.acquisory.com/ArticleDetails/86/Future-of-Cryptocurrency-in-India--A-new-journey

[hello-bechnaseekhocom-fan]

Breaking News: Ramaswamy’s Game-Changing “Crypto Bill of Rights” Sparks Cryptocurrency Revolution

Ramaswamy’s proposed ‘Crypto Bill of Rights’ promises a seismic shift in U.S. cryptocurrency regulation, introducing groundbreaking measures for individual empowerment and regulatory clarity.

Join Our Telegram Channel To Get Daily Update

Introduction: Crypto Bill of Rights

In a surprising turn of events, Republican presidential candidate Vivek Ramaswamy has unveiled a groundbreaking proposal that could reshape the landscape of cryptocurrency regulation in the United States. His “Crypto Bill of Rights” aims to establish a clear framework for individual rights in holding and utilizing digital assets, with a commitment to enforcing only Congress-approved crypto policies.

also read CES 2024 Unveiled to be an incredible event: Everything You Need to Know the Event

Exclusive Endorsement from Crypto Cornerstone

The significance of Ramaswamy’s proposal is underscored by a key endorsement from Charles Hoskinson, the founder of Cardano. As a prominent figure in the cryptocurrency industry, Hoskinson’s support adds substantial weight to the initiative, signaling potential widespread acceptance within the crypto community.

Presidential Race Heats Up Amidst Cold Temperatures

Ramaswamy’s proposal comes amidst a fierce competition for the 2024 Republican presidential nomination. Despite frigid temperatures in Iowa, all contenders are urging supporters to brave the weather and cast their votes.

Former President Donald Trump, a frontrunner in the polls, has shown signs of a potential shift in his perspective on cryptocurrencies, hinting at a possible ally for the crypto industry. However, experts caution against predicting significant regulatory changes under a potential Trump administration.

Ramaswamy’s Bold Vision for Crypto Regulation

Ramaswamy’s “Crypto Bill of Rights” proposes a paradigm shift in the regulation of digital assets in the United States. Notable features include:

1. Congress-Crypto Bill of Rights

Ramaswamy advocates for regulators to enforce crypto policies explicitly approved by Congress, providing a transparent and democratic foundation for cryptocurrency regulation.

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2. Treating Crypto Assets as Commodities

The proposal suggests classifying the majority of crypto assets as commodities, a move that could offer clarity and stability to the rapidly evolving crypto market.

3. Empowering Individuals with Self-Custody Wallets

Individuals would have the right to hold digital assets in self-custody wallets, keeping their holdings beyond the reach of regulators, fostering a sense of financial autonomy.

4. Federal Reserve Support for Stablecoin Issuers

Ramaswamy proposes mandating the Federal Reserve to provide stablecoin issuers with access to financial facilities, a move aimed at supporting the growth of stablecoins in the market.

5. SEC Reform and Limited Engagement

In a bold move, Ramaswamy plans to reform the U.S. Securities and Exchange Commission (SEC) by releasing staff constraints and limiting its engagement with the crypto industry. This approach challenges the SEC’s role as a potential obstacle to crypto development. (more)

[jayanthitbrc]

Global M-commerce Payment Market Analysis 2024 – Estimated Market Size And Key Drivers

The M-commerce Payment by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The M-commerce Payment Market: https://www.thebusinessresearchcompany.com/report/m-commerce-payment-global-market-report

According to The Business Research Company’s M-commerce Payment, The m-commerce payment market size has grown exponentially in recent years. It will grow from $9.84 billion in 2023 to $13.63 billion in 2024 at a compound annual growth rate (CAGR) of 38.5%. The growth in the historic period can be attributed to mobile internet adoption, secure payment technologies, e-wallets and mobile apps, convenience, improved mobile user experience.

The m-commerce payment market size is expected to see exponential growth in the next few years. It will grow to $52.31 billion in 2028 at a compound annual growth rate (CAGR) of 40.0%. The growth in the forecast period can be attributed to contactless payments growth, biometric authentication, blockchain in mobile payments, integration of ai and machine learning, expansion of cryptocurrency payments. Major trends in the forecast period include qr code payments, in-app purchases, mobile banking integration, wearable device payments, peer-to-peer mobile payments.

