Indian Government Breaks Silence on Crypto Regulation

The has finally spoken up about the regulatory framework for cryptocurrency it has been deliberating, providing answers to questions presented in the upper house of the Parliament of India. The also confirmed that the report w
Source: devcoins
Indian Government Breaks Silence on Crypto Regulation

Related posts

E-Government In Vietnam: Issues And Approaches To Implementation Through The Use of Blockchain Technologies

E-Government In Vietnam: Issues And Approaches To Implementation Through The Use of Blockchain Technologies

Inception

Any , no matter how coherent and effective in the eyes of the people that had elected it or the elected is still subject to flaws, corruption, inefficiency and time lags. Technologies have largely streamlined processes, such as elections, document workflows, and others, but the key concepts of effectiveness and efficiency still rest on the link binding the technology with the population – the human factor. It is the human factor that runs governments, and humans are prone to a myriad of faults ranging from banal errors in calculations and document workflows to corruption and even spite in performing their duties.

To counter the human factor and take advantage of management systems, the concept of the E-government was proposed in the early 2000s. So the E-government concept is not that new, as it involves the use of various technologies, such as communications devices, computers, and the Internet to ensure the effective and efficient provision of public services to the citizens of a country. The keywords here are “effective” and “efficient”.

Effective simply means the application of measures necessary for achieving a certain goal, no matter the costs. In stark contrast, efficiency means the application of measures for achieving a goal with minimum waste of resources. The E-government concept is the golden mean in achieving a balance between effectiveness and efficiency.

When taken in the context of an entire country, efficiency means saving finances and ensuring convenience in the provision of services to citizens. Effectiveness means making sure that the services are rendered with due quality and with minimal error. This is where the appearance of blockchain technologies is set to play a key role in the future of E-governments as a whole.

Advances In The Achievement of E-Government Implementation

The countries of the world were quick in realizing the advantages of applying E-government approaches in the provision of public services. Every continent already has some measure of E-government applied. The countries of Southeast Asia and the Arab Gulf are the leaders in using technologies for providing their citizens with convenience in paying utility bills, ensuring transparency and efficiency with fiscal services, and workflows for various licenses, permits, and other documentation.

One of the countries leading the charge in applying E-government approaches is the Socialist Republic of . The Deputy Minister of Information and Communications Nguyen Minh Hong recently announced that the Vietnamese Government is aiming to enact Resolution No. 17/NQ-CP on the Digital Government Development Plan for 2018-2020 up to 2025. The ambitious goal will be supervised by the National Board of E-Government Review with Prime Minister Nguyen Xuan Phuc at the helm.

The main aim of the Resolution is to improve Vietnam’s E-government standing on the United Nations assessment list from level 10 to level 15 by 2020. If successfully enacted, by 2025, this will propel Vietnam to the top of the ASEAN countries list in E-government implementation.

The integration of multiple ministries into the E-government system will ensure lower error rates and improve interoperation between authorities, thus speeding up document workflow processes and bolstering GDP growth. Still, the poorly developed legal frameworks and regulations that manage the interaction among various authorities and ministries are a significant challenge that the implementation of E-government is called upon to overcome.

In essence, given its strategic location, immense economical potential and the challenges present in the country, Vietnam is the ideal location for implementing an E-government.

The Role of Technologies In Shaping Vietnam’s E-Government

Technologies are the key link in securing the implementation of the E-government concept in any country seeking to automate administrative processes. The use of advanced technologies, namely blockchain and other similar solution, in creating a unified data sharing system for all government databases will lay the foundation for ensuring successful implementation of the Resolution starting in 2019. Given the situation with technology literacy in the 95 million citizen country, the Resolution aims to integrate up to 20% of all residents and businesses in the E-government system.

ICT (Information Communication Technologies) are at the forefront of the strive to achieving E-government. The extensive use of databases and high-speed internet connection is a must, but the creation of the supporting infrastructure will ensure effective operation of the entire system. The specifics of Vietnam’s geographic location make the use of internet cables problematic in many regions, in addition to the lack of a sufficient number of highly qualified personnel for maintaining the system operational.

The introduction of advanced education programs is one of the first steps that the Government of Vietnam is taking in incorporating technologies with the main element they will be serving – the citizens of the country.

