Indian Crypto Miner

An RTI response from Department of Economic Affairs around cryptocurrency says ‘Relevant policy [around Virtual currencies] is currently under formulation stage’, reaffirming the reports that cryptocurrency regulations may soon be a reality in India.  Yusuf Rampurawala, a lawyer and crypto enthusiast from Mumbai filed an RTI application in May directed towards the Reserve Bank of India which was then forwarded to the Ministry of Finance (DEA). Rampurawala’s intention behind the RTI was to get a response from Reserve Bank of India/Government about any Inter Disciplinary committee setup for regulation of cryptocurrency. He received details about the committee setup back in March 2017. In its response, the DEA declined to share the report prepared by the committee in 2017 citing reason The report of the committee contains policy issues of strategic importance and relevant policy is currently under formulation stage. Hence the query attracts Section 8(1)(a) of the RTI Act...

As the implications of the invention of have become understood, a certain hype has sprung up around blockchain technology. This is, perhaps, because it is so easy to imagine high-level use cases. But, the technology has also been closely examined: millions of dollars have been spent researching blockchain technology over the past few years, and numerous tests for whether or not blockchain technology is appropriate in various scenarios have been conducted. Blockchain technology offers new tools for authentication and authorization in the digital world that preclude the need for many centralized administrators. As a result, it enables the creation of new digital relationships. By formalizing and securing new digital relationships, the blockchain revolution is posed to create the backbone of a layer of the internet for transactions and interactions of value (often called the 'Internet of Value', as opposed to the 'Internet of Information' which uses the client-se...

"The practical consequence […is…] for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate." - Marc Andreessen From a cruising altitude, a blockchain might not look that different from things you're familiar with, say Wikipedia. With a blockchain, many people can write entries into a record of information, and a community of users can control how the record of information is amended and updated. Likewise, Wikipedia entries are not the product of a single publisher. No one person controls the information. Descending to ground level, however, the differences that make blockchain technology unique become more clear. While both run on distributed networks (the internet), Wik...

“Deposits/Withdrawals Notice ,” came the post title from popular Indian cryptocurrency exchange Unocoin this week. “As per orders from RBI,” the exchange explained, “bank INR withdrawals and INR Deposits have temporarily been disabled. Once an alternative method of funding is identified and deployed, we will resume the deposit and withdrawal services.” India Crypto Exchange Unocoin Suspends Withdrawals and Deposits to Comply with Central Bank Orders Ahead of an anticipated regulatory move and potential clarification by the government of India on the subject of cryptocurrencies, popular exchange Unocoin suspended fiat deposits and withdrawals,  noting  “Cryptoasset(coin) deposits and withdrawals are ON @ Unocoin & Unodax; Using INR Balance Buy and Sell of BTC/ETH is ON @ Unocoin; Crypto-rupee and crypto-crypto pair trading are ON @ Unodax.” RBI is the Reserve Bank of India, the country’s central bank; INR is the international short expression for the India rupee...

In a first, India’s central bank has called for the regulation of the domestic cryptocurrency sector during Friday’s hearing at the Supreme Court, weeks after enforcing a banking ban against crypto companies. Earlier in April, the Reserve Bank of India (RBI)  issued a circular  that forbade all financial institutions – banks included – from offering services to businesses in the cryptocurrency sector. Furthermore, the policy also mandated banks to stop customers from purchasing cryptocurrencies using fiat funds in their banking accounts. A public interest litigation (PIL) filed in India’s Supreme Court calling for regulation of the cryptocurrency sector saw the central bank  absolve itself of any responsibility  in framing a policy, claiming it was a policy matter requiring legislation through India’s Parliament rather than a subject of debate among courts. Amazingly, the RBI then admitted that it – as a central bank responsible for framing monetary polic...

The Indian government is expected to issue detailed cryptocurrency guidelines by September, a senior official from the country’s Ministry of Finance reportedly said. Consultations with all stakeholders including the central bank have already begun. This announcement is independent of the supreme court’s hearing of petitions relating to crypto regulation in India. Regulation Expected by September The Indian government has reportedly finished drafting the regulatory framework for cryptocurrencies. The New Indian Express wrote on Saturday that the government is “likely to issue guidelines on cryptocurrency by September.” Subhash Garg. This news follows the  statement  last month by the country’s Economic Affairs Secretary, Subhash Garg, confirming that the draft law would be ready by mid-July. Citing that stakeholders include the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), and the Internet and Mobile Association of India (IAMAI), an ...

The Supreme Court will pass a verdict on RBI's crypto ban on 11th Sept. No worries, 👉Garg Committee's still working on #crypto regulation plan Keep the crypto fire burning! #isupportcrypto