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Cryptocurrency Payments will be functional this quarter: Bank of Cambodia
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Cryptocurrency Payments will be functional this quarter: Bank of Cambodia
The National Bank of Cambodia launched its cryptocurrency (Bakong) on a trial basis back in July, last year. Chea Serey, director-general of the National Bank of Cambodia has now announced that it will be operational starting this quarter. Serey stated, “Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform. This will make it easy for end-users to pay each other regardless of the institutions they bank with. Eventually, we hope to allow cross border payment through the Bakong system too.”
Bakong is a closed system, backed by banking authorities of Cambodia. This is how it is different from most blockchain-based cryptocurrency. Through this system, users will be able to process real-time transactions. On the other hand, the National Bank of Cambodia will store centralized records about these cryptocurrency transactions. Moreover, a software wallet will link users’ bank account for interaction with hard currency.
Cambodia’s previous stance on cryptocurrency was slightly different. According to that, businesses were required to acquire a crypto license before dealing. However, the bank’s latest move seems to be a step towards the accelerated adoption of blockchain and crypto.
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Apple all set to Launch its Online Store in India in Q3 2020
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Apple all set to Launch its Online Store in India in Q3 2020
Apple has announced that its online store in India will be operational from Q3 this year. Last year, it announced, “We are eager to serve [customers of India] online and in-store with the same experience and care that Apple customers around the world enjoy.” As per sources, the company is now working on the logistics of setting up the online store in India. CEO Tim Cook is also likely to visit India for an announcement regarding the same.
An industry executive stated, “Apple has been struggling with online retail for years now. Finally the government adapted their rules to help them launch their own online store. But now they are unable to launch it.”
India is the second-biggest smartphone market in the world. Single-brand retailers like Apple now have friendly sourcing norms, thus allowing them to set up online and physical stores in the country.
As of now, it sells its products in India through third-party offline retailers and e-commerce platforms such as Amazon India, Flipkart, and Paytm Mall. However, the tech giant is not very impressed with these parties for selling iPhones and Macbook Air at heavy discounts.
Apple holds around 1% market share in India, and its shipments grew by 6% in 2019, as compared to that of 2018. It recorded a revenue of $91.8 billion in Q4 2019.
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Breaking: NISG suggests the Government of India and RBI issue CBDC
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Breaking: NISG suggests the Government of India and RBI issue CBDC
The National Institute for Smart Governance (NISG), has published a draft regarding India’s blockchain strategy. The body has proposed a central bank digital currency (CBDC), and a national blockchain.
The document suggests, “As an alternative to Public Blockchains that operate with native cryptocurrency, like Ethereum, it is strongly recommended that Government of India along with RBI come out with a Central Bank Digital INR (CBDR) administered over a Public Permissioned Blockchain that processes transactions through a Turing Complete Virtual Machine allowing decentralized applications to run on its platform.”
The NISG acknowledged the lack of regulatory clarity in India. Addressing this issue, the document further reads, “Public statements, whether through the press or formal speeches, are helpful. But these are not official statements of application by the agency. If an agency intends to enforce its laws in new and innovative ways, it must first notify industry stakeholders of its intent to do so and the way in which existing law applies.”
A Few days ago, the Central Bank of India clarified that cryptocurrencies are not banned in India. However, regulated entities are banned from offering crypto assets in India.
Given the pessimistic approach of the Indian government towards cryptocurrencies, NISG’s suggested draft comes as a bit of a surprise. It would be interesting to follow, how the fate of crypto shapes up in India.
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Naukri.com founder receives the Padma Shri award, along with 117 others
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Naukri.com founder receives the Padma Shri award, along with 117 others
Sanjeev Bikhchandani, founder and vice-chairman of Naukri.com has received the Padma Shri award in the trade and industry category. Padma Shri is the highest civilian award in India.
Naukri.com also owns companies like Jeevansathi.com, 99acres.com, and Shiksha.com. Additionally, it is an active investor in startups like Zomato, Policybazaar, Shopkirana, and Ustraa. As of now, it has an employee strength of 4,000 and has a market capitalization of over $4.5 billion. Sanjeev is an alumnus of IIM Ahmedabad 1989 batch. He started the company in a servant quarter with a seed capital of 2000 INR.
