Supreme Court Of India Lifts Cryptocurrency Ban, Quashes RBI’s Complete Ban And Allows Trading

Big day for blockchain enthusiasts and cryptocurrency-entrepreneurs in India. In a massive verdict, The Supreme Court of India has lifted the ‘cryptocurrency or other digital assets trading ban’ imposed by Reserve Bank Of India in 2018. In a 2018 circular, the Reserve Bank of India (RBI) had banned all VCs, including Bitcoin, in the country and stated it does not consider them ‘legal tender’.

The supreme court calls the RBI ban as unconstitutional.

The Supreme Court on March 4 has lifted the complete ban on cryptocurrencies, it will likely come as a big relief to virtual currency (VC) proponents in the country.

While quashing the complete ban on cryptocurrencies, the SC declared RBI’s circular as ‘unreasonable and disproportionate’. It has also set aside the RBI’s ban on banks’ dealing with cryptocurrencies.

The apex court termed that RBI circular, dated April 6, 2018, as unconstitutional. The RBI had in an affidavit in January told the SC it “had not banned cryptocurrencies, but only ring-fenced regulated entities from associated risks.”

The affidavit was filed against a petition filed by the Internet and Mobile Association of India (IAMAI).

Meanwhile, Bitcoin, the world’s largest cryptocurrency, on February 12 surged past $10,000 mark once again to touch a fresh high for CY20. It was trading at $8,821.07 at 11.05 am.

The government had constituted an inter-ministerial committee in 2017 under the chairmanship of secretary, economic affairs, with Secy (MeiTY), Chairman (SEBI) and deputy governor, RBI as members, to study the issues related to virtual currencies and propose specific action to be taken in this matter.

The draft of Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019 proposes 10-year jail for those who “mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies directly or indirectly.”

In April 2018, the RBI gave a three-month notice to the banking sector to stop their involvement in any sort of cryptocurrency transactions and thousands of crypto-traders India faced a setback.

In September 2018, India’s largest cryptocurrency exchange Zebpay shut down after the Reserve Bank of India (RBI) had imposed an apparent ban on virtual currencies. Zebpay, founded in 2014, was primarily responsible for introducing cryptocurrency trading to thousands of people in India.

Unocoin, another leading cryptocurrency trading platform in India, was laying off the majority of its staff amid regulatory uncertainty. The Bengaluru-based startup reportedly scaled down its team to merely 14 employees in April from over 100 people in February 2018.

While the world has found renewed interest in cryptocurrencies after Facebook announced its cryptocurrency project Libra, the company ruled out an entry in India, with sources saying it would not be available in countries where cryptocurrencies are banned.

Centric Announces Launch with a New Dual Economic Model to Help Drive Blockchain Mass Adoption

Centric, a dual cryptocurrency payment network, has officially announced its launch in hopes of limiting industry volatility.

The company has developed a dual token ecosystem, the first being Centric Rise, which steadily increases in price hourly. This will help offer a reliable store of value and an incentive to join the network for users globally. The second token, Centric Cash, is pegged to the first token and will freely trade on major cryptocurrency exchanges.

The exchange between the two tokens is governed by a decentralized smart contract with immutable price blocks, set one year into the future. In this way, the protocol self-regulates token supply to meet ongoing changes in demand. From a user perspective, Centric is simply a payment network and a reliable store of value.

Centric CEO Gabriella Davis explains, “We are very excited for the launch of what we believe is game-changing technology in the blockchain industry. With high volatility and low usability, the industry still suffers from adoption challenges. Centric will fix this by using a dual token ecosystem that is both user-friendly and economical from a monetary standpoint.”

Centric will make its official public launch Q1 2020 and will look to enhance the value of the network through the addition of new products and partners that contribute directly to the transactional volume of the network’s currencies.

To learn more about the Centric project, visit www.joincentric.com

About Centric: Centric is a blockchain-based payment network composed of two distinct tokens which promote stability, an incentive structure for early adopters, and store of value. The exchange between the two tokens is governed by a decentralized smart contract and a self-regulating protocol.

