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   594

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”.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   85

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.
 

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.