The increasing mobile and internet penetration is expected to propel the growth of the m-commerce payment market. M-commerce payment is the use of wireless handheld devices like mobile phones and tablets to conduct commercial transactions online, including the purchase and sale of products, online banking, and paying bills. The increasing internet access and penetration allow more people to access m-commerce services, driving the market. According to Data Reportal, a Singapore-based business intelligence company, as of October 2021, 4.88 billion people (almost 62%) in the world are using the internet. According to forecasts from Ericsson and The Radicati Group, the number of smartphone users is expected to increase from 6.05 billion in 2020 to nearly 7.33 billion by 2025. Therefore, increasing mobile and internet penetration is driving the m-commerce payment market growth.

Get A Free Sample Of The Report (Includes Graphs And Tables): https://www.thebusinessresearchcompany.com/sample.aspx?id=5863&type=smp

The m-commerce payment market covered in this report is segmented –

1) By Payment Method: Near Field Communication, Premium SMS, Wireless Application Protocol, Direct Carrier Billing 2) By Mode of Transaction: Mobile Retailing, Mobile Booking or Ticketing, Mobile Banking, Mobile Billing 3) By End-use Industry: Retail, Hospitality And Tourism, IT And Telecommunication, BFSI, Media And Entertainment, Healthcare, Airline

The use of digital wallets is a key trend gaining popularity in the m-commerce payment market. Digital wallets are a software-based system that securely stores users' payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly. For instance, in 2021, India-based mobility solutions company, Comviva, launched its next generation digital wallet and payment platform, mobiquity Pay X. The new platform significantly strengthens security with robust authentication and authorization modules and powers over 70 digital wallets and payment services.

The m-commerce payment market report table of contents includes:

Executive Summary

Market Characteristics

Market Trends And Strategies

Impact Of COVID-19

Market Size And Growth

Segmentation

Regional And Country Analysis . . .

Competitive Landscape And Company Profiles

Key Mergers And Acquisitions

Future Outlook and Potential Analysis

Contact Us: The Business Research Company Europe: +44 207 1930 708 Asia: +91 88972 63534 Americas: +1 315 623 0293 Email: info@tbrc.info

Follow Us On: LinkedIn: https://in.linkedin.com/company/the-business-research-company Twitter: https://twitter.com/tbrc_info Facebook: https://www.facebook.com/TheBusinessResearchCompany YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ Blog: https://blog.tbrc.info/ Healthcare Blog: https://healthcareresearchreports.com/ Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

[wbtcprice]

What is cryptocurrency in India?

A cryptocurrency is an electronic money that can be used to purchase goods and services; this means that all transactions happen online and no actual coins or bills are utilised. To guarantee that online transactions are totally secure, it used an online ledger with robust cryptography.

[vaishnavidevi]

Beyond Credit Cards: Exploring Alternative Payment Methods with Online Services

The world of finance and commerce is evolving rapidly, and so are the methods we use to make payments. While credit cards have been a primary means of making transactions for decades, the rise of online services and digital wallets has opened up a plethora of alternative payment methods. These alternatives are not only changing the way we pay for goods and services but are also shaping the future of finance. Also making payment with the best online payment gateway is advisable.

In this blog, we'll explore some of the most prominent alternative payment methods and how they are transforming the way we handle transactions.

1. Digital Wallets:

Digital wallets, or e-wallets, have gained immense popularity in recent years. These are apps or software that allow users to store their credit card, debit card, and bank account information securely, enabling easy and secure online and in-store transactions. Some of the most well-known digital wallets include Apple Pay, Google Pay, and Samsung Pay. They offer the convenience of contactless payments, making transactions a breeze with just a tap of your smartphone or smartwatch.

2. Peer-to-Peer Payment Apps:

Peer-to-peer (P2P) payment apps like Venmo, PayPal, and Cash App have revolutionized the way we send money to friends and family. These apps allow users to link their bank accounts or credit cards and send money to others with just a few clicks. Whether you're splitting a dinner bill or paying your share of the rent, P2P apps make it quick and easy to transfer funds.

