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NASHVILLE, TN — In a move that has already triggered global economic tremors, pop superstar Taylor Swift announced her latest album "Reputation: The Revenge of the Swifties" will be released exclusively through her own cryptocurrency, SwiftCoin, causing worldwide panic and the spontaneous formation of underground Swift-based economies. "This isn't just an album, it's a financial revolution," said Dr. Eleanor Matthews, head of the newly established Department of Swiftonomics at Harvard Business School. "We're seeing entire nations restructuring their GDP around projected Swift streams." The album, described by Swift's team as "however long it takes to destroy my enemies," requires listeners to solve a series of increasingly complex Easter eggs just to access each track. Early reports suggest the first song can only be unlocked by creating a detailed conspiracy board connecting all of Swift's ex-boyfriends to the illuminati while wearing officially licensed friendship bracelets. Major corporations have already begun adapting to the new Swift-based economy. Amazon CEO Andy Jassy announced the introduction of mandatory "Swift Leave," allowing employees to take unlimited paid time off to decode Taylor's lyrics or camp outside stadiums. "It's either that or lose our entire workforce," Jassy explained while sporting a "Junior Jewels" t-shirt. "The Great Resignation has nothing on the Great Swiftification." The album's announcement has sent shockwaves through various sectors. Dating apps have made "Favorite Taylor Swift Era" a mandatory field, while Spotify has replaced its entire engineering team with a group of teenage Swifties who "just get it." The New York Stock Exchange has begun measuring market performance in friendship bracelets, leading to what analysts call "the most adorable economic collapse in history." Former Swift adversary Scooter Braun was last seen booking a one-way ticket to Mars, muttering something about "she was right about the karma thing." SpaceX reported a sudden surge in booking requests from male celebrities who have dated or might potentially date Swift in the future. The United Nations Security Council convened an emergency session to address the situation, only to end up designating Swifties as a sovereign nation with voting rights. "Their organizational skills and dedication to cryptic Instagram comments make them more qualified than most current member states," explained UN Secretary-General António Guterres, who recently changed his official title to "Anti-Hero in Chief." In perhaps the most stunning revelation, Swift disclosed that she has actually been controlling the global economy since 2014. "Did you really think all those Easter eggs were just for fun?" Swift said in a statement released via interpretive dance. "The entire economic system is just one big bridge leading to an even bigger bridge, followed by a key change." World leaders have unanimously agreed to transfer control of their financial systems to Swift, citing "she literally can't do worse" and "at least the friendship bracelets are pretty." The Federal Reserve has been disbanded and replaced with a council of Swift's cats. Citizens are reminded that resistance is futile and that mandatory friendship bracelet-wearing will be enforced starting midnight. Those who fail to comply will be subjected to "We Are Never Ever Getting Back Together" on an infinite loop while watching Jake Gyllenhaal's "Bubble Boy" on repeat. At press time, Swift was reportedly working on a deluxe version of the album that would require listeners to solve world peace, end climate change, and explain what really happened in the "All Too Well" short film's third timeline, all while maintaining a perfectly crafted Instagram aesthetic. [Author's Note: This article was written under the supervision of the Department of Swiftie Security and approved by the Committee for Cardigan Integrity.]

[thecryptobaba7]

history of cryptocurrency

March 2020, a historical moment in the journey of cryptocurrency, when the Supreme Court of India quashed the order passed by RBI in 2018 to ban financial services firms from trading in cryptocurrency or virtual currency. To understand this decision more, let us have a look at the crypto timeline in India; its past, its present and its future. The cryptocurrency market has always been questioned, analyzed, speculated but has always bounced back, hitting an all time high, every single time.

2008: “Bitcoin: A Peer to Peer Electronic Cash System”

A paper on cryptocurrency was published by a pseudonymous developer by the name of Satoshi Nakamoto. It described a version of electronic cash which would allow online payments to be sent directly from one party to another without going through a financial institution. This was the first paper to talk about Bitcoin. Although, not the first to mention cryptocurrency. The early work on cryptocurrencies can be traced back to the 1980s but it did not come to actualization since e-commerce had not fully evolved by then.

2010: First Bitcoin Transaction

Cash value was attached to cryptocurrency for the first time! A user swapped 10,000 Bitcoin for two pizzas marking the first actual sale of an item using cryptocurrency.

2011: Emergence of other Cryptocurrencies

Other cryptocurrencies like Litecoin, Namecoin and Swiftcoin emerged in the market. This year also saw a lot of controversies over claims of cryptocurrency being used on the dark web to procure drugs, guns amongst other things.

2012–2017: Multiple Cryptocurrency Exchanges Cropped up in India

Cryptocurrency suddenly saw a lot of interest from the Indian market, as well as the global players. As a result, Bitcoin grew from $5 to almost $1000 by the end of 2017. People were talking about it and the financial institutions were taking notice, feeling almost threatened. This time period also saw a lot of cryptocurrency exchanges crop up in India.

People were not surprised when RBI issued two massive statements, the first one dated December 24, 2013. It said,

1. Virtual currencies are not backed by a central bank.

2. Their value isn’t underpinned by an asset and thus a matter of speculation.

The second press release repeated the concern on February 1, 2017. It highlighted,

“It’s thus safe to assume that the crypto boom that followed 2016’s demonetization was an unintended consequence of that particular experiment. The emphasis on digital payments led to a search for alternatives to traditional online banking and drove tech-savvy customers to cryptocurrency exchanges.”

October and November of 2017 saw 2 separate PILs filed in the Supreme Court one asking it to ban buying and selling cryptocurrencies in India, the other asking for them to be regulated.

The government formed a committee to study the virtual currencies and propose actions.

December 2017 saw a bunch of statements issued from RBI and Ministry of Finance comparing the cryptocurrency to a scam but its popularity only kept increasing across the world.

2018: Trading Volumes Fall

April 2018

RBI issues a circular preventing commercial and co-operative banks, payments banks, small finance banks, NBFCs and payment system providers from:

-Dealing in virtual currencies

-Providing services to all entities which deal with them

Unable to access banking services in India, crypto exchanges find their businesses wiped out overnight. Trading volumes saw a massive plunge by almost 99% and by August 2018 about 95% of jobs came to an end.

May 2018

Faced with an existential crisis, several exchanges filed a writ petition in the Supreme Court.

2019: Committee Submits the Report

Two years later, the committee submits its report, recommending a ban on “private cryptocurrencies” in India.

2020: Supreme Court Quashes the Ban on Cryptocurrency

March 4, 2020

Monumental day for cryptocurrency in India.

SC quashes RBI’s ban on Cryptocurrency Trading, terming the April 6, 2018 circular unconstitutional. The Supreme Court said, the cryptocurrencies are unregulated but not illegal in India. This coincides with a crypto boom. Exchanges witnessed a sharp increase in interest and the price of Bitcoin jumps more than 700% in the next one year.

2021: Bill Proposed by Government of India

January 2021

The government of India will work on a bill to create a sovereign digital currency.

April 2021

After SC’s favourable ruling, a lot of global crypto platforms are seeing India as a major player with educated investors. Making the most of this opportunity, European’s most popular and award winning cryptocurrency exchange platform, Coinsbit launches in India as Coinsbit India. It is definitely an exciting time to learn and invest in cryptocurrency in India, when the market is just booming, compliances are being formed and regulations are being put in place for everyone’s safety.

