Indian Government Legalization Of Cryptocurrencies Through Strong Regulation

The Indian government legalizes cryptocurrencies through strong supervision

According to coindesk, an article published by New Indian Express on Wednesday showed that the Indian government had set up an “interdisciplinary committee” to investigate cryptocurrencies, and the committee did not approve of a total ban on cryptocurrencies.

A senior official attending the committee meeting said: “We have held two meetings. It is widely believed that cryptocurrency cannot be considered completely illegal. It needs to be legalized through strong additional clauses. Discussions are currently under way.

Comments: If the cryptocurrency is legalized, the Indian government should use Bitcoin and other tokens as a “capital income tax” for short-term or long-term capital gains, because before this, the Indian cryptocurrency working group believed that the cryptocurrency should be Considered as an asset. If the cryptocurrency is mined, a “commercial and professional profit tax” should be imposed.

According to the huobi global data, the recent transaction price of BTC was 26,552.68 yuan, with a 24-hour change of +1.61 %;

ETH’s recent transaction price was 909.02 yuan, 24 hours change +3.68 %;

BCH’s recent transaction price was 1213.19 yuan, 24 hours change +2.57 %;

EOS recently traded at 17.94 yuan, 24 hours change +2.54 %.

Policy News 

1. Netcom Office: Financial information service providers must not distribute false financial information

Today, the National Network Information Office publishes financial information service management regulations. The regulations stipulate that financial information service providers may not produce, copy, publish or disseminate information containing the following contents: (1) disseminating false financial information, endangering national financial security and social stability.

(2) distorting the state’s fiscal and monetary policies and financial management policies, disrupting economic order and damaging national interests; (3) instigating other people’s commercial fraud or economic crimes, causing social impact; (4) fictional securities, funds, futures, foreign exchange (5) to publicize financial products and services prohibited by the competent authorities; (6) other contents prohibited by laws, regulations and rules. The regulations shall come into force on February 1, 2019.

Comments: In addition, for the blockchain information service prior to the promulgation of these regulations, the relevant formalities shall be reissued in accordance with the relevant provisions of these Provisions within 10 working days from the effective date of these regulations.

The blockchain information service provider also needs to authenticate the real identity information based on the identity card number or mobile phone number to the blockchain information service user.

If the user does not perform real identity authentication, the blockchain information service provider shall not provide related services. Blockchain information service providers report false record information, publish or condone illegal content, do not significantly identify the record number, fail to file on time, and have information security risks, etc. are not in compliance.

The State and Local Network Information Office will, according to the responsibilities, order the blockchain information service providers to rectify within a time limit, refuse to rectify or seriously deal with the situation, and impose fines of more than 5,000 yuan and 30,000 yuan depending on the circumstances. Criminals will be investigated for criminal responsibility according to law.

2. Over 15% of Americans use cryptocurrency for cross-border remittances

According to dashnews, a survey by the encryption platform Clovr shows that 15.8% of Americans use cryptocurrencies for cross-border remittances, suggesting that cryptocurrencies have an important place in the Americas, especially in Latin America. The survey pointed out that the low cost of cryptocurrency transactions is one of the reasons for the popularity.

Comments: In the future, people who immigrate to other countries from other countries may continue to send money to their hometowns. Everyone wants to send back as much as possible, and emerging digital payment options, such as cryptocurrency, can be stimulated. From the customer’s interest.


1. Uzbekistan uses blockchain for cadastre and property registration

According to CoinDuck, the Russian Digital Trust and the Uzbekistan National Land Resources Committee jointly issued a memorandum on the implementation of blockchain technology implementation.

They have long studied all the advantages and disadvantages of blockchain technology, including registering cadastral systems and registering properties through distributed technology. The development of the pilot project jointly issued by the two countries has been completed.

Project participants reported that the application of blockchain technology ensures greater transparency of cadastral data and avoids unauthorized changes during real estate registration. In addition, participants agreed that all the benefits of creating a single registry through blockchain technology would have a positive impact on Uzbekistan’s investment climate.

Comments: The attributes of the blockchain ensure transparency of the data and prevent data from being tampered with without authorization during the real estate registration process.