3. Mobile Payment Apps:

Mobile payment apps offer a wide range of services, from making purchases at brick-and-mortar stores to ordering goods online. A notable example is Alipay in China, which has seamlessly integrated mobile payments into daily life. Alipay users can pay for groceries, taxi rides, and even utility bills, all through the app. It's an excellent illustration of how mobile payment apps are changing the way we handle our finances.

4. Cryptocurrencies:

Cryptocurrencies like Bitcoin and Ethereum have made headlines as alternative payment methods. While they are not yet universally accepted, many businesses and merchants now allow customers to pay with cryptocurrencies. Cryptocurrencies offer decentralization and security but also come with volatility and regulatory challenges.

5. Buy Now, Pay Later Services:

Buy now, pay later (BNPL) services, such as Afterpay and Klarna, have become popular, especially among younger consumers. These services enable shoppers to make a purchase and pay for it in installments, often with zero or low-interest charges. It's a flexible way to manage expenses while still enjoying the convenience of online shopping.

6. Contactless Cards:

Contactless cards, often equipped with radio-frequency identification (RFID) technology, allow for swift, tap-and-go payments. These cards have become standard in many regions, and they offer a secure and efficient way to make small and large transactions without the need for physical contact with a terminal. They're particularly popular for public transportation and retail purchases.

7. Voice-Activated Payments:

Voice-activated payments are increasingly gaining traction with the rise of smart speakers and virtual assistants like Amazon's Alexa and Apple's Siri. Users can link their accounts and make transactions through voice commands. This technology is shaping the future of in-home shopping and payment convenience.

8. In-App Payments:

Many apps and services now offer in-app payment options. This includes everything from ride-sharing apps that allow you to pay your fare to food delivery apps that facilitate payments without leaving the platform. In-app payments streamline the user experience and reduce the need to switch between multiple apps and platforms.

9. QR Code Payments:

QR code payments have become prevalent, especially in countries like China and India. Users scan a QR code provided by a merchant, which takes them to a payment gateway. This method is not only convenient but also enables small businesses and street vendors to accept digital payments.

10. Central Bank Digital Currencies (CBDCs):

Several countries are exploring the possibility of issuing their own central bank digital currencies. These digital versions of national currencies aim to enhance financial inclusion and offer a safe and efficient way to transact. China has already launched a digital version of the yuan, known as the Digital Currency Electronic Payment (DCEP).

11. Near-Field Communication (NFC) Payments:

NFC technology allows for contactless payments using mobile devices, smartwatches, or cards. It's widely adopted by major credit card companies and mobile payment providers. NFC payments provide a convenient, secure, and swift way to make transactions.

The Benefits of Alternative Payment Methods:

Security: Many alternative payment methods offer enhanced security features like tokenization, biometrics, and encryption, making them more secure than traditional payment methods.

Convenience: These methods often provide a more convenient and efficient way to make transactions, whether you're shopping online or paying in a physical store.

Financial Inclusion: Alternative payment methods are helping to bring the unbanked and underbanked populations into the financial system, promoting financial inclusion.

Global Reach: With the growth of alternative payment methods, cross-border transactions have become more accessible and cost-effective.

Flexibility: Many of these methods allow users to customize their payment experience, whether through installment plans, reward points, or other personalized features.

Challenges and Considerations:

While alternative payment methods offer numerous advantages, they also present some challenges and considerations:

Acceptance: The acceptance of these methods can vary by region and merchant. It's essential to check if your preferred method is widely accepted where you plan to use it.

Regulatory Environment: The use of cryptocurrencies and certain payment methods can be subject to complex and evolving regulations. Ensure that you understand the legal landscape in your area.

Security: Although alternative payment methods often provide enhanced security, users must remain vigilant against potential fraud or data breaches.

Privacy: Some digital payment methods collect user data, raising concerns about privacy. Be mindful of the data you share when using these services.