About Coinsbit

Coinsbit India is a joint venture between Cryptic Coinsbit India and Prof-it Limited, intending to bring the best cryptocurrency exchange platform to India. With its headquarters in Estonia, the popular cryptocurrency exchange platform has a reported user base of 5 million users and a monthly transaction volume of around $30 billion-plus USD. It was named the best 2018 crypto exchange at Asian Blockchain Life, 2019.. Their strengths include well-timed order execution, local market insight, and multi-tier crypto asset security management bringing a full suite of services that a blockchain and a global exchange provides to the users.

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Best Cannabis News Site

Canada Post Office Delivers Marijuana

Prime Minister Justin Trudeau promised the people of Canada to legalize marijuana home deliveries once the law was finalized. Only specific locations will be eligible for these home deliveries. The post office are planning effective ways how they should delivery, because they never delivered the drug before. Even businesses are open to the fact of marijuana shops beside them to increase traffic towards their business. Businesses will use this as a marketing strategy to promote their companies. The legislative and regularization marijuana home delivers will be official by the end of 2018.

Safe Recreational Uses Of Marijuana

In Washington DC there are a lot of marijuana users that can find sellers near them through an app called "Leafedin". You can just go the site and sign up, or without signing up you can still find a dealer near you. The best way to stay within guidelines for recreational use is being 21 years of age. There are restrictions as to how much marijuana you can have at one time. The most you can have is up to 2 grams or six cannabis plants. You can't smoke in public places or any federal properties. On the dark web you can purchase cannabis along with other illegal products, if that's the risk you're willing to take.

Asia Not Influenced By Cannabis

People of Asia wondered the possibility of embracing marijuana. From what is being told, is that marijuana is not helping the federal government. America has already stopped cannabis trades in eight states. In different parts of Asia if your'e caught with more than 600 grams, you can be facing the death penalty. Trafficking is another way to face a death sentence. No other countries have influence on Asia embracing cannabis because their religious beliefs. For more source read on Best Cannabis News Site.

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First 5 cryptocurrencies that came into origin after bitcoin

Litecoin was created in 2011. The first cryptocurrency to use Scrypt as a hashing algorithm. Then came  Namecoin which was created in 2011. Also acts as an alternative, decentralized DNS. A peer-to-peer network similar to bitcoin’s handles Namecoin transactions, balances and issuance through SHA256, proof-of-work scheme (they are issued when a small enough hash value is found, at which point a block is created; the process of finding these hashes and creating blocks is called mining). Read full article on satoshiuncle.com

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The Changing Web - ‘Web 3.0, 4.0 & Blockchain Technology’

THE CHANGING WEB

‘Web 3.0, 4.0 & Blockchain Technology’

Table of Contents

Intro - Review of Blockchain Technology ................................................  3

Bitcoin Definition ...................................................................................... 4

How it Works ............................................................................................ 4

Impact of Blockchain Technology ............................................................ 5

The Black Market ..................................................................................... 5

DApps & Smart Contracts ........................................................................ 5

Banking Sector ......................................................................................... 6

Reflection on the Evolution of Blockchain Technology ............................ 7

Unbanked and Undocumented ... ............................................................ 7

Business ................................................................................................... 8

Conclusion ............................................................................................... 8

The Changing Web – ‘Web 3.0, 4.0 and Blockchain Technology’

“A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central record-keeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.”i

Intro - Review of Blockchain Technology

In late 2017, a cauldron started to boil similar to the ‘dot com’ bubble of the 1990s and 2000s as billions of dollars poured into the unregulated, ‘wild west’ of cryptocurrency markets. Millions of people worldwide, traded ‘cryptos’ using exchanges based in Hong Kong, China and New Zealand.

As Large amounts of capital flooded into these volatile markets prices could shoot-up or drop off the bat of a single tweet, or Reddit post. ‘Noobs’ were encouraged to ‘HODL’, a purposely misspelt acronym - ‘hold on for dear life’, and not to panic sell as prices would eventually recover. Like wall street on amphetamines, a week in crypto markets were equivalent to a month on the NASDAQ. Market leader ‘Bitcoin’ at one-point hit $21,000 a coin (in December 2013 it was trading in the mid $300s).ii Like all bubbles, it eventually popped in mid-January and a lot of capital changed hands. A classic gold rush, those who got in early made money and those who were late to the party generally got scalded.

But what are these crypto-currencies? Why have they become so popular in recent years? Are they important to the development of digital technology? And if so, why? In order to understand it’s development, we need to go back to the financial crash of 2008 where elusive and enigmatic creator ‘Satoshi Nakamoto’ first conceived Bitcoin.iii

Roots and Political Importance

2008 was a devastating year for financial markets as the world economy collapsed due to reckless lending practices and a deregulated credit market caused a huge bubble that eventually burst, destroying the U.S. economy, leaving millions homeless and wreaked havoc in Europe, especially Ireland, Greece, Spain and Italy. Due to this, many began to distrust centralized financial institutions, seeking safer alternatives. This is when Bitcoin was born. In 2013, Cypriots fearing the safety of their bank deposits drove the price of bitcoin up 87% in March of 2013. iv 13,000 miles away from and 2 months later in June of 2013, and13,000 miles away in Hong Kong former NSA contractor Edward Snowden leaked documents to the Guardian and Washington Post exposing the American National Security Agency’s spy program PRISM “which forces biggest US internet companies to hand over data on domestic users” and “collects over 25 million email inbox views and contact lists a year from online services like Yahoo, Gmail and Facebook” encouraging people to become aware of how their data is being collected and and the importance of encryption as a necessary protection in our day to day lives (these leaks have paved the way to the recent GDPR data protection act in Europe earlier this year).v At the same time as these leaks, libertarian Ross Ulbricht (arrested in October of 2013) was running a multi-million global online drug and weapon bazaar on the dark web called the Silk Road. This network was fueled by bitcoin.

It’s important to note the political climate and general public sentiment between 2008 and 2013 to understand the blockchain space today as it demonstrates a psychological shift as distrust in banks were at an all time generational low which has paved the way forthe ‘post-trust’ economy blooming today.

Bitcoin Definition

“Bitcoin (BTC) is a digital currency, which is used and distributed electronically. Bitcoin is adecentralized peer-to-peer network. No single institution or person controls it. Bitcoins can’tbe printed and their amount is very limited – only 21 million Bitcoins can ever be created.”vi

Bitcoin is a monumentally important development in both financial and digital history for the simple reason that it is a trustless payment system with no central governing body.

How it Works

Understanding how bitcoin works is fundamental to understanding blockchain technology and what I believe the future of web development, the basics of which are easy to understand –

Any given blockchain consists of a single chain of information, arranged in chronological order. In principle this information can be any string of 1s and 0s – emails, contracts, land titles etc.… however in bitcoin's case the information is mostly transactions. Another name for a blockchain is a "distributed ledger" and Bitcoin's ledger is public.Anyone can download it in its entirety or head to any number of sites that parse it. You can

see, for example, that

15N3yGu3UFHeyUNdzQ5sS3aRFRzu5Ae7EZ sent 0.01718427 bitcoin to 1JHG2qjdk5Khiq7X5xQrr1wfigepJEK3t on August 14, 2017, between 11:10 and 11:20 a.m.vii

Person A sent X bitcoin to person B, who sent Y bitcoin to person C, etc. If this was through an online banking service, the bank, or both banks (if they have separate banks) would validate the transaction. Bitcoin transactions are different because they are decentralized.

