A new state-issued cryptocurrency is in the rumors and the crypto news lately in India, after a panel under the country’s finance ministry tasked to propose certain regulations for cryptocurrencies such as Bitcoin. The panel is reportedly set to recommend a state cryptocurrency that will be backed by the government.
As Quartz reported while citing one of the senior officials, the group is set to suggest the development of a state crypto token on a blockchain that will be developed by the government. The ‘senior government official’, as cited by Quartz, stated that the government is “evaluating the government-backed cryptocurrency and crypto-token.”
What’s interesting is the fact that the central bank of India already admitted that it is interested to issue a central and bank-issued cryptocurrency. Even though many reports by internal units dedicated to crypto and blockchain research have been refuted by the Reserve Bank of India (RBI), the central bank confirmed the creation of an ‘inter-departmental group’ that will be tasked to study the “feasibility of issuing a central bank cryptocurrency (CBDC)” in its Annual Report this year.
As the executive director of RBI Sudharshan Sen hinted in September 2017:
“Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely.”
According to some rumors from the officials, the cryptocurrency might be named “Lakshmi” inspired by Hindu’s goddess of wealth and prosperity.
UK Research Shows That Private Blockchains And New EU Privacy Rules Might Go Well Together
“There is a risk that this legal uncertainty will have a chilling effect on innovation, at least in the EU and potentially more broadly. For example, if all nodes and miners of a platform were to be deemed joint controllers, they would have joint and several liability, with potential penalties under the GDPR.”However, blockchain operators could be treated like processors the same way the companies behind cloud technologies control the users’ data. Blockchain networks could store personal data externally to meet the rules of the privacy laws or allow nodes to delete the private key that has encrypted information. GDPR rules are really hard to comply with especially for crypto mining businesses which are why the researches urge the European Data Protection Board to create a guide of the protection law that will be clearer.
Thailand’s Deputy PM Calls For Enhancement Of Cryptocurrency Regulations
“The Revenue Department will waive value-added tax for people trading in cryptocurrencies on exchange markets approved by the Securities and Exchange Commission (SEC),” stated an excerpt of a report at the time.With this, the tax proposals of Thailand's Ministry of Finance also generated controversy over the fact that firms raising funds via ICOs would also be required to pay income tax on those funds.
$68 Million Worth Of Illegal ICOs Brought Down By The SEC Last Year
"Given the explosion of ICOs over the last year, we have tried to pursue cases that deliver broad messages and have the market impact beyond their own four corners.’’In the report also, the Division of Enforcement as a part of the SEC formed a new Cyber Unit that helped this agency focus on cyber-related misconduct. For this reason, the Commission managed to bring down more than 20 cases including those involving ICOs and the Division opened more than 200 cyber-related investigations some of which are still ongoing. Further, in the SEC report, we can read that:
"While many of these cases have involved allegations of fraud, the Division also has pursued enforcement actions to ensure compliance with the registration requirements of the federal securities laws. In the past year, the Division has opened dozens of investigations involving ICOs and digital assets, many of which were ongoing at the close of FY 2018."The Securities and Exchange Commission is now going after other crypto-related entities and startups that are unregistered or show up as unregistered brokers that facilitate token sales.
Full Scale Adoption: Ukraine Plans To Move Forward With Crypto Legalization
“They aim to determine guidelines for token classification. Additionally, they will be touching upon issues that relate to smart contracts and cryptocurrency mining. Therefore, this work will be ongoing. There will be two separate stages to the implementation of this new state policy. The hope is to have this policy in full effect by 2021. In addition to the new state policy, the government notably has brought in a new taxation bill. This outlines a new 5% tax that is payable by entities and individuals with cryptocurrency holdings.”Currently, both the opposing and the ruling party of Ukraine are positive on the long-term growth of the cryptocurrency sector and the blockchain technology.
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