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Re-Emergence of Crypto-currencies in India. 1-Step Closer to 5 Trillion Dollar!



Cryptocurrency, an
internet-based medium of exchange of currencies that are used to conduct
financial transactions uses Blockchain technology for decentralization,
transparency, and immutability. It came into usage around 2012 but got the hype
around 2014. In India, it’s only recently (2013) that start-ups began using the
technology, but were made to shut down as it got prohibited by the nation’s
central bank (Reserve Bank of India) in 2018.

One of the many
reasons for concern from their side could have been the ambiguity regarding
regulations, monitoring, and control. The country is popularly known to have
smart individuals who know how to find ‘loopholes’ in almost everything. As the
technology was seen with mixed perceptions even in the Western part of the
world, they might have felt to keep away for the time being. Besides banning
it, making the individual go to prison for 10 years established that no one
even dared to try and implement it. But after the petition was filed, seeing
the proper ethical functioning on the ground (in the USA and Europe), they
might consider taking a shot.

Technologies are
becoming an integral part of whatever small or big daily activities we perform.
With constant modifications, it becomes difficult not to use it. It’s possible
that after receiving consultations from technology experts, the highest court
of the nation felt the nation needs to get out of the economic slowdown quickly
and this could be the way.

But let’s not jump
to conclusions instantly. The Supreme Court has said to allow the usage of
Blockchain and Cryptocurrencies, but even now the one who will take the call is
Reserve Bank of India (RBI). The up-gradation is a big help, but it’s not like
the whole issue is resolved. Now more start-ups will be able to operate in
India, which leads to more employment. Besides that, the economy will again
start to grow resulting in having a better GDP (Gross Domestic Product).

The current
government may eventually legalize Blockchain Technology completely. As the
current Prime Minister of the nation (Mr.Narendra Damodardas Modi) wants to
make India a $5 Trillion nation by 2025, the legalization of technology may
likely be on the list of things to be executed in his second term. But at the end
of the day, it comes down to Technology Minister (Ravi Shankar Prasad). If he
sees the technology fit to be implemented and appropriate infrastructure to be
in place, the legalization may happen very soon.

Besides the
legalization, another important aspect is training employees of Banks (Private
and Public) and lawyers of all courts to know the basics of the technology. Only
if that is taken care of before legalizing it, then proper financial monitoring
and handling legal issues would be possible. Even NITI Aayog (A think-tank of Government of India) has acknowledged that Blockchain will support in
uplifting the economy if proper implementation happens on the ground.

The post Re-Emergence of Crypto-currencies in India. 1-Step Closer to 5 Trillion Dollar! appeared first on PrimaFelicitas.



Lewis Hamilton believes that the future of the F1 is in good hands



Lewis Hamilton has described Stefano Domenicali’s return to Formula One as ‘amazing’ and believes the future of the sport is in good hands.

The Italian, a former team principal of Ferrari, has been named the new president and chief executive officer.

Chase Carey, the chairman and CEO of F1 since January 2017, will step back to a non-executive chairman role and relinquish day-to-day control.

And six-time world champion Hamilton was among many to welcome Domenicali’s appointment.

‘Amazing. I know Stefano really well. He’s one of the nicest guys that I know,’ Hamilton said ahead of the Russian Grand Prix in Sochi.

‘I don’t think they could have chosen someone better, to be honest, to replace some big shoes of Chase, who has done an amazing job and has always had such a great approach.

‘Stefano has got a great heart. He’s got a good family and good morals. The future’s positive.’

Domenicali, 55, worked as Ferrari team principal between 2008 and 2014, and has since worked with the Volkswagen Group and as the chief executive of Lamborghini.

He has also been head of the single-seater commission of F1’s governing body the FIA and will continue in that role.

The Italian said: ‘I am thrilled to join the Formula 1 organisation, a sport that has always been part of my life.

‘I was born in Imola and live in Monza. I’ve remained connected to the sport through my work with the single-seater commission at the FIA and I look forward to connecting with the teams, promoters, sponsors and many partners in F1 as we continue to drive the business ahead.

‘The past six years at Audi and then leading Lamborghini [both part of the Volkswagen Group] have given me broader perspective and experience that I will bring to Formula 1.’