The Application of Blockchain In Achieving E-Government in Vietnam

The advent of blockchain technologies has changed much in the way ICTs have affected the perception of technological advantages in the eyes of many governments. Unparalleled speeds of operation, full transparency of all records, immutability, tamper-proof qualities and many other boons are offered by blockchain, and all of them can serve Vietnam is attaining higher levels of E-government integration.

Given that bureaucracy is the bane of many countries, including Vietnam, the introduction of blockchain technology with its auto-signatures and automatic consensus can solve the issue of cumbersome document verification procedures in government authorities. Many bureaucratic processes in Vietnam are age-old, as in many countries, but blockchain has the technological qualities necessary for granting citizens the trust element needed to negate the requirements of multiple physical signatures in obtaining permits, licenses and other documents.

One of the main disadvantages related to E-government that is being constantly addresses is the lack of equality in public access to the internet. The so-called “digital divide” is an acute problem in Vietnam for citizens living in remote regions. But the application of blockchain on the basis of a reliable infrastructure can solve many of the associated with digital literacy. The technology does not require users to be highly computer-literate to be able to obtain the necessary public services backed by the technology.

Full access to the data is yet another important use case of blockchain in E-government. Given the full accessibility, transparency and immutability of data records stored on the blockchain, government ministries, such as the tax authorities, can send their citizens requests on the use of any part of the data. The citizens have full control over their records and can grant permission for its use.

Legitimacy of voting has always been a problem for governments and blockchain is the perfect solution. The independent, technologically-ensured and high speed combination of immutability of records and full transparency act as guarantees against public disagreement with voting results.

The challenges blockchain technologies can solve are numerous and it is difficult to overestimate the contribution they can bring into ensuring Vietnam’s transition to higher degrees of E-government implementation.

Credits Platform For E-Government Solutions

Blockchain solutions have already been applied by a number of governments in test and live modes. The Credits platform is one of the most flexible and comprehensive solutions on the market for the implementation of E-government. With its advanced technical characteristics, the Credits platform can provide the necessary infrastructure and instruments for ensuring blockchain-based communication between the citizens and the state.

The intuitive interface is designed for use by citizens with low levels of digital literacy and ensures comprehensive operation and effective adoption of services provided by E-government systems. At the same time, the Credits platform can be tailored for use for an endless variety of services in which operations are carried out using smart contracts and the internal CS currency.

One of the key advantages that Credits offer in terms of application in E-government systems is high network capacities of up to 1 million transactions per second with transaction processing times at 0.1 seconds and low fees starting from 0.001 USD per transaction. Credits offer a comprehensive infrastructure for developing blockchain-based apps with self-executing smart contracts. The use of smart contracts is the main factor for facilitating the effective application of E-government concept by combining multiple mechanisms of citizen-state interaction in one technologically convenient, immutable and secure carrier. The source code eliminates the risk of unauthorized changes and ensures the uniqueness of the execution of the contract’s algorithm. With no intermediaries in the chain of interaction between the citizen and the state, the provision of public services through the use of the Credits blockchain platform becomes instantaneous and surpasses trust issues.

The Credits platform currency (CS) can be used for conducting real estate transactions, transactions with public budgets, paying taxes, utility services bills and any other fees. The Credits platform offers a secure environment for data processing and transmission with failure-proof systems operating on a unique consensus algorithm combination of DPoS and BFT and advanced data encryption. All Credits platform transactions are recorded in a common ledger and available upon request by any authority or user with sufficient access rights to the database.

The global practice has already proven that the use of cryptocurrencies and smart contracts can reduce state corruption by eliminating intermediaries. Blockchain technologies turn every interaction into a direct transaction between the citizen and the state, thus removing the human factor from the equation.

E-Government Prospects In Vietnam

Technologies are a prerequisite for improving national welfare and increasing economic growth. Blockchain technologies are playing a key role in enhancing this process as irreplaceable and valuable infrastructures and add-ons to existing solutions.

There is no doubt that blockchain technologies will play a vital role in leading Vietnam to full E-government use. The technology has advantages and we have the will and the resources to consider it as a valuable contributor to our nation’s welfare. I am certain that in the coming years we will see mass adoption of blockchain in Vietnam on the government level,” as said by CEO of ONPUN Phạm Quang Trung.

