The government of India to strengthen the encryption currency payment review

The government of India to strengthen the encryption currency payment review

India, a senior Treasury official said the illegal status encryption currency paid government is determined step by step.

December 2017 news reports, India law enforcement agencies in the investigation of money laundering, and digital currency market fraud and tax evasion. Now the domestic Department confirmed also for the near future encrypted currency trading regulatory provision is drafted.

In an interview with CNBCTV18, India’s Ministry of Economic Affairs (IndianEconomicAffairs) secretary S.C.Garg said that the government is the Preparatory Committee, the drafting of encryption currency report is expected to publish the end of the fiscal year.

“The government will step by step to establish its illegal payment system status”.

The officials continued to suggest future regulatory direction is monetary assets transaction and encryption encryption.

Garg said the leadership committee:

“We hope that in the fiscal year the committee may ultimately determine its recommendations, of course, regulators will participate in”.

The government announced in the budget, India’s finance minister ArunJaitley told parliament that the government will be on the illegal transactions using encryption currency zero tolerance policy.

Interestingly, Jaitley’s speech caused agitation in misunderstanding he will India bitcoin community, that the government is trying to ban encryption currency. His speech on television, bitcoin prices fell, but quickly rebounded.

The money is used for encryption of terrorism and smuggling has over the years is the topic, and the market itself may have been there for a long time. But there is no clear evidence of the connection of the two, in addition to the use of bitcoin as drugs and arms trading main payment tool of the Silk Road scandal. In spite of the fact that, but must pay attention to the encryption currency, including bitcoin, have found some legitimate purposes.

It is clear that India does not want to accept the encryption currency is another means of payment, but as a new asset class to be regulated. This has happened in the past, such as the United States government. After all, legal tender allow encryption currency payment will allow people to completely avoid the national issue.

Although bitcoin white paper showed that the purpose of it is to replace cash. But each country seems to be only willing to use it as a digital value, similar to gold. Precious metals do not become legal tender.

Encryption monetary exchange of India’s most popular one of the Zebpay released a blog about the incident, said the results are very positive, the exchange will actively comply with the blockchain and encryption currency Committee (BlockchainandCryptocurrencyCommittee) any regulations formulated.

St Petersburg canceled 40 bitcoin related website ban

St Petersburg canceled 40 bitcoin related website ban

On March 1st news, the local court second Russian city of St Petersburg, canceled after about 40 bitcoin related website ban.

Last March, St Petersburg prosecutors filed a lawsuit, to prohibit websites such as and, because they are “the spread of digital currency information”, “no real assets as the backing, and does not provide information about their data owner”.

Last July, St Petersburg Oktyabrsky District Court approved the St Petersburg prosecutor’s office for blocked 40 bitcoin related websites.

The approval of the Department of New York electric power supply to the bitcoin mining company, will boost the local economy

The approval of the Department of New York electric power supply to the bitcoin mining company, will boost the local economy


February 7th – New York wants to enter the bitcoin mining market, and provide power related work and income for the residents. Bitcoin mining could even help to revive the once industrial pollution industry depends on the local economy.

New York Power Administration (NewYorkPowerAuthority) approved will provide 15 thousand kilowatts of hydro electric power for the Coinmint company’s new bitcoin mining enterprises. Coinmint is currently operating in Plattsburgh with a bitcoin mine, the company expects the crypto currency market will continue to grow in the world, so you want to set up second mines to expand their business.

According to the bill, the power allocation will be sufficient to support at least $165 million in capital investment, and create 150 new jobs related to the proposed project. The project plans to rebuild an old metal smelting plant in Massena, and the installation and operation of up to 180 thousand in two years a bitcoin mining machine. Once completed and is expected to be fully operational, NCDC can handle 15% global encryption currency business.

According to local TV news reports, bitcoin miners into the area is the main reason can provide cheap and reliable power. New York electric power bureau is working with the hydraulic power value to improve the local economy, in the evaluation of an application, the number of distribution as a result of the jobs is one of the factors to consider.

The new bitcoin refinery plan all-weather operation, NCDC said, will be in 2018 and 2019 to hire 75 full-time employees, in order to provide employment for the minimum requirements of 150 employees. These include security personnel, technical personnel, IT electrician, installation personnel and operating personnel, the average wage is about $46 thousand a year.