This year, 118 eminent personalities have received the Padma Shri. Mahindra Group Chairman Anand Mahindra and TVS Group chief Venu Srinivasan have been awarded the Padma Bhushan.
India Prime Minister Narendra Modi tweeted, “Congratulations to all those who have been conferred the Padma Awards.”
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Narendra Modi awards 19-year-old who developed a cryptocurrency app
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Narendra Modi awards 19-year-old who developed a cryptocurrency app
Indian Prime Minister Narendra Modi presented a 19-year-old Indian entrepreneur, Harshit Arora with the Bal Shakti Puraskar Award 2020. She has developed a cryptocurrency price tracking application. Narendra Modi tweeted, “Harshit’s passion towards science, technology, and human welfare are clearly visible.”
The application named Crypto Price Tracker is a portfolio management and price tracking app. It is aimed to safeguard investors from scammers. Apart from this app, Harshit has previously worked on applications like ‘Food AI’ and ‘CellCount’.
India’s Cryptocurrency Scenario
India has not been very optimistic about the adoption of cryptocurrency. It is indeed interesting that the Narendra Modi has awarded a cryptocurrency oriented application amidst controversies regarding crypto in India.
India lawmakers have already drafted a bill aimed to ban cryptocurrency usage in India. Another bill named “Banning of Cryptocurrency & Regulation of Official Digital Currencies “ surfaced in the media last year. It defined non-governmental digital assets as “any information or code or number or token not being part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value.”
As of now, the Supreme Court of India is hearing a case against the RBI’s decision to ban banks’ dealings with crypto-related businesses.
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Ripple's XRP Sales dropped by 80% in Q4 2019; hit an all-time low
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Ripple's XRP Sales dropped by 80% in Q4 2019; hit an all-time low
Ripple’s XRP sales have hit an all-time low in the 4th quarter of 2019. Ripple announced the reports in a blog post a couple of days ago. In Q4 2019, Ripple has sold XRP tokens worth $13.08 million, which is 80% lower than that sold in Q3.
Quarterly XRP sales have dropped consistently throughout 2019, and this was expected. In the middle of 2019, Ripple paused programmatic sales. It then stated, “In the short term, this means Ripple’s sales of XRP in Q2 2019 will be substantially lower (as a percentage of reported volume) than in the previous quarter. Our stated target of 20bps for programmatic sales of XRP volume, as reported by CoinMarketCap, is likely to drop to less than 10bps. Longer-term, by being more demanding about our expected standards for market structure and reporting, we hope to begin raising the bar industry-wide.”
Ripple paused programmatic sales to address the issue of misreported trading volumes on cryptocurrency markets. In July 2019, Ripple announced, “Ripple’s programmatic XRP sales have been done with the goal of minimizing market impact. The company did this by limiting XRP programmatic sales to what it considers a small percentage of traded volume, which was executed across multiple exchanges. Ripple relies on programmatic sales partners who mainly execute trades passively. Their trading volumes do not vary based on changes in the price of XRP, but they do increase as overall XRP trading volumes increase.”
The price of XRP has also not been impressive in 2019, with a two year low of $0.183 in December.
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Breaking: 6 Central Banks across the World are jointly researching on Digital Currencies
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Breaking: 6 Central Banks across the World are jointly researching on Digital Currencies
With an aim to jointly research central bank digital currencies (CBDC), central banks of Canada, the United Kingdom, Japan, European Union, Sweden and Switzerland have collaborated with the Bank for International Settlements.
The Bank of England announced, “The group will assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies. It will closely coordinate with the relevant institutions and forums – in particular, the Financial Stability Board and the Committee on Payments and Market Infrastructures (CPMI).”
The group is supposed to be led by the head of the BIS Innovation Hub Benoît Cœuré and Jon Cunliffe, a Deputy Governor of the Bank of England and chair of the Committee on Payments and Market Infrastructure.
A number of Central Banks across the world are actively pursuing research work on digital currencies. Even the president of the European Central Bank Christine Lagarde expressed his optimism in developing a CBDC to enable fast and low-cost payments. The People’s Bank of China recently announced that it is done with the layer design and joint testing of the digital yuan.
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'Crypto is Not Banned': The Reserve Bank of India
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'Crypto is Not Banned': The Reserve Bank of India
The Reserve Bank of India has clarified that cryptocurrency is not banned in the country, and it has only tethered regulated entities like banks from risks associated with trading in cryptocurrencies such as Bitcoin.