In other words, everyone keeps an eye on everyone else. No one needs to know or trust anyone as transactions are validated through a distributed consensus system called ‘mining’, which enforces a chronological order to the blockchain, protecting the neutrality of the network, and allows different computers to agree on the state of the system, or in simple terms, a global network of computers set-up to automatically validate transactions in chronological order. Every transaction is recorded by a distributed public ledger of which each miner has a copy (automatically downloaded after each transaction). This makes the system difficult to corrupt. viii ix

Impact of Blockchain Technology

The Black Market

In the early days, bitcoin had a huge impact on the black market and became known as a medium of exchange for illegal activities online. A new kind of drug dealer was born. Most famously is a man named Ross Ulbricht (inspired by the Austrian economic theory of Ludwig Von Mises and Murray Rothbard), set-up and ran the Silk Road, an online international illegal drug and weapons bazaar similar to Ebay and Amazon where buyers, sellers and their product would be rated through a user review system. This website was run on bitcoin as it allowed frictionless cross-boarder payments between buyers and sellers. Many pubs also started to accept BTC as payment, and in 2010 Papa Johns once accepted a bitcoin payment for pizza in the US.x xi

In recent years a number of ‘privacy coins’ have sprung up such as Dash, Monero and Verge. Monero is similar to Bitcoin however, payments are scrambled 3 times before being recorded on the Monero ledger making it near impossible to trace payments, providing an ideal medium of exchange for illegal activities. Verge is an interesting one, as it has both a private and public ledger, and you can choose to switch between them depending on what you are purchasing. Verge partnered with adult entertainment giant ‘Pornhub’ earlier this year allowing anonymous safe anonymous payments for pornography.

DApps & Smart Contracts

Although still a minority sport, the influence of crypto currencies began to trickle into the technology sector with the emergence of new coins such as Litecoin and Swiftcoin in 2011, (which can perform transactions much faster than its predecessor). However, 2015 saw the biggest change in the cryptocurrency space that would have a huge influence on the technology sector. The birth of Ethereum, a planetary scale computer powered by blockchain technology” was the first decentralized application blockchain that allows developers to build and release applications on the network. While the Bitcoin blockchain facilitates electronic cash payments, the Ethereum blockchain facilitates the running of code on any decentralized application, so as bitcoin is a new currency and accepted as a medium of exchange, ‘ether’ is gas to fuel the applications. xii

Imagine all of Google’s servers in one place, then break them up into virtual tokens (ether) and distribute them to people across the world. Each token is a node on the Ethereum network and the aggregate grid of these nodes now becomes the world’s largest web server, like a brand new internet system.

DApps are made possible by ‘Smart Contract’ technology -

“A contract is an agreement having a lawful contract entered into voluntarily by two or more parties, each of whom intends to create one or more legal contracts between them. A smart contract is a computer protocol that facilitates, verifies, or enforces the negotiation of a contract, or that obviate the need for a contractual clause” Smart contracts eliminate the need for a middle-man or third party, so any application that is centralized, a decentralized version can be made. For example, a decentralized version of

Dropbox is called Storj. Storj allows anyone around the world to lease out hard-drive space to anyone using the Storj protocol.

As a user, your experience is similar to that of Dropbox as I am accessing hard drive space in the cloud, however it isn’t governed by a central body. Storj is run on the Ethereum network using EC20 tokens. Ethereum and other Dapp and Smart Contract blockchains are important because the public distributed ledger technology allows no third party interference and no censorship, which could revolutionize law and voting practices and make society and private business a fairer place. New organisations and companies are competing with Ethereum to become the first mainstream DApp network, mostly importantly EOS and Cardano.

Banking Sector

The banking system as we know it has been disrupted by crypto-currencies and many banks such as Santander, JP Morgan Singapore and Bank of America are beginning to adopt this new technology.xiii Bitcoin was embryonic in the development of this space because it clunky and slow, however paradoxically, it paved the way for 2 important currencies are Ripple (XRP) and Stellar (XLM) which have become important in the development in the movement of money, particularly the settlement of cross-border payments and digital settlements. The way to understand these currencies or systems, is to think of banks as software companies. These software companies need a safe and secure back-end rail network for their transactions which these currencies allow, For example;

Ripple is a near instantaneous system that facilitates money transfer (partnered with Santander, the first UK bank to introduce blockchain technology, they are also partnered with 61 Japanese banks)xiv xv. For example; if person A sends person B 10XRP it will arrive in person B’s digital wallet almost instantaneously, or if bank A wants to send bank B $1 million, it will be converted into XRP momentarily and back into $ on the other end. So in this way XRP is used as a medium of settlement. Ripple is also a centralized blockchain who controls most of it’s supply, the first central bank of cryptocurrency.

Stellar Lumens (originally a hard-fork from Ripple) is a similar protocol however it is completely decentralized and a non-profit organization aims to be the backend lightening railway for P2P money transfers, for example facilitating and speeding up Western Union and Moneygram payments, allowing money to ‘move like email’. IBM have partnered with

Stellar Lumens and have just launched their ‘World Wire Payment System’ which aims to "clear and settle cross-border payments" in near real time and could “drastically improve international transactions and advancing financial inclusion in developing nations."xvi Stellar have also partnered with Deloitte, and Stripe (Stripe are partnered with Open Table) digital payments system.

Reflection on the Evolution of Blockchain Technology

To reflect on the evolution of blockchain technology I will paraphrase Cardano founder Charles Hoskinson – the future will be decentralized (or at least it will be a viable option). I believe that decentralization can do good for the world and help to improve people’s lives in less developed societies. I also see the blockchain and smart contracts as a necessary tool in the evolution in the business world.

Unbanked and Undocumented

Currently approximately 4 billion of the world’s population is banked and documented, and the other 3 billion unbanked and undocumented. Take John for example, an Irish male, 30 years of age, university educated, decent work history, owns a modest house and car, has insurance for both, and has access to relatively cheap credit. Then take Ahmed, a 45-year-old Afghani male who has no formal documentation (passport, driving license, or birth certificate) lives in a cash economy, has no verifiable work history, does not own deeds to his land, and the only credit he has access to is from his friends or family. His brother sends him money from India with a 15% remittance cost, and all his assets are also uninsured.xvii

Blockchain and smart contract technology allow Ahmed to build a digital history, register and store documents such as land deeds in the blockchain regardless of third party threats or the country’s government, once information is in the blockchain, it cannot be taken out. Ahmed’s brother in India, can also send send money at a fraction of a cent over the Stellar network for example which can be accessed almost instantaneously and with a tiny remittance fee. Smart contract technology also allows Ahmed access to decentralized microlending and micro-insurance which in-turn offers Ahmed a chance to develop a credit score.

The next problem is that only 51% of the world’s population is online, so how can Ahmed access these services? As any web service can be decentralized just like mining bitcoin, or using Storj to store files, so can ISPs (internet service providers). So, by using old Wi-Fi hardware or an old mobile phone, Ahmed can be a node on a network providing internet to his community.xviii

Business

Not all blockchains are decentralized, and the private sector has begun to adopt this technology. For example, IOTA, a leading organization in the ‘internet of things’ space is a private blockchain based in Germany and provides a platform for the machine economy (currently working with Samsung and Volkswagen). They have also been funded as part of the EU Horizon 2020 ‘Smart City’ initiative which is overseen by the University of Oslo and aims to make selected European cities produce more energy then they use. The Chinese ecommerce giant Alibaba is partnered with Waltonchain, an IoT (internet of things) logistics project which facilitates supply-chain management, and VeChain another private blockchain used for supply-chain management is currently partnered with BMW and DB Schenker.

