India's 3 Largest Exchanges: Crypto Ban Rumors are FUD

Representatives of Unocoin, ZebPay and Coinsecure believe that cryptocurrency ban rumors in India are not true
05 February 2018   81

Heads of the three leading cryptocurrency exchanges of India Unocoin, ZebPay and Coinsecure unanimously declared that rumors spread earlier this week and messages about the ban of cryptocurrency in this country have no basis. This is reported by CoinTelegraph.

Speaking last week in parliament during the presentation of the state budget, Finance Minister Arun Jeytli of India said that the government does not recognize bitcoin and other crypto-currencies as legal tender and will take all necessary measures to prevent financing of illegal activities through crypto-exchange payment systems.

However, as representatives of the exchanges say, the ban on cryptocurrency is generally not the case, and the media clearly hurried in their opinions - misinterpreting the minister's statement, they created another market "scarecrow" that is very far from reality. The minister himself later made a speech on national television and also denied rumors about the ban.

According to the heads of exchanges, bitcoin is practically not recognized throughout the world as an official means of payment. They also called the fight against crimes in the sphere of finance an absolutely adequate step, and it does not matter whether it concerns fiat money, bitcoin, gold or any other asset.

During question hour in Rajya Sabha on Jan. 2, 2018, the Finance Minister had made the exact same point, where he stated that, ‘Bitcoins or such cryptocurrencies are not legal tender.’ This has been the position taken by almost all governments around the world, and we regard this statement quite neutrally. It is our understanding that only currency notes and coins are legal tender. To extrapolate that to mean that such assets are ‘illegal’ is silly at best, and grossly irresponsible at worst.

Sunny Ray

Founder, Unocoin

ZebPay co-founder Sandip Goenka also agrees with the opinion that the media misinterpreted the minister's words, and insists that the bitcoin exchange of India has always supported the authorities' struggle against crime and illegal financial transactions. He also recalled that last year local exchanges assisted law enforcement agencies in investigating large-scale bank theft, and assured that ZebPay, like other financial institutions, would help authorities track suspicious transactions.

This is in no way different from the various other statements given in the recent past. Nothing new has been determined. Just appears like a lot of unnecessary media FUD.

Jincy Samuel
COO, Coinsecure

CEO of Coinsecure Mohit Calra meanwhile assured users that the platform continues to work in normal mode, recommending not to succumb to the calls to sow panic and doubt the press reports. 

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   95

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.