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.

The United States Commission (SEC) to the public for comments, whether the release of bitcoin ETF?

The United States Commission (SEC) to the public for comments, whether the release of bitcoin ETF?

    

The United States Securities and Exchange Commission (SEC) is asking the public for the two proposed rule change their opinions, if approved, will lead to the first bitcoin based exchange traded funds listed.

Under the current regulations, the fund management consultant must establish a “firewall between the broker or dealer”. This wall will prevent consultants and brokers to share information about the company’s investment portfolio.

In these documents, Cboe exception, because it does not think bitcoin can be considered as a manipulated commodity, he pointed out that the price manipulation requires a bad actor to influence the whole block chain, but due to the nature of the bitcoin network and its extensive global infrastructure, it is hard for anyone to insider trading to understand it. Earlier reports said that Cboe had tried to launch a bitcoin based ETF, but SEC refused to fail.

So far, the regulatory agency has not approved any bitcoin based on ETF, SEC will receive an email and written information after submitting the application within three weeks.

SEC in December 28th last year and January 2nd of this year issued two new documents, the solicitation of public on the Chicago Board Options Exchange (CBOE) proposed listed bitcoin ETF comments.

In the international monetary fund called for reform, South Korea will strengthen the regulation of bitcoin transactions

In the international monetary fund called for reform, South Korea will strengthen the regulation of bitcoin transactions

    

With the International Monetary Fund (IMF) after the meeting, South Korea is promoting structural reforms, including strengthening the management and supervision of the digital currency bitcoin, including the transaction.

South Korea to promote structural reform

According to the “Daily News” reported that the International Monetary Fund to improve labor productivity and regulatory reform in major countries including South korea. This problem is discussed in Washington D.C. on October 14th of the international monetary and Financial Committee of the thirty-sixth meeting.

The report pointed out that the IMFC conference is a member of the international monetary fund the highest level meeting, and added that the need for supervision of financial technology and bitcoin. The publication quoted IMFC said, “in the financial technology and digital money, it is necessary to maintain a competitive financial market, establish a fair competition system, in order to prevent the winner over”.

South Korean Deputy Prime Minister and finance minister Jin Dongyan and strategy (KimDong-yeon) attended the meeting. “We must actively promote structural reforms to achieve growth,” the news media quoted him last week. In addition, Seoul on Sunday quoted him on Friday as saying:

“We will strengthen the management and supervision of bitcoin and other virtual currency transactions.”

Kim added: “virtual currency is a new field, it is regarded as a new area of expansion, but we are worried about the investment losses, because of the lack of supervision. I will see what we can do.”

The provisions of the

According to Inews24 reports, Kim also revealed Friday, he will be in the “review of bitcoin and other virtual currency role play a positive role. Then he said, “at present, the finance committee is preparing to deal with virtual currency on the government level, should the financial sector as a economic center to handle.”

The South Korean government has been discussing how to regulate the country’s encryption currency. In July this year, set up a working group, to determine the regulatory framework of bitcoin. However, there are many on bitcoin regulatory legal issues, such as whether bitcoin is classified as currency, assets or securities.

The Bank of Korea (BankofKorea) payment system department Chahyeon-jin9 said, “virtual currency is not money or financial products.” He explained:

“Virtual currency traders as e-commerce traders to the Fair Trade Commission and report to the local government, in fact bitcoin is traded as a commodity.”

The Financial Services Commission (FSC) has announced plans to include processing bitcoin and Ethernet digital currency, such as requiring banks to strengthen the verification process, and report any suspicious transactions. Shortly after FSC was announced, the Ministry of science and technology, ICT and South Korea Communications Commission announced that they will conduct on-site inspection to include bitcoin exchange encryption currency service provider.

There are tax problems. Last week, the State Tax Service Commissioner Han Shengxi (Hanseung-hee) said lawmakers are discussing how best to tax the encryption currency, including capital gains tax, value-added tax and gift tax etc.. In addition, at the end of September, FSC banned all ICO in korea.

The etheric Fang (bifurcation) in order to solve the problem of Dos attacks will be the two time hard bifurcation

The etheric Fang (bifurcation) in order to solve the problem of Dos attacks will be the two time hard bifurcation

Now it seems the etheric Fang (bifurcation) in order to solve the problem of Dos attacks had been scheduled to be two times of hard branch.



However, with the earlier to stop the TheDAO attacker of the bifurcation is hard, in order to ensure network security.


Since the end of 9 years, the etheric Fang (bifurcation) network has suffered a massive Dos attack. Although these attacks did not cause any consensus problem, but greatly reduced the speed of the network, the Ethernet Fang funds are forced to hard bifurcation.


What is the cause of a security breach?


One problem is that the attacker can easily and inexpensively (at a very low price “gas”) to establish the intelligent contract forgery, and use these contracts to repeatedly send spam to the network.


