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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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Will XRP overtake Bitcoin to become new king of cryptocurrencies?

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Can XRP take over Bitcoin in the total market capitalization with the massive adoption of XRP by financial institutions all around the world?

XRP is often called as ‘banker’s delight’ and banks love XRP as it has hundreds of partners globally with many of the world’s biggest names in banking. Banks are actually tired of using the SWIFT system which it turns out is not that swift. XRP can seriously put the heat on swift and provide money savings and transparency at every level. Bitcoin with its 10 minute block time and unstable fees can be a bit problematic when it comes to this but bitcoin is a massive improvement over the previous architecture and the banks themselves. Can XRP take over Bitcoin in the total market capitalization with the massive adoption of XRP by financial institutions all around the world? Let us make some comparisons.

No Forks

Another benefit of XRP is no forks. A real company with a real office run by professional people that you can contact if you have a problem. The whole bitcoin forking thing has been a very device issue in the crypto community and has done little to give large businesses any kind of confidence in the crypto economy especially when they are new to the crypto economy.

 

XRP a ‘security’ issue

XRP might be a security and is currently being litigated in the courts but until this is resolved there will be this uncertainty around XRP in the likelihood of seeing things like XRP futures, XRP ETF or major banks stockpiling XRP.

 

Proof of Work

While there have been many criticisms of the Proof of Work network including the massive burn rate of hardware and the huge environmental footprint in terms of energy consumption, we could do a whole host of what about the bitcoin energy use, but the reality is that the XRP ledger uses less energy than bitcoin. The long-term trend of Proof of Work mining and Bitcoin mining overall will at some point have some explaining to do as currently, we do see a lot of projects moving away from the proof of work networks.

 

Banks don’t like bitcoin

The Banks around the world really don’t like bitcoin and sure this is a badge of honor for bitcoin but the theory goes that they will actively work to suppress and hurt bitcoin. With the big Wall Street products coming specifically targetting bitcoin, it appears that the banks want to profit from bitcoin, not to crush bitcoin. The love and hate relationship of banks with bitcoin is currently in a love period. Interestingly both bitcoin and XRP could be put under real pressure by an influx of national cryptocurrencies or even more worrying  for XRP, the banks implementing their own solutions. As of now, banks are loving the solutions that Ripple Labs are putting forward for them to use. It is much easier to implement someone else’s technology rather than build your own technology especially when it comes down to interoperability between hundreds of different international banks. XRP is not unique in this, other payment providers use bitcoin or stellar lumens to do the same thing that is done with XRP. The difference is of course that Ripple’s network and banking partners are huge. But then banks do not actually hold and stockpile XRP, they can actually just quickly move in and out to do transactions. But just because banks don’t need to stockpile XRP doesn’t mean they won’t. Previously, a report was published about South Korean banks which are currently holding around 1% of all cryptocurrency.

 

Daily Transaction Volume

In terms of daily transaction volume, XRP has dropped back to around half a million daily transactions from recent highs of 1.6 million daily transaction which is well ahead of bitcoin’s quarter million daily transactions. But don’t forget that the lightning network is still in its baby phases and so far away from reaching critical mass so we should really not underestimate the possibility of the lightning network to seriously disrupt this narrative around daily transactions in the future.

 

Transactional Fees

On the fees side XRP is consistently way lower than bitcoin with bitcoin having unstable network fees but again lightning network is coming.

 

Circulating Supply

Ripple’s control over the XRP’s supply vs bitcoin’s code based emission is another area of concern for many investors. As much as some people may want one or the other to fail. But it doesn’t seem that any of these are going anywhere unless XRP is deemed to be a security. But if XRP is declared not to be a security then maybe XRP can rise massively.

 

XRP is crypto and banking coming together. For some, it is like a dream come true and for others, it just gives them a headache as the true aim of cryptocurrency was to destroy the banks and not join them. If XRP ever does get mass adoption by banks and manages to have a larger market cap by bitcoin. Would this mean an end for bitcoin? Certainly not. The use case of XRP does not eradicate the use case of bitcoin.

 

What are your thoughts about XRP and its adoption by banks? Tell us in the comments section below.

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Malaysia to regulate cryptocurrency and ICO in 2019

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The government of Malaysia is going the draft the regulations for Cryptocurrency and ICO (Initial Coin Offerings) in early 2019.

The Star, local media in Malaysia reported that the government is going the draft the regulations for Cryptocurrency and ICO (Initial Coin Offerings) in early 2019. In the news, the media reported that Lim Guan Eng, the finance minister of Malaysia was updated by the Securities Commission of the country about the same.

Unlike largely populated countries like China and India who completely banned cryptocurrencies, Malaysia has taken a great step in regulating digital assets rather than straight away putting a stop on it as the government believes in the adoption of new technologies such as bitcoin.

Lim Guan Eng also adviced all companies and parties that wish to introduce their own cryptocurrencies such as bitcoin in the form of initial coin offerings to consult country’s central bank: Bank Negara Malaysia which will be responsible for the decision on the financial mechanism.

Malaysia has been adopting the blockchain technology lately in many industries including the setting up of a university degree verification system on the blockchain.

Malaysia also has plans to introduce their own government-backed cryptocurrency which was stated to be put on hold at the moment before the regulations are drafted early next year.

Despite the cryptocurrency market crash, the adoption of bitcoin and blockchain technology seems to be rising rapidly throughout the world. India, which earlier banned cryptocurrencies this year has stated that their government is working on drafting the regulation for bitcoin and cryptocurrencies which will be out early next year. With the upcoming Bakkt exchange and ETF approvals, and a lot more upcoming in the cryptocurrency market there is a huge scope for bitcoin and other prominent cryptocurrencies to rise massively in 2019.

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The Power of Bitcoin: BTC Halvening in 2020

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The halvening helps the world to remember the power of Bitcoin

Bitcoin has an anticipated total supply which began with roughly 7200 bitcoins being made every day. Presently we have survived two halvenings, the last one in 2016, and these days there are just roughly 1800 bitcoins created every day.

At the time of writing this article we are at square 551809, well on our approach to 630000, the following halvening.

 

 

The current gauge for the following halvening is May 2020, which is only 16 months away. Anyway it is vital to comprehend that as we are surviving these halvenings, the power of Bitcoin is getting to be apparent for the entire world. Everybody is really beginning to comprehend this is the way Bitcoin’s fiscal approach works and that it is solid and viable an unchangeable reality.

The ramifications of this are ever higher over the long haul and more halvenings are experienced. The acknowledgment that bitcoin is a genuine contender to national bank cash begins to set and the genuine transformation of cash is nearer and nearer. It additionally implies these occasions will be evaluated in before the occasion itself and all the more successful each time. As individuals definitely think about it and have considered.

Not every person yet gets it. It is your favorable position to comprehend it now before every other person does. After 2020 it is conceivable that relatively few on the planet do not have this seeing anymore and as we, in the long run, move to the appropriation of the late larger part, the train has genuinely left the station. Despite the fact that it might be hard to trust, the train has not left the station yet.

 


At the time of writing, Bitcoin is trading at $4037, after an 80% correction from the all-time high of $19500 in December last year.

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