NEW DELHI: Should bitcoins be banned, regulated or subjected to self-regulation?

The government has sought comments on this question from the public for deciding the viability or other wise of Virtual Currencies (VC) or bitcoins.
Widening the scope of the debate on what is also referred to as Digital/Crypto Currencies, it has invited suggestions on its discussion platform MyGov, launched by Prime Minister Narendra Modi in July 2014.

The circulation of VC has been a cause of concern among central bankers the world over for quite a while now.

It has been expressed in various forums from time to time. Reserve Bank of India had also cautioned the users, holders and traders of VCs, including bitcoins.
In March, the finance ministry had constituted an Inter- Disciplinary Committee to take stock of the present status of VCs both in India and globally and suggest measures for dealing with such currencies.


"Whether Virtual Currencies (VCs) should be banned, regulated or observed?," are among the questions posted on the MyGov platform.

In case VCs are suggested to be regulated what measures to promote orderly development of VCs and protect consumer, it has sought to know further.

Suggestions were also invited on how the VCs should be regulated and monitored.

"In case VCs are not suggested to be regulated: What should be the effective self-regulatory mechanism? (and) What measures should be adopted to ensure consumer protection in this scenario?," the government asked public comments.

The comments can be made till May 31.

Last week, a domestic app-based bitcoin exchange Zebpay said it has had five lakh downloads on the Android operating system and is adding more than 2,500 users every day.


The company said it launched operations in 2015 to simplify bitcoin trade along with providing a seamless experience to Indian audience.

Bitcoins were in news recently as the global ransomware attack WannaCry infected computers running on older versions of Microsoft operating systems and the cyber criminals were demanded a fee of about USD 300 in crypto-currencies like bitcoin for unlocking the device.


MyGov has more than 1.78 million users and the platform gets more than 10,000 posts per weeks on various issues which are analysed and put together as suggestions for the departments concerned which are able to transform them into "actionable agenda".

Note :-  Time for Action Friends

Nope ....

Due to huge publicity by wanacry virus , Every person want to know about what is bitcoin currency


In india specially , People getting effected with virus , so they Downloding zebpay app for creating address , may be in future they will use this currency as regular purpose

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same as above


Kind of hard to understand that kind of gambling.
Its bitcoin binary trading type game


But like it said dice game here so how can it be binary like secondstrate? I hope someone can explain it to me here
both words are different ...  binary and dice....

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Post Link - http://economictimes.indiatimes.com/industry/banking/finance/2500-indians-investing-in-bitcoins-daily-here-is-all-you-should-know-about-bitcoins-its-usage-dangers/articleshow/58719151.cms

Despite RBI warning, 2,500 Indians investing in Bitcoins daily. Here is all you should know about its usage & dangers

MUMBAI: Despite the Reserve Bank's call for caution to people against the use of virtual currencies, a domestic Bitcoin exchange today said it is adding over 2,500 users a day and has reached five lakh downloads.

Zebpay, an app-absed Bitcoin exchange, said it has had five lakh downloads on the Android operating system and is adding more than 2,500 users every day.

The company, launched in 2015, said, the increasing downloads highlight the "growing acceptance of Bitcoins as one of the most popular emerging asset class."

RBI WARNING OVER BITCOIN:
RBI has been repeatedly flagging concerns on virtual currencies like Bitcoins, stating that they pose potential financial, legal, customer protection and security-related risks.

In recent cyber attacks, "ransomware'' hackers held victims hostage by encrypting their data and demanding them to send payments in bitcoins to regain access to their computers.

Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.
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HOW BITCOINS WORK?
Bitcoin is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who 'mine' them by lending computing power to verify other users' transactions.

They receive bitcoins in exchange. The coins also can be bought and sold on exchanges with US dollars and other currencies.

HOW MUCH IS IT WORTH?
One bitcoin recently traded for $1,734.65, according to Coinbase, a company that helps users exchange bitcoins. That makes it more valuable than an ounce of gold, which trades at less than $1,230.

The value of bitcoins can swing sharply, though. A year ago, one was worth $457.04, which means that it's nearly quadrupled in the last 12 months. But its price doesn't always go up.

A bitcoin's value plunged by 23 per cent against the dollar in just a week in January. It fell by the same amount again in 10 days during March.

WHY ARE BITCOINS POPULAR?
Bitcoins are basically lines of computer code that are digitally signed each time they travel from one owner to the next. Transactions can be made anonymously, making the currency popular with libertarians as well as tech enthusiasts, speculators and criminals.

IS IT REALLY ANONYMOUS?
Yes, to a point. Transactions and accounts can be traced, but the account owners aren't necessarily known. However, investigators might be able to track down the owners when bitcoins are converted to regular currency.

For now, the three accounts tied to the ransomware attack appear untouched -- and it'll be difficult for perpetrators to cash in anytime soon without getting traced.