The digitization of governments is vital in the modern world, where the increasing interconnection of various systems is having a direct impact on citizens and the state alike. With economic prosperity becoming ever more dependent on technological literacy, efficiency and effectiveness of document workflows and legal frameworks, blockchain solutions like those offered by the Credits platform seem to be the ideal infrastructure for building a more digital and transparent future.

The post E-Government In Vietnam: Issues And Approaches To Implementation Through The Use of Blockchain Technologies appeared first on ZyCrypto.


Source: zycrypto
E-Government In Vietnam: Issues And Approaches To Implementation Through The Use of Blockchain Technologies

Related posts

Indian Government Breaks Silence on Crypto Regulation

The has finally spoken up about the regulatory framework for cryptocurrency it has been deliberating, providing answers to questions presented in the upper house of the Parliament of India. The also confirmed that the report with the recommended crypto regulation has already been submitted by the interministerial committee tasked with drafting the regulation.

Also read: G20 Leaders Issue Declaration on Crypto Assets – A Look at Their Commitments

Crypto Not Prohibited in India

At a sitting on July 16 of the Rajya Sabha, the upper house of the Indian Parliament, five questions were directed at the Minister of Finance by Parliament member Shri Dharmapuri Srinivas regarding the “Prohibition of cryptocurrency” in India.

The set of questions begins with: “Will the Minister of Finance be pleased to state: (a) whether [the] government has prohibited cryptocurrency in the country; (b) if so, the details thereof.”

Indian Government Breaks Silence on Crypto Regulation

A document containing answers to these questions started circulating on social media Thursday. It shows that the answers were provided on July 16 by Shri Anurag Singh Thakur, Minister of State in the Ministry of Finance.

Answering the first two questions above, Minister Thakur simply wrote: “No, Sir.”

Government Confirms Crypto Report Submitted

The next two questions request information regarding “(c) whether [the] government has taken note about [the] prevalence of cryptocurrency in the country; (d) if so, the details thereof.” The Minister of State replied:

Taking note of the issue, the government has constituted an interministerial committee (IMC) under the chairmanship of Secretary (DA). The IMC has submitted the report to the government.

Indian Government Breaks Silence on Crypto Regulation
Finance Secretary Subhash Chandra Garg (left) and Finance Minister Nirmala Sitharaman (right).

The interministerial committee tasked with studying all aspects of cryptocurrency and providing a recommended crypto regulatory framework is headed by Secretary of Economic Affairs Subhash Chandra Garg who is also the country’s finance secretary. The committee has representation from the Ministry of Electronics and Information Technology (Meity), the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the Central Board of Direct Taxes (CBDT).

Action Taken on Crypto-Related

The last question requests information on “(e) the action taken against the persons who are responsible for running the cryptocurrency in the market?” The Minister of State answered:

Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.

Indian Government Breaks Silence on Crypto Regulation

The minister continued: “Similarly, police/courts take action on IPC offences. Further, in view of the risks and dangers associated with cryptocurrencies, [the] government and RBI have been issuing advisories, press releases and circulars to the public.”

Besides public warning notices regarding the risks of investing in cryptocurrencies, the central bank has issued a circular banning regulated entities from providing services to crypto businesses. The ban went into effect on July 6 last year.

Similar Answers to Lok Sabha

On July 8, Minister Thakur also answered some questions in Lok Sabha, the lower house of the Indian Parliament, about whether there is a plan to ban cryptocurrency in India. “Will the Minister of Corporate Affairs be pleased to state: (a) whether the government has any proposal to ban cryptocurrency in India,” Parliament member S. Gnanathiraviam asked.

At that time, Minister Thakur stated that “The issue of permitting trading in cryptocurrencies is currently under examination” by the aforementioned interministerial committee. He then repeated the answers his ministry provided Lok Sabha on Dec. 28 last year:

In absence of a globally acceptable solution and the need to devise technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations.

Indian Government Breaks Silence on Crypto Regulation

Supreme Court Hearing Coming Up

In response to the banking restriction imposed by the RBI, a number of industry participants filed writ petitions to challenge the ban. The Indian supreme court is scheduled to hear the case on July 23.

