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India planning to launch its own cryptocurrency?

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In the wake of blowing hot and cool on bitcoin, the government of India is thinking about drawing out its very own cryptocurrency.

In the wake of blowing hot and cool on bitcoin, the government of India is thinking about drawing out its very own cryptocurrency.

 

A board comprised by India’s finance ministry suggested that the nation launch a government-backed cryptocurrency.

“We are assessing the government-backed cryptocurrency and crypto-token,” said a senior government official conscious of the dialogs of the board. “Furthermore, we are hoping to create and empower our own innovative work of blockchain technology,” the authority included, alluding to the digital foundation on which cryptocurrencies are based.

The fund service board was set up in December 2017 under Subhash Chandra Garg, secretary, bureau of financial undertakings, to recommend measures to direct cryptocurrencies. The board should present its report by July, which was later pushed to the year’s end. An email sent to the back service looking for affirmation remain unanswered.

Its arrangement, be that as it may, is by all accounts pair with the Reserve Bank of India’s (RBI) proposition made prior. The national bank has comprised a multi-division board of its own and has been contemplating the achievability of launching government-backed digital coins.

Meanwhile, the government and the RBI have been moving to diminish cryptocurrency exchanges for some time now.

 

What prompted this?

Indeed, even in its past gatherings with bitcoin exchanges, government delegates were attempting to see how a government-backed digital currency would work, said a man from the cryptocurrency community aware of the points of interest of the gatherings.

 

“In the event that a virtual currency will be backed by the government then it conflicts with the entire grain of such coins,” said the executive, asking for obscurity. “These are basically decentralized records, and if the government or the RBI is endeavoring to control it, at that point it loses its importance.”

 

What’s more regrettable is that the government may likewise slaughter or ban the presence of other digital currencies if a government-backed cryptocurrency is taken off.

 

“The board is additionally talking about change of the Currency Demonstration to make ownership of any cryptocurrency, not affirmed by the government, a culpable offense,” said the government official.

 

This comes after the Reserve Bank of India has just descended vigorously on bitcoin and its kind nearly gagging the ecosystem. Since July, the national bank has barred banks from maintaining any business association with cryptocurrency exchanges and traders, including maintaining reserve funds bank accounts.

As anyone might expect, trading is hit.

For example, from its pinnacle when bourses were signifying 300,000 new clients a month about a year back, augmentations have now lessened to simply 1,500-3,000, cryptocurrency exchanges told Quartz. Since April, the exchanges have occupied with a fight in court against the Reserve Bank of India in various high courts and the case achieved the supreme court in May this year. Be that as it may, there are no indications of a conclusion to it.

The circumstance is grim to the point that Zebpay, one of India’s biggest cryptocurrency exchanges, shuttered a month ago.

Like the Reserve Bank of India, even the government isn’t happy with virtual currencies, despite the fact that it needs to push the blockchain technology, a digitized and decentralized open record for cryptocurrency exchanges. The government has additionally communicated worries that these currencies might be utilized to launder cash or trick simple investors. In this way, it is looking for control.

Be that as it may, the possibility of a digital currency backed by the government isn’t new in itself.

 

Going the Petro way?

Venezuela, the world’s second-biggest unrefined petroleum maker, launched Petro, the world’s first government-backed digital currency, not long ago. The Venezuelan government possesses and controls this cryptocurrency, the price of which is proportional to a barrel of oil.

Indeed, even Iran is hoping to launch its very own virtual currency.

The Reserve Bank of India has reportedly wanted to likely name its digital currency Lakshmi, after the Hindu goddess of riches. “This will be notwithstanding the paper currency that we have. It likewise holds the guarantee of lessening the expense of printing of notes,” Reserve bank of India deputy governer BP Kanungo, said at a gathering in April.

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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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Now Send & Receive Bitcoin and other Cryptos through Whatsapp

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People will very soon be able to transact cryptocurrencies such as Bitcoin through Whatsapp using a cryptocurrency wallet service developed by Wuabit.

It seems that the people will very soon be able to transact cryptocurrencies such as Bitcoin through Whatsapp using a cryptocurrency wallet service developed by Wuabit.

 

Send Bitcoin through Whatsapp:

The cryptocurrency wallet service by Wuabit will allow people to send, receive, trade, shop and access their cryptocurrencies using the Whatsapp messenger.

 

The Wuabit team also aims to add other social media platforms such as Telegram, Facebook and Viber to their supporting platforms. A publication by The Express, a local news outlet in Britain states that the beta version of the wallet service shall be available for the public from April.

 

According to Wuabit, Artificial Intelligence technology shall be a large part of the wallet service and people will be able to send, receive or trade cryptocurrencies by just typing messages such as “Send 0.2 BTC to John”.

 

According to Wuabit, they are a cryptocurrency wallet which is accessible through a chat interface. The publication on the official website of the company mentions the different security, privacy and the process through which people will be able to transact cryptocurrency.

 

A team member spoke to The Express stating that they will be starting off with Bitcoin only. People will be able to access the wallet service by Whatsapp, Telegram and even SMS.

 

The cryptocurrency payments through WhatsApp messenger which has a massive user base will be able to introduce the crypto space to a large number of people.

 

There are also rumors all around the cryptocurrency space that Facebook is soon going to launch its own cryptocurrency for the Whatsapp messenger for the users in India. Whatsapp is the most used messaging app in the country of over 1,3 billion people.

 

What are your thoughts on the Wuabit wallet service for Whatsapp and platforms? Do you think it will boost the adoption of cryptocurrencies? Tell us in the comments section below.

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Adoption

The Amazon of Switzerland: Digitec Galaxus now accepts Bitcoin.

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The biggest online retailer of Switzerland, Digitec Galaxus has now started to accept bitcoin along with other cryptos as a method of payment.

The biggest online retailer of Switzerland, Digitec Galaxus which is also known as the ‘Amazon of Switzerland’ has now started to accept bitcoin along with other cryptos as a method of payment.

 

Digitec Galaxus accepting cryptocurrency payments:

According to Digitec Galaxus, they were willing to integrate cryptocurrency payments on their platform for a long time. The users will now be able to make their payments using Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ripple, Binance Coin, Litecoin, Tron, OmiseGo and NEO.

 

According to the Co-Founder Digitec Galaxus, Oliver Herren, Cryptocurrencies such as bitcoin are captivating and could very soon be an important method of payment for all ecommerce stores and they are happy to support it. He also said that people will pay using cryptocurrencies because the ones who own them are willing to use them somewhere, some are not being able to convert them into fiat currency because of banking regulations and others would just like to try latest things.

 

Digitec Galaxus also admitted that by integrating cryptocurrency payments, the company is going to showcase itself as a progressive brand.

 

Partnership with Coinify:

Digitec Galaxus has partnered with a third-party cryptocurrency payment processing company, Coinify. All the payments accepted through cryptocurrencies shall be instantly converted into fiat currency i.e. Swiss Franc. This would ensure that the cryptocurrency market volatility does not create an issue for the company.

Cryptocurrency payment method will be available only for Switzerland based users for now, although, the company plans to integrate the same soon for the users in Germany as well.

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