Bitcoin markets are reacting to new regulatory comments on crypto made by Indian Finance Minister Arun Jaitley during his recent budget speech in Parliament today. After Jaitley stated in his speech that cryptocurrency is not legal tender in the country and promised a crackdown on “illegitimate activities” involving crypto, a flood of misinterpreted comments warning of an outright ban appeared in the mainstream press and social media.
Calculate the rate of return by determining the number of days a given contract will take to return the invested funds. Calculate daily returns based on the contract’s current hash rate and network. Subtract the fee from this figure. You can also figure out the expected annual returns. Certain contracts are only in place for a certain amount of time, such as three years. However, there is a one-year payback period. In other words, there is no chance of getting your money back because the fee is higher than the income the contract earns on a daily basis. Multisig has been widely used in various applications for Bitcoin in recent years. Brand security benefits are a key feature of some consumer wallet applications, and this week’s paper pays attention to how Schnorr Multisig also provides enhanced transaction privacy.
After Jaitley pointed out in his speech that cryptocurrency is not legal tender in the country and promised a crackdown on “illegitimate activity” with crypto, a flood of misinterpreted comments warning of an outright ban appeared in the mainstream press and social media. Markets in turn fell in trading Thursday, with Bitcoin dropping below $9,512 after breaking through $10,300 on Wednesday, Jan. 31, data from Bitstamp showed.
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India has made sporadic attempts to formalize cryptocurrency regulation over the past two years. Since the country’s currency reforms, interest in Bitcoin has skyrocketed, with local exchanges seeing tremendous growth.
This week’s plunge brought the total market value of cryptocurrencies to around $400 billion, half of the peak it reached in January, according to industry tracker Coinmarketcap.com. The market value of cryptocurrencies is calculated by multiplying the number of digital coins in existence by their price, although many question whether this is the right way to value them. This week’s plunge brought the total market value of cryptocurrencies to about $400 billion, half of the peak it reached in January, according to industry tracker Coinmarketcap.com.
The second- and third-largest virtual currencies, Ethereum and Ripple, also plunged more than 20 percent to session lows, Coinmarketcap.com said. Ethereum was last down 13.2 percent at US$888.22, while Ripple was last trading at 83 U.S. cents, down 14.7 percent.
Retail investors have poured money into digital coins, lured by the huge price increase. Regulators say cryptocurrencies are highly speculative and dangerous investments. The second and third largest virtual currencies, Ethereum and Ripple, also plunged more than 20 percent to session lows, Coinmarketcap.com said. Ethereum was last down 13.2 percent at $888.22, while Ripple was last trading at 83 U.S. cents, down 14.7 percent. A massive $530 million hack of a Japanese cryptocurrency exchange last week renewed concerns about the industry’s security. Retail investors have poured money into digital coins, lured by the huge price increase. Regulators say cryptocurrencies are highly speculative and dangerous investments.
The company uses the SAFT (Simple Agreement for Futures Tokens) structure, where money is collected from accredited investors before a functioning network is built to avoid violating securities laws. The grams that were eventually delivered to SAFT investors could then be resold to consumers. DiPasquale described the pre-sale’s minimum investment of $1 million and cap on proceeds as high and its one-year lock compared to other token sales before it, and continued to be optimistic.
The roadmap goes on to say that the first related product, “External Secure ID”, will be launched in the first quarter of 2018, with all other products to be launched by the first half of 2019. And the Telegram founders’ control of the project will shift to a non-profit foundation by 2021. The remaining 52 percent will be “retained by the TON Reserve to protect the nascent cryptocurrency from speculative trading and maintain flexibility in the early stages of the system’s development,” the introduction says. The ICO is likely all or part of the three Telegram co-founders Pavel Durov told his followers about on his public Telegram channel on New Year’s Eve.
However, since the minister says Bitcoin is not a coin or a payment method, questions remain about how it will be treated from now on. Even if it is treated as a commodity, it won’t be easy to impose a goods and services tax (GST) on it. A government official said Friday that the government has not yet thought about the GST aspect of cryptocurrencies.
Bitcoin exchanges say they provide a service and on the brokerage they charge may be subject to GST. Vaibhav Parikh, partner at Nishith Desai Associates, said, “Cryptocurrencies can be treated as capital assets for taxes unless you are in the business of buying and selling, in which case it will be business income.” Regarding Jaitley’s statement, he said, “Cryptocurrency would be discouraged, but not banned.”
