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India: Blockchain good, Cryptocurrencies Evil.

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Blockchain technology keeps on flourishing in India. Interestingly, the position toward cryptocurrencies stays negative and threatening.

Blockchain technology keeps on flourishing in India. Interestingly, the position toward cryptocurrencies stays negative and threatening. To such an extent that major crypto exchanges like Zebpay were forced to shut down.

 

Cryptocurrency Exchanges in India Forced to Close Shop

The circumstance concerning crypto in India keeps on breaking down. An absence of appropriate directions, and also a by and large contrary position toward blockchain technology has prompted cryptocurrency exchanges being forced to end their administrations.

Because of the Central Bank of India’s issues, different banks of the country are not permitted to attempt any transactions even remotely identified with cryptocurrency exchanging. As per Zebpay’s blog post, this circumstance has harmed the Zebpay’s business, however, it has likewise ‘crippled’ its clients’ capacity to execute business in any significant way.

Since the trade was not ready to locate an alternative method to direct its business, it is currently forced to shut down. Then, the Reserve Bank of India (RBI) stays unsympathetic to the trade’s inconveniences. This contrary position towards cryptocurrencies has just increased after the price flood recently 2017. Truth be told, the bank issued a restriction on loan specialists in April 2018, requesting them to quickly stop all business dealings that incorporate cryptocurrencies.

The RBI was then indicted on account of this choice, yet the country’s incomparable court still can’t seem to govern on the issue. The procedure will probably take a considerable amount of time, which cryptocurrency exchanges just can’t bear. As specified, Zebpay, and likely different exchanges also, endeavored to locate an alternative method to direct their business, however without any result.

 

Blockchain Technology Keeps on flourishing

Rather than the cryptocurrency circumstance, doubtlessly India is still powerful of the blockchain technology itself. The country’s NSE (National Stock Trade) has declared trial of another utilization case for this technology. As indicated by their declaration, they intend to present e-voting using blockchain for different organizations recorded on their stage.

The undertaking’s pilot will include interfacing the controller with organizations, and the RTA using the blockchain. Appropriate to vote will be tokenized, and the assessment of this test will be founded on the audibility of different on-chain activities and the many-sided quality of leading the whole procedure.

NSE’s Sankarson Banerjee has expressed that blockchain’s permanent nature can guarantee finish straightforwardness of each move made by arranging members. Furthermore, synchronization of the procedure of vote including will be conceivable constant because of the savvy contract system. Such highlights will guarantee the formation of another condition where corporate administration and consistency will be fundamentally moved forward.

The blockchain utilized in the voting procedure will be made using Elemential stage’s Hyperledger system.

Elemential Lab’s CEO, Raunaq Vaisoha, likewise remarked on the pilot by expressing that blockchain will empower a permanent trail of all exercises continuously. This is viewed as a massive advance toward clear and exceedingly straightforward corporate administration. It will likewise display another standard that different organizations will yearn accomplish.

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8 Comments

8 Comments

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#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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#Bitcoin

Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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