So recently MP Kirt Sumaiya asked for suggestion and this is what I get.  I shall admit that this wan't best of my try, but comm'on this guy doesn't seem to be open to new ideas. He seems to be a PhD and CA. I just lost an inch of respect towards PhDs and CAs Has anyone else contacted him? PS: I wonder why Bitcoin exchanges aren't involved in this discussion. Umm exchanges, if you won't take actively part in this discussion with the MPs, MAYDAY IS COMING SOON!!  I think this open consultation is hogwash. People have already made up their minds and are looking for ways to implement it. Let us hope the others in the government are sane enough to block this effort. |
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Two Mumbai collegians held for smuggling LSD from US, paying with Bitcoinshttp://timesofindia.indiatimes.com/city/mumbai/2-mumbai-collegians-held-for-smuggling-lsd-from-us-paying-with-bitcoins/articleshow/57903407.cmsThe anti-narcotics cell of the city police arrested five people, including two students of two reputed colleges in the western suburbs, for drug trafficking and recovered psychedelic drug LSD (lysergic acid diethylamide) worth Rs 70 lakh on Wednesday.
The two students have been identified as Arbaz Khan, a first year student of BMS and Chirag Jain, a TYBCom student. The others arrested are a real estate agent, Farhan Khan, an associate TV producer, Admiya Modi, and a computer engineer, Laxman Rajan. Police said they sold the contraband in the market. "They were also under the influence of LSD,'' an official said. All of them have been booked under the stringent Narcotic Drugs and Psychotropic Substances Act. The offence attracts a sentence of 10 to 20 years.
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Bitcoin faces 'civil war' that may split it into two, but it may be good for currencyhttp://www.moneycontrol.com/news/technology/bitcoin-faces-civil-war-that-may-split-it-into-two-but-it-may-be-good-for-currency-2247447.htmlHardcore bitcoin watchers may have lately come across a major issue facing the digital currency: a 'hard fork' that threatens to split it into two.
At the core is an argument that is as technical as the currency itself: put simply, the digital currency's increasing popularity is putting load on its underlying infrastructure -- the blockchain -- that is slowing down transaction speeds and is in need of an upgrade.
Developers, miners and technical experts of the cryptocurrency are locked in a heated debate -- a 'civil war' according to some reports -- on how to make the currency’s software protocol to allow it to meet the increased demand and handle more transactions.
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Arguments not in favor of tax:
According to my bank statements, I have submitted money in a company(exchange) as an investment. And only after I redeem my investment in my bank account will the profit be accountable.
What do you guys think? Any comments?
I think this argument is pretty weak. You have booked profits and the profits are in an exchange (equivalent of a mobile wallet). It is just that you have not transferred the money back into your bank account. |
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If you're in India, DO NOT send any suggestions, for your own safety. The information collected could be used against you, whether this MP is well meaning or not.
That is indeed sane advice. No point in giving the government a ready made list, in case a crackdown on Bitcoin is initiated. What is the most they can do to you by collecting your information.No government can do anything to me unless and until i am breaking any law and as long as i am playing safe what is the one thing they could do to me if i reveal my identity.If any government feels like it is against the rules they have to focus on setting a law around it rather and take a stance rather than threatening.
Governments can harass you. And laws can be changed with retrospective effect. So it is better to be safe than sorry. |
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Business Standard article linked here. Kirit Somaiya's tweets and questions in Parliament seem to have resulted in the government taking an adverse stand. |
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Use of Bitcoin illegal, can attract anti-money laundering law: Government http://www.business-standard.com/article/current-affairs/use-of-bitcoin-illegal-can-attract-anti-money-laundering-law-government-117032800734_1.htmlThe government on Tuesday said use of virtual currencies like Bitcoins are not authorised by RBI and could result in breach of anti-money laundering provisions.
The RBI has already cautioned users, holders and traders of virtual currency, including Bitcoin, about the potential financial, legal and security risks arising from the usage.
"The absence of counter parties in usage of virtual currencies including Bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws," Minister of State for Finance, Arjun Ram Meghwal, said in a written reply in the Rajya Sabha.
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A blockchain association was formed by leading companies just last month. The timing can't be better. Now we have an official industry body which can put across our views.
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Bitcoin may be in a bubble but it's about to disrupt the concept of money. Here's whyhttp://www.moneycontrol.com/news/business/economy/bitcoin-may-be-in-a-bubble-but-its-about-to-disrupt-the-concept-of-money-heres-why-2247207.html
Money makes the world go round, as the saying goes, and yet few of us ponder over its existence or history.
From the barter system to gold coins to gold-backed currency to paper currencies, the medium of exchange has evolved with humankind's progress.
A fast-increasing class of people believes that the future belongs to digital currencies -- these are currencies that are virtual, decentralised and operate without oversight from central banks, who have been the regulator of currencies for a few currencies now.
Bitcoin, based on the blockchain technology, is currently the most famous digital currency.
When it first came into existence, many termed it as ‘not real’ money, arguing that it cannot be held in one's hand or physically kept in a wallet.
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I think users should not leave BTC at exchanges. In such cases, you will have control over both coins in case a hard fork occurs. You also minimize the risk of losing money if exchanges get hacked.