The Internet and Mobile Association of India (IAMAI) filed a petition in 2018 asking the RBI to reconsider its decision in regard to regulating entities to deal in crypto. The Central bank of India has stated that the RBI’s statement is in response to that petition.
The Central Bank of India also said that it is not against innovation and supports “development and adoption of distributed ledger technology, also called blockchain technology.”
In 2018, the RBI suggested to ban ICOs in India and also set restrictions for virtual currency asset funds to be set up and/or operated within the legal jurisdiction of India. The Central Bank suggested amending the Foreign Exchange Management Act to prevent remittances for investment in virtual currencies.
However, the RBI’s recent clarification should come as a sigh of relief to crypto enthusiasts within the country, though there is still a long way to go for India to be crypto friendly in regard to regulatory compliances.
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Binance users can now buy cryptocurrencies with Visa Credit and Debit Cards
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Binance users can now buy cryptocurrencies with Visa Credit and Debit Cards
Global cryptocurrency exchange Binance has announced that users will now be able to buy crypto directly through Visa credit and debit cards. After linking their Visa cards with respective Binance accounts, users will have the option to buy Bitcoin (BTC), Ether (ETH), XRP and Binance’s native token Binance Coin (BNB) with euros or British pounds. It has not yet been clarified by Binance whether there will be a processing fee involved or not. Binance has also revealed its plans to add support for Mastercard and additional currencies in the near future.
Previously, Binance allowed users to buy five cryptos including Bitcoin and Ether using Visa and Mastercard via payments processing firm Koinal — for a 2.5% fee. However, Koinal was then not accessible in a number of major jurisdictions globally, including the United States, Russia and mainland China.
On the other hand, major financial institutions have expressed their skepticism in allowing users to buy digital assets using credit and debit cards. Last year, organizations like JPMorgan, Citibank India and Wells Fargo, Lloyd’s Banking Group and Virgin Money banned usersfrom buying digital assets using their cards.
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Crypto exchange BitMEX 0.18% of the entire BTC circulation
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Crypto exchange BitMEX 0.18% of the entire BTC circulation
As per reports, BitMEX, the world’s largest cryptocurrency exchange by trading volume, holds 0.18% of all Bitcoins in circulation. According to the data from daily historical records of BitMEX Insurance Fund, the fund’s balance has increased from 20,776 BTC on Jan. 1, 2019 to 33,449 BTC on Dec. 26, worth around $239 million. All in all, BitMEX holds 0.2% of all 18.1 million bitcoins mined to date.
The BitMEX Insurance Fund is aimed to prevent auto-deleveraging in traders’ positions and alleviate unfilled liquidation orders before they are taken over by the auto-deleveraging system. BitMEX claimed that the fund’s growth will provide significant level of assurance to winning traders that they will be able to attain their expected profits, It will also limit the downside liability for losing traders.
Other crypto exchanges like Binance have also experienced growth in the amount of Bitcoin owned. In October 2019, 7% of the entire circulating supply of Bitcoin was held in the wallets of eight cryptocurrency exchanges.
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Pune-based Logistics Startup to raise $10 million from Alibaba
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Pune-based Logistics Startup to raise $10 million from Alibaba
In a Series D funding round, Pune-based logistics startup XpressBees is all set to raise $10 million in funding from Alibaba, which has already invested more than 225 Cr. INR into the company. The startup has resolved to raise the capital by issuing compulsory convertible cumulative preference shares (CCPS) or Subscription Shares. The startup will use the fresh capital for growth and expansion of its business. Till date, it has raised $157.5 million. Other investors include SAIF Partners, Paytm, Valiant Capital, Chiratae Ventures, Vertex Ventures, and IDG Ventures.
As per the latest information, XpressBees delivers 10,000 pin codes with 53 hubs and more than 1,300 service centers. The startup provides services like reverse logistics, real-time tracking and multiple payment collection options, to companies like Paytm, Flipkart, Snapdeal and Reliance.
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Myntra sells 13K orders per minute in its End of Reason Sale
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Myntra sells 13K orders per minute in its End of Reason Sale
Flipkart Group’s Myntra has recorded a 50% rise in sales during its End of Reason Sale (EORS) as compared to last year’s sale. The fashion apparel and lifestyle products’ online marketplace hosted the 11th edition of EORS from the 22nd to 25th December. Despite India’s economic slowdown, the EORS registered a massive 85 million customers placing 4.2 million orders for 9.6 million items.
