This week has been a rough one for Indian authorities where they have arrested the co-founder of Unocoin crypto exchange for operating a bitcoin ATM. The President of the National Association of Software and Services Companies Debjani Ghosh, claimed very clearly that all cryptocurrencies are illegal.
This IT association has urged the crypto sector and all of its investors, enthusiasts, and business, to turn to the government in case they have any questions and also complain to them directly.
“It is the law of the land and hence, we have to work with it. If we do not agree, we have to go back to the government and speak about why cryptocurrencies aren’t correct.’’
Cryptocurrencies such as bitcoin aren’t recognized as a legal tender in the country but it’s very important to know that they are not ruled illegal as well. The entire crypto sector is seeking clarity from the Supreme Court but they are hardly likely to obtain one. Also, the Reserve Bank of India enforced a strict policy by banning banks from providing services to the crypto sector.
After the arrest of the co-founder of Unocoin which is, by the way, one of the largest and best-funded crypto exchanges, she said that the major problem lies in the lack of policy-making and failure of the regulators to keep pace with the rapid technology changes.
What is most interesting is that Nasscom has already invested in developing blockchain technology.
Line Messenger And Its Plans To Launch An Exchange For 80 Million Users
"LINE has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BITBOX exchange. With BITBOX, we intend to have an exchange that is easier to use, while also ensuring we provide extremely strong levels of security."As he also mentioned, BitMax will use the exact same technology that is used in BITBOX. His statement made the latest cryptocurrency news now that Line is expected to obtain a license and operate BitMax in Japan in the near term. The launch of a crypto exchange by Line Messenger, which is a major tech giant in Japan, definitely restores a lot of confidence - especially by local investors and users following the high profile security breaches and the names associated with them (Coincheck and Zaif). Native exchanges may definitely be the future of a new crypto revolution - and Line Messenger could definitely be pioneering it.
Amazon Pay VP Shows That There Are No Current Plans For Crypto
“It’s fresh, it’s speculative; at Amazon, we don’t really deal with the speculative, in the now,” the Amazon Pay VP said.Facebook continues to cause a stir in cryptocurrency, financial and government circles after the first publicity material around Libra went live. Billed as a network that is designed to allow users to send money like messages or pictures on social media, this scheme has attracted a lot of talks because of its technical setup and roadmap. Some lawmakers have already gone as far as to request the company halt development altogether. The altcoin news also show that there is a potential alternative to fiat money and central banks. Many commentators have suggested that some governments such as Russia, will seek to block Facebook and any other product supporting Libra. As of recently, the United States Senate Banking Committee revealed that it will hold a dedicated hearing on the cryptocurrency next month, as we reported in our coming altcoin news. As the Amazon Pay VP noted, the company has so far steered clear of many cryptocurrency implementation despite the various rumors in recent years. Depending on the future evolvement of the space, the retail giant may reconsidered the Libra-style crypto option in the mid to long run. The cryptocurrency community honestly hopes that this will be the case - mostly because everyone expects a decent rival to Facebook with its cryptocurrency project.
“At Amazon, we deal with data a lot, so I’ll be happy to have that conversation two or three years from now,” Gaulthier finalized, delaying the topic about cryptocurrencies once again.
Altcoins Suffer And Remain Sideways, Bitcoin Goes Higher
Libra Testnet Peeks At The Crypto Future That Facebook Is Building
“Libra is built on a secure, scalable, and reliable blockchain. It is backed by a reserve of assets designed to give it intrinsic value and is governed by the independent Libra Association tasked with evolving the ecosystem.”With this, developers will be able to write programs in the Move language which can run on the Libra blockchain. As the Libra testnet also notes, anything that you can imagine would be possible - from opening a savings account to opening a merchant account to maybe even some kind of lottery system, the latest cryptocurrency news show. It is evident that Facebook plans to build an economy outside of the regular government view - and a digital currency which could open many doors around the world. From another perspective, it is definitely not absurd for governments to consider the Libra testnet and accept the coin for certain services. As the Libra whitepaper shows:
“For too many, parts of the financial system look like telecommunication networks pre-internet. Twenty years ago, the average price to send a text message in Europe was 16 cents per message.3 Now everyone with a smartphone can communicate across the world for free with a basic data plan. Back then, telecommunications prices were high but uniform; whereas today, access to financial services is limited or restricted for those who need it most — those impacted by cost, reliability, and the ability to seamlessly send money.”The big question that everyone has is the following... Are we on the verge of a new era of peer-to-peer commerce?
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- Italian Banking Association (ABI) To Deploy Blockchain For Reconciliations
- Line Messenger And Its Plans To Launch An Exchange For 80 Million Users
- Amazon Pay VP Shows That There Are No Current Plans For Crypto
- Altcoins Suffer And Remain Sideways, Bitcoin Goes Higher
- US Congresswoman Wants Facebook To Pause Its Crypto Plans
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