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.

Bitcoin is just a small business? Bitfury annual income of nearly $one hundred million

Bitcoin is just a small business? Bitfury annual income of nearly $one hundred million

Runaway commentary Bitfury Group: the main benefit from the transaction fees, mining reward, third party infrastructure solutions, B2B services, its benefit even more than some mainstream companies, not to mention the field of mining company. But the rise significantly, the Future Ltd will continue to grow together with the entire industry, fully proved that bitcoin enterprise value-added ability.

Translation: Annie_Xu

Bitfury Group document investment income can match the mainstream company, breaking the block chain industry start-up companies do not make money wrong.

Documents show that was established in 2011, access to capital to support the start-up companies, started to dig, and gradually expand to other software services, to create a $93 million 700 thousand revenue in fiscal year 2017. An increase of 70%.

According to the 26% profit margin before interest, taxes, depreciation and amortization of the profits of $24 million 700 thousand (EBITDA).

The company is headquartered in Holland Amsterdam, offices in San Francisco, Washington, Latvia, Riga, Hongkong, has raised $more than 100000000 in venture capital, than previously know more about $10 million.

These figures contrast between the venture backed startups Bitfury Group returns, as a well-known enterprise in the mainstream industry.

A recent Inc survey of 500 last year, a small business loan start-up companies Kabbage revenue is slightly more than Bitfury Group, is $97 million 400 thousand, but the equity financing of $239 million, much higher. Listed software company Yext revenue of less than Bitfury Group, is $89 million, the amount of financing of $117 million.

Bitfury Group returns in addition to bitcoin transaction fees, there are a total of 500000 blocks reward agreement bitcoin. In accordance with the current conversion price of $2600 is $13 billion, mining revenue, despite evidence that these bitcoin has sold a part.

In order to understand the difference between the Bitfury and the Group mining mining network, the company listed in March 2016 9% market share and share a year ago 115. At that time, the market share of the largest mining company is Bitmain, accounting for 19%, F2Pool accounted for 12%.

To predict the future

In order to raise more funds materials including a large number of the company and the industry growth forecast.

Bitfury Group predicts that by 2021 revenue will reach $585 million.

The $302 million (52%) from the transaction fee ($163 million), mining reward ($139 million), $217 million (37%) from the third party infrastructure solutions, such as the company’s Blockbox mining equipment, $66 million (11%) from the B2B service, such as the just released Exonum enterprise chain block.

But bitcoin transaction costs seems to be the most attractive business BitFury Group.

This “great opportunity” is expected to reach $37 billion in transaction costs under a reward “halved” after mining.

Don’t say “”

At least 2014, Bitfury Group co-founder Valery Vavilov is trying to change the company is not a mining company’s idea.

In an interview with CoinDesk Vavilov, who made this statement said, will be more willing to focus a lot of stress in need of knowledge in the field “”.

About three years later, investors seem to think that this transition is successful.

Vavilov said that since the 2014 interview, Bitfury Group employees increased from 70 to 250, he also said the company to help the global block chain (Global Blockchain Business Council) committee, the blockchain trust (Blockchain Trust Accelerator) and accelerator blockchain (Blockchain Summit) of the summit has proven their mission.

“This is the early block chain, we believe bitcoin and the whole block chain ecosystem a bright future”.

This Bitfury Group will introduce many bitcoin mining transferred to the new site, let Bitfury Group domain name has more corporate image. Prudent investor support wider than the mining task, depicted more “integrity business strategy” picture.

Although the mining chip is still the future strategy (and revenue) a portion of the file, also describes the Exonum enterprise around the block chain and other unpublished project “software license complete product portfolio plan”.

The report concluded, “Bitfury is a public chain of inherent safety and transparency support only private enterprise chain solutions provider, but its competitors in the development of major concern in the field of financial services project”.