In conclusion, the world of payment methods is evolving rapidly, and alternative payment options are becoming more accessible and convenient than ever before. As these methods continue to shape the financial landscape, it's essential to stay informed, consider the pros and cons, and choose the options that best align with your financial needs and lifestyle. Whether you're looking for convenience, security, or financial inclusion, there's likely an alternative payment method that suits your preferences.

[cryptolegal]

Key Questions to Ask When Hiring a Tax Lawyer in India

Hiring a tax lawyer in India is an important decision that can have long-reaching implications for Your future financial well-being. The right tax lawyer can help you solve your problem But in order to choose a good lawyer, you should ask some Important questions. Today, let's see what Step-By-Step asks to consider when thinking about hiring a tax lawyer :

What is your expertise?

Are lawyers trained in tax legislation? It is essential to understand whether the lawyer's specialisations meet your present needs; for instance,, if you have issues with international taxation, then you would want an experienced attorney in this area.

What is your experience?

The lawyer's level of practical experience is a major pointer to his quality. You should ask the lawyer how many years he has been active in the field of tax law and how many similar cases he has handled successfully. An experienced lawyer is more competent in handling your case.

How are the fees for your services determined?

You should understand the fee structure. Ask the lawyer how his fees are assessed: Is it on a fixed amount, hourly, or other basis? It is also important to know whether there might be miscellaneous or outlays.

What types of services do you provide?

Each tax lawyer does different things. It should benefit you to find out what these are. Do they handle: tax planning and structuring TDS compliance GST advice project finance structures or other areas whose regulations are slightly off the beaten path?

Can you prepare a strategy for my case?

If you hire a tax attorney, he can easily give a clear, rational strategy to the case. Ask what kind of plan the lawyer will draw up and what measures they will take to solve your problems.

Have you handled my case before?

It's important to know that the lawyer has handled similar cases before. This ensures that you experience all the complexities and requirements of your case.

Will you be in regular contact with me?

A good lawyer will be in regular contact with you, keeping you informed about the progress of your case. You need to know what the way of contacting the lawyer will be and whether they respond promptly to your questions.

What do your client reviews and references say?

Good lawyers usually have good client reviews and references. You can look at these reviews and references to know the qualifications and professional capability of a lawyer.

Can you present the case in court?

If your case requires court involvement, it is very important that the lawyer can present the case in court. Make sure the lawyer has the ability to appear and represent in court.

How is your working style and client service?

The working style and customer service of an attorney can influence how you feel about working with them. You should make sure that the way the lawyer works is suitable for you and that they treat you in a professional and helpful manner.

During the search for a reliable tax attorney with years of experience providing advice on how to utilize cryptocurrency laws, we hope that you find Crypto Legal suited to your needs best. We are a professional taxation service provider in Bangalore, Karnataka, India, leading the way in many areas. Our services include tax planning and structuring, project review and tax optimisation, TDS compliance, GST advice and more.

Contact us now, let get you your bills settled right away!

[expert3965]

What Is Digital Currency & How Does It Work

Digital currency (or digital money) is any method of payment that is entirely electronic. Digital currency, unlike a dollar bill or a coin, is not physically visible. Online systems are used to account for and transfer it. The cryptocurrency Bitcoin, Gandercoin etc are well-known form of digital currency.

And recently Gandercoin is launched as Indian digital currency which is India’s first digital currency offering multiple features and most importantly its known for its user-friendly interface which makes it accessible to everyone whether he/she is experienced or inexperienced trader. And now because of its accessibility it has become a popular and known as best Indian cryptocurrency.

TYPES OF DIGITAL CURRENCIES:

Cryptocurrencies: Cryptocurrencies are digital currencies that rely on cryptography to safeguard and verify network transactions. In addition, cryptography is utilized to regulate and control the generation of such currencies. Cryptocurrency examples include Bitcoin and Ethereum. Cryptocurrencies may or may not be regulated depending on the jurisdiction.

Virtual currencies: Virtual currencies are unregulated digital currencies that are governed by developers or a founding organization made up of different stakeholders. A defined network protocol can also regulate virtual currency algorithmically. A gaming network token, for example, is an example of virtual money whose economics are created and controlled by developers.