I highly doubt if any of the top exchanges would con you for the split coins. Majority of the people who have their holdings at exchanges are traders and they need those there. For everyone else, who's NOT tech-savvy and not acquainted to understand the security of their personal computers/hand held devices, its better that they hold their coins at an reputable exchange than keep it on their device. The probability of your device getting compromised is much higher than an exchange. Plus exchanges today hardly keep many coins online. For peace of mind, you may diversify any risk by splitting your holdings into multiple top exchanges. Its needless to say, people w/ larger holdings already keep their coins in hardware wallets or in cold storage. The problem is not about conning, but about confusion. While none of the exchanges are fly by night operators, there are issues regarding which branch will be recognized, and what will happen to the other. So for safety purposes, it is better to hold your coins in your own wallet. |
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BJP's Kirit Somaiya terms bitcoin a 'pyramid ponzi scheme'. Is he right?http://www.moneycontrol.com/news/business/markets-business/bjps-kirit-somaiya-terms-bitcoin-a-pyramid-ponzi-scheme-is-he-right-2245911.html
BJP MP Kirit Somaiya hit out at the increasing use of bitcoin in India, raising the issue in the Parliament, terming the digital currency as "hypothetical" and a "pyramid ponzi scheme".
"The use of bitcoin, a hypothetical currency, is increasing at a rapid speed in India as well as in the world. Experts have expressed concern that bitcoin is a pyramid ponzi type scheme," he said.
He urged regulators RBI and SEBI, besides the Finance Ministry, to look into its regulation and take steps to "save people from another big ponzi fraud".
Somaiya's concern over the digital currency is not surprising: the stellar rise of bitcoin as an instrument of speculation or investment, if not a currency, has given rise to plenty of hype, and even confusion, surrounding it.
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Nets partners with blockchain analysis firm to fight dirty bitcoinshttp://timesofindia.indiatimes.com/business/international-business/nets-partners-with-blockchain-analysis-firm-to-fight-dirty-bitcoins/articleshow/57810434.cms
Danish electronic payments provider Nets will cooperate with anti-money laundering software developer Chainalysis to help banks validate bitcoin transactions and comply with regulations, Nets said on Friday.
The digital currency relies on computer algorithms to move money without a central processing authority, but also risks attracting illicit activities such as drug trafficking or money laundering, according to EU law enforcement agency Europol.
"An increasing number of our customers among the Nordic banks have asked for an effective tool to help them comply with legislation," Kati Rintala, head of Nets' fraud division, said in a statement.
Chainalysis, which also collaborates with Europol, can help banks and law enforcement detect suspicious activity and link digital identities to digital currency, it said.
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This technology can present a whole new way to run a businesshttp://tech.economictimes.indiatimes.com/news/technology/this-technology-can-present-a-whole-new-way-to-run-a-business/57811027
In late February about 200 executives, coders, and developers gathered in the downtown Brooklyn office of JPMorgan Chase & Co. to hear an all-day pitch for a new industry group called the Enterprise Ethereum Alliance.
It's the ghostly sounding name for a so-called blockchain technology similar to the one that made the digital currency bitcoin possible. Its inventor, Vitalik Buterin, released his software to the world in 2015, not long after dropping out of the University of Waterloo, in Canada. Less than two years later, JPMorgan, BP, Microsoft, International Business Machines, and ING are among the companies in the group experimenting with it.
Buterin didn't attend the EEA meeting, but he had a video message to deliver. Except the EEA couldn't get the video to play, because the computer hosting it crashed. As the crowd began to stir, a frozen frame of Buterin’s face came on-screen, then he disappeared. After the tech crew scrambled for 30 minutes, they finally got it to work.
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Will blockchain disrupt real estate industry? Here's all you need to knowhttp://www.business-standard.com/article/economy-policy/will-blockchain-disrupt-real-estate-industry-here-s-all-you-need-to-know-117032300544_1.htmlThere has been much talk about blockchain and its potential to disrupt different industries, including real estate.
Why is this technology so appealing? Blockchain can decentralise transactions and remove middlemen. In its purest form, it is like a digital ledger where users can record transactions that cannot be censored and can be accessed by the public. These records on blockchain may include specific property-related information such as ownership details, addresses, and encumbrances.
Just imagine how cryptocurrency property titles can be stored with all your other material possessions in your own secured digital wallet. Disposing these assets could be easier through a secured online marketplace where transactions are verified, tracked, and recorded on the immutable blockchain.
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New York grants license to trade more virtual currencieshttp://www.dnaindia.com/scitech/report-new-york-grants-license-to-trade-more-virtual-currencies-2364226New York authorities today granted a license to Coinbase to trade in two additional virtual currencies, expanding the company's services which already included Bitcoin starting in January.
The California company -- the fifth licensed to trade in digital currencies in New York -- now will be able to offer Ethereum and Litecoin as well as "Shift Card," Coinbase's virtual-currency debit card service, the state's Department of Financial Services said in a statement.
The announcement also spotlighted tensions between the agency and national banking regulators in Washington over who has the authority to oversee the so-called fintech industry dealing in virtual currencies.
US Treasury's Office of the Comptroller of the Currency is seeking to create a national charter to impose rules on fintech companies, as it does with traditional banks.
But that has drawn the ire of local regulators, and New York's DFS says states are best placed to protect consumers and oversee such operations.
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I think users should not leave BTC at exchanges. In such cases, you will have control over both coins in case a hard fork occurs. You also minimize the risk of losing money if exchanges get hacked.
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