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New Delhi: At a parliamentary panel meeting Monday on issues related to cryptofinance, a majority of industry experts and MPs spoke against banning cryptocurrency but stressed the need for regulation, MPs who attended the meeting told ThePrint. This is the first meeting held by the Standing Committee on Finance, which is headed by former MoS Finance and BJP leader Jayant Sinha, on cryptocurrency-related issues amidst a growing clamour for bringing in a law to regulate it. On Saturday, Prime Minister Narendra Modi chaired a meeting on the digital currency and related issues. The government is also planning to bring a bill on Cryptocurrency and Regulation of Official Digital Currency and might take it to the Cabinet for approval soon. Cryptocurrency is a digital currency and is not issued by any central bank, and therefore has no sovereign backing.
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The government will soon bring a bill on crypto currencies as existing laws are inadequate to deal with issues concerning them, Minister of State For Finance Anurag Thakur told Rajya Sabha on Tuesday.
Replying to a question in the Upper House, Thakur said regulatory bodies like RBI and SEBI do not have any legal framework to directly regulate crypto currencies as they are not currencies, assets, securities or commodities issued by identifiable users. The government had formed an Inter-Ministerial Committee which has given its report on issues related to virtual currencies.
In view of the risks associated with Virtual Currencies VCs , including Bitcoins, the Reserve Bank of India RBI through a circular in April , 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. To another question regarding Chinese companies in the country, the minister said as of now, there are around 92 companies registered in the country.
Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol. Presenting Partner. Technology Partner. Associate Partners. Govt to soon bring bill on crypto currencies: MoS Finance Anurag Thakur Replying to a question in the Upper House, Anurag Thakur said regulatory bodies like RBI and SEBI do not have any legal framework to directly regulate crypto currencies as they are not currencies, assets, securities or commodities issued by identifiable users.
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From shells and furs to electronic currency: how money appeared and what they could be
ATOM is the native token of Cosmos, a decentralized network that provides open-source tools for developers to create their own interoperable blockchains. One of the biggest problems with blockchains is they are created independently and very few have the ability to transfer data between one another. The process is similar to depositing cash into a bank account to generate interest over time. Stakers earn the rewards for their work securing the network. Cosmos is one of the best-known platforms trying to fix that problem by allowing blockchains to connect to each other. Tendermint is a software company that is a core contributor to the Cosmos network. Cosmos also provides developers with prebuilt modules that allow them to quickly deploy new blockchains that can be customized for specific use cases. Later that year, they launched the Interchain Foundation to shepherd development of Cosmos. In , Cosmos launched an initial version of the project as well as the Cosmos Hub, the first blockchain operating on the protocol.
How Does Currency Work in ‘Star Wars’ and ‘The Mandalorian’?
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Step-by-step guide. Budget Highlights: From big bang capex push to crypto tax. Budget allocation: Check top 7 ministries, govt schemes. Are you a government employee? Here's what Budget has in store for you.
Need to regulate, not ban cryptocurrency, Parliament panel members & experts suggest
With the launch, Chingari claims to be the first social network in India to have issued crypto tokens. With the incorporation of GARI rewards programme, the creators will further get motivated to create newer and more engaging videos on the Chingari app. While the creator economy is burgeoning and creators are becoming a pivotal force of this revolution, we believe that creators should be in charge of how the platform is taking shape. Founded in November by Sumit Ghosh, Deepak Salvi, Aditya Kothari and Biswatma Nayak, Chingari lets users download and upload short videos and shop for merchandise within the app, among other things. After the ban of TikTok, the app gained more traction among Indians due to more demand for local companies.
Buying and holding a Meme Token is a form of curation. It means you believe in the theme and its relevance. Times Internet Limited. All rights reserved.
Mother Of Stealths is a decentralized financial payment network that rebuilds the traditional payment stack on the blockchain. It utilizes a basket of fiat-pegged stablecoins, algorithmically stabilized by its reserve currency MOS, to facilitate programmable payments and open financial infrastructure development. Would like to know the latest Mother Of Stealths price? Here is it as well as other useful data about this kind of cryptocurrency.
Premier League sides have been accused of exploiting fan loyalty after a Mail on Sunday survey found that all but three clubs have signed commercial deals with cryptocurrency companies. Seventeen of the Premier League's 20 clubs have one or more commercial deals with companies operating in the cryptocurrency sector, despite grave concerns about the exploitation of fans and potential crypto fraud. Campaign groups criticised sides for seeking to monetise their interaction with supporters through tie-ups with 'fan token' firms, who sell digital currency in return for a role in minor club decisions. Industry experts added that these commercial deals could replace football clubs' hugely lucrative relationship with gambling companies if the Government's proposed ban on betting advertising comes into effect. Fans of Southampton and Leeds have protested in recent times at mooted crypto deals. Manchester City were forced to suspend a deal with a crypto firm on Friday while Barcelona ditched a similar contract entirely.
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