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Amid Bitcoin mania, Business Standard explains everything that you need to know about cryptocurrencies, Bitcoin mining, cryptocurrency exchanges, how cryptocurrencies came into being, the blockchain technology, among other things: What is a crpytocurrency? Cryptocurrencies like Bitcoin, essentially, are digital currencies. But, they are like gold in more ways than one. Like gold, cryptocurrencies have to be mined. They do not have a central issuing authority, so they are deregulated currencies.
Simply put, there is Wed, 24 Jan 2018 06:26:26. South Korea's anticipated cryptocurrency crackdown began on Monday, the government closing a tax loophole that will cost existing digital coin exchanges millions in revenue. The Financial Services Commission in Seoul also announced Tuesday a ban on anonymous transactions to curb money-laundering. The legislation will come into effect on Jan.
The measures are designed to give the government greater control over the freewheeling cryptocurrency market in South Korea, enforcing exchanges to Tue, 23 Jan 2018 12:47:30. Asia & Pacific Get short URL As the accounts of exchanges remain inactive, their customers are unable to deposit or withdraw money by selling the virtual coins they hold, unleashing chaos among investors, according to a news report published by an India daily. New Delhi (Sputnik) - As cryptocurrency exchanges in India reported a business of over $3.5 billion in the last one month alone, major Indian banks have started suspending the accounts Mon, 22 Jan 2018 14:44:49 biggest bitcoin exchanges in china.
Amid a series of warnings issued by the Reserve Bank of India (RBI) and finance ministry against the growing interest in bitcoins, the cryptocurrency operators continue to stay upbeat about the bitcoin's future in India. There are several experts who called the bitcoin rally a 'bubble set to burst'. European Central Bank (ECB) even went to the extent of comparing it with 'Tulip mania' while Nobel prize-winning that the bitcoins be outlawed. On December 29, finance ministry even stated that investing in cryptocurrencies is like Ponzi schemes and the in Rajya Sabha that bitcoin is not a legal tender. But the investors take heart in the fact that despite the warnings, the agencies have not taken any firm stand against bitcoins so far, or outlawed them, thus keeping their current status on tenterhooks. No wonder then that the bitcoin exchange operators in India are not as circumspect as are the wise people in academia and regulating agencies. Zebpay's co-founder Sandeep Goenka, says that the nations' future will soon rely on whether they adopt this technology or not.
'We believe the future of nations will depend on adopting this technology. Just like no nation can afford not to adopt the Internet, we shall realize that every nation will strongly benefit from the adoption of this technology. This technology can make India a global fintech hub, be an instrument of financial inclusion and save India billions of dollars in remittance fees paid to non-Indian companies.' On being asked about the bitcoin rally being called a bubble, Goenka said, 'Depends the time period you define for a bubble.
In the short to medium term, it's very difficult to comment. We are believers of this technology in the long term.' Representative of Unocoin, another bitcoin wallet in India, pitches for self-regulations by the bitcoin companies instead of diktats issued by RBI and government. He also seemed upbeat about the proliferation of interest in bitcoins among Indian investors. Sharan Nair, vice president, marketing of Unocoin, said, 'All prominent bitcoin companies are self-regulatory and do proper and stringent KYC (know your customer) and AML (anti-money laundering) documentation of its users.
Without a doubt, I can say that there has been a tremendous amount of interest amongst the Indian masses about cryptocurrencies and this is evident from the surge in number of user registrations across exchanges in India.' Bitcoin prices jumped nearly 14 times in 2017, while they once even smashed past $19,500 on December 17. On January 6, bitcoin trades around $16,400 on Luxembourg-based BitStamp and around Rs 11.10 lakh on Zebpay (around 7% higher than the international price). About the massive rise of bitcoin prices, Nair said, 'Bitcoin prices are determined basically on the demand and supply. As more people understand about Bitcoins and its functioning, they would want to hold some bitcoin and this leads to an increase in the demand for bitcoin and hence its price gets affected.
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I wouldn't deny that there have been a lot of people buying bitcoin without understanding the consequences but how much of it contributes to the price rally is debatable.'