The Delhi NCR region was the biggest contributor to the sales, while Jaipur topped the list of Tier 2 and Tier 3 cities. Myntra sold 4000 orders per minute in the first hour of the sale, reaching 13,000 orders per minute at its peak.
Amar Nagaram, Head, Myntra Jabong, commented, “We have just concluded the most successful EORS in our history, with a 50 percent rise in orders over last year. We broke several records this edition, acquiring six lakh new customers, registering over 115 million sessions on the platform, and 4.2 million orders, which is the highest ever for any EORS. Contribution from Tier-II and III cities continues to grow, with 57 percent orders and 68 percent of new customers coming from these regions.”
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Ethereum co-founder sells 90K ETH to Kraken, to fund his game
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Ethereum co-founder sells 90K ETH to Kraken, to fund his game
As per recent reports, Ethereum co-founder and core developer Jeffrey Wilcke has sent 92K Ether to US-based cryptocurrency exchange Kraken on 25th December. Further, reports also suggest that Vitalik Buterin is planning to sell $25 million worth of cryptocurrency. However, Jeffrey, who is also the Co-founder of Grid Games claimed through a tweet that he needs the money to fund his game.
In 2016, 408000 ETH was transferred to an ox600 address by an account funded by the Ethereum Foundation Dev wallet. The address still has 218000 ETH, 90000 ETH of this was transferred to an intermediary address before being sent in full to Kraken.
Etherscan resource confirmed that the interaction was performed via the ox600 address.
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Vitalik Buterin suggests speeding up the Ethereum 2.0 Network Update
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Vitalik Buterin suggests speeding up the Ethereum 2.0 Network Update
In a post on the ETH Research forum, Ethereum co-founder Vitalik Buterin has proposed an “accelerated schedule” for the transition from Ethereum 1.0 to Ethereum 2.0 through a new type of ETH validator referred to as “eth1-friendly validators.”
Vitalik wrote, “Specifically, it requires stateless clients, but NOT stateless miners and NOT web assembly, and so requires much less rearchitecting to accomplish.”
Ethereum 2.0 is a long-awaited network upgrade that is aimed to shift its current Proof-of-Work consensus algorithm to Proof-of-Stake. Once done, the block validation function will be passed from miners to special network validators. The first “phase zero” stage of the Ethereum’s transition to Ethereum 2.0 is scheduled for Jan 3, 2020.
Vitalik further suggested, “Validators that want to participate in the eth1 system can register themselves as eth1-friendly validators, and would be expected to maintain an eth1 full node in addition to their beacon node. The eth1 full node would download all blocks on shard 0 and maintain an updated full eth1 state.”
On the other hand, once the update is completed, a contract would require an additional 1-2 gas per byte of code, while a simple ERC20 transaction would rise by 5-10%. Buterin concluded, “This would actually be not that punitive to average applications, though many apps would need to rearchitect themselves to use fewer full-sized contracts. There would be some exceptional applications that become considerably less viable. A simple ERC20 transaction (including DAI) would maybe become at most ~5-10% more expensive.”
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Ola owned Foodpanda reports losses of 756.42 INR
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Ola owned Foodpanda reports losses of 756.42 INR
In recently reported regulatory documents, Foodpanda has reported a loss of 756.42 INR in the FY19, which is wider than the losses that were reported in the previous fiscal. In the filing, Foodpanda said, “The online food ordering market is a multi-billion industry and provides ample opportunity for growth. We being an early player in the online food ordering and processing market have a deep understanding of the market dynamics and the revenue and profitability levers,”
However, Foodpanda’s income increased 12.2 percent to Rs 81.77 crore in FY19. It further noted, “To achieve this, we have built state-of-the-art kitchen infrastructure and launched various brands in different segments like shakes, khichdi, biryani, rice bowls and desserts. Our focus this year will be on further improving the customer experience and increasing our market share through a diverse and comprehensive product portfolio. Our understanding of consumer needs driven by data science gives us a competitive advantage in terms of customer experience, while increasing the capital efficiency,”
Despite the gloomy financial reports, Foodpanda is optimistic about its future and is planning to keep at work.
