BIS: “Central banks of developing countries will issue state cryptocurrencies in the next three years»

BIS:

Alapt BIS: “Central banks of developing countries will issue state cryptocurrencies in the next three years» – A high-level committee suggested that all the private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India, finance minister Nirmala Sitharaman said on Tuesday. In a reply to a question in Rajya Sabha whether central government is planning to issue strict guidelines on cryptocurrency trading, Sitharaman said, “A high-level Inter-Ministerial Committee… In the Union Budget 2018-19, the government had announced that it does not consider cryptocurrencies legal tender and “will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. A state-affiliate cybersecurity expert warned about hackers exploiting the Russian government’s IT facilities to mine cryptocurrencies. The deputy director of Will provide framework for creating official digital currency to be issued by RBI BTCNEWS.ONE A ban on “private” cryptocurrencies in India may be introduced in March this year «

According to a new study by the Bank for International Settlements (BIS), central banks are actively exploring state-owned cryptocurrencies, and their mass release is initiated by developing countries.

According to the results of the third annual BIS survey, which was attended by 65 central banks, 86% of respondents said that they at least consider the pros and cons of issuing their own digital currencies. Last year, this figure was 80%.

According to the survey, 60% of central banks are currently experimenting with state-owned cryptocurrencies. In 2019, only 42% conducted such tests. Central banks in developing countries are promoting the concept of a state-owned cryptocurrency with more enthusiasm and commitment than in advanced economies. Seven of the eight state-owned cryptocurrency projects are in emerging markets.

“The launch of the first real state-owned cryptocurrency in the Bahamas was a testament to this research. This trailblazer is likely to be joined by others. Central banks, collectively representing a fifth of the world’s population, are likely to issue general-purpose government cryptocurrencies in the next three years, ” the report said.

According to BIS, it will take several more years for the global adoption of state-owned cryptocurrencies. Many countries are not yet supported his in-depth study of the concept of the final plans for the deployment of the project. Tellingly, half of the central banks that in 2019 said they were “likely” to issue a state-owned cryptocurrency in the short term, this year spoke of a “possibility” or “unlikely” release in the near future.

Most central banks are more interested in” retail “government cryptocurrency (consumer and everyday use) than in” wholesale ” (system payments, transfers between banks). Some countries that once considered both models are now focusing their research on the retail concept.

The legality of state-owned cryptocurrencies remains an unanswered question among most central banks surveyed. 48% of respondents are not sure that they have the right to issue a digital currency, and 26% are sure that there is no such right. Recall that the International Monetary Fund recently stated that only 23% of the Central Bank can legally issue state-owned cryptocurrencies.”

It is noteworthy that more than 40% of respondents said that private cryptocurrencies can have a “good” appeal in the field of cross-border payments. Central banks, especially in emerging markets, have expressed great concern about the threat posed by stablecoins. According to the BIS, more than two-thirds of central banks are looking into this issue.

“When it comes to cryptocurrencies, central banks are still not considering their widespread use as a payment tool,” the report says.

Source: alapt.com


Govt committee recommends ban all cryptocurrencies, except those issued by state: FM

Govt committee recommends ban all cryptocurrencies, except those issued by state: FM

In a reply to a question in Rajya Sabha whether central government is planning to issue strict guidelines on cryptocurrency trading, Sitharaman said, “A high-level Inter-Ministerial Committee (IMC) constituted under the Chairmanship of Secretary (Economic Affairs) to study the issues related to virtual currencies and propose specific actions to be taken in the matter recommended in its report that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.”

“The central government will take a decision on the recommendation of IMC and legislative proposal, if any would be introduced in the Parliament following the due process,” finance minister added. In 2018, the Reserve Bank of India had banned banks from processing transactions relating to cryptocurrency. In in March 2020, Supreme Court overturned the ban.

Reiterating the govt’s stance on Bitcoin, the finance minister said, “It was announced in the Budget Speech for 2018-19 that the government does not consider cryptocurrencies legal tender or coins and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.”https://www.livemint.com/”The government will explore use of block chain technology proactively for ushering in digital economy,” it further said.

A cryptocurrency bill is being finalised and it will be sent to cabinet soon, minister of state for finance Anurag Singh Thakur said earlier. “Regulatory bodies like RBI and Sebi etc also don’t have a legal framework to directly regulate cryptocurrencies as they are neither currencies nor assets or securities or commodities issued by an identifiable user. The existing laws are inadequate to deal with the subject. The government had formed an inter ministerial committee and the committee has given a report. Post that there was a meeting of the empowered technology group which happened earlier. The committee of secretaries which was chaired by the cabinet secretary has also its given their report. The bill is being finalised and will be sent to the cabinet soon. So we will be bringing the bill soon,” Thakur said.

Earlier this month, the Reserve Bank of India (RBI) said that it has plans to bring a digital version of the Indian Rupee. The central bank “was exploring the possibility as to whether there was a need for a digital version of fiat currency, and in case there was then how to operationalise it,” it mentioned.

