Synopsis: Retail investors are the ones who’ll most likely suffer in the high-yield, high-risk Crypto market. Government should come up with regulations before its too late. Introduction Crypto products are being mass marketed in India without the oversight needed for investor safety. The crypto marketing campaigns have now reached even tier-II and tier-III cities. How… Continue reading There’s a major new risk in town and it’s called crypto
Tag: cryptocurrency
El Salvador’s gamble on Bitcoin: Much too dicey
What is the news? El Salvador became the first country to adopt Bitcoin as legal tender. But the launch was marked by Chivo app (state-backed wallet app) glitches and crash in the Bitcoin price. This shows the volatility associated with Cryptocurrency is real and the adoption of Bitcoin as the official currency can turn out… Continue reading El Salvador’s gamble on Bitcoin: Much too dicey
El Salvador becomes first nation to adopt bitcoin as legal currency
What is the News? El Salvador has become the first country in the world to adopt Bitcoin as legal tender. This means businesses should accept payment in bitcoin alongside the U.S. dollar, which has been El Salvador’s official currency since 2001. Benefits of making Bitcoin as Legal Tender by El Salvador: Reduce the cost of… Continue reading El Salvador becomes first nation to adopt bitcoin as legal currency
Adopting crypto assets as currency is a risky bet: IMF
Source: This post is based on the article “Adopting crypto assets as currency is a risky bet: IMF” published in Livemint on 31st August 2021. What is the news? The International Monetary Fund (IMF) has warned that adoption of crypto assets such as Bitcoin as national currency can impact a country’s macroeconomic stability. The warning came ahead… Continue reading Adopting crypto assets as currency is a risky bet: IMF
India ranks second in terms of crypto adoption in the world
Source: Livemint What is the news? India ranks second in terms of crypto adoption worldwide behind Vietnam, but ahead of countries such as the US, UK, and China, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. Findings India was followed by Pakistan and Ukraine at rank three and four respectively.… Continue reading India ranks second in terms of crypto adoption in the world
It’s time for digital currency to counter crypto, says RBI
Source: TOI What is the news? The Reserve Bank of India (RBI) has said that it is working towards a phased implementation strategy for its digital currency (i.e. Central Bank Digital Currency). Central banks across the world have drawn up plans to launch their digital currency to battle cryptocurrencies. China has said that its e-CNY… Continue reading It’s time for digital currency to counter crypto, says RBI
Cryptocurrencies and Indian regulations – Explained, pointwise
Source: Business Standard Syllabus: GS Paper 3: Indian Economy and issues relating to Planning, Mobilization of Resources Relevance: Cryptocurrencies have the potential to alter the Indian economy and challenge sovereign backing in India Contents1 Introduction2 What is Blockchain?3 Cryptocurrency regulations in India by RBI4 Government response to Cryptocurrencies4.1 Recommendations of the SC Garg Committee:5 What… Continue reading Cryptocurrencies and Indian regulations – Explained, pointwise
Facebook officially launches its cryptocurrency Libra
News:Facebook has officially launched its cryptocurrency Libra,despite several high-profile defections from the project and intense criticism from US regulators and politicians. Facts: About Libra: Libra is a virtual currency where users can buy and store in a digital wallet.It can be used for transactions on a decentralized network that is not controlled by one bank… Continue reading Facebook officially launches its cryptocurrency Libra
Understanding cryptocurrencies: What’s to like, and what’s to fear
An inter-ministerial committee (IMC) that was set up to assess the viability of virtual currencies has recommended that India should ban private cryptocurrencies such as Bitcoin. A cryptocurrency is a subset of virtual currencies. It is decentralised, and protected by cryptography. Example: Bitcoin, Etherum, etc. A virtual currency is a digital representation of value that… Continue reading Understanding cryptocurrencies: What’s to like, and what’s to fear
Cryptocurrency panel for ban on private digital currencies, jail time of up to 10 years
Government had constituted a panel to examine all issues related to cryptocurrencies.The panel has drafted a law,‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’. The panel has said that anybody who mine, hold, transact or deal with cryptocurrencies in any form whether directly or indirectly through an exchange or trading should attract… Continue reading Cryptocurrency panel for ban on private digital currencies, jail time of up to 10 years