WHO IS USING BITCOIN?
Some businesses have jumped on the bitcoin bandwagon amid a flurry of media coverage. Overstock.com accepts payments in bitcoin, for example. The currency has become popular enough that more than 300,000 daily transactions have been occurring recently, according to bitcoin wallet site blockchain.info. A year ago, activity was closer to 230,000 transactions per day.

HOW ARE BITCOINS KEPT SECURE?
The bitcoin network works by harnessing individuals' greed for the collective good. A network of tech-savvy users called miners keep the system honest by pouring their computing power into a blockchain, a global running tally of every bitcoin transaction.

The blockchain prevents rogues from spending the same bitcoin twice, and the miners are rewarded for their efforts by being gifted with the occasional bitcoin. As long as miners keep the blockchain secure, counterfeiting shouldn't be an issue.

HOW BITCOIN CAME TO BE?
It's a mystery. Bitcoin was launched in 2009 by a person or group of people operating under the name Satoshi Nakamoto. Bitcoin was then adopted by a small clutch of enthusiasts. Nakamoto dropped off the map as bitcoin began to attract widespread attention. But proponents say that doesn't matter: The currency obeys its own internal logic.

An Australian entrepreneur last year stepped forward and claimed to be the founder of bitcoin, only to say days later that he did not 'have the courage' to publish proof that he is.

Thank you

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 Public Key:
048A595CFF5B3736C2E2EEA28E11460C26A29E2A5F9652B2BD3286CB4C8666F4717C4B0EE11EFBE 4521424F4CB5B46C5EC0B8CA03D70F3FFF7205B16CEA814991E

Prefix: 1Inkjet

Getting Error , While entering my User ID - Request Queuing failed. Please try again.
Tried in Both Normal and Merchant Mode

The Indian government is reportedly moving toward regulating bitcoin and other digital currencies as their popularity grows in the country. It is also becoming increasingly likely that authorities will not ban digital currencies in India.

According to a report today in Indian financial publication Business Standard, the Ministry of Finance, a government body that oversees taxation, financial legislation and regulation, is ‘in the process of preparing norms’ for the regulation of cryptocurrencies.

The staggering rise of bitcoin’s value, market cap and adopters has compelled the government to act, according to the report.

An unnamed official from the ministry stated:

Souce - https://www.cryptocoinsnews.com/india-preparing-bitcoin-regulations-ban-unlikely-report/

CLOSED

Sorry , I forgot about this thread which i Created for ESET keys
Due To Increase of Spam i Neglect this thread



Bitcoin Rate Doubled Not My fault bro

The Union finance ministry is in the process of preparing norms for cryptocurrencies or virtual currencies, such as Bitcoin.

The move has been impelled by the latter’s rising market size and investor base, apart from reports of related fraud. Ministry officials said comments would be invited from the public on the proposed rules. “The government feels the industry needs some government oversight and can’t be left unregulated. A panel of bureaucrats will soon submit their recommendations on the subject,” said an official.

The panel is unlikely to recommend a ban on digital currencies. The global market capitalisation for virtual currencies is about $40 billion. Bitcoin trades at around $1,600 and is volatile. Another such currency, the Etherium, reached $100 a unit from $4 only 10 months before. The price of Litcoin is also rising.  In India, Bitcoin is traded around Rs 1 lakh a unit.


Sandeep Goenka, operations head and co-founder of Indian Bitcoin exchange company Zebpay, said: “Regulation will have a huge positive impact on this industry. We have recently seen that as soon as Japan legalised Bitcoin, it became the number-one country in the industry. However, Indian exchanges are already self-regulated. Nishith Desai (a leading lawyer) is helping the industry foundation, Digital Asset and Blockchain Foundation of India (Dabfi), to get started. Once that is complete, Dabfi will keep reviewing self-regulation processes of its members.”

The segment says it is fine if the regulations are finalised after hearing them. Zebpay is planning to support more digital assets in the near future. The prices of all these assets, including Bitcoin, are rising and touching new highs every few months, it appears.

graph The issue of regulating virtual currencies like Bitcoin and others is gaining seriousness as some frauds have come to light in recent past in India also.

On Friday, information technology giant Wipro got an anonymous e-mail demanding Rs 500 crore worth of currency in Bitcoin by May 25, failing which its employees could be attacked. About a million investors are trading in Bitcoin India, mainly through five-odd exchanges. And, 10 days earlier, the police in Mumbai arrested 18 individuals associated with OneCoin, a fraudulent scheme which began eight months earlier and had collected nearly $90,000 from 72 investors, promising huge return from Bitcoin. All this underlines the need for formal recognition and regulation.

Indian Bitcoin prices are trading at premiums of five to 40 per cent compared to those abroad. Soon after demonitesation was announced, many Indians rushed to buy these and reportedly paid up to 40 per cent in premiums. Premiums are marginal now.


Source - http://www.business-standard.com/article/economy-policy/will-govt-regulations-help-indian-bitcoin-exchanges-grow-117050800264_1.html

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