CBCD: Central bank digital currencies (CBDCs) are digital currencies that are regulated and issued by a country’s central bank. A CBDC can be used to supplement or replace regular fiat currency. In contrast to fiat currency, which exists in both physical and digital forms, a CBDC only exists in digital form.

HOW IT WORKS?

Digital currencies work on three basic technologies that empowers digital currencies:

1. Decentralization: One of the fundamental principles of cryptocurrency is decentralization. Unlike traditional currencies, which are issued and regulated by governments and central banks, cryptocurrencies operate on a decentralized network of computers. This network, known as a blockchain, is a distributed ledger that records all transactions across the network.

2. Blockchain Technology: At the heart of every cryptocurrency is blockchain technology. A blockchain is a series of blocks, each of which contains the history of transactions. These blocks are linked together in a chronological order, creating a transparent and immutable record of all transactions. This technology makes sure that security is provided at first and importantly and fraud is avoided.

3. Cryptography: The term “cryptocurrency” derives from the use of cryptographic techniques to secure transactions and control the creation of new units. Transactions are verified and authorized using public and private keys. Public keys act as an address where cryptocurrency can be sent, while private keys are secret codes that give you access to your holdings.

HOW TRANSACTIONS WORK?

A cryptocurrency transaction is started by the user by establishing a digital signature using their private key.

The transaction is broadcast to the blockchain's network of cryptocurrency nodes, where network nodes (computers) confirm it.

The transaction is added to a block and added to the blockchain when it has been confirmed.

Through a procedure known as mining, the network comes to an agreement over the transaction's authenticity. To validate transactions, miners must solve challenging mathematical riddles; in exchange, they are rewarded with newly minted cryptocurrency (the exact method depends on the cryptocurrency).

The transaction is complete, and User receives the cryptocurrency in their wallet.

CONCLUSION:

The innovative invention of cryptocurrency has the power to alter the way we think about money and banking. With the use of blockchain technology and cryptographic principles, it is decentralized and offers users all over the world security, transparency, and accessibility. Understanding how cryptocurrencies operate is important for anyone who is interested even if they are investors, traders, or just simply curious.

Written By- Manmeet Kaur

[ailtrahq]

Banco De Portugal chief Mário Centeno said on Monday that crypto regulations are unlikely to work without a global framework. He argued that the principle of “same-risk, same regulation” should apply to prevent arbitrage. In his view, while not perfect, Europe’s Markets-in-Crypto-Assets (MiCA) regulation is an important step in regulating crypto “comprehensively.” Such a regime helps standardize local rules, Centeno said. Arbitrage Is Hurting Business, Says One CEO Whether local regulators will base rules on the type of entity or type of activity will be “an open question,” the central banker reflected in a speech at Banco De Portugal’s Financial Stability Conference in Lisbon. He added that it while decentralized finance (DeFi) promises to democratize finance, it is not clear whether this goal will become a reality. Centeno’s speech echoes India’s Finance Minister Nirmala Sitharaman’s calls for a global crypto framework earlier this year. Before the G20 summit in Delhi, India asked the International Monetary Fund and the Financial Stability Board to develop high-level recommendations to standardize regional regulations. Earlier this year, Pedro Borges of Mercado Bitcoin Portugal told BeInCrypto his business was fighting an uphill battle against lightly-regulated competitors. While by and large a positive for the industry, Portugal’s speed in developing crypto regulations meant his company had more overheads. “Regulation hasn’t progressed as quickly in other countries, which forces us to face unfair competition because we see platforms – that aren’t regulated – offering a variety of services, including derivative financial products on cryptocurrencies, margin accounts, and the creation of new tokens. All of this is done without complying with the rules we are obligated to follow…We have solid regulation, but we are competing in an open market with those who don’t adhere to the same rules.” Read more: 14 Best No KYC Crypto Exchanges in 2023 MiCA Rules Can Work But Need to Be Enhanced Europe’s upcoming MiCA regulations will likely improve the situation, as its rules apply across all 27 members of the European Union bloc, including Portugal. Still, as one official from the European Central Bank pointed out last year, MiCA lacks adequate metrics for classifying crypto firms as significant. To fix this, ECB supervisory board member Elizabeth McCaul proposes future revisions of the bill that consider metrics like trading volume and assets under custody. If collected from all companies within a corporate group, these data points would give regulators insight into an exchange’s global business rather than a local entity. Read more: Top Crypto Exchanges and Trading Platforms in Europe MiCA also lacks rules for decentralized finance, an umbrella term for disintermediated financial services deployed on certain blockchains. This omission means that MiCA may not have an immediate impact on Portugal’s DeFi constituents, who make up a large percentage of Lisbon’s crypto demographic. In its State of Crypto Europe report, investment firm Greenfield named Lisbon the most important crypto hub ahead of Berlin, New York, and Singapore. Influx of Foreigners Into Portugal | Source: Bloomberg Crypto nomads attracted by the country’s zero-tax policy drove a massive influx of foreigners before the government changed the rules in 2022. Do you have something to say about the Portugal central bank chief’s calls for a unified crypto framework, the bustling crypto hub in Lisbon, or anything else? Please write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