The new factory site in the south of Canada, where the cold climate and cheap hydroelectric power to China bitcoin mining companies have great appeal.

Singapore said there is no strong reason to ban the encrypted transaction

Singapore said there is no strong reason to ban the encrypted transaction


A senior government official told lawmakers the monetary authority of Singapore has been encrypted currency development in research, there is no reason to ban the encrypted transaction. Other countries in the region of the city state regulations increase the pressure of the authorities, asking them to clarify their own country bitcoin position, because Asia more encryption company is seeking more business friendly environment.

Now say… It is still too early.

Singapore Deputy Prime Minister Shandaman told delegates, “encryption number and form of currency in the world are growing. Crypto currency is an experiment. Now say they will succeed too early, “he answered the lawmakers about prohibiting bitcoin transactions and other alternative problems.

Shanmugaratnam written in answer to Congress pointed out that “if some people succeed, they will be in full effect within a period of time not known.” After China and South Korea’s recent crackdown, someone asked him about the government’s intentions. He reminded them that the monetary authority of Singapore (HKMA, central bank) has been paying close attention to developments and potential risks. He insisted, “so far, banned in the country encrypted currency trading is not enough.”

According to reports, TharmanShanmugaratnam last month to clarify the government position on encryption currency. He stressed that the financial authorities do not distinguish the encryption currency and currency, to prevent money laundering and terrorist financing. Responsible for the HKMA minister also said that the central bank will encrypt the currency trading participants applied existing legal requirements.

This time, Shanmugaratnam was asked whether the government to take any measures in considering the ban bitcoin transaction, and what measures to take to protect consumers from investing in unregulated currency losses. Lawmakers want to know whether the encryption market crash to make any assessment of the impact of singapore. Deputy Prime Minister asked whether he plans to re consider the establishment of a regulatory framework.

There is no risk to the financial system

“Now, crypto currency has two main uses. The first is as a means of payment. Second kinds of situation has become more prominent, it is encrypted currency itself is an asset, “Deputy Prime Minister told lawmakers. He said: “in these two applications, the potential technology that exists in block chain or distributed in the form of books, may prove in the promotion of payment and trade settlement is one of the potential uses of the application.”

According to the deputy prime minister said that MAS is involved in the discussion of international supervision. Nevertheless, encryption monetary space is rapidly changing, the regulatory thinking is still in development, including in the United States, Britain and europe. Shanmugaratnam pointed out that the use of encryption currency in Singapore is limited, trading volume is much smaller than Japan and South Korea and other countries to. He said:

“At present, constitute the nature of risk Singapore encryption currency transactions and the scale does not affect our financial system security and integrity.”

“We will continue to encourage the blockchain field experiment, which may involve the use of encryption currency. Some of the innovations that may be useful in economy or society. But government officials promised, as we will remain vigilant for new risks.”

Regional encryption pressure

Neighbouring governments regulatory measures taken to increase the pressure of the Singapore authorities, asking them to clarify their attitude of encryption. At the same time, more and more from the area of encryption company is seeking a more friendly regulatory environment, their target of singapore.

Last year, for the first time Chinese ban bitcoin issue, as well as the encryption currency exchange main Huobi, Okcoin and BTCC were transferred to Hongkong, and further plans to transfer to South Korea and japan. Chinese largest mineral company has been in the planning of migration. According to reports, some of the largest mining facility operator Bitmain in Singapore to set up regional headquarters.

Working with Chinese and Japan encryption currency supervision cooperation in South Korea has taken measures to stop the anonymous encrypted transaction. South Korean regulators directed attacks against the major commercial banks are trying to prevent, to exchange encrypted virtual account customers open.

The Vietnamese government has accelerated the pace of monetary regulation using encryption. Thailand is to take further regulatory measures for the first time issued coins. The central bank has issued a strong warning to prohibit the transaction of encryption currency. To accept bitcoin payments by the government against the enterprise.

All of these for the development of Singapore has opened a window of opportunity. If the Singapore government commitment and encourage may involve currency without encryption test, under the ban, the city state can take advantage of this.

UPS is making a accept bitcoin locker

UPS is making a accept bitcoin locker


The latest patent documents show that the global shipping giant UPS is considering trading items to accept bitcoin teller service.