Media Contact: Email: media@centricfoundation.com

Siam Commercial Bank Of Thailand To Use Ripple For Cross-border Payments With Easy Pay App

Siam Commercial Bank of Thailand uses Ripple for cross-border payments with the Easy Pay application. That has been confirmed in an update on its website. There has been speculation about this news for several months. Now there is finally clarity. They also provide a complete description of how the technology is used and implemented.

The application allows SBC Thailand customers to easily send money to countries such as the United States, United Kingdom, Germany, France, Italy, Spain and Singapore. Payments to the United Kingdom and Singapore are even made in real time. The SBC has been around for over 100 years and is the third largest bank in Thailand.

A few months ago, the SBC announced that they would use Ripple. At that time, xRapid was named as the company’s technology. This is a payment system in which the XRP token plays an important role. However, today it was officially announced that it is xCurrent. There are no benefits for XRP holders.

This is a point of hate for many people who own XRP coins. xCurrent is just the system that banks can use to commit. Payments where XRP can be used are not included in this piece of technology. Therefore, this collaboration does not immediately lead to an additional demand for the currency. You can see it as a disappointment for fans who had high expectations of this collaboration.

The cooperation between the bank and Ripple goes back to 2016. The chief technology officer, Colin Dinn, says he believes that banks that are not going to use the blockchain technique will have a very difficult time.

We saw that it offers a solution in which the client is central. Offer something our customers want. It was not something that we as a bank wanted to promote. With Ripple we have found a way and a partner in which we can work very differently from what we are used to. We have ambition and we want to do things differently and change. We see that a bank will be less relevant for customers in the coming years.

An Interview With The Italian Entrepreneur, Alessio Vinassa

Alessio Vinassa is the founder of company AMAAR MANAGEMENT LTD, which operates in the software development field. AMAAR MANAGEMENT LTD is creating a payment institution that will be the turning point in the relationship between people, banks and payment processors. Some of the features of the project include personalizing your account and using blockchain technology. Relevant to many, even support is available 24/7. We contacted the company AMAAR MANAGEMENT LTD’s founder, Alessio Vinassa, to get a preview on the payment system that will be released by the softer development company AMAAR MANAGEMENT LTD in November.

Let’s start from the heart of the matter… as a payment institution, what makes AMAAR MANAGEMENT LTD different from all online payment processors and banks?

Alessio Vinassa: To be different in the market, we need one thing… to offer a solution to a need. Only when you come up with a solution can you be noticed in this saturated market and above all, be successful.
Today, people need to be able to manage their money. In recent years, the policy of banks has become increasingly rigid with respect to customers – payment limits, limits on receiving money, and an endless bureaucracy that slows down your operations and your business. I believe that all of us as entrepreneurs have found ourselves in these situations. Measures taken by banks or payment processors is in the interest of their own safety, but when your bank makes it difficult for you to work, then it is creating a problem for you.

Does this mean AMAAR MANAGEMENT LTD is creating a service aimed at companies?

Alessio Vinassa: AMAAR MANAGEMENT LTD is creating a payment institution for people. They can be companies, freelancers, and individuals without a VAT number. The focus is on the customer, this time for real. The service that AMAAR MANAGEMENT LTD is designing allows for the customization of accounts. A user can choose services to suit their own needs, going beyond the simple differentiation between a personal account and corporate account. Upgrades and services will also be available to select from. This way, each user can be satisfied as they do not have to adapt, but can choose their own personalized account. And there will be no slowdowns or annoyances that could put at risk the success of a business operation, or the sending of an urgent transaction to a family member.

What will the credit limits and transaction times be?

Alessio Vinassa: It depends on the client’s account. A customer can request to be able to transfer larger numbers; the important thing is that there is a relationship of mutual trust between customer and company. When checking the account, if you want to access higher upgrades, there will be an online meeting (via call) between the customer and the payment institution’s staff where the customer can present themselves and their business. This way, all verification procedures are carried out immediately, avoiding any future verification that can become an obstacle to one’s money management.

