Recently, a government panel headed by senior bureaucrat Subhash Chandra Garg placed in the public domain a draft bill calling for a complete ban on private cryptocurrencies in India. The panel recommended a fine of up to ₹25 crore and a jail term of up to 10 years for anyone found to be owning or handling private cryptocurrencies. As an alternative to private cryptocurrencies, the panel recommended the introduction of a single cryptocurrency for the whole country that is backed by the Reserve Bank of India. Parag Waknis (Associate Professor, Ambedkar University) and Anil Antony (Convenor, Digital Media Cell, Kerala Unit, Indian National Congress) examine the soundness of the panel’s recommendations in a conversation moderated by Prashant Perumal. Edited excerpts: … [Read more...] about Parley | Is banning cryptocurrencies the solution?
Countries where cryptocurrency is banned
Germany, France, Italy, Spain and the Netherlands called on the European Commission to draw up strict regulation for asset-backed cryptocurrencies such as stablecoins to protect consumers and preserve state sovereignty in monetary policy. The finance ministers of the five European Union member states said in a joint statement on Friday that stablecoins should not be allowed to operate in the 27-member bloc until legal, regulatory and oversight challenges had been addressed. Stablecoins, a type of cryptocurrency often backed by traditional assets, leapt onto policymakers' agendas last year when Facebook revealed plans for its Libra token. Some central banks and financial regulators, concerned that Libra could destabilise monetary policy, facilitate money laundering and erode privacy, threatened to block it and the project has been delayed and reshaped as a result. The EU's regulatory framework for stablecoins should preserve the bloc's monetary sovereignty and address risks to … [Read more...] about Big European states call for cryptocurrency curbs to protect consumers
In many cases, the Kremlin-tied ads took multiple sides of the same issue. Accounts like United Muslims of America urged viewers in New York in March 2016 to "stop Islamophobia and the fear of Muslims." That same account, days later, crafted an open letter in another ad that accused Clinton of failing to support Muslims before the election. And other accounts linked to the IRA sought to target Muslims: One ad highlighted by the House Intelligence Committee called President Barack Obama a "traitor" who had acted as a "pawn in the hands of Arabian Sheikhs". … [Read more...] about 3500 Facebook ads show scale of Russian manipulation
First, blockchain is changing politics. As Catalonia demands secession from Spain, a blockchain system has been developed for “self-sovereignty” and the Catalan government purposely developed it to enhance the identity of Catalonians. Second, blockchain allows governments to boost their militaries. The European Union (EU) wants blockchain-based defense supply chains to track soldiers, weapons and more, and China is building a reward system on blockchain to “manage" its military. … [Read more...] about Enter the Matrix? Nations, Tech Firms Race to Deploy Blockchain to Digitise Global Power: Futurist
To increase the export value of wooden products, the Vietnam Administration of Forestry said that local companies need to focus on maintaining growth in five high export markets, including the US, Japan, China, the EU, and the Republic of Korea. At the same time, they should expand market shares in a number of potential markets through efficient trade promotion programmes. … [Read more...] about VIETNAM’S BUSINESS NEWS HEADLINES SEPTEMBER 13