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Hong Kong taps ConsenSys for phase 2 of digital currency development

ConsenSys to take over phase two of project Inathon-LionRock The blockchain firm will team up with PwC and HK Forms Project involves the execution of a cross-border proof-of-concept Project Inathon-LionRock is about to enter phase two as Hong Kong taps ConsenSys blockchain firm to take finalize the development. Hong Kong’s finance regulator singled out ConsenSys […]



  • ConsenSys to take over phase two of project Inathon-LionRock
  • The blockchain firm will team up with PwC and HK Forms
  • Project involves the execution of a cross-border proof-of-concept

Project Inathon-LionRock is about to enter phase two as Hong Kong taps ConsenSys blockchain firm to take finalize the development. Hong Kong’s finance regulator singled out ConsenSys to finalize the execution of a CBDC to a cross-border proof-of-concept in phase two of the Inathon-LionRock fintech project.

Notably, Inthanon refers to the distributed ledger technology of Thailand’s CBDC, while LionRock is Hong Kong’s CBDC version. The Hong Kong Monetary Authority (HKMA) commenced the digital currency development initiative last year jointly with the Thai central bank, to evaluate the execution of a CBDC to international settlements. As per the official statement, ConsenSys disclosed it would team up with PriceWaterhouseCoopers and HK Forms on the PoF.

Hong Kong taps consenSys technology

The execution of DLT comprises avoiding the current banking system and permitting inter-bank direct transfers. The objective is to form a link connecting Inathon and LionRock and implement an international settlement protocol, to subdue the problems faced today in cross border transactions such as policies, expenses, and backtracking.

Moreover, ConsenSys has participated in digital currency development before. The Ethereum studio is among the entities contracted by Singapore’s financial regulator for its CBDC concept. Furthermore, the ConsenSys worked with the central bank of South Africa for project Khokha to create a robust, low cost potent inter-bank network on utilizing DLT. As Hong Kong taps ConsenSys for its digital currency project, its experience in the field explains the decision.

Consensys to spearhead Inathon-LionRock phase two

As per the official statement, ConsenSys will utilize its commercial stack to evaluate the PoF solutions, with more weight placed on three vital factors in the scalability, interoperability, and security of the solution. Furthermore, the blockchain firm justified its adoption of Ethereum solutions stating that the network is perfect for digital currency development based on scalability and privacy.

The Inathon-LionRock is a fintech partnership between the HKMA and the central bank of Thai. Furthermore, some other ten commercial banks were included in the project back in May last year. The pilot project run between financial institutions earlier this year produced excellent results, hence phase two of the project.

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Monero, Synthetix, DigiByte Price Analysis: 26 September



Monero was noting a bullish divergence on the charts, with XMR trading beneath an important level of resistance, at press time. Synthetix, however, showed indecision in the markets and could see a drop in price over the next few hours. DigiByte bulls and bears were in equilibrium, but bears could force another minor pullback in the next few trading sessions.

Monero [XMR]

Monero, Synthetix, DigiByte Price Analysis: 26 September

Source: XMR/USD on TradingView

The RSI showed a bullish figure of 57, at press time, with the same rising alongside the price as it bounced off the support in the region of $87. The price had also formed a bullish divergence, highlighted in white, registering lower lows while the momentum indicator (RSI) made higher lows.

XMR has been unable to ascend past the $95-resistance over the past week and could face selling pressure in the same region once more.

Also highlighted on the chart in orange was the impending bearishness XMR showed as it neared $95 a week ago. The price had been forming higher highs while the RSI made lower highs. This played out and the price was forced to test the support at $87 twice.

In related news, it was recently announced that Monero had been added to Atomic Wallet.

Synthetix [SNX]

Monero, Synthetix, DigiByte Price Analysis: 26 September

Source: SNX/USD on TradingView

The MACD registered a bullish crossover a couple of days ago and also crossed into bullish territory. This was a clear bullish signal, yet the price met sharp selling pressure at the resistance level of $5, evidenced by the long upper wick, denoting rejection at the resistance.

The subsequent trading sessions also suggested indecisiveness in the market, as shown by the cyan arrow. The price oscillated both ways, but neither buyers nor sellers prevailed.

This price action near an important level of resistance might indicate short-term bearishness, and SNX could be headed for a minor drop to $4.5, before it resumes its recent uptrend.

Bitfinex recently announced the listing of SNX and added that SNX deposits were open.

DigiByte [DGB]

Monero, Synthetix, DigiByte Price Analysis: 26 September

Source: DGB/USD on TradingView

DGB rose strongly past multiple levels of resistance, till $0.032 proved to be particularly thorny. Sharp rejection at that level saw DGB move beneath previous support levels to trade at a press time of $0.025.

The Chaikin Money Flow showed a balance between buyers and sellers in the market with CMF near 0. The trading volume over the past few sessions has also been low, suggesting that many traders have opted to sit on the sidelines and wait for DGB to confirm its next direction.


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