How long does it take to set up an account?

Alessio Vinassa: You can open your account, send information to request verification and receive a response in an hour. In just an hour, you can have a verified account and get a digital card for online purchases.
Business account verification occurs in 48 hours. Once verified, you will be able to send and receive money in a short time without suspensions or further checks. Here, the bureaucracy is simple and businesses can work easily. Everything you need is required at the beginning and once you start using it.

Will your payment institution have a registered office?

Alessio Vinassa: Certainly. There will be the headquarters where AMAAR MANAGEMENT LTD offices will be, with the programming team that manages the platform, and the support team available 24/7. It will be a corporate office where the customer’s presence will never be required; all checks, from the opening of an account to verification and support, will take place entirely online. Today, people want to have everything on their device, and that’s what AMAAR MANAGEMENT LTD is creating.

When will it be possible to open an account?

Alessio Vinassa: The service will be launched in November 2019. Until then, the brand will not be revealed. AMAAR MANAGEMENT LTD has made arrangements for the first customers to use them. Around 500,000 people and businesses are ready to open their account.

Will your programmers create the blockchain system?

Alessio Vinassa: Customer transactions will take place in the blockchain. This is to give the highest level of security available today – complete transparency from the system thanks to the blockchain ledger, keeping customers’ privacy safe.

A payment institution that offers a completely online experience, with lean bureaucracy that can offer users speedy transactions. The integration of blockchain technology will make it possible to get to know the real state of the institution, and to benefit from the security of its portfolios. Only one mystery remains: the name. The next update will be in November.

More details about the platform and more about Mr. Alessio Vinassa can be found at Alessio Vinassa

Romanian Startup SlotManiak To Develop New Games On The Blockchain As Dapps

In his recent interview with Startup Fortune, Mr. Cosmin Petrescu, CEO of the romanian gaming startup announces his plan to develop his latest games on the blockchain platform.

Romania // August 19// Startup Fortune // Gaming industry is arguably one of the very few sectors that has always been on its toes in terms of growth and development. Because it is basically customer centric, game developers have got no choice than to keep the chain rolling on getting better everyday otherwise they risk losing their “hungry, ever addicted” customers to another competitor that is just doing it a little bit better. The evolution of the entertainment sector is therefore always on going. Popular games which were initially designed for conventional platforms are now being developed to adapt to the blockchain world.

Popular games, starburst and gonzo’s quest is definitely in for the ride too. Recently, it was announced that the amazing Starburst and Gonzo’s quest game will be built on a blockchain framework to serve gamers better. The two games which are one of the most popular slot games played both online and in casinos are interesting and adventurous giving gamers a true experience of being in action and truly in quest.

While starburst has an arcade feel which makes it enticing to the players coupled with sounds that balance well with the simple yet multiple themed design. The games doesn’t have much of a background history and as such wastes no time before settling gamers down for the real deal. The game is fast-paced with just 5 reels and 10 play lines. Gonzo’ quest has a rich history of about a 16th century city, Eldorado which holds treasures such as gold but overtime the paths to the place has been scraped.

Both games which were initially developed by NetEnt have enjoyed serous playtime with gamers. The upgrade slotmaniac is now doing on the blockchain framework will no doubt bring gamers’ joy to another level. Since the blockchain is characterized by decentralization, transparency and top notch security, this will give gamers especially casino players, both online and offline a trustful environment to play fairly and enjoy themselves knowing that the outcomes of the game cannot be influenced in anyway. Also, recreating both games on the ethereum Dapps platform will reinforce their independence. The “gems” collected in the game becomes easily trade-able on the blockchain network, and even converted to fiat currencies giving gamers even more reasons to play.

CEO of the startup Mr. Cosmin Petrescu has expressed optimism about the progress of the project, and is sure about the great facelift blockchain technology will give to the games as a DApp. “The rich South America culture sets the tune of the game both in visuals and sound in gonzo’s quest’ we want to give the blockchain users that experience with our development. Their focus seems to be on switching the narrative of the gaming industry to an even better level while promoting the adoption of blockchain in the gaming industry.

