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Content:

• Frequently Asked Questions on Virtual Currency Transactions
• Cryptocurrency Bill | Govt to ban private cryptocurrencies but will enable existing holders to exit
• Cryptocurrency Bill 2021: New crypto bill to be introduced in Parliament after Cabinet approval
• Central bank digital currencies
• Crypto industry seeks nuanced policy from govt, asks investors to stay calm
• Myanmar shadow government approves crypto as official currency
• Justice News
• Govt plans bill to ban private cryptocurrency, allow RBI digital coin
• Cryptocurrency: Why is the government worried?
• What are the differences between a digital currency and a cryptocurrency?

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Frequently Asked Questions on Virtual Currency Transactions

Close panel. Press Enter. Central bank-backed digital currencies, such as the potential digital euro and digital yuan, may become a reality in the coming years. Unlike cryptocurrencies such as Bitcoin and Ethereum, these currencies promise less volatility and greater security. In addition, they will have the support of their respective monetary institutions, responsible for ensuring financial stability. The ECB is proceeding with caution and it is believed that the first studies and tests could be carried out in mid One possibility is putting into practice formulas based on blockchain technology , the same one used by cryptocurrencies such as bitcoin and ether.

This would allow Europe to have tools that allow for greater transparency and monitoring of information, transactions and movements carried out, according to the BBVA Research report ' Digital currencies issued by central banks: features, options, pros and cons. Unlike these two cryptocurrencies, which also have DLT distributed ledger technology , officially backed digital currencies will be issued centrally and will be backed by their central banks.

Referring to cryptocurrency mining by users. It's a distributed process radically different from the issuance of currency by a central bank, since states can issue it without a limit; while, for example, the monetary mass of Bitcoin is predefined and will not exceed 21,, However, with cryptocurrencies something else occurs. To begin with, since they are created by the users themselves, only after the creation of the blocks and their verification do new coins enter circulation.

From there, its value is set by the market. Another of the main differences is that a digital currency backed by a central bank would have low volatility, compared to that exhibited by cryptocurrencies today. Although the economist points out that this may change the more the use of cryptocurrencies becomes popular. It is also worth mentioning that digital currency projects not backed by central banks, but by corporations are subject to regulation, such as Libra , now Diem , the cryptocurrency project backed by Facebook.

These types of currencies are backed by an asset reserve of the institution that issues them and can be less risky than cryptocurrencies as a means of payment. In order to issue a digital currency backed by central banks, called by the acronym CBDC, the Bank for International Settlements BIS lists up to 14 characteristics that make this type of currency a platform that aligns with the financial stability objectives that govern international monetary institutions. The race for the leadership of digital currencies has already started and both Europe and China want to take the lead and prevent unregulated cryptocurrencies from being the main player in the world of digital payments.

Many central banks are investigating the impact of a CBDC issuance on the financial system, while others have opted for its issuance and are in the development phase. The People's Bank of China, the equivalent of the ECB in Europe, has been running tests of its digital currency since April with the help of four banks in the country. Given the strength that the two Asian technology giants, WeChat and Alipay have acquired in the digital payments environment, China wants to take control from now on , seeing how well these means of payment have worked in the country.

Their aim is to have the digital yuan be fully operational by In the longer term, the Chinese government plans for its digital currency to replace its physical currency across the country. The convenience of this type of digital payment could act as a stimulus for rapid adoption by those involved. The birth of the Blockchain decentralized company.

Cristina Carrascosa reveals the advantages of the Decentralized Autonomous Organization in this new installment of RevolucionBlockchain. A basic dictionary of blockchain: 10 terms you should know. What is bitcoin? What do the terms node, mining and hash mean? Following are the 10 key terms from the world of blockchain technology that you need to master.

What are you looking for? Press Enter Predictive Search. Close panel Close panel Close panel. Shareholders and investors. BBVA in the World. BBVA Earnings. Financial calendar. Latest news. BBVA Podcast. Customer service via social networks. Careers at BBVA. Social media. Blockchain Act. Cryptocurrencies backed by corporations It is also worth mentioning that digital currency projects not backed by central banks, but by corporations are subject to regulation, such as Libra , now Diem , the cryptocurrency project backed by Facebook.

Keep reading about Innovation Blockchain Fintech. Other interesting stories. Blockchain The birth of the Blockchain decentralized company. Blockchain A basic dictionary of blockchain: 10 terms you should know.

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Cryptocurrency Bill | Govt to ban private cryptocurrencies but will enable existing holders to exit

Highlights of the Bill. Key Issues and Analysis. Cryptocurrency emerged as a person-to-person electronic cash system that allows online payments to be sent directly from one party to another, without the need of a financial institution. This makes the issued currency a legal tender. Most cryptocurrencies are not backed by a sovereign guarantee, and therefore are not considered as legal tender. For a legal tender, transaction data is usually maintained centrally with financial institutions like banks. In contrast, cryptocurrency transactions are recorded and shared with all users on the network.