[its-all-business]

Smart Loans Made Easy: A Guide to Mastering Financial Management for Indians

To maintain financial stability and accomplish your goals, managing loans responsibly is essential. With the appropriate skills and information, you can get the most out of your loans and ensure a better future.

1. Understanding the Different Types of Loans

Before diving into loan management, it's essential to know the various types of loans available. Common ones in India include personal loans, home loans, car loans, and education loans.

Each loan serves a different purpose and comes with unique terms and interest rates. Take the time to research and choose the loan that best aligns with your needs.

Also Read: Analyzing The Pros And Cons Of Cryptocurrency

2. Assessing Your Financial Capacity

Before taking out any loan, assess your financial capacity realistically. Look at your income, expenses, and existing debt obligations. A simple budget can help you understand how much you can afford to borrow without straining your finances. Avoid taking on more debt than you can handle comfortably.

3. Comparing Interest Rates and Offers

The total cost of your loan is strongly influenced by interest rates. Always compare interest rates and loan offers when evaluating various lenders.

Check for additional fees or hidden costs beyond the advertised rate. Finding the finest prices can be made much easier with the use of online loan comparison tools.

4. Negotiating with Lenders

Never be hesitant to haggle with lenders, especially if your credit score is high. Getting a slightly lower interest rate might save you a lot of money over the course of the loan because many lenders are willing to negotiate. Long-term benefits can be gained from learning how to negotiate politely.

Also Read: Pros and Cons of New Car Loans and Used Car Loans in India

5. Embracing EMI Management

Equated Monthly Installments (EMIs) are a common repayment method in India. Ensure that your EMIs fit comfortably into your monthly budget.

Setting up automatic payments can prevent missing due dates and save you from penalties. If possible, consider paying extra amounts whenever you can to reduce the loan tenure and save on interest.

6. Building an Emergency Fund

Since life is unpredictable, financial emergencies can occur at any time. It's crucial to keep an emergency fund stocked with enough cash to last three to six months. When times are tough, this fund might act as a safety net, preventing you from defaulting on your loans.

7. Avoiding Multiple Loans Simultaneously

It could be alluring to take out several loans at once, but doing so might put an extra burden on your finances and increase your risk of default. Prior to thinking about new loans, concentrate on paying off old ones. To reduce the overall cost of interest, give high-interest loans a priority.

8. Being Wary of Debt Traps

Avoid falling into the trap of easy credit or payday loans with high-interest rates. These loans often come with hidden charges and can quickly spiral out of control. Always read the fine print and be cautious of deals that sound too good to be true.

Also Read: The Rise of Mobile Payments and Digital Wallets

9. Keeping an Eye on Credit Score

Keeping a high credit score is essential for future access to better loan possibilities. By promptly paying your EMIs and credit card bills, you can maintain a low credit utilization rate.

Keep an eye out for inaccuracies in your credit report and correct them right away. You can protect your creditworthiness and enhance your financial prospects by taking these actions.