The court was originally set to hear all the writ petitions against the RBI ban in September last year, but it continually postponed hearing the case in full. Meanwhile, the banking restriction continues and at least four crypto exchanges in India have had to shut down for this reason. Zebpay, formerly one of the largest crypto exchanges in the country, closed its Indian exchange operation in September last year. Coindelta followed suit in March, and Coinome made a similar announcement in May. Last month, Koinex also decided to shut down its exchange.

Indian Government Breaks Silence on Crypto Regulation

In February, the Indian supreme court gave the government four weeks to submit the report containing the crypto regulation recommended by the Garg committee. However, when the time was up, the court adjourned without addressing this matter.

Rumored Bill to Ban Crypto

Since the Indian government has been tight-lipped about its recommended legal framework for cryptocurrency, rumors of what the Garg committee’s report entails are rampant. In particular, the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has been heavily cited by the media such as The Economic Times and Bloombergquint. Among others, the bill proposes prohibition of a range of crypto activities.

However, experts have analyzed the bill’s content and agreed that, if this is the bill recommended by the Garg committee, it is nowhere near final. News.Bitcoin.com recently provided experts’ analyses and comments on this bill, as well as a preliminary analysis of its original leaked content.

Indian Government Breaks Silence on Crypto Regulation

“This document cannot be claimed as the final recommendation of the expert committee to the Ministry of Finance. The document contains no mark of authentication on it nor it has come out from any official source,” Advocate Mohammed Danish, co-founder of Crypto Kanoon, an Indian platform for blockchain and crypto regulatory news and analysis, told news.Bitcoin.com. Varun Sethi, founder of Blockchain Lawyer, shares a similar sentiment. “This looks like a very very rough draft of a proposed bill,” he opined, adding that it might just be “a random discussion paper and it may not actually become [a] bill in the same manner and mode in which this has been stated.”

Impact of G20 and FATF on India’s Crypto Regulation

Garg said that his committee’s report with the recommended crypto framework for India was ready in early June, a week before he attended the G20 Finance Ministers and Central Bank Governors Meeting in Fukuoka, Japan, on June 8 and 9.

Indian Government Breaks Silence on Crypto Regulation
Finance Minister Nirmala Sitharaman (left) and Finance Secretary Subhash Chandra Garg (right) in Fukuoka, Japan.

Both Garg and India’s new finance minister, Nirmala Sitharaman, attended the meeting where all G20 finance ministers and central bank governors jointly declared their commitments to applying the crypto standards set by the Financial Action Task Force (FATF), an intergovernmental standard-setting body in areas such as money laundering. The FATF released its updated guidance for crypto assets on July 21, almost two months after Garg said his committee’s report was ready.

Furthermore, during the G20 leaders’ summit in Osaka, Japan, Indian Prime Minister Narendra Modi and leaders of the other G20 nations jointly declared their commitments to applying the FATF standards.

The G20 meetings this year were hosted by Japan, where cryptocurrency has been legalized as a means of payment since April 2017. Crypto exchanges in the country are regulated by the Financial Services Agency (FSA), which has so far approved 19 of them to legally operate in the country.

How do you think India will eventually regulate cryptocurrency? Let know in the comments section below.


Images courtesy of Shutterstock and the Japanese government.


Are you feeling lucky? Visit our official Bitcoin casino where you can play BCH slots, BCH poker, and many more BCH games. Every game has a progressive Bitcoin Cash jackpot to be won!

The post Indian Government Breaks Silence on Crypto Regulation appeared first on Bitcoin News.


Source: bitcoin.com
Indian Government Breaks Silence on Crypto Regulation

Related posts

Indian Government Breaks Silence on Crypto Regulation

Indian Government Breaks Silence on Crypto Regulation

This article was originally posted on The Bitcoin News – a trusted site covering numerous topics related to Bitcoin since 2012. The has […]
Source: cryptonewsmonitor
Indian Government Breaks Silence on Crypto Regulation

Related posts

US Government ‘Can’t Kill’ Bitcoin Because Source Code is Speech

US Government 'Can't Kill' Bitcoin Because Source Code is Speech submitted by /u/himadri-saha
[link] [comments]


Source: BTC
US Government ‘Can’t Kill’ Bitcoin Because Source Code is Speech

Related posts

US Government ‘Can’t Kill’ Bitcoin Because Source Code is Speech

bitcoin

Based on the legal precedence surrounding cryptographic communication, it is highly unlikely that the U.S. can ban bitcoin.