More details can be found at: https://www.slotmaniak.com

US Retail Giant Walmart Wants Patent For Blockchain Driven Drone

Walmart has filed a patent application for a drone communication system based on blockchain technology. With this, the retail giant, one of the largest companies in the business, wants to patent a drone communication system.

With the system, the operating parameters of a drone can be encoded and stored. This allows drones to pass through each other’s locations. This is because the receiving drone can decrypt, read and decrypt the parameters.

Since 2017, the retail giant has patented blockchain solutions for drones. In May 2017, for example, Walmart filed a patent application for a ‘Unmanned Air Delivery to a Safe Place’ system. Walmart has been flirting with cryptocurrencies for some time. Earlier this month, a patent was filed for a digital currency based on blockchain. According to the documents, Walmart ‘wants to launch a digital currency based on a regular currency such as the US dollar. So, this is really a stable currency.

On May 17, 2018, a patent application was filed for a blockchain solution for a market or a second-hand items platform. The application describes a service that records a customer’s purchases in the blockchain. This allows the customer to resell items on a sales platform using proof of purchase.

Users Can Now Add Bitcoin To The Keystore With Latest Samsung Smartphones

Samsung has quietly added Bitcoin (BTC) to its blockchain app store. Their latest smartphones will now support bitcoin in its Keystore Blockchain. Previously, Keystore only supported the Ethereum blockchain (and ERC20 tokens).

The Klaytn blockchain of Internet giant Kakao, written earlier this week, is also supported. With this, Samsung attracts the user base of Kakao applications in South Korea.
Until now, the keystore has a number of limitations in terms of scope. Support is limited to the latest smartphones: Galaxy S10e; S10; S10 +; S10 5G; Note10 and Note10 +.

And not unimportant: users in the Netherlands still cannot activate the functionality on their smartphone. Blockchain Keystore is only accessible to users in countries; Canada, Germany, Spain, UK, WE, South Korea and Switzerland.

There are currently 17 blockchain applications available in Keystore, which was launched earlier this year. Samsung is gradually expanding the store. For example, several dApps have recently been added. Unlike mobile applications, the use of (decentralized) applications is still in diapers. This is partly because there is still much to gain when it comes to interfaces and the ease of use of dApps, among others. Researchers at the marketing agency Zage recently concluded this in a report.

Samsung also competes with this functionality with other mobile wallets to store cryptocurrencies. Because your smartphone acts as a storage for your currencies and, therefore, your private keys, the secret keys of your crypto currency. Like an encryption grant, as a Samsung user, you assume the responsibility of managing your private keys. It depends on the security of Keystore, for example.

As soon as someone knows their private keys, the person will have control over their crypto currency. This means that the person can send them to a different address.

Elrond Brings Its High Throughput And Fully Sharded Blockchain Infrastructure To The Trusted IoT Alliance

Elrond Network, the scalable public blockchain that deploys sharding technology has announced that it has entered the Trusted IoT Alliance (TIoTA), joining a retinue of high-profile enterprises and developer organizations to create a collaborative consortium ecosystem at the forefront of IoT innovation.

The McKinsey Global Institute projects that nearly 30 billion devices will be connected to the Internet by 2020, encompassing an overall IoT economic impact value between $4 trillion and $11 trillion by 2025. TIoTA’s 2025 goals include building a secure, interoperable, and scalable IoT ecosystem based on blockchain technology that is capable of facilitating M2M payments, autonomous supply chain management, and many more applications across multiple industries.

Elrond Network is ideally suited for the push into the next generation of the Internet, where scalable, public infrastructure will be necessary to support the frictionless transfer of value. Elrond is one of the blockchain projects spearheading the experimentation of scalable, interoperable infrastructure for the underlying technology.