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Source: cryptoliveinsider.com


Explained: Govt committee recommends ban on all cryptocurrencies, except state-backed

Explained: Govt committee recommends ban on all cryptocurrencies, except state-backed

In the Union Budget 2018-19, the government had announced that it does not consider cryptocurrencies legal tender and “will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.”

Union finance minister Nirmala Sitharaman on Tuesday said that a high-level committee has suggested that all private cryptocurrencies will be prohibited in India. This includes all virtual currencies except those issued by the State. This was a reiteration of the government’s earlier stance that cryptocurrencies are not considered legal tenders in the country.

The response came as a reply to a question in Rajya Sabha on whether the central government is planning to issue strict guidelines on cryptocurrency trading. Sitharaman said, “A high-level Inter-Ministerial Committee (IMC) constituted under the Chairmanship of Secretary (Economic Affairs) to study the issues related to virtual currencies and propose specific actions to be taken in the matter recommended in its report that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.”

What is a cryptocurrency?

A cryptocurrency is a virtual currency whose single unit is a complex digital code that cannot be duplicated. It is used as a digital asset designed to work as a medium of exchange.

What has been the government’s stand on cryptocurrency?

In 2018, the Reserve Bank of India (RBI) had banned banks from processing transactions relating to cryptocurrency. In the Union Budget 2018-19, the government had announced that it does not consider cryptocurrencies legal tender and “will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.” Earlier minister of state for finance, Anurag Singh Thakur had said that a bill on cryptocurrency is in the making and it will be sent to the cabinet soon. “Regulatory bodies like RBI and Sebi etc also don’t have a legal framework to directly regulate cryptocurrencies as they are neither currencies nor assets or securities or commodities issued by an identifiable user. The existing laws are inadequate to deal with the subject,” Thakur said. Although, RBI has said that it has plans to bring a digital version of the Indian Rupee. The central bank said that it was exploring whether there was a need for a digital version of fiat currency or not and how to operationalise the digital currency in case of need.

Do countries have their own cryptocurriences?

Countries like Ecuador, China, Singapore, Venezuela, Tunisia and Senegal have issued their own cryptocurrencies. Iran has amended its cryptocurrency legislation to enable the country’s central bank to use virtual currencies to pay for imports. In Thailand, regulators have approved 13 legal crypto businesses to operate legally in the country. China will also issue 40 million yuan as part of the latest trials in digital currency this week, according to a report in Reuters.

In the Union Budget 2018-19, the government had announced that it does not consider cryptocurrencies legal tender and “will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.”

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UPDATED ON FEB 10, 2021 10:46 AM IST

On the global front, US equities finished mostly lower after six consecutive sessions of gain.

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Since the inception of GST, Delhi Zone has made 21 arrests in various cases involving evasion amounting to more than ₹3791.65 crore

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Of this, the Centre has given ₹40,000 crore by way of compensation for the April-May period from GST cess collections and has facilitated loans worth ₹84,000 crore under a special borrowing window, minister of state for finance Anurag Singh Thakur informed Rajya Sabha on Tuesday.

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Reported numbers are far ahead of estimates. A Bloomberg poll of 14 analysts had forecast revenue of ₹38,982.40 crore while 15 analysts had forecast profit of ₹3227.60 crore.

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In his July 2019 complaints, following a falling out with co-founder Rahul Bhatia, Gangwal also alleged that InterGlobe failed to inform the Indigo board of important information in a timely manner.

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Source: www.hindustantimes.com


Expert warns Hackers are Targeting Russian Government’s IT Infrastructure to Mine Cryptocurrencies

Expert warns Hackers are Targeting Russian Government’s IT Infrastructure to Mine Cryptocurrencies

A state-affiliate cybersecurity expert warned about hackers exploiting the Russian government’s IT facilities to mine cryptocurrencies. The deputy director of the National Coordination Center for Computer Incidents believes such threat actors have been very active in recent times.

According to TASS, Nikolai Murashov pointed out that hackers managed to inject unknown malware into the infrastructure of Russian government entities, medical institutions, defense contractors, and even research institutes.

The cybercriminals then look for IT resources to use to illicitly mine cryptos. He added:

For the first time, there have been cases of the introduction of malicious software that encrypts user data into the information infrastructure of medical institutions.

However, the expert didn’t provide more details about the attacks during his speech at the XXIII National Information Security Forum “Infoforum-2021” in Moscow. Also, he didn’t clarify if some of these attacks are related to ransomware incidents.

Murashov raised red flags on the global cybersecurity landscape, as he considers it currently “tense.” He backs up his statement by saying that hackers have been actively targeting government bodies across the board to “steal information.”

The National Coordination Center for Computer Incidents was created by the Federal Security Service (FSB) in 2018. Among their tasks include detecting, warning and mitigating cyberattacks in Russia.

