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India Tilting Closer Towards All-Out Ban on Cryptocurrencies

James Dendson

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India, home to one of the most active markets for digital assets might impose an outright ban on trading and issuance of cryptocurrencies. The proposal is also being backed by several government departments like Central Board of Direct Taxes, Department of Economic Affairs (DEA), Investor Education and Protection Fund Authority, and, Central Board of Indirect Taxes and Customs.

The future of cryptocurrency in India has been in a doldrum for a long time. Reserve Bank of India prohibited the commercial bank from offering its services to the firms dealing in cryptocurrencies last year. Even though a case against the ban still rests with the Supreme Court, RBI suggested that the government must come up with a law on cryptocurrencies first.

Various reports have suggested that the draft bill titled ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019’ has been forwarded to different government departments and suggests that until a law is passed the transaction must be banned temporarily under the Anti-Money Laundering Act. However, it the new government which will take charge in May 2019 that will get to vote on the proposed bill.

A government spokesperson said that the cryptocurrencies were being issued and then sold as an investment opportunity which in the majority of the cases encompass of Ponzi schemes and frauds with an aim of defrauding gullible investors. Hence, the lawmakers recommended in the bill that there is an urgent need for a complete ban on cryptocurrencies in the country as it supports money laundering activities and leads to Ponzi scams.

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Blockchain

Global funds network Calastone is basing its whole system on Blockchain

James Dendson

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Calastone, the company for the transformation of digital funds worldwide has decided to revolutionize its system by replacing it entirely with its fund trade clearing services based on blockchain.

The reports state that the largest community of global financial services has been formed using blockchain technology through the migration of more than 1,800 customers of the company in 41 markets. The effectiveness and speed of transactions using Distributed Market Infrastructure has broken the efficiency schemes within the company. It is estimated that after taking this measure, it will be possible to save revenues for market funds close to $ 4.33 million annually.

The report states that financial services around the world can use DMI to access a fully mutualized global funds marketplace whereby the trading, settlement and funds servicing is conducted in real-time, regardless of their size or reach.

This system change can also mean the creation of a real-time shared view of all historical records between trading partners at any point in the distribution chain, breaking down the most salient details for financial operations and optimizing investment fluidity.

Calastone said at the end of last year that these modifications would be applied in May of this year, so very soon investors can start enjoying this new system based entirely on blockchain.

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Starbucks will use Blockchain to store coffee data

James Dendson

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The international coffee chain decides to take a step towards the new generation by using a blockchain system to store information corresponding to its coffee products, from the moment the beans are obtained in the field until it is served at the table.

Starbucks seeks an alliance with Microsoft to track the supply chain through the Azure blockchain service. This system will allow the tracking of all coffee shipments around the world. The project will allow a digital record of all coffee products to be kept, which will improve the quality and control of the service.

Microsoft will offer its blockchain system to record all the events and changes made during coffee production, thus giving greater control to the supply chain of the products it will be handling. The obtained information will be stored in a shared ledger for continuous evaluation.

Why is this needed?

This new update in the Starbucks system aims to bring new features to its mobile application, since it will provide users and customers with all the information regarding the products they are consuming; From what type of grain it is, where it was harvested and reviews about its flavor. This information will allow consumers to have a more personal experience and get them to choose exactly what type of coffee they want to take.

The tracking of the coffee through Microsoft’s blockchain service will also allow granting a massive amount of information to the farmers, which will improve their procedures, methods and living conditions. Starbucks has established an exceptional brand in coffee harvests, having managed to extract grains from more than 380,000 coffee farms last year.

Senior Vice President of Global Coffee & Tea at Starbucks, Michelle Burns, said:

“This kind of transparency offers customers the chance to realize that the coffee they enjoy from us is the result of many people caring deeply.”

Starbuck’s new blockchain based service has not yet been officially launched, although the shareholders could get to know a demo version during the chain’s annual meeting in March.

Burns said the chain seeks to improve working conditions on farms in Costa Rica, Colombia and Rwanda, leading to a better experience for both the worker and the customer when testing the final product.

Starbucks also confirmed that they are working on including cryptocurrencies through payment platforms that will be developed by International Exchange. The coffee giants will seek payment facilities for Bitcoin and Altcoins holders in order to convert their assets into dollars at the time of payment.

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U.K.’s Corporate Traveller will let you pay for your flights in Bitcoin Cash

James Dendson

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The crypto market has been in constant growth since the last 10 years, boosting the applicable uses for Bitcoin and Altcoins that will be more tan just “digital Money”, they constitute an efficient payment system that can be used by anyone. The UK’s largest travel management company “Corporate Traveller” has announced that it will accept Bitcoin Cash as a payment method for companies seeking to book business flights for their staff.

Small and medium companies can count on Corporate Traveller in U.K to buy air tickets in Bitcoin Cash and Bitcoin through Bitpay. This division of Flight Center Travel Group has more than 20 offices in different locations in the United Kingdom has taken this step intelligently to expand the financial limits of the company and enter thefuture of the economy.

The General Manager of Corporate Traveller in UK, Andy Hegley, said:

“We’ve identified an increasing demand from our clients for the option to pay in BTC for business travel bookings made by our travel consultants”.

Hegley also adressed that the Blockchain industry is growing exponentially and they are very happy to offer payment alternatives in cryptocurrency, while ensuring their income in pounds sterling thanks to Bitpay. This measure only scratches the surface of a long list of options that can be considered to implement crypto and blockchain to the Corporate Traveller system. Crypto enthusiasts considered this as great news for the United Kingdom, since it is the first British company to provide this type of services to clients that handle Bitcoin revenues in the travel industry.

The travel service provider considers the Bitpay mechanism a fast and secure way to process payments and invoices, since the customer can make the transaction at any time from an office or smartphone. It takes only two bussiness days for Corporate Traveller to receive the payment into their bank accounts.

Although this new measure supports the decentralized sectors of the economy, it does not mean that the company seeks to disengage or stop working with regular banking transactions, on the contrary, it is an effort to provide the client with the facilities to able to make payments without setbacks and in safe grounds, this is achieved by getting the most out of Blockchain’s wonderful principles.

New announcements are expected involving crypto solutions for different industries that decide to incorporate blockchain for financial activities and data storage.

 

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