India to Represent Crypto Bill in December

Finally, Indian authorities to clarify its position on cryptocurrencies

20 November 2018 620

Next month, the Indian authorities intend to submit a draft of the regulatory framework for regulating the cryptocurrency industry, where they will indicate their attitude to the use and exchange of digital assets in the country, reports Quartz.

It is expected that in December, a commission formed by the Ministry of Finance a year ago will present a draft law on virtual currencies and the use of distributed registry technology in the financial system, as well as a “legal basis for digital currencies in India”. Information about this appeared during the trial of representatives of the cryptocurrency industry, who consider restrictions on their activities illegal, with local authorities.

…currently, serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India. The draft report and bill will be circulated to members of IMC (inter-ministerial committee). Thereafter the next meeting of IMC will be held so that discussion can take place on the draft report and bill. It is expected that the draft report will be placed before the IMC by next month.

Indian Government

There's no information on mining regulation in the upcoming bill.

Earlier this year, the Reserve Bank of India banned regulated financial institutions from servicing companies operating in the cryptocurrency sector, which led to significant changes in the local industry.

Mining Blockchain

Sparkpool to Freeze $300k Reward

As reported, pool suggests that such a high commission could have been paid by someone in error and is considering the possibility of a refund

20 February 2019 68

The Sparkpool mining pool decided to freeze the remuneration in the amount of 2,103,1485 for the extraction of block # 7,238,290. The management of the organization suggests that such a high commission could have been paid by someone in error and is considering the possibility of a refund, CoinDesk reports.

The head of the Sparkpool Xin Xu argues that users of the pool understand and agree with the decision, given the size of the amount involved.

Unfortunately, and fortunately, blockchain is so far not completely run by machines; human are still involved. So we have an opportunity to correct the problem. Integrity is our pool’s priority.

Xin Xu

CEO, Sparkpool

While some users suggested that a large commission was paid by mistake, others admitted that this could be a goodwill gesture from an anonymous donor to the community of the miner or even an attempt to launder money through the blockchain cryptocurrency.