According to the U.S. patent and Trademark Office (USPTO) is an application released Thursday, UPS is focused on a can use digital payment locker system. In addition to the traditional payment system, patent documents will bitcoin as may be used to pay money.

The document outlines a cabinet system, where a transaction or the sale of goods people can put it in the cupboard, let buyers pick up at a convenient time. If the two sides have rented lockers, some of these lockers may be configured to accept payment.

Overview of documents submitted by the different methods of payment for the tenants can lockers, specifically as follows:

In an exemplary embodiment, lockers may include a point of sale (POS) system for receiving the user’s payment: (1) cash transactions; (2) credit card or debit card transactions; (3) certificate; (4) electronic payment, such as the GooglePay, ApplePay, PayPal, bitcoin payment (5); and / or any other appropriate payment.”

This patent application later mentioned bitcoin, which is a way of offering refunds for customers, including credit cards and other traditional methods of payment.

The application is bitcoin for payment may be listed in the latest patent case. Although this does not mean that the company is fully accept the encryption currency, but as an option, highlighting it as a medium of exchange of digital image.

In 2017, more than 20 patent documents mentioned in the United States Patent and Trademark Office released in bitcoin is a possible payment system. Although this figure is a slight decline in 2016, but it reflects the ideas published in the past two years the number of patent applications 50.

Deputy Prime Minister of Singapore: we have no reason to ban encryption currency trading

Deputy Prime Minister of Singapore: we have no reason to ban encryption currency trading

Singapore’s central bank has conducted the research to the crypto currency and trade mode, the country’s Deputy Prime Minister stressed that there is no reason to ban public encryption currency trading.

Singapore Deputy Prime Minister and central bank chief TharmanShanmugaratnam delivered a speech at the Council meeting yesterday. At that time there were three members question whether the prohibition of encryption currency transactions may.

These few members mentioned China banned domestic exchanges and South Korea on the local market harsh policies, then they asked whether the central bank may take measures to ban bitcoin currency trading or encryption.

Deputy Prime Minister pointed out that “crypto currency is an experiment” – the users scattered around the world, is still in the early stages of development. He said that now the definition of encryption currency success too early. The central bank official also pointed out that once the encryption monetary success, its impact is also widely need time to know.

For whether Singapore may be taken with Chinese similar policy, Shanmugaratnam is given a more direct response:

The monetary authority of Singapore (MAS) is closely related to the research progress and potential risk of. As of now, we have no good reason to ban encryption currency trading. But we will comply with the requirements of anti money laundering provisions of our relevant agency.

Shanmugaratnam published last year with the view of President MAS RaviMenon’s view is similar. He said bitcoin itself does not pose a risk, also do not need supervision, but exchange operators such intermediaries need to be regulated, such enterprises must abide by the existing anti money laundering and terrorism financing laws and regulations.

Shanmugaratnam also mentioned in his speech yesterday:

At present, there are two cases of encryption currency. The first is the payment; second is becoming more and more important, is the encryption currency itself is an asset. The transaction is to obtain the crypto currency income from.

In addition, he also revealed that the crypto currency exchange regulation will make other encryption currency bitcoin is included in the retail payment services by the scope of supervision, and the public should also be aware of crypto currency investment risk.

Fell sharply in recent weeks the price of bitcoin which proved there is a risk.

However, the official stressed that the Singapore authorities will adopt an open and prudent manner to the development of encryption currency.

He said:

We will continue to encourage the blockchain test field, these tests can be related to money, because this kind of innovation may have an effect on the economic or social aspects. But at the same time we will focus on the new risk.

Mito annual meeting the highest award 10 bitcoins? In fact, a total of less than two

Mito annual meeting the highest award 10 bitcoins? In fact, a total of less than two


In February 1 day evening, Mito company held the annual meeting, and since it was founded in 10th anniversary, lively and extraordinary. Especially the ultimate prize eventually, even bitcoin, also caused the envy of many people. However, for the year-end bonus value of 630 thousand and 10 bitcoin Mito denied rumors.

At present, the bitcoin market is still up to about $10 thousand, according to previous rumors, it is sent directly to $100 thousand, equivalent to 630 thousand yuan. But apparently not so beautiful figure “hao”. According to the introduction of beauties, the 15 employees get bitcoin. But not one, but 0.0888 per person. Add up, probably 1.332 bitcoin.

