India has just unveiled its budget plan for 2018, where the finance minister doubled down on refusing to recognize cryptocurrencies or their value. This has put a lot of fingers to the foreheads regarding the acceptance of Bitcoin, Ethereum and the other popular cryptocurrencies in India.
Arun Jaitley, who is India’s finance minister has spoken at the Indian Parliament while presenting the Union Budget. In his talks, he said:
“The Government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payments system.”
The declaration comes a little over a month after the official caution by the Ministry of Finance against investments in cryptocurrencies, pointing to them as ponzi schemes. Still, today’s remark is a rehash of what we already knew or the position of the government on cryptocurrencies.
However, any ban on the use of cryptocurrencies as payment instruments won’t forbid adopters from trading them on crypto exchanges. Indeed, the finance minister made no suggestions towards any potential ban of cryptocurrency exchanges.
What’s interesting is that there are a lot of Bitcoin-friendly restaurants and establishments accepting the cryptocurrency right now in India. However, they might be forced to stop in the near future.
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"There's billions of dollars of unclaimed royalties out there," Parson said. "The blockchain can help millions of artists claim what is rightfully theirs."For those of you who don't know Ditto Music from the blockchain news, the company has paid out $100 million in royalties last year and now claims that a roster of 250,000 artists are behind it - including big names such as Ed Sheeran, Sam Smith and Royal Blood. Bluebox is designed to split royalty payments for a recording's lifetime and track the plays accurately on the system.Parsons argued that a solution like this creates more transparency and more detailed reporting, two of which are crucial features as to why Ditto Music is launching an app of this kind. As such, both of which should reap higher collection rates from digital services.Ditto claimed to promote “higher collection rates [while] massively reducing the loss of earnings currently experienced by artists.”“Aside from the billions of dollars in unclaimed royalties that Bluebox will be tackling, the Bluebox app will let creators lock in their split payments at the point of creation and get paid separately and accurately for each use of that song. It’s going to revolutionise payments across the music industry and help the millions of artists claim what is rightfully theirs,” the CEO and founder of Ditto Music Lee Parsons concluded.
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“The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country.”Additionally, he also noted that the cryptocurrency mining industry has the potential to generate another $8.5 billion to the economy of the Islamic Republic of Iran, according to a certain new government study. But there are certain obstacles in achieving the goal, with the biggest being the high electricity costs that are facing miners in the country. As is wildly known a lot of computing power and electricity is needed for cryptocurrency mining. This is a huge obstacle and challenge for crypto miners in the Islamic Republic of Iran because only big firms can have the luxury to work, while smaller enterprises are forced to close.
“High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.”Besides this the official from the ICT Guild Organization, Amir Hossein Saeedj Naeini noted that more discussions will be held in order favorable conditions are found for the cryptocurrency mining industry.
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