Governments are also starting to use blockchain technologies, for example;

• Chile are using the Ethereum network to track data and finances from the energy grid.xix

• Canada is testing out the Ethereum blockchain for transparency of government grants as a means to fight corruption.xx

• Britain are testing blockchain technology for registering documents in the national archives.xxi

• Australia is using the blockchain to build a social welfare system.xxii

• Estonia is using the blockchain to secure health records. xxiii

Conclusion

Unfortunately, cryptocurrencies make illegal activity a lot easier. Online drug and weapon bazaars continue to crop up since the Silk Road has been shut down. Currencies such as Monero and Dash are almost impossible to trace, and and anyone who knows what they are doing can access these sites on the Dark web. Overall I believe the shift toward blockchain and smart contract technology to be a positive one and a very important development of our time, leading us into web 3.0 and 4.0.

Although still in it’s early stages, this technology has the power to democratize the internet through decentralization and using smart contracts to protect our data, which in-turn redistributes the power that big corporations Facebook, and Google have accumulated over the years through data collection back into the hands of the individual, protecting people from the potential abuse of power like the Cambridge Analytica scandal which came to light earlier this year.

Politically, this technology is also very important, and can aid in the fight against corruption. For example, the use of the Ethereum network to aid the transparency of government grants and the government of Estonia using the blockchain to secure health records are positive steps toward safer governance. As more and more start to utilize this technology, the potential for data collection by big tech companies and governments operating within legal grey areas will be diminished.

Edward Snowden’s 2013 NSA leaks exposed the extent to which governments and third

parties have access to our personal data which was a wake-up call to many. Following these revelations, Austrian native Max Schrems took on Facebook for being in breach of EU law, which led to the collapse of the ‘Safe Harbour’ data agreement between the EU and US which thousands of companies were using to their advantage. This ultimately resulted in the GDPR law implemented in the EU in 2016. Blockchain and smart contract technology will act as a data protection mechanism in the future and disempower data collection companies through encryption of personal data. As demonstrated the same technology can also be used to protect and aid people in less-developed countries providing access to loans and insurance, and provide a safe place to store data which was previously not easily available.xxiv

At the moment, this space is similar to the internet 1994. It’s too early to tell, but big change appears to be on the horizon as individuals, big companies and governments continue to invest in the blockchain.

Bibliography

i ‘What is a Blockchain?’ (2018), Available at: https://www.investopedia.com/terms/b/blockchain.asp (Accessed: 13 September 2018)

ii ‘Bitcoin Price, a Year In Review’ (2014), Available at: https://www.coindesk.com/bitcoinprice-2014-year-review/ (Accessed: 13 September 2018)

iii ‘Satoshi Nakamoto, Bitcoin’s Enigmatic Creator’ (2018), Available at:

https://www.economist.com/technology-quarterly/2018/09/01/satoshi-nakamoto-bitcoinsenigmatic-creator (Accessed: 13 September 2018)

iv ‘Bitcoin Price Surges Post-Cyprus Bailout’ (2013), Available at:

https://money.cnn.com/2013/03/28/investing/bitcoin-cyprus/index.html (Accessed: 13 September 2018)

v ‘Edward Snowden Timeline’ (2014), Available at:

https://www.nbcnews.com/feature/edward-snowden-interview/edward-snowdentimeline-n114871 (Accessed: 13 September 2018)

vi ‘What is Bitcoin?...’ (2018), Available at: 

https://cointelegraph.com/bitcoin-forbeginners/what-is-bitcoin#bitcoin-definition (Accessed: 13 September 2018)

vii ‘How Does Bitcoin Work?’ (2018), Available at:

https://www.investopedia.com/news/how-bitcoin-works/ (Accessed 14 September 2018)

viii ‘Bitcoin Confirmations’ (2018), Available at: http://bitcoins.net/guides/bitcoinconfirmations.asp (Accessed: 13 September 2018)

ix ‘How Does Bitcoin Work?’ (2018), Available at: https://bitcoin.org/en/how-it-works

(Accessed: 14 September 2018)

x ‘He Paid How Much…’ (2014), Available at: https://www.coindesk.com/he-paid-how-muchcoindesk-releases-bitcoin-pizza-day-price-tracker/ (Accessed: 14 September 2018)

xi ‘…Buy Pints Using Bitcoin in Dublin’ (2015), Available at: http://publin.ie/2015/heres-howyou-can-buy-pints-using-bitcoin-in-dublin/ (Accessed: 14 September 2018)

xii ‘Ethereum: The World Computer’ (2015), Available at:

https://www.youtube.com/channel/UC6rYoXJ_3BbPyWx_GQDDRRQ (Accessed: 14 September 2018)

xiii ‘Comprehensive List of Banks Using Blockchain Technology’ (2018), Available at:

https://hackernoon.com/comprehensive-list-of-banks-using-blockchain-technology-97c08fa88385 (Accessed: 14 September 2018)

xiv ‘Ripple Partners with 61 Japanese Banks’ (2018), Available at:

https://www.financemagnates.com/cryptocurrency/news/ripple-partners-61-japanesebanks-develop-domestic-payments-app/ (Accessed: 14 September 2018)

xv ‘Santander Becomes First UK Bank to Introduce Blockchain Technology…’ (2018), Available at: https://www.santander.com/csgs/Satellite?appID=santander.wc.CFWCSancomQP01&canal=CSCORP&cid=1278712674240&empr=CFWCSancomQP01&leng=pt_PT&pagename=CFWCSancomQP01%2FGSNoticia%2FCFQP01_GSNoticiaDetalleImpresion_PT48 (Accessed: 14

September 2018)

xvi ‘IBM Introduces World Wire Payment System on Stellar Network’ (2018), Available at: 

https://bitcoinmagazine.com/articles/ibm-introduces-world-wire-payment-system-stellarnetwork/

(Accessed: 14 September 2018)

xvii Hoskinson, C, (2014), TedxBermuda, https://www.youtube.com/watch?v=97ufCT6lQcY

(Accessed: 15 September 2018)

xviii ‘Global Internet Usage’ (2017), https://en.wikipedia.org/wiki/Global_Internet_usage

(Accessed: 15 September 2018)

xix ‘Chile is Using Ethereum’s Blockchain...’ (2018), https://www.coindesk.com/chile-to-useethereums-blockchain-to-track-energy-data/ (Accessed: 15 September 2018)

xx ‘Canada Leverages Etheruem Blockchain…’ (2018), https://www.ethnews.com/canadaleverages-ethereum-blockchain-for-public-transparency-of-government-grant (Accessed: 15 September 2018)

xxi ‘Trustworthy Technology…’ (2018),

https://blog.nationalarchives.gov.uk/blog/trustworthy-technology-future-digital-archives/

(Accessed: 15 September 2018)

xxii Welfare Payments in Australia Could Be Delivered Over The Blockchain’ (2018),

https://www.zdnet.com/article/welfare-payments-in-australia-could-be-delivered-overblockchain/

(Accessed: 15 September 2018)

xxiii ‘Estonia is Using…’ (2016), https://www.businessinsider.com/guardtime-estonian-healthrecords-industrial-blockchain-bitcoin-2016-3?r=UK&IR=T (Accessed: 15 September 2018)

xxiv ‘How Did We Get Here?’ (2018), https://eugdpr.org/the-process/how-did-we-get-here/

(Accessed: 16 September 2018)

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What Impact Does Cryptocurrency Have on the Indian Economy?

