India Warns to Stay Away from Cryptocurrency

RBI has clarified that it has not given any licence to any company to operate with cryptocurrency 
29 December 2017   1004

The Reserve Bank of India issued a statement on Friday comparing cryptocurrencies to ponzi scheme and warned people to stay away from virtual currencies such as bitcoin. RBI added that cryptocurrencies are not backed by regulations hence there is a real and heightened risk of investment

There has been a phenomenal increase in recent times in the price of cryptocurrencies including Bitcoin, in India and globally. Cryptocurrencies don’t have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other cryptocurrencies therefore is entirely a matter of mere speculation resulting in spurt and volatility in their prices.

 

Arun Jaitley

Finance Minister of India

The Minister also said that transactions of cryptocurrencies are encrypted and they are also likely being used to carry out illegal activities, such as, terror funding, smuggling, drug trafficking and other money-laundering Acts.

RBI has clarified that it has not given any licence to any company to operate such schemes or deal with bitcoin or any cryptocurrency. The government also noted it that cryptocurrency is not legal tender and it does not have any regulatory permission or protection in India.

UCLA Blockchain Crypto Conference to be Held in LA

The UCLA Conference will be held on February 17-18 of 2018, gathering together the most experienced and exciting thinkers
17 February 2018   231

UCLA's Blockchain Lab and Far from LA are holding the Blockchain Cryptocurrency Conference, gathering together the most experienced and exciting thinkers across SoCal, in order to foster both economic and educational progress. The conference will concern cybersecurity, cryptocurrencies, and blockchain.

The UCLA Conference will be held on February 17-18 of 2018.

Location: The University of California, Humanities Building, 415 Portola Plaza, UCLA 90095, Los Angeles

The headline speakers will include Kathleen Breitman, the co-founder of Tezos; Sandra Ro from UWIN Lab; David Moss from EOS; Jeremy Rubin, the Bitcoin core developer, and many more.

The agenda of the conference is as follows: the future of blockchain keynote, bringing humanity to the blockchain, cybersecurity, autonomous vehicles, blockchain's influence on the development of art and culture, blockchain in the music industry, government adoption of blockchain around the world, and more.