‘Uncle Sam’ Can’t Shut Down Bitcoin

With the storm of attention being paid to Facebook’s Libra project, there has been some talk of whether such attention could spill over to BTC in the form of a government-sanctioned bitcoin ban.

On Tuesday (July 16, 2019), redditor ‘MarsWalker69’ opened a thread on the Bitcoin subreddit seeking reasons why the U.S. government can ban bitcoin.

In response, fellow redditor ‘nowitsalllgone’ provided legal precedence to show why a BTC ban wouldn’t be possible.

For starters, there is legal precedent that equates the prohibition of cryptographic communication as akin to an infringement on free speech under the First Amendment.

As a computer protocol, Bitcoin represents a mathematical language, which is no different from human languages like or French, in the eyes of the courts.

However, Bitcoin is more than an ordinary computer protocol, in that it allows value transfer across a network. This particular characteristic brings up the financial instrument angle which hostile governments keen on enacting a ban could exploit.

In the case of the U.S, going through such a route would also not work. This is because the compensation received from the transfer of information is also protected under freedom of speech — one of the five basic freedoms enshrined in the First Amendment.

So, while projects like Libra can have Congressional hearings with the threat of imposing bans, such a scenario appears highly unlikely for bitcoin.

A Ban is Unnecessary

Places like China and India provide clear evidence that bitcoin bans are counterproductive to the agenda of the government. The market only goes underground because prohibitions don’t work unless the people are in agreement.

Even people in government like Congressman Patrick McHenry understand that a ban would be useless. In an interview with CNBC McHenry declared that there is no capacity to bitcoin.

Commenting further on the matter, the Congressman from North Carolina said:

Even the Chinese with their Firewall and their extreme intervention on their society cannot kill Bitcoin. So, distributed ledger, full and open, in the essence of Bitcoin, as a first mover in the space, the developer of this technology. point here is, you can’t kill Bitcoin.

Do you agree that BTC transactions constitute free speech as protected by the First Amendment of the U.S. constitution? Let know in the comments below.


Images via Twitter @SquawkCNBC.

The post US Government ‘Can’t Kill’ Bitcoin Because Source Code is Speech appeared first on Bitcoinist.com.


Source: bitcoinist
US Government ‘Can’t Kill’ Bitcoin Because Source Code is Speech

Related posts

My dad: the government will shut it down! the Government: …

My dad: the government will shut it down! the Government: ... submitted by /u/StoneHammers
[link] [comments]


Source: BTC
My dad: the government will shut it down! the Government: …

Related posts

English Government Pushes for Broader Adoption of Electric Cars

It is rather apparent there will be a strong push to get more electric cars on the roads globally over the coming decades. That is much easier said than done, as these vehicles are not always too convenient to use. This is especially true when one’s home doesn’t have a car charger port at this time. In the UK, that situation will come to change for the better, which is a strong sign of what the future may hold. 

England Adoption of Electric Cars

The recent legislative change introduced in England took a lot of people by surprise. Contrary to what one might expect, the current plan of action is to ensure electric car charge points are installed in every new home being built. Although this will not affect any of the existing homes in the country, this is a strong step forward for the electric car industry as a whole. More locations with charge ports could boost the overall adoption of electric vehicles in the years and decades to come. 

This does mean anyone looking to build a new home in England will have to adhere to this new rule. It is the first time any country makes it mandatory to ensure people can charge electric vehicles at home. Although it is unclear how many electric cars are being sold in the UK these days, this new requirement sends a strong signal to the rest of the world. it is interesting to see the local facilitate these infrastructure improvements. 

The decision was not made overnight either. Later this year, the Department for Transportation will consult the general public on all matters regarding electric cars. More specifically, it is evident the government agency wants to pay a lot of attention to the expected mass-adoption of electric vehicles in the years to come. The bigger question is whether or not this decision will appease current and future homeowners in England, as not everyone sees merit in electric cars either. 