Businesses in India are rushing in record numbers to cryptocurrencies, but the approach may be hazardous. As of May this year, Indians had about $6.7 billion in cryptocurrencies, up from $925 million in April 2020. According to blockchain analytics company Chainalysis, the country is ranked 10th out of 154 nations in terms of cryptocurrency growth. Many others think that this is only the beginning, and that many more Indians will adopt digital money in the coming years. While the growth has given Indian cryptocurrency exchanges cause for joy – and attracted international investors – it is taking place in the absence of stringent central bank or even government regulations. This is especially troubling given the Indian government's tumultuous history with cryptocurrencies.

Everything you need to know about cryptocurrency's arrival in India. Satoshi Nakamoto, a previously unknown programmer, publishes "Bitcoin: A Peer to Peer Electronic Cash System," a paper titled "Bitcoin: A Peer to Peer Electronic Cash System" in the year 2008.

In the year 2010, the first Bitcoin transaction occurs, with a client exchanging 15,000 Bitcoin for just two pizzas. Cryptocurrency has a monetary worth for the time being.

Litecoin, Namecoin, and Swiftcoin were among the first cryptocurrencies to debut in 2011.

The popularity of cryptocurrencies increased rapidly from 2012 to 2017. Bitcoin's value has risen from about $5 in early 2012 to over $1,000 by the end of 2017.

Both the Reserve Bank of India and the Ministry of Finance issued statements on cryptocurrencies in December 2017. They've been compared to Ponzi schemes by the government.

Even if they continue to say things like this, the status quo persists.

The 6th of April, 2018, is a national holiday in the United States. It everything changes at once. NBFCs, small finance banks, and payment system providers, as well as commercial, cooperative, and transaction banks, are prohibited from:

Dealing with cryptocurrencies and offering services to all cryptocurrency-related companies

When bitcoin exchanges in India are unable to get banking services, they must immediately cease operations. Trading volumes had fallen by 99 percent by August 2018, and almost 95 percent of jobs had gone.

Rest of 2018: In response to an imminent danger, a group of merchants filed a petition of habeas corpus at the Supreme Court on May 15.

The panel's conclusions are announced in July 2019, with the recommendation that "private cryptocurrencies" be banned in India.

March 4, 2020 is the date for the year 2020. Finally, there are reasons to be hopeful. The RBI's banking prohibition on cryptocurrencies is illegal, according to the Supreme Court, which cited the April 6 decision. The Supreme Court overturned the prohibition for a variety of reasons, including the fact that cryptocurrencies are currently unregistered but not illegal in India. The bitcoin market gets resurrected after a long period of dormancy.

On January 29, 2021, the government announces that it would draught legislation to establish a national digital currency while also prohibiting private cryptocurrencies. The freshly resurrected business has discovered a new ongoing threat.

The law seeks to make all personal cryptocurrencies illegal in India. According to the government, some restrictions would be allowed in order to promote Cryptocurrency's core technology and applications.

What is the impact of the cryptocurrency ban in India on the Indian economy? Bitcoin, in particular, seems to have caught the imagination of regular Indian investors. More than 6 million Indians have purchased bitcoin. In India, cryptocurrency is a popular source of funding for startups, as well as a form of payment in restaurants, retail, trade, and healthcare. Initial Coin Offerings (ICOs) are a popular way for startups to raise funds. However, the issue has become worse since the ban was enforced. ICOs have been investigated by about 35 to 40 Indian start-ups. Companies have been compelled to operate in foreign jurisdictions and have received money from foreign businesses as a result of this restriction.

What role will cryptocurrencies play in India in the future? Cryptocurrency theorists believe that governments all around the globe have a strong motive to prohibit all cryptocurrencies at some point in the future. Governments and central banks, they say, will not allow their authority over money to be eroded. On this issue, the Indian government has historically given mixed signals. In March, Finance Minister Nirmala Sitharaman said that bitcoin would not be totally banned in India. On the other side, the government is expected to propose the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which would ban the usage of all cryptocurrencies.

Conclusion

So this was all about the effects of Cryptocurrency in India. If anyone is interested in learning blockchain, then they can go for a blockchain course online. Blockchain technology training will also help in getting upcoming job opportunities regarding Cryptocurrency.

[cryptopop12]

History of Cryptocurrency in India

2008: “Bitcoin: A Peer to Peer Electronic Cash System”

A paper on cryptocurrency was published by a pseudonymous developer by the name of Satoshi Nakamoto. It described a version of electronic cash which would allow online payments to be sent directly from one party to another without going through a financial institution. This was the first paper to talk about Bitcoin. Although, not the first to mention cryptocurrency. The early work on cryptocurrencies can be traced back to the 1980s but it did not come to actualization since e-commerce had not fully evolved by then.

2010: First Bitcoin Transaction

Cash value was attached to cryptocurrency for the first time! A user swapped 10,000 Bitcoin for two pizzas marking the first actual sale of an item using cryptocurrency.

2011: Emergence of other Cryptocurrencies

Other cryptocurrencies like Litecoin, Namecoin and Swiftcoin emerged in the market. This year also saw a lot of controversies over claims of cryptocurrency being used on the dark web to procure drugs, guns amongst other things.

2012–2017: Multiple Cryptocurrency Exchanges Cropped up in India

Cryptocurrency suddenly saw a lot of interest from the Indian market, as well as the global players. As a result, Bitcoin grew from $5 to almost $1000 by the end of 2017. People were talking about it and the financial institutions were taking notice, feeling almost threatened. This time period also saw a lot of cryptocurrency exchanges crop up in India.

People were not surprised when RBI issued two massive statements, the first one dated December 24, 2013. It said,

1. Virtual currencies are not backed by a central bank.

2. Their value isn’t underpinned by an asset and thus a matter of speculation.

The second press release repeated the concern on February 1, 2017. It highlighted,

“It’s thus safe to assume that the crypto boom that followed 2016’s demonetization was an unintended consequence of that particular experiment. The emphasis on digital payments led to a search for alternatives to traditional online banking and drove tech-savvy customers to cryptocurrency exchanges.”

October and November of 2017 saw 2 separate PILs filed in the Supreme Court one asking it to ban buying and selling cryptocurrencies in India, the other asking for them to be regulated.

The government formed a committee to study the virtual currencies and propose actions.

December 2017 saw a bunch of statements issued from RBI and Ministry of Finance comparing the cryptocurrency to a scam but its popularity only kept increasing across the world.

2018: Trading Volumes Fall

April 2018

RBI issues a circular preventing commercial and co-operative banks, payments banks, small finance banks, NBFCs and payment system providers from:

-Dealing in virtual currencies

-Providing services to all entities which deal with them

Unable to access banking services in India, crypto exchanges find their businesses wiped out overnight. Trading volumes saw a massive plunge by almost 99% and by August 2018 about 95% of jobs came to an end.

May 2018

Faced with an existential crisis, several exchanges filed a writ petition in the Supreme Court.

2019: Committee Submits the Report

Two years later, the committee submits its report, recommending a ban on “private cryptocurrencies” in India.