But crypto mining remains a low-profile type of cyberattack in current times. At least, that’s one of the findings published by the cybersecurity firm Group-IB in their “Hi-Tech Crime Trends 2020–2021” report.

Per the firm, crypto mining is not a highly attractive method for threat actors to provide funding, at least in Russia.

In fact, hackers actively rely on encrypting malware and then threatening to leak the encrypted info, asking for a ransom payment.

What do you think about the warning issued by the Russian government-affiliate cybersecurity expert? Let us know in the comments section below.

Source: bitcoinslate.com

Author: admin


Bill to regulate cryptocurrencies being finalised: Thakur

Bill to regulate cryptocurrencies being finalised: Thakur

The Finance Ministry will soon bring a Bill to regulate cryptocurrencies in the country, the Minister of State for Finance Anurag Sigh Thakur told the Rajya Sabha on Tuesday. The Government has scheduled the Bill to be introduced during the ongoing Budget session.

The Bill has been titled ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’. It aims to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. It also seeks to prohibit all private cryptocurrencies in India, However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

Also read: Dollar shackled by doubts over US recovery; bitcoin tops $47,000 for first time

In an oral response to a question, Thakur said regulatory bodies like the RBI and SEBI do not have any legal framework to directly regulate cryptocurrencies as they are not currencies, assets, securities or commodities issued by identifiable users. “The existing laws are inadequate to deal with the subject,” he said.

The government had formed an Inter-Ministerial Committee which has given its report on issues related to virtual currencies. There was also a meeting of the Empowered Technology Group. The Committee of Secretaries chaired by the Cabinet Secretary has also given its report. “A Bill (on crypto currencies) is being finalised and it will soon be sent to the Cabinet,” Thakur said.

Also read: Budget session: Centre to unveil a law to ban private cryptocurrencies, introduce official digital currency

In view of the risks associated with virtual currencies (VCs), including Bitcoins, the RBI, through a circular in April 2018, had advised all the entities regulated by it not to deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. However, the Supreme Court, vide a judgment dated March 4, 2020, had set aside the RBI’s circular.

Thakur informed the House that the rupee was one of the better performing Asian currencies in 2020. “In 2020-21, the rupee appreciated by 3.53 per cent till February 2, 2021, per the information provided by Reserve Bank of India,” Thakur said in a written reply.

He also said India enforced one of the most stringent lockdowns during April-June, 2020, compared with other key Asian countries and the contraction in Gross Domestic Product (GDP) is consistent with the effect of the stringent lockdown. “Owing to stringent lockdown measures, India was able to significantly contain the death rate from Covid-19. With gradual unlocking of the country, the economy made a significant V-shaped recovery,” he said.

In a response to another question, Thakur said up to 10 per cent of the LIC IPO issue size would be reserved for policyholders. The government will remain the majority shareholder and will continue to retain management control safeguarding the interest of policyholders, he said.

“In the Finance Bill 2021-22, it has been proposed to have a reservation on a competitive basis, to an extent of up to 10 per cent of the issue size, in favour of life insurance policyholders of LIC,” Thakur said in a written reply.

Source: www.thehindubusinessline.com


A ban on

A ban on “private” cryptocurrencies in India may be introduced in March this year « BTCNEWS.ONE A ban on “private” cryptocurrencies in India may be introduced in March this year

The Indian government may speed up the adoption and consideration of a bill that provides for strict regulation of cryptocurrencies in the country through a special presidential decree.

According to CNBC-TV18, the Indian government may follow the “decree path” and ban the use of” private ” cryptocurrencies in the country, as well as create a regulatory framework for the digital rupee, a state – owned cryptocurrency being developed by the Reserve Bank of India (RBI). Taking action under the proposed bill using this method would require the President of India, Ram Nath Kovind, to issue an executive order.

The preparation of a draft resolution has already begun with the aim of bringing the law on cryptocurrencies into force “within a month” after its release. Unlike bills approved by Parliament, the ordinances allow the Indian government to take immediate legislative action. As CNBC-TV18 reporter Timsy Jaipuria noted, ” the government wants this bill approved as soon as possible.”

At the end of January, it was reported that the Bill on Cryptocurrency and Regulation of the Official Digital Currency of 2021, which is being considered by lawmakers, prohibits the use of cryptocurrencies in India and provides the basis for the creation of an official digital currency to be issued by the RBI. The bill is currently being considered in the upper house of the Indian Parliament as part of its budget session, which will last until April 8, with a break from February 16 to March 7.

The president has the power to issue decrees during parliamentary recesses, meaning India could impose a ban on cryptocurrencies as early as March. While the bill calls for a ban on all “private” cryptocurrencies, it also introduces ” certain exceptions to promote the underlying cryptocurrency technology and its use.” Last week, the Indian government said it was leaning towards regulating cryptocurrencies rather than banning them altogether.

Source: btcnews.one

Author: admin


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