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   1372

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”.

VeriBlock to Report on Mainnet Launch

VeriBlock believes their technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”
21 March 2019   81

Using the bitcoin blockchain to ensure the safety of altcoins, the VeriBlock project announced the launch of the main network. This is reported in a press release.

According to the developers, the VeriBlock technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”. The project is confident that this approach not only ensures the security of less popular networks, but also allows their developers to focus on innovation and functionality.

According to analysts of The Block, 25–45% of bitcoin transactions fall on VeriBlock. The VeriBlock network uses a consensus algorithm called Proof-of-Proof (PoP). The project seeks to ensure the safety of other blockchains by loading a snapshot of the altcoin registry into the BTC blockchain, using the OP_RETURN function and other methods to embed network state data.

The project’s website states that PoP allows altcoin networks to use the most protected Bitcoin blockchain with its Proof-of-Work algorithm.