RBI Crypto Ban Hearing in India Postponed by the Supreme Court, Is This Good or Bad?

The Indian Supreme Court has postponed the hearing on Reserve Bank of India’s (RBI) case related to crypto businesses.

Ever since the RBI implemented its ban on crypto dealings at banks in April 2018, crypto firms and exchanges in India have had a very tough time. Many petitions, both public and industry-related, have been signed. More than this, the decision has been taken to courts and called unconstitutional. The Internet & Mobile Association of India (IAMAI) is the non-profit body that appeals to the government when it comes to such matters, and the one that brought the case to court.

The Court’s Action Regarded as Positive

Kashif Raza, the co-founder of India-based analysis and regulatory news platform Crypto Kanoon, says the case’s principal contention is to appeal the ban on the grounds of being unconstitutional. He also commented that the latest action taken by the court is very positive, these being his own words:

“Today RBI was supposed to reply to the representation filed by IAMAI […] It seems that the Supreme Court of India today passed over the matter primarily because the court expects there to be longer arguments in this case, which could take their entire week. They gave it a pass so as to allow in future for a full-fledged hearing of the arguments, to listen to both parties. So interesting times ahead.”

The Indian Crypto Climate is Adverse

The ban had brought quite the extensive toll for the Indian crypto industry, with exchanges like WazirX being forced to go P2P so that in-house crypto to fiat conversions are avoided, and Coindelta terminating is services altogether. Uncertainty seems to be the word of the moment, as in the fall of 2019, the Indian government had delayed introducing a contentious draft bill on crypto banning. The bill dubbed “Banning of Cryptocurrency and Regulation of Official Digital Currencies” doesn’t only intend to ban using crypto in India, but also to make things easier for RBI to launch the Digital Rupee.

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Author: Oana Ularu

Power Ledger Partners With India’s Largest State To Introduce P2P Solar Energy Trading

Uttar Pradesh is poised to become the inaugural Indian state to introduce blockchain-based solar energy trading. This is after Australian startup, Power Ledger inked a deal with two major government-owned companies for a pilot project that will involve blockchain-based solar energy trading, Cointelegraph reports.

In a press release, the two firms Renewable Energy Development Agency, as well as Uttar Pradesh Power Corporation, have entered into an agreement with Power Ledger to roll on a pilot a blockchain-backed solar power trading to analyze whether such a project is viable in the state. As per the statement, the first batch of the project will end before the end of March 2020.

As per the agreement, during the piloting stage, Power Ledger is expected to connect its blockchain-backed system to smarter meter systems which will enable citizens owning rooftop solar equipment to decide on the prices, monitor the power trading as well as clear out excess solar power dealings through the use of smart contracts.

An essential challenge facing renewable power sources is storage of extra energy due to unpredictability of sources such as the sun or wind that generate extra or less energy than is required. Keeping this in mind, the current project is primed to empower small producers to get clients who can utilize the extra power as well as make the generation of renewable energy more viable.

After the completion of the trial stage, Power Ledger is expected to analyze the results and work closely with the government to come up with regulations which will enhance P2P power trading in the state.

This is not the first project to be undertaken by Power Ledger in India as it previously implemented a P2P power trading in Dwarka area located in Delhi. Just like the trial in UP, the company’s pilot project in Dwarka was premised on offering the residents cheaper, safe renewable power and allow solar equipment owners earn from the extra power they produced.

With a population of more than 1b people, India has recognized the power of blockchain technology in various sectors and just recently, the country ministry in charge of IT said it will soon release a countrywide blockchain framework.

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Author: Joseph Kibe

Indian State Tamil Nadu is Reportedly Developing AI and Blockchain Policies

Tamil Nadu, the 10th largest Indian state, is working on creating state-level policies for AI and blockchain technologies.

Blockchain technology seems to be going through a very positive period, with major countries around the world suddenly welcoming it. China surprised the entire world only days ago, when its president publicly praised blockchain, claiming that adoption of this technology would be seizing the opportunity.

He is not the only one who thinks so, as new reports claim that the 10th largest Indian state, Tamil Nadu, is also working on doing the same. In fact, the state is supposedly already in the process of creating a state-level policy for blockchain technology, as well as for AI tech.

Santosh Misra, CEO of the state’s e-Governance Agency commented,

“We are working on separate policies on blockchain and AI. The AI policy is going to be perhaps the world’s first policy addressing safe and ethical use of AI […] No state or country has announced a standalone policy to address the safety and ethics associated with AI, and we have no precedence for it.”

The country’s local news outlet, The Times of India, has reported that Tamil Nadu is creating separate policies for blockchain and AI. Furthermore, the policies should be released within the next 10 days, according to the source.

If true, the policies will establish some of the basic rules on how the government should go about applying new technologies. Emerging tech like AI and blockchain already offer great potential for impacting numerous businesses and industries, such as service delivery, and others. They also might help solve governance problems, and more.

Tamil Nadu is the latest Indian state to start thinking of ways of implementing emerging technologies, but it is certainly not the only one. Earlier in 2019, the state of Telangana created a similar policy for blockchain, which would create a favorable ecosystem for blockchain startups.

Then, in August of this year, India’s second-largest state of Maharashtra worked on creating a regulatory sandbox for testing various blockchain solutions in hopes of finding new applications. This is also a state in which India’s capital of Mumbai is located, and home to 114 million people. If tests prove successful, it could start using blockchain technology for vehicle registration, supply chains, document management, agricultural marketing, and more.

Finally, the authorities in Andhra Pradesh also started researching blockchain use cases in land ownership, with hopes of making a transparent system that could eliminate corruption.

