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India: Not going to regulate bitcoin anytime soon

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The Government of India informed the parliament last week that the government is not in a hurry to regulate cryptocurrencies in the country.

Cryptocurrency traders and investors in India have been waiting for a regulatory clarity from months now after the Reserve Bank of India had put a total ban on banks to deal with any bitcoin or cryptocurrency exchange in the country which forced all of the bitcoin exchanges in India to shut down. But the regulation shall not be out anytime soon.

The Government of India informed the parliament last week that the government is not in a hurry to regulate cryptocurrencies in the country and as such there is no timeline set for the task.

Pon Radhakrishnan, the minister of state for finance told the lower house of the country on 28th December that there is an absence of a universally acceptable solution for cryptocurrencies and as such the department of finance is not committing a timeline to come up with regulations.

The current leading government is not interested in providing any type of relief to the cryptocurrency investors and exchanges in India.

Earlier, the government had formed a committee for suggesting the regulation on digital currencies and the committee was going to submit a draft report by the end of the year. However, the draft will now be discussed in the next meeting of the committee which is scheduled in January next year.

 

Government confused

The government of India seems to be confused about whether to ban or regulate cryptocurrencies in India. However, for now, trading of cryptocurrencies in the country is quite difficult as the Reserve Bank of India has banned financial institutions to deal with any cryptocurrency related businesses or exchanges thus, there is no exchange currently operating in the country. Zebpay, which was one of the largest exchanges in the country had moved to Malta and Europe amidst the ban as maybe they did not believe that the government is going to regulate bitcoin and other cryptocurrencies anytime soon.

Earlier this year, the co-founders of Unocoin exchange, which was one of the largest cryptocurrency exchange in India were arrested by the Bangalore police for opening up a bitcoin atm in the state without the permission of any government agency. However, the co-founders were later released on bail and the case is still pending in the court of law.

 

What happens next in the country is difficult to predict. What we really can predict right now is that India is in no hurry to regulate cryptocurrencies in the country and thus a regulation shall not be expected anytime soon.

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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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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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