Conclusion:

Smart loan management is achievable for every Indian with some knowledge and discipline. Responsible borrowing and timely repayments are vital for a brighter financial future. Embrace these techniques to pave your path to financial success!

[delhi-school-of-business]

Understanding Cryptocurrency: Valuation, Blockchain and Workings

What Is Cryptocurrency?

Cryptocurrency is a kind of digital asset utilizing cryptography’s advanced encryption techniques to protect transactions and control the creation of new units. It functions independently from central banks and serves various purposes, including online shopping, investing, and even as a store of value.

These digital currencies operate on a decentralized network supported by a user community. This network is commonly known as a blockchain, a digital ledger of all transactions related to a particular cryptocurrency.

How Does It Work?

When a user initiates a transaction, the network of users broadcasts it to verify the transaction and include it in the blockchain. This process, called mining, involves solving intricate mathematical problems to authenticate the transaction and generate new cryptocurrency units.

Once a transaction is verified, it is added to a block, which is subsequently added to the blockchain. Each block in the chain carries a unique code or hash, produced through a cryptographic function. This ensures that each block is connected to the previous one in the chain, rendering the blockchain tamper-proof and secure. This process demands substantial energy and computing power, resulting in high production costs.

Understanding Blockchain:

Blockchain is a decentralized record-keeping ledger that securely and transparently logs transactions. It uses cryptography to protect and validate transactions before adding them to the blockchain as blocks. Once added, blocks cannot be altered or deleted, making the ledger secure and resistant to tampering.

Imagine blockchain as a towering stack of Lego bricks. Each block lists transactions, representing a Lego piece, and every block is connected to the one beneath it, just like a Lego stacked over another. Once added, blocks cannot be removed or modified, similar to how a Lego piece in the middle of the stack cannot be removed or changed once connected.

Various types of blockchain technologies exist, including public, private, and hybrid blockchains. Public blockchains, such as Bitcoin, are open to everyone, while private blockchains are restricted to specific users or organizations. Hybrid blockchains incorporate features from both public and private blockchains.

How Is Cryptocurrency Valued?

The market’s supply and demand dynamics determine a cryptocurrency’s value, much like any other asset. When more people buy than sell, the price increases, and when more people sell than buy, the price decreases.

Several factors influence their values. Adoption rates are crucial in determining a cryptocurrency’s value. As more people use a cryptocurrency, its demand increases, driving up the price. Market sentiment also affects cryptocurrency value, with positive sentiment leading to higher prices and negative sentiment leading to lower prices. Regulatory changes, technological advancements, and competition from other cryptocurrencies and traditional currencies can impact cryptocurrency value. It’s essential to research and understand these and other factors thoroughly before investing in cryptocurrencies.

Journey of Cryptocurrency in India

Cryptocurrency has evolved significantly in India since its inception. The Reserve Bank of India issued a warning against using cryptocurrencies in 2013, but the government didn’t officially declare cryptocurrencies as non-legal tender until 2018. Despite this, the cryptocurrency industry continued to grow in India, with many individuals and companies investing in it.

In 2021, the government proposed a new Crypto Bill that would effectively ban all private cryptocurrencies and establish a central bank digital currency (CBDC) called DigiRupee. However, the bill hasn’t been passed into law yet, and various stakeholders oppose it.

In 2022, the government proposed a new Finance Bill that includes a flat 30% tax

on the transfer of virtual assets, including NFTs and cryptocurrencies. To accommodate this, a new Section 115BBH was added to the Income-tax Act, 1961.

As a result, there is now a 30% tax, plus a surcharge and cess on the transfer of any virtual digital asset (VDA) such as Bitcoin or Ethereum under the Income Tax Act, of 1961. However, the legal status of cryptocurrencies remains uncertain.

Currently, cryptocurrencies in India are unregulated. The government has, however, started cracking down on illegal activities involving cryptocurrencies, such as money laundering and tax evasion.

Despite the ambiguity surrounding cryptocurrencies in India, many believe they have the potential to revolutionize the financial industry in the country. Cryptocurrency adoption could lead to increased financial inclusion and access to financial services for millions of people.