Cryptocurrency Bill 2021: New crypto bill to be introduced in Parliament after Cabinet approval

While Turkey hit the headlines last week with a ban on paying for items with cryptocurrency, the government of India appears to be moving towards outlawing cryptocurrency completely. If the Indian government plans to effectively police its own draconian rules, it would need to seek to block, disrupt, and spy on Internet traffic. If rumors of a complete ban accurately describe the bill, it would be a drastic and over-reaching prohibition that would require draconian oversight and control to enforce. But it would also be in keeping with previous overreactions to cryptocurrency by regulators and politicians in India. The central bank issued a circular prohibiting all regulated entities, including banks, from servicing businesses dealing in virtual currencies. Nearly two years later, the ban was overturned by the Indian Supreme Court on the ground that it amounted to disproportionate regulatory action in the absence of evidence of harm caused to the regulated entities. A subsequent report in by the Finance Ministry proposed a draft bill that would have led to a broad ban on the use of cryptocurrency. The Indian government is worried about the use of cryptocurrency to facilitate illegal activity, but this ignores the many entirely legal uses for cryptocurrencies that already exist and that will continue to develop in the future. Cryptocurrency is naturally more censorship-resistant than many other forms of financial instruments currently available.

Central bank digital currencies

Legislation aims to create a framework for creation of central bank digital currency Research company Chainalysis says India ranks second in crypto adoption. The bill 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," it said in a notification on the Lok Sabha website. According to some definitions, Bitcoin, Ethereum and many other crypto tokens are based on public blockchain networks, which mean transactions made using the networks are traceable while still providing a degree of anonymity to users. On the other hand, private cryptocurrencies could refer to Monero, Dash and others, which though built on public blockchains, obfuscate the transaction information to offer privacy to users. In essence, while Bitcoin offers anonymity, Monero offers privacy and, hence, is a private token.

Crypto industry seeks nuanced policy from govt, asks investors to stay calm

Given the details of the Bill are not yet known it has been left open to many interpretations creating a stir in the crypto world. While few say that it can mean that all tokens other than Central Bank Digital Currency or CBDC will be banned others say it can mean all cryptos that do not have a public ledger to track transactions can be banned. According to experts, public cryptos are those which run on public blockchains with publicly available verifiable transaction history on the blockchain ledger. In case of public blockchain anyone with the transaction hash can verify whether the transaction was validly done or not and, being decentralized, the transaction is immutable and irreversible. However, historically India in proposed bill in Feb has treated "private cryptos" as anything which is not issued by the government as CBDC.

Myanmar shadow government approves crypto as official currency

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Justice News

Bitcoin is not a private cryptocurrency and hence is unlikely to be banned. The central government earlier this week officially expressed its intention to introduce a Bill aimed at prohibiting private cryptocurrencies in India. This came amid increasing concern over the likely threat that cryptocurrency can pose to macroeconomic and financial stability of the country, as reiterated by RBI governor Shaktikanta Das several times. The Cryptocurrency and Regulation of Official Digital Currency Bill , seeks to prohibit all private cryptocurrency.

Govt plans bill to ban private cryptocurrency, allow RBI digital coin

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Crypto prices tanked on Indian crypto exchanges after the bill was announced. These price moves were limited to Indian trading platforms however, with the price of bitcoin staying in the green on non-Indian platforms. While the measure appears to be essentially the same as the draft bill submitted in January, it is unclear whether the two are identical since the latest draft is not yet publicly available. However, expectations had grown in recent months that the government had potentially softened its view on crypto and would perhaps seek to have cryptocurrencies regulated as assets instead of a means of payment.

Cryptocurrency: Why is the government worried?

JavaScript is currently disabled. This website is best viewed with JavaScript enabled, interactive content that requires JavaScript will not be available. There is a lot happening in the area of payments and financial market infrastructure that I could speak on today. But as this is my last speech before retiring from the Reserve Bank at the end of the year, I thought I would focus on the development that has generated the most discussion, conversation and debate in the nearly 10 years that I have spent as Head of Payments Policy at the Bank. And that is the emergence of distributed-ledger technology, cryptocurrencies and stablecoins, and the prospective emergence of central bank digital currencies. There have been some fascinating developments in this area.

What are the differences between a digital currency and a cryptocurrency?

Project Ubin is a collaborative project with the industry to explore the use of Blockchain and Distributed Ledger Technology DLT for clearing and settlement of payments and securities. The project aims to help MAS and the industry better understand the technology and the potential benefits it may bring through practical experimentation. Project Ubin is a multi-year multi-phase project, with each phase aimed at solving the pressing challenges faced by the financial industry and the blockchain ecosystem. The project is now in its fifth phase, and has since published 6 project reports.