2020: Supreme Court Quashes the Ban on Cryptocurrency

March 4, 2020

Monumental day for cryptocurrency in India.

SC quashes RBI’s ban on Cryptocurrency Trading, terming the April 6, 2018 circular unconstitutional. The Supreme Court said, the cryptocurrencies are unregulated but not illegal in India. This coincides with a crypto boom. Exchanges witnessed a sharp increase in interest and the price of Bitcoin jumps more than 700% in the next one year.

2021: Bill Proposed by Government of India

January 2021

The government of India will work on a bill to create a sovereign digital currency.

April 2021

After SC’s favourable ruling, a lot of global crypto platforms are seeing India as a major player with educated investors. Making the most of this opportunity, European’s most popular and award winning cryptocurrency exchange platform, Coinsbit launches in India as Coinsbit India. It is definitely an exciting time to learn and invest in cryptocurrency in India, when the market is just booming, compliances are being formed and regulations are being put in place for everyone’s safety.

About Coinsbit

Coinsbit India is a joint venture between Cryptic Coinsbit India and Prof-it Limited, intending to bring the best cryptocurrency exchange platform to India. With its headquarters in Estonia, the popular cryptocurrency exchange platform has a reported user base of 5 million users and a monthly transaction volume of around $30 billion-plus USD. It was named the best 2018 crypto exchange at Asian Blockchain Life, 2019.. Their strengths include well-timed order execution, local market insight, and multi-tier crypto asset security management bringing a full suite of services that a blockchain and a global exchange provides to the users.

Follow Us:

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[cryptopop122]

History of Cryptocurrency in India

March 2020, a historical moment in the journey of cryptocurrency, when the Supreme Court of India quashed the order passed by RBI in 2018 to ban financial services firms from trading in cryptocurrency or virtual currency. To understand this decision more, let us have a look at the crypto timeline in India; its past, its present and its future. The cryptocurrency market has always been questioned, analyzed, speculated but has always bounced back, hitting an all time high, every single time.

2008: “Bitcoin: A Peer to Peer Electronic Cash System”

A paper on cryptocurrency was published by a pseudonymous developer by the name of Satoshi Nakamoto. It described a version of electronic cash which would allow online payments to be sent directly from one party to another without going through a financial institution. This was the first paper to talk about Bitcoin. Although, not the first to mention cryptocurrency. The early work on cryptocurrencies can be traced back to the 1980s but it did not come to actualization since e-commerce had not fully evolved by then.

2010: First Bitcoin Transaction

Cash value was attached to cryptocurrency for the first time! A user swapped 10,000 Bitcoin for two pizzas marking the first actual sale of an item using cryptocurrency.

2011: Emergence of other Cryptocurrencies

Other cryptocurrencies like Litecoin, Namecoin and Swiftcoin emerged in the market. This year also saw a lot of controversies over claims of cryptocurrency being used on the dark web to procure drugs, guns amongst other things.

2012–2017: Multiple Cryptocurrency Exchanges Cropped up in India

Cryptocurrency suddenly saw a lot of interest from the Indian market, as well as the global players. As a result, Bitcoin grew from $5 to almost $1000 by the end of 2017. People were talking about it and the financial institutions were taking notice, feeling almost threatened. This time period also saw a lot of cryptocurrency exchanges crop up in India.

People were not surprised when RBI issued two massive statements, the first one dated December 24, 2013. It said,

1. Virtual currencies are not backed by a central bank.

2. Their value isn’t underpinned by an asset and thus a matter of speculation.

The second press release repeated the concern on February 1, 2017. It highlighted,

“It’s thus safe to assume that the crypto boom that followed 2016’s demonetization was an unintended consequence of that particular experiment. The emphasis on digital payments led to a search for alternatives to traditional online banking and drove tech-savvy customers to cryptocurrency exchanges.”

October and November of 2017 saw 2 separate PILs filed in the Supreme Court one asking it to ban buying and selling cryptocurrencies in India, the other asking for them to be regulated.

The government formed a committee to study the virtual currencies and propose actions.

December 2017 saw a bunch of statements issued from RBI and Ministry of Finance comparing the cryptocurrency to a scam but its popularity only kept increasing across the world.

2018: Trading Volumes Fall

April 2018

RBI issues a circular preventing commercial and co-operative banks, payments banks, small finance banks, NBFCs and payment system providers from:

-Dealing in virtual currencies

-Providing services to all entities which deal with them

Unable to access banking services in India, crypto exchanges find their businesses wiped out overnight. Trading volumes saw a massive plunge by almost 99% and by August 2018 about 95% of jobs came to an end.

May 2018

Faced with an existential crisis, several exchanges filed a writ petition in the Supreme Court.

2019: Committee Submits the Report

Two years later, the committee submits its report, recommending a ban on “private cryptocurrencies” in India.

2020: Supreme Court Quashes the Ban on Cryptocurrency

March 4, 2020

Monumental day for cryptocurrency in India.

SC quashes RBI’s ban on Cryptocurrency Trading, terming the April 6, 2018 circular unconstitutional. The Supreme Court said, the cryptocurrencies are unregulated but not illegal in India. This coincides with a crypto boom. Exchanges witnessed a sharp increase in interest and the price of Bitcoin jumps more than 700% in the next one year.

2021: Bill Proposed by Government of India

January 2021

The government of India will work on a bill to create a sovereign digital currency.

April 2021

After SC’s favourable ruling, a lot of global crypto platforms are seeing India as a major player with educated investors. Making the most of this opportunity, European’s most popular and award winning cryptocurrency exchange platform, Coinsbit launches in India as Coinsbit India. It is definitely an exciting time to learn and invest in cryptocurrency in India, when the market is just booming, compliances are being formed and regulations are being put in place for everyone’s safety.

About Coinsbit

Coinsbit India is a joint venture between Cryptic Coinsbit India and Prof-it Limited, intending to bring the best cryptocurrency exchange platform to India. With its headquarters in Estonia, the popular cryptocurrency exchange platform has a reported user base of 5 million users and a monthly transaction volume of around $30 billion-plus USD. It was named the best 2018 crypto exchange at Asian Blockchain Life, 2019.. Their strengths include well-timed order execution, local market insight, and multi-tier crypto asset security management bringing a full suite of services that a blockchain and a global exchange provides to the users.

Follow Us:

Twitter | Telegram | Instagram | Facebook | Linkedin | Website

[iasshikshalove]

Daily Current Affairs 5th March 2020

Today’s  Important  Topic’s  For UPSC Preparation

1. SC FREES TRADE IN CRYPTOCURRENCIES, ANNUAL RBI CURB.

2. PRESIDENT REJECTS MERCY PLEA OF NIRBHAYA CONVICT.

3. AMID DIN, LOK SABHA APPROVES TAX RESOLUTION BILL.

4. BOND YIELDS DECLINE ON EXPECTATION OF RATE CUT.

5. CABINET ALLOWS NRI’S TO TAKE 100% IN AIR INDIA.

6. PUBLIC SECTOR BANK MERGERS GETS APPROVAL.

7. MAC_BINDING.

8. PERSON IN NEWS.

SC FREES TRADE IN CRYPTOCURRENCIES, ANNUAL RBI CURB CAA:

What are virtual currencies?

Satoshi Nakamoto, widely regarded as the founder of the modern virtual currency bitcoin and the underlying technology called blockchain, defined bitcoins as “a new electronic cash system that’s fully peer-to-peer, with no trusted third party”.