The platform relies on a horizontal database partitioning technique called sharding, and, when blended with the network’s Secure Proof-of-Stake consensus (SPoS), provides a decentralized and highly performant blockchain. As a result, Elrond presents an optimal backbone for the ongoing work of TIoTA, and the network will be of use to the TIoTA’s enterprise members for hackathons and challenges meant to solve real-world problems.

The TIoTA Consortium is comprised of numerous projects at the bleeding-edge convergence of IoT application development and blockchain technology. Alongside major corporate partners, Elrond is positioned favorably to support the growth of TIoTA’s leading open-source software foundation.

Elrond Founder and CEO, Beniamin Mincu, commented: “Our immersion with the Trusted IoT Alliance is a significant step forward for realizing the practical and real-world applications of what Elrond Network can achieve. Alongside the likes of TIoTA’s enterprise, IoT and blockchain members, Elrond’s public, sharded blockchain can provide the infrastructure that is necessary for the digital economy to blossom.”

“Elrond provides a scalable value transfer protocol for the digital economy,” said Anoop Nannra, Chairman of the Trusted IoT Alliance and Head of Blockchain at Cisco. “We are thrilled to have Elrond join our organization and contribute to our collective goals to establish best practices for the market and too commercialize trusted initiatives.”

Elrond’s integration with TIoTA comes amid a flurry of recent developments for the project. The Elrond Testnet is already live and has demonstrated the performance of more than 10K transactions per second. Similarly, Elrond recently announced their partnership with decentralized oracle service, ChainLink, who made waves recently under the agreement with Google.

Data Is The New Oil, Blockchain Company Sets Up AI To Analyze Data

Blockchain startup Bitfury, the company which has recently hit a valuation of more than 1 billion dollars, launched an artificial intelligence unit (AI) to dig deeper and investigate data.

Blockchain, the decentralised digital ledger, became so important as the application it put up, the virtual currency Bitcoin rose to fame with massive adoption. The technology, that further developed in to the public and private sectors, has attracted worldwide attention for its ability to permanently register and track assets or transactions in all industries. Artificial intelligence is one of the technology sectors that attracted large funds to the technology this year.

The European blockchain company, The Bitfury Group, is setting up its artificial intelligence division (IS), the company’s chief executive officer told Reuters in a recent interview. Data is becoming the next oil, says Valery Vavilov, co-founder and CEO of the firm. He added that the company collected so much information that only 2% of this data could be analyzed so far; 98% is still awaiting analysis.

According to reports, the unit of artificial intelligence is still exploring the range of products it offers, and more details are expected by the end of this year or early next year.

Bitfury is supported by significant investors, who collected $ 80 million from risk firms such as Digital Galaxy, Macquarie Capital and Dentsu. The blockchain company was also exploring the making of an initial public offer or IPO last year, possibly in Amsterdam, London or Hong Kong.

People’s Bank of China To Issue Cryptocurrency? Director Says ‘They’re Ready’!

PBoC, the People’s Bank of China has stated that its digital currency can now be considered ready. According to Mu Changchun, deputy director of the bank, a prototype that adopts blockchain architecture has developed successfully after five years of research.

His announcement, made at the China Finance 40 forum, was reported by local Shanghai Securities News on August 10.
Two-level operating system. According to the director, it would be difficult to issue a digital currency using pure blockchain architecture in a country as large as China, as retailers demand high competitive performance.

The digital currency will also adopt a two-level operating system to address “the complex economy of the country with a large territory and a large population”, with the PBoC at a higher level and commercial banks at a secondary level. According to Mu, this will improve accessibility, increase adoption rates among the public and foster innovation among commercial entities.

PBoC executive also mentions that the digital currency is designed to adapt to “high-frequency commercial scenarios for small-scale retail sales.” As reported by Cointelegraph on August 9, the PBoC planned to outperform the US libraries. UU. And Facebook by publishing a national cryptocurrency, while US politicians would curb the stability of the social network for regulatory reasons. However, despite Mu’s optimistic comments, it is difficult to know exactly when the Chinese digital currency will be launched.