Gas is the pricing for the operation within the etheric Fang intelligent transaction or contract.


In the interior of the etheric Fang network, the attacker has a repeated calculation process the same server, which reduces the operating speed of legitimate mining. In this case, the transaction will attack calls a ‘EXTCODESIZE’ operation code, about 50000 times each block.


The etheric Fang (bifurcation) development team tried to implement a series of patch to solve this problem, but still need to take tougher action. This hard to significantly improve the bifurcation of the cost of the attacker’s attack.


In the etheric Fang (bifurcation) blog, Ethernet workshop safety leadership (MartinSwende) wrote Si Wende Martin?:


“Although the recent patch has been successfully promoted the overall elastic client, these attacks that need to make changes to the EVM pricing model of low amplitude.”


EVM is a Ethereumvirtualmachine Ethernet virtual machine Fang abbreviation, and intelligent contract is running on the EVM.


According to Swende, the first bifurcation will enhance the price of gas hard, “in order to better correspond to the underlying computational complexity. Second after the bifurcation of empty accounts introduced by the attacker to remove to reduce the “expansion”.


The first hard fork will be on October 18th, the second time will be in October 25th.


The etheric Fang (the original chain) will be hard bifurcation


Of course, because the etheric Fang (the original chain) and etheric Fang (bifurcation) was originally a chain, so the etheric Fang (the original chain) is also suffering from a similar attack is not what strange. In this regard, the etheric Fang (the original chain) network will conduct a single branch in October 25th, with effect from 2500000th block.


Because the etheric Fang (the original chain) is the key to establish the unchangeable principle in the block chain, ETC bifurcation has to be explained.



EthereumClassic: hard fork change block books chain is bad, hard to provide technical improvement and bifurcation is very good.



But all of the bifurcation is the same as a question of whether. ETC said the bifurcation of the community in order to consolidate the network is no problem, and those carried out in order to rollback transaction branch, such as the TheDAO event, not.


ETC Community Manager CarloVicari wrote on Reddit:


“This Agreement for the improvement of hard bifurcation is consistent with our unchangeable principle.”


Why would anyone attack the etheric Fang?


The reason is that the attacker may want to make money by betting against the market. Because when the attack occurred, the price fell ETH. Vicaro told BTCManager:


“I think the reason why we are not the first attack is the attacker wants to profit by betting against the market. When the attack, ETH prices will fall, then the attacker will be able to make money.”


Carlo for these attacks the attitude is very positive, he said, when a chain is attacked, then the attack was repulsed, so in the long run, the chain will be more powerful.


“I think now this attack and repel it later than happened a little better, because many years later, we will run more different to the center of the APP, doing more different things, if it happens again this attack, that is the real disaster.”

Bitcoin company development is restricted by the first American Network Security Act

Bitcoin company development is restricted by the first American Network Security Act

New York governor Drew Cuomo of Changan? (AndrewCuomo) and the Financial Services Authority (NYDFS) officially announced the first American network security proposal aims to protect consumers and financial institutions. As long as the proposal takes effect, it will affect New York in the state of all financial license holders, including holding BitLicense bitcoin company.

Once the 45 days of publicity and public opinion collection time, the proposal will be formally promulgated, all regulated financial entities, including bitcoin company, must comply with the following provisions:

Establish a network security plan; the network security policy in written form; appoint a chief information security officer responsible for the implementation, supervision and implementation of the plan and policy; ensure that relevant policies and procedures to ensure the security of information systems; non public information access by third parties or held by the third party; some other the utility of confidentiality and authenticity of information system and terms.


The negative impact of bitcoin startups

Bitcoin companies, including exchanges and wallet service providers, in order to continue to develop in New York, has been issued by the financial services authority of the expensive BitLicense whole was scorched by the flames.

If the new network security act, bitcoin companies will need to spend a lot of money to comply with the legal provisions of the corresponding. Including hiring a chief information security officer and the implementation of various government requirements of the financial security plan and framework.

In order to obtain BitLicense, bitcoin companies must provide all sensitive personal data to law enforcement authorities to comply with the “know your customer requirements (KYC). This proposal will force the network security sensitive user data bitcoin company store more to private servers and databases in their. As a result, their entire platform, software system, or app will become cannot withstand a single blow.

More importantly, the U.S. government never good at dealing with confidential data (the government system is black incidents). However, the New York financial services management department is responsible for Maria? Vullo (MariaVullo) said:

Consumers must have confidence in the financial institutions of their choice, believe they can protect and properly handle non publicly their sensitive information.

At present, who do not know whether the proposal can pass. However, we can think about whether the financial services management department of New York’s proposal has aroused much controversy, the government will eventually pass the fling caution to the winds, like BitLicense.

With New York more regulatory policy and improper financial framework introduced, bitcoin companies want to continue their core operations in such an ecological system unfair, they will become more and more big pressure.