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Bitcoin to be completely illegal in India? Panel submits report.

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According to rumors, India is going to make bitcoin totally illegal which means that trading, dealing or even holding crypto will be termed illegal.

The Government of India had earlier put a ban on financial institutions to deal in any transactions related to bitcoin and other cryptocurrencies earlier this year and later arrested Unocoin Co-founders for operating an unregistered Bitcoin ATM or Kiosk service in the country.

The Government of India had earlier appointed a panel for drafting the final report on the regulation on cryptocurrencies such as bitcoin. According to sources, the panel has successfully submitted the report to the government officials but the content in the report has been disclosed yet officially. According to the current rumors, India is going to make bitcoin and other cryptocurrencies totally illegal which means that trading, dealing or even holding crypto will be termed as illegal and the government shall take legal measures against the users of digital assets.

 

How it all started?

The story started from the mid of this year when the Reserve Bank of India officially declared that no financial institution will allow anyone to deal (buying or selling) in cryptocurrencies effective from the 5th of July 2018. Major cryptocurrency exchanges such as Zebpay and Unocoin had to shut down their operations which led to the rise of peer to peer trading in the country. People started to trade on platforms such as WazirX and Localbitcoins to trade amongst each other rather than a third party exchange that could provide their personal data to the government. This made crypto trading more anonymous and interesting to the public.

This was surely not what the Reserve Bank of India and the government wanted. Now that it has become more difficult for the government to track cryptocurrency transactions in the country. As a result, the government may be trying to correct the situation created in the country by totally illegalizing cryptocurrencies and cracking down bitcoin dealers in the country. A total ban would mean that no person or entity shall be allowed to trade, deal or even hold bitcoin or any other crypto asset.

 

What do you think about India illegalizing cryptocurrencies? Will it eradicate bitcoin from India or will it make Bitcoin sound more lucrative? Tell us your thoughts in the comments section below.

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2 Comments

2 Comments

  1. Pingback: Bitcoin to be completely illegal in India? Panel submits report. - Satoshiuncle

  2. Shankar

    December 14, 2018 at 11:47 pm

    If our financial adviser not not consider Crypto currency peer to peer system that result Indian citizen may ready for price hike no body can control the price petrol 100 rupee

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#Bitcoin

Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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#Bitcoin

Kevin O’Leary from Shark Tank calls Bitcoin: Garbage and a Useless Currency

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During an interview with the CNBC, Kevin O'Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

During an interview with the CNBC, Kevin O’Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

 

Kevin O’Leary calls Bitcoin Worthless

Famous as the founder of Softkey, a startup that earns annual revenue of around $29 million and a host on the American business reality series Shark Tank, Kevin O’Leary is a celebrity amongst the business class in the United States of America.

 

During the interview published on 14th May 2019, Kevin expressed his thoughts over the king of cryptocurrencies bitcoin and called it a useless currency as the people who accept it just wants to hedge against the high volatility of the virtual currency. This comes in the midst of the current bitcoin surge as the virtual currency doubled its value in just a few days from below $4000 to more than $8000.

 

Kevin also explained why he has such negative views on bitcoin giving the instance of how once he tried using bitcoin for a real estate transaction in Switzerland. He said that it is not possible to get in and out of bitcoin while transacting in huge amounts.

 

He also gave an example stating that if one wants to buy real estate in Switzerland for $10 million. The seller wants a guarantee that the value comes back to him as currency at ten and the buyer has to hedge the risk of the cryptocurrency, hence it is not a real currency. Kevin said that the seller or the receiver would never want to take the risk of such high volatility and thus BTC is worthless.

 

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Amazon Owned Whole Foods, Other Big Retailers Start Accepting Bitcoin

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Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

 

Whole Foods and Others accepting Bitcoin using Spedn:

A company called Flexa in collaboration with Gemini exchange which is owned by the Winklevoss Twins has managed to persuade a lot of big retailers including Nordstrom, Crate and Barrel & Whole Foods to configure the same scanners that they are already using for payments from other digital wallets like Apple Pay to work with their cryptocurrency payments app called Spedn.

 


Everything is handled on the backend of the application so that the cashier need not even have heard of bitcoin, let alone understand how to manage payment in cryptocurrency. The merchant has the choice in receiving immediately converted fiat or actually taking and holding the cryptocurrency.

 

The Spedn app lets consumers pay in bitcoin, bitcoin cash, ethereum and GUSD (Gemini Dollar), the Gemini backed stablecoin.

 

This new solution actually uses the existing systems and offers really only upsides for the companies as they don’t have to do any special training for their staff and there is no new hardware required and just a software upgrade.

 

It is worth noting that this is still in its early experimental stages for all the retailers which are cooperating with this scheme and things may of course change in the future. The thing to keep in mind here is that Bakkt is likely launching a massive payment processing service for cryptocurrency in the very near future as well and it could be a big competitor to what Gemini and Flexa are offering.

 

The company will also need to prove itself with consumers and get people to actually go out, download and use the Spedn app.

 

Can this be a game changer in retailer adoption of bitcoin and cryptocurrencies? Let us know about your thoughts in the comments section below.

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