Rule on Cryptocurrencies urged by India’s Supreme Court

Indian Government is aimed to set the control in the sphere of cryptocurrencies in the best interest of all the participants
10 April 2018   910

The Reserve Bank of India since 2013 has been publishing warning recommendations about cryptocurrency. Nevertheless, the Governmental directions towards digital money would only relate on the swindlers and scammers who will flout the laws of the country.

Indian Ministry of Finance had also founded an inter-disciplinary committee, which  was also stated to examine the regulatory base with consideration to Virtual Currencies. The committee included representatives from different Government structures, especially stock exchange board of India and Reserve Bank of India (RBI).  

In the middle of 2017 bitcoin became extremely demanded because of the growth in price and huge benefits earned by the investors. Together with the bitcoin`s increased popularity, crimes and fraud also enlarged and then began the period of knocking the doors of Supreme Court by activists.

The first Public Interest Litigation (PIL) was offered up before the Supreme Court by Mr. Vijay Pal Dalmia Advocate, by way of Writ Petition filed under Article 32 of the Constitution seeking a ban on cryptocurrencies` sale and purchase (including bitcoin, litecoin, etc) in India. Finally the RBI instead of clarifying its position on the issue evasively replied while giving information about the appointment of Inter-Disciplinary Committee by the Ministry of Finance.

Two Public Interest Litigations (PIL) are waiting for adjudication before the Supreme Court since November 2017 and remarkably the Government has not revealed its stance before the Supreme Court whether it is in favor or against the Crypto ecosystem.

The new RBI notification severing fiat-crypto ties will probably be challenged in the Court of Law. Today the parties with contesting interests are face-to-face before the Supreme Court, a gavel stroke of which will determine the future of cryptocurrencies in India.

The atmosphere on the social media specifies that the Crypto community is hopeful of a postponement from the Supreme Court. And like in other statement of John McAfee, “You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust”.

Ebang to Unveil New BTC Mining Devices

As reported, 10-nm process technology based Ebang E11 miners can reach 44 TH/s performance
25 September 2018   109

The Chinese manufacturer of mining equipment Ebang Communication revealed details about the new line of E11 devices, CCN reports.

At World Digital Mining in Tbilisi, the company introduced three new devices. Based on the 10-nm process technology Ebang E11 miners can reach 44 TH / s. According to the information on the company's website, new miners will go on sale in the near future.

Ebang Mining Devices
Ebang Mining Devices

On the advertising pic there are new devices: E11 (30TH / s), E11 + (37TH / s) and the most powerful E11 ++ (44TH / s)

Main competitor of Ebang - Bitmain - had introduced a high-performance chip BM1391 last week based on 7nm process technology. It is noteworthy that the device E11 ++ from Ebang in its effectiveness exceeds the flagship chip from Bitmain only 2J / TH.

The first information about the new line of miners from Ebang appeared in August.