But although there is no rumor so exaggerated, but the total value of bitcoin is 80 thousand yuan, is also very generous.

Australia banned bitcoin gambling

Australia banned bitcoin gambling


The northern territory of Australia Race Committee gaming regulators (NTRC) has released an unofficial ban, ban cryptocurrencies all online gambling, and particularly bitcoin and etheric fang. Just a few days ago, an online gambling site license they announced that it is providing bitcoin to its customers.

Neds accept bitcoin gambling

Australia online gambling sites, CEO of Neds PaulCherry said: “we believe bitcoin currency and encryption is a feasible and secure online transactions. With this announcement, we want to ensure that those who share with us the positive attitude of the Australian currency encryption can use them and we bet.”

“We have been proud to be a technology company,” he said. “We are not only sports and race enthusiasts and Gambling company, we are programmers, analysts and computer fans, so this is a natural step for us. And we think that there are a lot of cross into the target market (money market encryption).”

Australia Brisbane because of its online gambling sites to accept bitcoin and received a lot of notice. As the first case of the continental countries, Neds even plans to join the currency substitution. Neds also claimed that more than 2% users will bear the transaction costs.

Neds received a license in the autumn of last year, and prepare all bets are using bitcoin, from the bet to the final exit. Cherry said thoughtfully: “this is a technical solution, we see ourselves as technical personnel, so we put bitcoin or other encryption currency integrated into our platform seems very appropriate. Many people may be some immature investors, they obtained some bitcoin in recent speculation, they may not know how to deal with these bitcoin.”

Regulators issued a ban

Then, all collapse in a few days. As of press time, the website is redirected to the official platform of it, all bitcoin tracks seem to have disappeared, including its search function. Earlier, there is such a warning on this page: “our website is currently offline, waiting for further instructions NT competition committee.”

In an e-mail in AustralianFinancialReview area, NTRC gaming regulators said, “it is going to issue a formal notice to all Gambling company and sports betting exchange operators, if they are currently using encryption currency (such as bitcoin transactions, etc., the etheric Fang) should immediately cease and terminate the transaction.”

No matter what the reason, the Australian government has local media called “a hostile stance” encryption currency, so far, for those who can be authorized, in line with international competition gambling institutions of the people, this is a limitation: radio advertising is limited to poker and other games. The enterprise of the similar email unresponsive, often lose the advantageous tax advantages, will also lose their license.

At the same time, Neds will continue to provide the use of legal currency bets for its online customers in australia.

Arizona promoting bitcoin payment bill

Arizona promoting bitcoin payment bill

Advance a legislative proposal of Arizona state legislator, may allow a resident of the state with bitcoin payment tax.

The media reported earlier this month, the Arizona legislature received legislative proposals, if approved, the taxpayer can use tax payment in bitcoin or other encryption currency. Bill dated January 9th.

Display the contents of the bill:

“Upon receipt of tax, the IRS will be in accordance with the mainstream exchange rate within 24 hours, the encrypted currency into dollars. And after the exchange of dollars in taxpayer accounts”.

Public records show that last week the Arizona Senate Finance Committee has to 4-3 through the move. The bill was in the Senate rules committee approval stage, but the finance committee will increase the possibility of bill endorsement.

The conversation with the local media in ABC15, a state senator, Bill drafting WarrenPetersen, and feedback from voters act requirements.

“Since I started working, I was surprised by the number of encryption currency holders more, than you might guess”.

Indonesia is the financial institutions engaged in bitcoin payment business

Indonesia is the financial institutions engaged in bitcoin payment business


Indonesia’s central bank and the Ministry of Finance issued several risk warning that bitcoin lacks the legal management, the underlying asset, reference price and other financial security elements, not only can be reduced to money laundering and terrorist financing tools, and is accelerating the formation of financial bubbles, and the interference of stable operation of financial system, and ultimately threaten the masses the vital interests

“Virtual currency transactions spawned more arbitrage opportunities and improper financial operation, but the operation is free from the scope of legal supervision.” This is the central bank governor Agus for Indonesia bitcoin users to the latest advice.

Since last December, Indonesia, Indonesia’s central bank financial services department, Indonesia Ministry of Finance and other financial regulators prohibited firing announcement, the domestic financial institutions engaged in bitcoin payment business, urged the Indonesian citizens not to hold, bitcoin trading and investment.