This essentially meant there would be no central regulator for virtual currencies as they would be placed in a globally visible ledger, accessible to all the users of the technology. All users of such virtual currencies would be able to see and keep track of the transactions taking place.

What is Bitcoin?

Bitcoin is a type of digital currency that enables instant payments to anyone. Bitcoin was introduced in 2009.

Bitcoin is based on an open-source protocol and is not issued by any central authority.

“Bitcoin”, capitalised, refers to the protocol and transaction network whereas “bitcoin”, lowercase, refers to the currency itself.

Bitcoins are transferred directly from person to person via the net without going through a bank or clearinghouse. (This means that the fees are much lower, you can use them in every country, your account cannot be frozen and there are no prerequisites or arbitrary limits.)

How does Bitcoin work?

Bitcoins are generated all over the Internet by anybody running a free application called a Bitcoin miner.

Mining requires a certain amount of work for each block of coins.

This amount is automatically adjusted by the network such that Bitcoins are always created at a predictable and limited rate.

Your Bitcoins are stored in your digital wallet which might look familiar if you use online banking.

When you transfer Bitcoins, an electronic signature is added.

After a few minutes, the transaction is verified by a miner and permanently and anonymously stored in the network.

How virtual currencies are different from cryptocurrencies?

Virtual currency is the larger umbrella term for all forms of non-fiat currency being traded online. Virtual currencies are mostly created, distributed and accepted in local virtual networks.

Cryptocurrencies, on the other hand, have an extra layer of security, in the form of encryption algorithms. Cryptographic methods are used to make the currency as well as the network on which they are being traded, secure.

Most cryptocurrencies now operate on the block-chain or distributed ledger technology, which allows everyone on the network to keep track of the transactions occurring globally.

Virtual currency is the larger umbrella term for all forms of non-fiat currency being traded online. Virtual currencies are mostly created, distributed and accepted in local virtual networks.

Cryptocurrencies, on the other hand, have an extra layer of security, in the form of encryption algorithms. Cryptographic methods are used to make the currency as well as the network on which they are being traded, secure.

Most cryptocurrencies now operate on the blockchain or distributed ledger technology, which allows everyone on the network to keep track of the transactions occurring globally.

Some Important cryptocurrencies:

(i) Bitcoins

(ii) Litecoin

(iii) Namecoin

(iv) Swiftcoin

(v) Bytecoin

(vi) Gridcoin

Are cryptocurrencies dangerous?

In June 2013, the RBI had for the first time warned users, holders and traders of virtual currencies about the potential financial, operational, legal and customer protection and security-related risks that they were exposing themselves to.

The following year, the Financial Action Task Force came out with a report that highlighted both legitimate uses and potential risks associated with virtual currencies.

In a different report, it again said use of such virtual currencies was growing among terror financing groups.

Why did the RBI ban virtual currencies?

Owing to the lack of any underlying fiat, episodes of excessive volatility in their value, and their anonymous nature which goes against global money-laundering rules, the RBI initially flagged its concerns on trade and use of the currency.

Risks and concerns about data security and consumer protection on the one hand, and far-reaching potential impact on the effectiveness of monetary policy itself on the other hand, also had the RBI worried about virtual currencies.

Why in News?

Supreme Court lifted the ban on 2018, circular of the Reserve Bank of India (RBI) that prohibited banks and entities regulated by it from providing services in relation to virtual currencies (VCs).

Supreme Court mentioned that:

“Till date, RBI has not come out with a stand that any of the entities regulated by it namely, nationalised banks/scheduled commercial banks/cooperative banks/NBFCs, have suffered any loss or adverse effect directly or indirectly, on account of VC exchanges”.

Besides, the court found that the RBI did not consider the availability of alternatives before issuing the circular.

Again, the April, 2018 circular was issued despite the fact that the central bank could not cite a single instance in which VC exchanges “actually impacted entities regulated by RBI”.

Centre’s Failure:

The court referred to the Centre’s failure to introduce an official digital rupee despite two draft Bills and several committees.

On November 2, 2017, the Centre constituted an Inter-Ministerial Committee, which initially recommended the ‘Crypto-token Regulation Bill of 2018’. This Bill found a complete ban on VCs an “extreme tool” and suggested regulatory measures.

At that point, the committee was even fine with the idea of allowing the sale and purchase of digital crypto assets at recognized exchanges.

The Supreme Court noted how the same committee did a “volte-face” in just two years.

The Inter-Ministerial Committee went on to recommend a “total ban” on private cryptocurrencies through a proposed legislation called ‘Banning of Cryptocurrency and Regulation of Official Digital Currency Act’ in February 2019.

This proposed law contemplated the creation of a digital rupee as official currency and a legal tender by the Central government in consultation with the RBI.

The court said that had this law come through, there would be an official digital currency. The Centre and the RBI would have had monopoly over its creation and circulation.

PRESIDENT REJECTS MERCY PLEA OF NIRBHAYA CONVICT:

Mercy Petition:

As per the Constitutional framework in India, mercy petition to the President is the last constitutional resort a convict can take when he is sentenced by the court of law.

A convict can present a mercy petition to the President of India under Article 72 of the Constitution of India.

Similarly, the power to grant pardon is conferred upon the Governors of States under Article 161 of the Constitution of India.

Article72:

Article 72 says that the President shall have the power to grant pardons, reprieves, respites or remissions of punishment or to suspend, remit or commute the sentence of any person convicted of any offence. The meaning of these terms is as follows:

Pardon: Complete pardon

Reprieve: Temporary suspension of sentence

Respite: awarding less sentence

Remission: Reducing amount of sentence

Commutation: Changing one punishment to another.

The Article 72 reads:

The President shall have the power to grant pardons, reprieves, respites or remission of punishment or to suspend remit or commute the sentence of any persons convicted of any offence.

In all cases where the punishment or sentence is by a court martial;

In all cases where the punishment or sentence is for an offence against any law relating to a matter to which the executive power of the Union extends.

In all cases where the sentence is a sentence of death.

Nothing in sub- clause (a) of clause (1) shall after the power conferred by law on any officer of the Armed Forces of the Union to suspend, remit or commute a sentence passed by a Court Martial.

Nothing in sub-clause (c) of clause (1) shall affect the power to suspend remit or commute a sentence of death exercisable by the Governor of a State under any law for the time being in force.

Article 161:

Governor of a State has the power to grant pardons, reprieves, respites or remissions of punishment or to suspend, remit or commute the sentence of any person convicted of any offence against any law relating to a matter to which the executive power of the State extends.

Difference between Pardoning power of President and Governor:

The President can pardon sentences inflicted by court martial (military courts) while the Governor cannot.

The President can pardon death sentence while governor cannot. Even if a state law prescribes death sentence, the power to grant pardon lies with the President and not the Governor.

Procedure Followed for Granting Pardon:

The process starts with filing a mercy petition with the President under Article 72of the Indian Constitution.

Such a petition is then sent to the Ministry of Home Affairsfor consideration which is then consulted with the concerned State Government.

After the consultation, recommendations are made by the Home Minister and the petition is sent back to the President.

Purpose of Granting Pardon:

Pardon may substantially help in saving an innocent person from being punished due to miscarriage of justice or in cases of doubtful conviction.

The object of conferring this power on the President is two-fold:

To keep the door, open for correcting any judicial errors in the operation of law;

To afford relief from a sentence, which the President regards as unduly harsh.

