Era of new currency, cryptocurrency, Bitcoin
Indian Government panel recommends clampdown on cryptocurrency dealers
New Delhi: A government panel is said to have advised the closure of businesses dealing in the buying and selling of cryptocurrency as also of cryptocurrency exchanges operating in the country. While the ‘Bitcoin’ hits a new high, with its value growing 200 percent in the course of the past seven weeks, the number of Indians investing in a currency like the Bitcoin, too escalates demonstrably. It is on this background, that the government appears to have set about measures to curb cryptocurrency transactions.
Financial adviser to Russian Mufti Council claims Bitcoin to be ‘Halal’ as per Islam
Moscow, 03 Nov 2017 – Bitcoin and other cryptocurrencies could prove ‘Halal’ in Islam and could be used for ‘Islamic Banking’, said Madina Kalimullina, adviser on Islamic economics and finance to the Russia’s ‘Mufti Council’. Speaking to a Russian news agency, Kalimullina clarified that though a formal decision was yet to be made in this matter, discussions on it have already begun. This topic is now hotly discussed in Russia, particularly among the Islamic finance experts from the Caucasus region.
Iran to use Bitcoin for domestic transactions
Tehran, 03 Nov 2017: Iran will use Bitcoin for domestic transactions. Iranian Deputy Minister of Information and Communication Technology, Amir Hossein Davaee made this important announcement that ‘detailed study and research was being conducted and the necessary preparations for the use of Bitcoin were underway’. This announcement of use of Bitcoin by Iran, that is facing US sanctions, has caught raised the eyebrows of many analysts. All the domestic transactions in Iran are conducted in ‘Iranian Riyal’, it’s national currency, while for foreign transactions US Dollar and other foreign currencies are used.
Cyber theft attacks target Bitcoins and other Cryptocurrencies
Moscow, 03 Nov 2017: The number of cyber-attacks on Bitcoin and other cryptocurrencies is on the rise over the past few months indicating that this mode of currency is no longer invulnerable, reports Russian Cybersecurity firm ‘Kaspersky’. The cryptocurrencies are being attacked with the help of a malware named ‘Cryptoshuffler’ which has led to the theft of Bitcoins worth USD 150,000, says the Russian company. ‘It has now come to the fore that cryptocurrency is no more secure from cyberattacks.
Experts warn about Bitcoin
The past year has seen an unprecedented increase in the value of the Bitcoin. Although some financial experts have predicted that the cryptocurrency has a great future, there are many others who have expressed their reservations about Bitcoin, and have advised caution. The kind of surge that has been witnessed in the value of the Bitcoin (from $966 at the beginning of the year to $7350 on 2nd November 2017) was seen on an earlier occasion too between June 2013 and June 2014 when the price of the bitcoin increased from $100 to $600 (in 2009 a person bought 5000 bitcoins for $27 only; in 2010 the price of the bitcoin was $0.39 only!).
‘Bitcoin’ races past 7000 dollars
Washington: 3rd November 2017, The Bitcoin exceeded the mark of seven thousand dollars on Thursday last. The CME Group in the USA with the largest ‘Options and Futures Exchange’ had already hinted that the ‘Bitcoin Futures’ trade would take off by the end of the year. This announcement caused the Bitcoin to soar more than 7 percent in just one day, leading it in turn, to smash through 7000 dollars. This all-time high, a record leap, has earned the Bitcoin a worth of 100 billion dollars at the international level. Also, over a period of one year, the rate of the Bitcoin too has spiked to the extent of a whopping 640 percent.
Amazon preparing to enter Cryptocurrencies; buys relevant domains
Amazon, the multinational giant with annual revenue of USD 136 billion and total assets worth USD 83 billion is reportedly getting ready to enter the Cryptocurrency sector. Reports say that the company, which is considered the leader in electronics, online shopping, cloud computing, etc. has registered 3 domains or web-addresses related to cryptocurrency. As of now, there is no official announcement from Amazon on this. Before launching a website, the domain or web address has to be purchased and registered by paying the necessary charges.
No need to regulate Cryptocurrencies and Blockchain claims Reserve Bank of Australia
Australia central bank, the Reserve Bank of Australia has claimed that there is no need to put regulations on ‘Cryptocurrencies’ and the underlying ‘Blockchain’ technology. This information has emerged a month back during a hearing before the Australian Parliament. Just few months back, Australia had clarified that ‘Bitcoin’ could be used like any other currency. But it has also been noticed that the ‘Australian Competition and Consumer Commission’, in the month of October, has received 245 complaints regarding frauds involving ‘Bitcoin’.