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

G7 urges strict Libra regime, eyes minimum tax

G7 Countries has said that digital currencies such as Facebook Libra raise serious concerns and must be regulated as tightly as possible to ensure they do not upset the world’s financial system. Recently,Facebook had decided to launch a cryptocurrency called Libra.The currency is designed not to be a speculative asset like Bitcoin but a form… Continue reading G7 urges strict Libra regime, eyes minimum tax

Facebook to unveil new cryptocurrency

Facebook has decided to launch a cryptocurrency called Libra. The currency is designed not to be a speculative asset, like Bitcoin, but a form of digital money backed by a reserve of assets. Facebook has also formed the non-profit Libra Association with 27 other partners to oversee Libra and its development. The partnership includes venture… Continue reading Facebook to unveil new cryptocurrency

Draft bill moots 10-year jail for crypto dealing

Government has introduced a draft bill on Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019. The draft bill says that anybody who mine, hold, transact or deal with cryptocurrencies in any form whether directly or indirectly through an exchange or trading can attract a jail term of one to 10 years. The… Continue reading Draft bill moots 10-year jail for crypto dealing

Crypto currency is Ponzi scheme

Investor Education and Protection Fund(IEPF) Authority has said that Crypto currency is a ponzi scheme and should be banned in India to protect the interests of investors. IEPF has also said that crypto currencies are based on blockchain technology and there are concerns about its viability in the long-term due to risk to investors,especially considering… Continue reading Crypto currency is Ponzi scheme