The Fall of FTX

The fall of FTX, a cryptocurrency exchange, has raised concerns about the stability and regulation of the cryptocurrency market. FTX filed for bankruptcy due to insufficient reserves to meet customer demand. The collapse has also affected academia, depriving researchers of grants and raising fears of forced repayment. Despite this setback, cryptocurrency continues to evolve globally, including in India, where the legal status of cryptocurrencies remains uncertain. Bitcoin, Ethereum, Dogecoin, and Binance Coin are some of the notable cryptocurrencies that have impacted the industry. Bitcoin and Ethereum differ in purpose and supply, but both are decentralized and rely on secure, transparent blockchains.

Downfall of Cryptocurrency

In 2022, the cryptocurrency market faced another major downturn, with many leading cryptocurrencies experiencing substantial drops in value. For example, Bitcoin, the largest and most well-known cryptocurrency, saw its value fall by over 50% from its all-time high in November 2021. Ethereum, another popular cryptocurrency, saw a similar decline, falling by approximately 40% from its peak. The total market capitalization of the cryptocurrency market also suffered a significant decline, losing over $1 trillion in value. Despite these setbacks, the industry continues to grow and evolve, with many investors and enthusiasts remaining optimistic about the potential of cryptocurrencies to revolutionize the financial landscape. As with any emerging market, it is important for investors to stay informed and understand the risks involved in investing in cryptocurrencies.

Notable Cryptocurrencies

1. Bitcoin: The first and most popular cryptocurrency, created in 2009 by an anonymous person/group using the pseudonym Satoshi Nakamoto. It operates on a decentralized network and uses a proof-of-work consensus algorithm.

2. Ethereum: a platform that operates in a decentralized manner and allows developers to build decentralized applications and execute smart contracts. Created in 2015 by Vitalik Buterin, it uses a proof-of-stake consensus algorithm and its own programming language, Solidity.

3. Dogecoin: A meme-inspired cryptocurrency created in 2013 by Billy Markus and Jackson Palmer. It features the Shiba Inu dog from the famous “Doge” meme and has gained a large following due to its community-driven and lighthearted nature

4. Binance Coin: A cryptocurrency created by the Binance exchange in 2017 means of exchange, while Ethereum was created as a platform for decentralized applications and smart contracts. This difference has resulted in the two cryptocurrencies having specific use cases and valuations.

Bitcoin vs Ethereum: Which one is Better?

Bitcoin and Ethereum are two renowned cryptocurrencies that have significantly impacted the development of the crypto industry. They differ in purpose and supply, but both are decentralized and rely on secure, transparent blockchains. Their values are driven by market forces and are prone to price changes.

Bitcoin utilizes a public blockchain, allowing anyone to join the network by running a node or mining Bitcoin. Transactions are confirmed by a network of nodes that verify the transaction and add it to the blockchain, creating a distributed ledger that records all Bitcoin transactions, ensuring security and transparency.

Ethereum, on the other hand, operates on a blockchain that enables developers to create decentralized applications and smart contracts. These applications function on the Ethereum Virtual Machine (EVM), a decentralized platform that runs code on the blockchain.

While Bitcoin was primarily designed as a store of value and medium of exchange, Ethereum was developed as a platform for decentralized applications and smart contracts. This distinction leads to different use cases and valuations for the two cryptocurrencies.

Bitcoin has a limited supply of 21 million coins, projected to be mined by 2140. In contrast, Ethereum’s supply is unlimited, with new coins generated through mining.

Despite their differences, Bitcoin and Ethereum share some common ground. Both are decentralized and function on secure, transparent blockchains. They are also subject to market dynamics, with their values determined by supply and demand.

In recent years, both cryptocurrencies have experienced notable price fluctuations. For instance, Bitcoin hit an all-time high of nearly $64,800 in April 2021, only to face a sharp decline in the following months. Likewise, Ethereum reached an all-time high of over $4,815 in November 2021 before undergoing a correction as well. Currently, the value of Bitcoin is $28,143 and Ethereum is $1,877.19.

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