Different from the traditional currency, bitcoin is a data encryption technology based on block chain. Since last year, the global scope of crypto currency prices continued to rise, especially in December last year, the first bitcoin futures trading products in the United States officially spawned a worldwide digital encryption currency investment boom. This makes bitcoin become the new darling of investors, has become a new type of financial risks in the hardest hit. To this end, the national financial regulatory agencies are stepping up research on how to deal with the new risk bitcoin encryption currency. For example, South Korea and India have banned domestic bitcoin transactions, the United States and Japan said to strengthen the supervision of bitcoin. Previously, supervision of bitcoin is loose in Germany, the finance minister Maier Duarte recently will with the French finance minister Lemerre said, will jointly promote the global supervision of bitcoin in the group of twenty summit in Argentina in 2018. This also led to bitcoin prices fell. In February 2nd, bitcoin price fell to $8378 last year, and had reached the highest $19511.

Indonesia’s central bank data show that the rupiah denominated bitcoin prices last year soared more than 20 times, far higher than the average level of international market rose 17 times. Therefore, the central bank and the Ministry of Finance issued several risk warning that bitcoin lacks the legal management, the underlying asset, reference price and other financial security elements, not only can be reduced to money laundering and terrorist financing tools, and is accelerating the formation of financial bubbles, and the interference of stable operation of the financial system, and ultimately threaten the the vital interests of the people. Oni think the person in charge of the central bank payment system policy, bitcoin can not reach the international standard in the elimination of financial risk, the transaction and the loss also does not provide any legal protection. According to the central bank report, found in a mall in Jakarta bomb attacks, the terrorists have to store management for bitcoin.

Therefore, as the country’s payment system regulators, Indonesia’s central bank has prohibited all aspects of clearing, settlement, issuance, transfer and other payment system operators to hold and use bitcoin, non financial technology development departments to carry out bitcoin payment related research. Indonesia’s central bank financial risk management department director Ernie said, on 2011 Indonesia as the only legal tender laws, as well as the central bank on 2015 2016, the Indonesian rupiah citizens to use obligations prohibiting banks and non bank financial institutions hold a virtual currency, in 2017 about the provisions of the three consumer protection network trading platform is the basis of law enforcement behavior, Indonesia regulators at present. The director of the Indonesian Financial Services Administration Wim Bo warned, including banking, financial services, electronic wallet service providers, financial technology companies, to provide convenience for any payment system operators for bitcoin transactions, once discovered will face fines or even revoke the business license of the heavy penalties. In 2017, the Indonesian government in the name of illegal financing closed 4 bitcoin payment business of private equity funds.

However, due to the national level lack of legal support, Indonesia’s financial regulators is the right to prohibit bitcoin in Indonesia private point-to-point distribution, independent of citizens holding, trading and investment bitcoin, can only stay in the current level. Bitcoin (Indonesia) as Indonesia’s largest bitcoin trading platform, has more than 1 million active users. In the face of Indonesia’s financial regulators warned that the company only on its website for the majority of users published the latest tips bitcoin transaction risk as a response. In this regard, the Indonesian finance minister Sri Mulyani argued that although the government has the right to prohibit citizens to invest in bitcoin, but not for any trading loss fallback. Wim Bo said that regulators can only continue to guide the public to recognize the potential risks, “we can only again and again issued a risk warning”.

Relative to the financial regulatory authorities “persuasive”, the Indonesian police simply “hard”. In January 15th, Bali Island police according to the clues in the Bali Island branch of the central bank, major tourist attractions to carry out special rectification activities for bitcoin transactions. The action that there are at least two cafes are still accepting bitcoin payments, payment of the minimum threshold is 0.001 coins ($18), a bitcoin transaction records of 44 enterprises including car rental, hotels, travel agencies, jewelry stores found before. Bali Island police chief SA Wu just pointed out that according to the law, all financial transactions must be used in the Indonesian rupiah, “but the tourist resort of Bali Island has been all kinds of illegal financial transactions in the target area, the police has been committed to the fight against all illegal non IDR transactions, so we urged businesses to consciously resist the bitcoin, and will be based on the National Police Administration of criminal investigation department and the central bank institutions new coordination, intensify the crackdown”.