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Crypto India Diwali Celebrations are Muted this Year

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Crypto India Diwali celebrations are muted this year, considering the unfairness of the sweeping blanket ban on their use and transaction.

Crypto India Diwali celebrations are muted this year, considering the unfairness of the sweeping blanket ban on their use and transaction, earlier in September this year. The current pause on digitizing currency is imposed by an otherwise progressive government. However, its current fiscal policies appear to be dictated from the “experiences” of the backlash it continues to suffer from, following the unwarranted, spine-chilling overhaul of the Indian financial system by imposing demonetization.  

Cryptocurrency adoption is the latest strategic question which many an economy is attempting to chart its course. It is currently surreal for causal fintech observer to watch economies “play” the fine-line between adoption-and-hesitation of cryptos, in countries such as Russia, China and

 

Embryonic Crypto economies

Digital-first economies in East Asia, namely South Korea, Singapore, and Japan are inclusive governments offering regulations but are tightly holding on to the process of usage, trading and securities-based functionally, tethered to their overall fiat-currencies.

On the other hand, many of the Nordic nations are already on the way to being Crypto-first, a step far ahead within the economic digitized infrastructure. Switzerland, Denmark is catching up on the crypto-revolution, having missed the deep-trenches of IT revolution which swept across the rest of the world. During this adoption phase, many a nascent/growing economy restructured itself and entered advanced stages of mobile computing, jumping ahead of the PC-in-every-home revolution.

Middle-Eastern nations are on a war-path with their disruptive blockchain adoption strategy for 2020. The UA Emirati’s have a consensus to move roughly 50% of their government-initiated transactions to the blockchain and have even encouraged the establishment of the UAE’s first-ever AED-supporting exchange called Crypto Bulls Exchange.

 

Why is India not breaking the glass ceiling?

In 2009 the debut of an unknown technology platform by Satoshi Nakamoto set the markets on the path to discovering decentralized currencies. Eventually, the technology part of the cryptocurrency – the blockchain or the decentralized distribution – component came to be used by industries as diverse as healthcare to logistics, and banking to patenting of pharmaceuticals.

Bitcoin transactions are believed to have debuted in India as early as 2012 by hobbyists. There then sprung up a number of pioneering exchanges – coinsecure, BtcxIndia, Unocoin offering cryptocurrency exchange and trading services.  Other players soon arriving on the scene – Zebpay, Bitcoin-India, and Koinex built a vibrant crypto business atmosphere.

Then “happened” the sweeping blades of demonetization which changed everything for cryptocurrencies in India. Many began to look for unregulated, non-fiat currency options such as bitcoin. As late as October MoonX announced its development center in Bengaluru.

However, India broke down on this phase of development and eventually began to offer to have adopted a watch-and-proceed strategy towards cryptocurrency. The latest of the industry-hurting moves by the zealous government intent on protecting consumers has been the policy of not allowing trade or any other transactions of the cryptocurrency, under the directions of the Minister of Finance, Arun Jaitley.

It does seem to come as a surprise that for a government which has been open to adopt and implement technology-based solutions is dragging its feet in building infrastructure/policies/regulations which will allow the adoption of the cryptocurrency in India.

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Bitcoin is Halal? Will crypto rise with mass Muslim adoption?

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Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a 'HARAM' while others calling it a 'HALAL'.

Erol Yarar, the chairman of the international business forum has suggested all Islamic nations to adopt the cryptocurrency system for transactions with each other rather than adopting the US Dollar as according to him the US Dollar is used as a weapon by the United States to wreak economic havoc.

 

Calling US Dollar a ‘Punishing Tool’

Yarar expressed his concerns by stating that the US dollar is used by the United States Government to punish a specific country that the United States is not willing to be in peace with. He also stated that the United States Government uses the US Dollar to lower down the money transactions, for imposing sanctions and for making nations bowing down in front of the United States.

 

Yarar said that the US Dollar is not just a common currency but also a sanctioning tool. Also saying that at the International Business Forum this year, they will discuss the term monetary pluralism for implementing a democratic trading environment and the top features to be discussed at the next International Business Forum meeting would be the usage of Blockchain Technology and Cryptocurrency for the financial sector in the Muslim countries especially the middle east.

 

Yarar said:

“We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue.”

 

Bitcoin Halal?

Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a ‘HARAM SYSTEM’ or ‘ILLEGAL SYSTEM’ while others calling it a ‘HALAL SYSTEM’ or ‘LEGAL SYSTEM’ according to the Islamic principals with some Mosques such as the Shacklewell Lane Mosque in London have also started to accept cryptocurrencies as donations.

 

What do you think about bitcoin and other cryptocurrencies being termed as Halal? Tell us in the comments section below.

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Bitcoin ETF: Worlds first Cryptocurrency ETF approved

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ETF: The world's first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, 4th largest exchange in whole Europe.

The world’s first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, the 4th largest exchange in whole Europe which has a market capitalization of over $1.6 trillion.

 

ETF offered by Amun AG

Amun AG, a cryptocurrency startup is offering the fund that will allow the institutional investors to invest in the major cryptocurrencies such as bitcoin, ethereum, ripple, litecoin, and bitcoin cash.

Hany Rashwan, the CEO and Co-founder of the company said that the following ETP will provide an opportunity to the institutional investors that are restricted to investing in just securities and also give the same opportunity to retail investors that are unable to access cryptocurrency exchanges to due regulatory pressure. The CEO also said that before choosing Switzerland, the company had explored 23 other destinations around the world but found Swiss the most suitable.

 

The ETF will allow investors in buying the market and investing in crypto market as a whole. When investors will be investing in a fund, an amount equal to their purchase value will be held on their behalf by the custodian.

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Bitcoin Cash BCH Hash Wars: Who is winning?

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The Bitcoin Cash hash war is still on with close to 300 blocks mined on the BCHABC side using the new ruleset, which has also given the BCH network the most accumulated proof of work. Cryptocompare has given the BCH ticker to BCHABC chain followed by Bittrex also appointing the ABC chain with the BCH ticker. The ABC chain has gained more support and also mined more blocks since the split of the BCH chain into BCHABC and BCHSV. The SV chain has performed less work till now.

 

Faketoshi “Satoshi’s Shotgun”

Craig Wright had earlier threatened that he will destroy the BCH ABC chain by mining empty blocks using his huge hash power, which is being called “Satoshi’s Shotgun”. BCH ABC has apparently survived the Shotgun. Peter Rizun from Bitcoin Unlimited said:

“The difference in network effect stark: BSV has few users, no OSX or Windows clients, no block explorer, perhaps one mobile wallet, and a shotgun that doesn’t shoot so straight,”

According to cash.coin.dance, BCH ABC is currently 51.9% ahead on proof of work and is 15 blocks ahead, meaning miners will to secure the BCH ABC side and that exchanges ca resume deposits and get everything back to normal. Many supports believe that the ABC side has already won the battle.
Bittrex has listed the ABC chain as BCH and the SV chain as BSV.

While many BCH supports are claiming that the war is over and the ABC side is close to winning it, SV supporters still believe that the hash war will continue for weeks and Craig Wright continues to claim that he will destroy the ABC chain by mining empty blocks.

What do you think about the hash war? Comment below

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