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Top 3 Upcoming Blockchain Events of 2020
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Top 3 Upcoming Blockchain Events of 2020
The blockchain and crypto space has been considerably volatile throughout the year, but the future looks bright. 2020 promises to accentuate on blockchain technology, and lined up events and conferences are a testimony to the same. In this post, we will have a look at the top upcoming Blockchain Conferences of 2020.
Blockchain Economy is scheduled to take place in Istanbul on Feb 20-21, 2020. Representatives and industry experts from more than 60 countries are expected to attend the event, and discuss on topics like financial technologies of the future, extensive networking opportunities and more. Speakers like John McAfee, Tom Lee, Alex Alexandrov, Nithin Eapen etc. will grace the stage. So if you are a blockchain bug, don’t forget to attend the event at the WOW Convention Center, Istanbul / Turkey
London will host DAS London in the London Blockchain Week on 10th Feb, 2020. More than 500+ attendees are expected to speak at the event. This year, the topics of discussion include market infrastructure, trading mechanics in exchange and OTC markets, derivatives and exchange-traded products. Major speakers to embrace the event will be Steve Kokinos, Dr. Ruth Wandhöfer, Diana Biggs, and Michael Ippolito. The event will be hosted at The Rosewood Hotel, London.
One of the most coveted and awaited blockchain events of the year is the Paris Blockchain Week Summit, which is scheduled to take place on 31st March-1st April 2020. 2500 attendees, 130 speakers and 50 sponsors from around the world will be attending the summit. Speakers like Arthur Breitman, David Chaum, Hadas Gold, Jack Gavigan, Marjan Delatinne will brace the stage at the biggest Blockchain & Digital Assets event in Europe. The event will occur at the Station F, 5 Parvis Alan Turing, 75013 Paris.
So, if you are a blockchain enthusiast, and looking to network with global leaders, hop on and grab your tickets. Cheers!
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Top 5 Electric Vehicles to look out for in 2020
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Top 5 Electric Vehicles to look out for in 2020
2019 has been a great year in terms of the adoption of electric vehicles. With an investment of more than $225 billion by automakers, EVs have already captured around 2.2% of the global automobile sector, and the forecasts are optimistic, to say the least in terms of EV adoption over the next decade or so.
Obvious advantages like fuel efficiency, reduced carbon emissions, and pro-environmental factors are picking up prominence. More manufacturers are looking forward to launching these vehicles and the consumer demand is also rising exponentially. In this scenario, the EV adoption forecast for 2020 is uphill, and in this post, we will have a look at the top 5 electric vehicles that are scheduled to hit the market in 2020.
Tesla Model Y: This compact crossover is scheduled to arrive in 2020. This model is not very different from the previous Model 3 and is in fact equipped with 75% similar spare parts as Model 3. It is expected to deliver 280 to 300 miles on one charge. With an acceleration capability of 0-60 miles in 3.5 seconds, it will also feature a Drive Dual Motor All-Wheel Drive. It will not be surprising if this ends up as Tesla’s best-selling EV to date.
Kia Soul EV: This is expected to show up in 2020, and the 64-kwh liquid-cooled battery pack may deliver up to 243 miles of range. The current model features 109 horsepower and 210 pound-feet of torque, but the upcoming 2020 model is expected to launch with upgrades.
Porsche Taycan Turbo S: The Porsche Taycan is one of the most awaited vehicles of 2020, with high-end specifications like 616 HP Output, Drive Type All-Wheel Drive.93.4 KWh battery and a speed estimate of 0-60 MPH 2.6 Seconds, to name a few.
Rivian R1T: This automobile startup has not yet launched a retail vehicle in the EV category. But the Rivian R1T truck is all set to be launched in 2020. As per company estimates, the vehicle will have a range of 400 miles with up to 820 pound-feet of torque.
Mercedes Benz EQC: While there is still some confusion about the specifications of the EQC, reports suggest that the makers have integrated two asynchronous motors to make 402 horsepower. The model is based on GLC-Class. The EQC crossover is expected to be equipped with an 80-kwh battery, serving a range of 200-280 miles.
So, these are the top 5 electric vehicles to look out for in 2020. With a number of others lined up, the EV segment looks extremely promising, and it won’t be much of a surprise to see EVs make up the majority of the automobile sector in the next few decades.
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