This further shows that the blockchain is beneficial to social progress and development in many places. With the improvement of blockchain technology, it is believed that it will be applied in more and more aspects.

Also Read  South Korean Government Promises To Support Blockchain Startups To Boost Industry Growth

2. Blockchain technology has been widely used in Italian banks.

According to coinidol, Italy reacts differently to blockchain and encryption, but real financial institutions are concerned with how to deal with distributed ledger technology (DLT).

According to the report of the Polytechnic Institute, DLT has been widely used in different banks in China. According to reports, the Italian bank has begun to invest in this emerging technology, the technology involved in the country’s international projects, but also participated in the country’s cooperation projects.

Comments: The bank will use Distributed Ledger Technology (DLT) to coordinate during the blockchain pilot, which will help check if the two banks have two corresponding accounts. Financial institutions will further use blockchain technology to prove certain elements, such as the lack of standard methods and uniform communication protocols, the determination of non-inter-bank transactions and the visibility of transactions.

3. “Sports and Culture Guide” contains “Research on the Innovation and Development of Blockchain Technology Driven Sports Industry”

The official website of the State Sports General Administration today released the catalogue of the 12th “Sports Culture Guide” in 2018, and “The Research on Block Chain Technology Drives the Innovation and Development of the Sports Industry” is listed in the category of sports economics.

Comments: It can be seen from this incident that the government departments are still recognized for the blockchain technology. For the development of blockchain technology and industry, the state must support it. The blockchain is still on the way to prove it, and it needs to give it more time. If the blockchain can help solve some problems, smart contracts are a direction.

Also Read  The Israeli Authority Is Very Close Towards Cryptocurrency Regulations

Crypto currency 

1. The Japanese Police Agency issued a warning that cryptocurrency ransomware is spreading.

The Japan Police Agency Cyber ​​Security Center today released a tweet saying that the email asking for cryptocurrency is spreading, the subject is “Your password has been compromised”, and attached a photo of the device block or the hijacked webcam to This is to retrieve the currency to be encrypted. The police department reminds the public not to reply to the other party and not to respond to requests.

Comments: Judging from the warning issued by Japan this time, Japan is still cautious about cryptocurrency, and cryptocurrency is still relatively high in some illegal organizations. Before that, extremists sent terrorist mail to the US government. The ransom is paid in cryptocurrency, and the attributes of the cryptocurrency indirectly cause the embarrassment of terrorists in this field, but with the advancement of the cryptocurrency industry, this kind of thing will improve.

2. Turkish Bitcoin popularity is not affected by lower inflation rate

According to btcmanager, Turkey’s inflation rate has fallen after a peak of more than 25% in November 2018, but the volume of the country’s digital currency exchanges is still increasing. Vedat Akgiray, a professor of finance at Bogazici University in Istanbul, said that trust in financial institutions is at an all-time low, prompting them to look for another option – a decentralized currency. Cornell University professor Emin GünSirer believes that digital currency is very attractive to young people in Turkey.

The country’s higher proportion of young people relative to Europe, the flexible adoption of new technologies and the cultural bias towards high-interest financial programs make it a fertile ground for bitcoin.

Comments: When the sovereign currency of the national credit is not reliable, the people will go to find what they believe, the bank interest rate and other idle people are not, this is the reason. Coincidentally, the Argentine currency has depreciated by nearly 70% in half a year. A large number of Argentines flocked to the digital currency in this wave. Many people have changed their wages into bitcoin to find a temporary safe haven.

Important economic trends

The reform of higher-level state-owned enterprises will be rolled out, and the level of reform of central enterprises will be accelerated.

According to the Securities Daily, as of the end of last year, more than two-thirds of the enterprises at all levels of the central enterprises have achieved a mix, but from the perspective of central enterprises, only China Unicom, Shanghai Bell and Hualu Group are mixed-owned enterprises. .

In order to further promote the reform of mixed ownership from the bottom up, this year, the China Resources Committee held a video meeting of the heads of central enterprises and local SASACs.

When deploying the key tasks for the second half of the year, it was proposed that the reform of mixed ownership in the second half of the year should be upgraded from the sub-enterprise level to the group level. We will steadily promote the diversification of equity at the level of 2 to 3 central enterprise groups.



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