There is one particular aspect regarding this decision which strikes some people as odd. A while ago, the government introduced a home charger subsidy scheme. As such, anyone installing an electric car charger at home will receive a subsidy in exchange for doing so. So far, this scheme has seen a lot of success, as roughly 100,000 of these charges have been installed to date. However, this new proposal could make that scheme obsolete for a lot of people, albeit existing homeowners can still benefit from it regardless. 

As is usually the case when such proposals are submitted, there are still a lot of questions which need to be answered. Especially when it comes to houses without off-street parking, installing an electric car charger station might be a bit trickier. However, it seems a research project is underway to explore the viability of wireless charge points, or even solutions which can be placed on the property but which are not directly part of the house itself. 

All things considered, England is sending a very interesting signal to the rest of the world as far as the adoption of electric vehicles is concerned. This is part of a broader push to bring more electric charging stations to the landscape. Even where public charging stations are concerned, changes will become apparent in the near future. A push for contactless payments is underway, and subscriptions will be removed from the equation altogether. A lot of interesting changes to look forward to in the years to come. 

Image(s): Shutterstock.com

The post English Government Pushes for Broader Adoption of Electric Cars appeared first on NullTX.


Source: nulltx
English Government Pushes for Broader Adoption of Electric Cars

Related posts

English Government Pushes for Broader Adoption of Electric Cars

English Government Pushes for Broader Adoption of Electric Cars

This article was originally posted on The Merkel – with a dedicated cryptocurrency news section and also a variety of educational articles relating to Bitcoin, […]
Source: cryptonewsmonitor
English Government Pushes for Broader Adoption of Electric Cars

Related posts

English Government Pushes for Broader Adoption of Electric Cars

TheMerkle Electric Car Coast to Coast US

It is rather apparent there will be a strong push to get more electric cars on the roads globally over the coming decades. That is much easier said than done, as these vehicles are not always too convenient to use. This is especially true when one’s home doesn’t have a car charger port at this time. In the UK, that situation will come to change for the better, which is a strong sign of what the future may hold. 

England Adoption of Electric Cars

The recent legislative change introduced in England took a lot of people by surprise. Contrary to what one might expect, the current plan of action is to ensure electric car charge points are installed in every new home being built. Although this will not affect any of the existing homes in the country, this is a strong step forward for the electric car industry as a whole. More locations with charge ports could boost the overall adoption of electric vehicles in the years and decades to come. 

This does mean anyone looking to build a new home in England will have to adhere to this new rule. It is the first time any country makes it mandatory to ensure people can charge electric vehicles at home. Although it is unclear how many electric cars are being sold in the UK these days, this new requirement sends a strong signal to the rest of the world. it is interesting to see the local facilitate these infrastructure improvements. 

The decision was not made overnight either. Later this year, the Department for Transportation will consult the general public on all matters regarding electric cars. More specifically, it is evident the government agency wants to pay a lot of attention to the expected mass-adoption of electric vehicles in the years to come. The bigger question is whether or not this decision will appease current and future homeowners in England, as not everyone sees merit in electric cars either. 

There is one particular aspect regarding this decision which strikes some people as odd. A while ago, the government introduced a home charger subsidy scheme. As such, anyone installing an electric car charger at home will receive a subsidy in exchange for doing so. So far, this scheme has seen a lot of success, as roughly 100,000 of these charges have been installed to date. However, this new proposal could make that scheme obsolete for a lot of people, albeit existing homeowners can still benefit from it regardless. 

As is usually the case when such proposals are submitted, there are still a lot of questions which need to be answered. Especially when it comes to houses without off-street parking, installing an electric car charger station might be a bit trickier. However, it seems a research project is underway to explore the viability of wireless charge points, or even solutions which can be placed on the property but which are not directly part of the house itself. 

All things considered, England is sending a very interesting signal to the rest of the world as far as the adoption of electric vehicles is concerned. This is part of a broader push to bring more electric charging stations to the landscape. Even where public charging stations are concerned, changes will become apparent in the near future. A push for contactless payments is underway, and subscriptions will be removed from the equation altogether. A lot of interesting changes to look forward to in the years to come. 

Image(s): Shutterstock.com