Indian bank still pursues the crypto ban, however, but earlier this month, the Supreme Court of India postponed the hearing to November 19th. The news of yet another state exploring crypto’s underlying technology and creating a policy for it might impact the decision in a positive way.

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Author: Ali Raza

Indian Vehicle Maker Tata Motors Calls For Blockchain Technology Focused on Auto Industry

Tata Motors, an Indian car company, has recently shown some interest in integrating blockchain-based solutions to its cars as part of a new program. According to Business Insider India, the company has just started the Tata Motors AutoMobility Collaboration Network 2.0.

This new program is intended to help the company to develop products related to the industry using solutions based on emerging technology such as artificial intelligence, machine learning and blockchain.

These solutions will be used in several aspects of the industry such as in monitoring the vehicles in real-time, creating a parking marketplace and using algorithms to predict demand more accurately.

Shailesh Chandra, the president of corporate strategy at the company, affirmed that every segment of the industry is currently required to innovate. She believes that we live in an age of quick changes, so the companies need to be prepared to always find the right solutions via in-house initiatives or external partners.

Blockchain and The Car Industry

Blockchain technology is being used all over the world, so it is no surprise that the automotive industry is adopting it as well. According to recent reports, the global blockchain market is set to grow 42.5% per year.

Several companies are already starting initiatives similar to Tata Motors’ one. PlatOn, for instance, created a platform that stores the data of the market and calculates the price of used cars.

Volvo Cars have recently created electric cars which were mapped in the blockchain to prove that they were environmentally-friendly and did not use any kind of child labor.

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Author: Hank Klinger

IBM And Indian Telecom Firm Tata to Become Part of Hedera Hashgraph’s Governing Body

Technology giant IBM and the Indian telecom company Tata Communications have recently announced that they would be a part of the Hedera Hashgraph, a blockchain network that was created for enterprises.

The blockchain network has affirmed that the presence of these two companies is set to decentralize even more control of the company. At the moment, the company has 31 of its 39 seats for the governing council still open.

Mance Harmon, CEO of Hedera Hashgraph, affirmed that the governance model of the company ensures that no company can consolidate power alone. This is usually done via a checks and balances system that prevents one company from getting all the power alone.

Hedera was created in order to facilitate payments using the blockchain technology and to support smart contracts and file storage. The company was able to raise $124 million USD so far via future token agreements.

The code of the company is fully open for viewing, but it is patented, meaning that it is not open source, only transparent.

According to IBM, one of the most interesting aspects of the network is how private networks can be used to interact with public networks. The Hedera Consensus Service, for instance, can be used to connect public networks such as the Ethereum blockchain with private ones such as Hyperledger Fabric.

Because of this, IBM is certain that this new technology can be used in order to make its own offerings more effective and well-connected to the rest of the blockchain world.

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Author: Gabriel Machado

India’s Second Largest Company, Reliance Industries, to Incorporate Blockchain All Across the Country

During the 42nd Annual General Meeting of Reliance Jio Infocomm Limited, an Indian mobile network operator fully owned by Reliance Industries, Founder, Shri Mukesh D. Ambani has shared how the firm will be investing in three next generation technologies’, among which includes focus depicted in blockchain technology, edge computing and virtual and mixed reality content and cloud infrastructure.

The conference went live on Facebook on Sunday, August 11, 2019.

Speaking of blockchain uses, Ambani praised the technology for its ability to support data privacy along with plans that the company has in store for the country.

Here’s why he believes blockchain has potential in contributing towards the Indian economy:

“Using blockchain, we can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction. This is a vital capability for India, especially for modernizing our supply chains, agriculture produce and other goods, which produces the life form for our economy.”

He further argued that the blockchain uses will go as far as promoting innovation in coming up with newer models that support data privacy. Ambani shared that the overall aim is to ensure control of one’s data belongs to said rightful owners and “not by corporates”.

This is an issue that he seems to be passionate about as he went to highlight that Indian data should not leave the country because it is the country’s “wealth”.

That said, the Founder shared Jio Infocomm’s future efforts over the course of 12 months. In particular, the firm plans to install “one of the largest blockchain networks” across India entailing tens of thousands of nodes in operation.

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Author: Nirmala Velupillai

John McAfee Summons ‘Anonymous’ Hackers to Combat The Current Crypto Ban In India

John McAfee Summons 'Anonymous' Hackers to Combat The Current Crypto Ban In India
  • John McAfee is requesting hackers to take action and help Indian crypto users
  • India is taking very hard policies related to digital assets

John McAfee, the recognized figure in the crypto market, has sent a few messages regarding the current situation that cryptocurrencies are experiencing in India. Indeed, he called hackers to take action now that Bitcoin is forbidden in the country.

John McAfee Against India’s Bitcoin Policy

On Twitter, McAfee wrote that if there was ever a time for Anonymous to take action, the time is now. He was making reference to the current situation that crypto enthusiasts are experiencing in India in which users of digital assets would have to spend 10 years in jail.

In another tweet, he wrote:

“The was has begun. An entire nation wishing to free itself is now punished for using the instrument of freedom.”

Nonetheless, these two tweets were deleted. The tweets were making reference to a bill that wants to prohibit Bitcoin ownership and trade in the country. India has taken very hard measures against the crypto market and several companies such as exchanges had to leave the country.

Lawmakers in the country are proposing to the government to impose 10 years of prison sentences to people that are related to digital currencies in the country. That includes mining, holding, selling, transferring, disposing of, issuing or dealing with virtual currencies directly or indirectly.

At the same time, Bitcoin investors would have to inform the government they own these digital currencies and they will have 90 days to sell them to the market.

John McAfee is a strong supporter of virtual currencies and blockchain technology. At the moment, he is running for president of the United States proposing to embrace distributed ledger technology (DLT) and cryptocurrencies.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Carl T