Judicial Stand on Pardoning Powers:

In Maru Ram v Union of India case (1980),the constitutional bench of the Supreme Court of India held that the power under Article 72 is to be exercised on the advice of the Central Government and not by the President on his own at his discretion. And that the advice of the Government is binding on him.

The Supreme Court in Epuru Sudhakar v Ors. case (2006) to rule out any case of arbitrariness or executive mala fide upheld that the granting of clemency by the President or Governor can be challenged in court on various grounds such as,

The order has been passed without application of mind, or the order is mala fide, or the relevant material has been kept out of consideration.

Note:

The pardoning power of President is NOT absolute. It is governed by the advice of the Council of Ministers. This has not been discussed by the Constitution but is the practical truth.

Further, the Constitution does not provide for any mechanism to question the legality of decisions of President or governors exercising mercy jurisdiction. But the SC in Epuru Sudhakar case has given a small window for judicial review of the pardon powers of President and governors for the purpose of ruling out any arbitrariness.

The Pardoning of the President is an Executive Power and is independent of the Judiciary.

Why in News?

President Ram Nath Kovind rejected the mercy petition of Pawan Gupta, one of the four men on death row in the 2012 Nirbhaya gang-rape and murder case.

Gupta was the last to file the mercy plea. The petitions of the other three convicts had been rejected earlier by the President.

According to the Delhi Prison Rules, a 14-day period has to be given to a death row convict after the dismissal of a clemency plea before the prisoner can be hanged. All the four men are to be hanged together.

AMID DIN, LOK SABHA APPROVES TAX RESOLUTION BILL:

The Direct Tax Vivad se Vishwas Bill, 2020:Ministry: Finance

The Direct Tax Vivad se Vishwas Bill, 2020 was introduced in Lok Sabha by the Minister of Finance, Ms. Nirmala Sitharaman, on February 5, 2020.  The Bill provides a mechanism for resolution of pending tax disputes related to income tax and corporation tax.

Appellant:  The Bill defines an appellant as the income tax authority, or the person, or both, whose appeal is pending before any appellate forum as on January 31, 2020.  These appellate forums are the Supreme Court, the High Courts, the Income Tax Appellate Tribunals, and the Commissioner (Appeals).

Resolution mechanism:   The Bill proposes a resolution mechanism under which an appellant can file a declaration to the designated authority to initiate resolution of pending direct tax disputes.   The last date to file such declaration will be notified by the central government.  Based on the declaration, the designated authority will determine the amount payable by the appellant against the dispute and grant a certificate, containing particulars of the amount payable, within 15 days of the receipt of the declaration.  The appellant must pay this amount within 15 days of the receipt of the certificate and inform the designated authority of such payment.  Such amount will not be refundable.

Once the designated authority issues the certificate, appeals pending before the Income Tax Appellate Tribunals and the Commissioner (Appeals) will be deemed to be withdrawn.  In case of appeals or petitions pending before the Supreme Court and High Courts, the appellant is required to withdraw the appeal or petition.

The Principal Chief Commissioner will designate an officer, not below the rank of a Commissioner of Income Tax, as the designated authority to manage the proposed resolution mechanism.

Amount payable for resolution:  The amount payable by the appellant for resolution of disputes is determined based on whether the dispute relates to payment of tax, or payment of interest, penalty, or fee.  Further, he is required to pay an additional amount if such payment is made after March 31, 2020.  Table 1 shows the amount payable by the appellant for dispute resolution.

Disputes relating toPayable before March 31, 2020Additional amount payable after March 31, 2020

Payment of taxAmount of disputed tax

(any interest or penalty associated with such tax will be waived)

(i) 10% of the amount of disputed tax, or (ii) interest and penalty relating to that tax, whichever is lower

Payment of fee, interest, or penalty25% of the amount under such disputeAnother 5% of the amount under such dispute

Amount payable for resolution of disputes Waiver of rights:  For dispute resolution, the appellant is required to furnish an undertaking waiving his rights to seek any remedy or claim in relation to that dispute under any law, including the Income Tax Act, 1961 (IT Act).  All such claims already filed in relation to the dispute must be withdrawn before filing the declaration.

Immunity to appellant:  Once a dispute is resolved, the designated authority cannot levy interest or penalty in relation to that dispute.  Further, no appellate forum can make a decision in relation to the matter of dispute once it is resolved.  Such matters cannot be reopened in any proceeding under any law, including the IT Act.

Revival of disputes:

The declaration filed by an appellant will become invalid if:

Its particulars are found to be false,

He violates any of the conditions referred to in the IT Act, or

He seeks any remedy or claim in relation to that dispute.  Consequently, all proceedings and claims withdrawn based on the declaration will be deemed to have been revived.

Disputes not covered:  The proposed mechanism will not cover certain disputes.  These include disputes:

(i) where prosecution has been initiated before the declaration is filed,

(ii) which involve persons who have been convicted or are being prosecuted for offences under certain laws (such as the Indian Penal Code), or for enforcement of civil liabilities, and

(iii) involving undisclosed foreign income or assets.

What is vivad se vishwas scheme?

The vivad se vishwas scheme offers a complete waiver on interest and penalty to the taxpayers who pay their pending taxes by March 31. The scheme aims to benefit those whose tax demands are locked in dispute in multiple forums.

Why in News?

The Direct Tax Vivad se Vishwas Bill that seeks to expedite resolution of pending tax disputes was passed by the Lok Sabha.

The Bill states that 4.83 lakh tax disputes are pending in various appellate fora such as Commissioner (Appeals), Income Tax Appellate Tribunal, the High Courts and the Supreme Court and as much as ₹9.5 lakh crore is locked in these disputes.

Under the proposed scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty if the amount is paid by March 31.

Bond Yields Decline On Exception Of Rate Cut:

What is a Bond?

A bond is an instrument to borrow money.

A bond could be issued by a country’s government or by a company to raise funds.

Since government bonds (referred to as G-secs in India) come with the sovereign’s guarantee, they are considered one of the safest investments.

As a result, they also give the lowest returns on investment (or yield).

Yield of a bond:

The yield of a bond is the effective rate of return that it earns. But the rate of return is not fixed — it changes with the price of the bond.

Every bond has a face value and a coupon payment. There is also the price of the bond, which may or may not be equal to the face value of the bond.

Suppose the face value of a 10-year G-sec is Rs 100, and its coupon payment is Rs 5. Buyers of this bond will give the government Rs 100 (the face value); in return, the government will pay them Rs 5 (the coupon payment) every year for the next 10 years, and will pay back their Rs 100 at the end of the tenure.

In this case, the bond’s yield, or effective rate of interest, is 5%.

The yield is the investor’s reward for parting with Rs 100 today, but for staying without it for 10 years.

Why and how do yields go up and down?

Imagine a situation in which there is just one bond, and two buyers.

In such a scenario, the selling price of the bond may go from Rs 100 to Rs 105 or Rs 110 because of competitive bidding by the two buyers.

Importantly, even if the bond is sold at Rs 110, the coupon payment of Rs 5 will not change. Thus, as the price of the bond increases from Rs 100 to Rs 110, the yield falls to 4.5%.

What factors affect bond yields?

Bond yields are a good indicator of the economic situation of a country. They are reflective of numerous macro-economic factors such as inflation, rate of growth of gross domestic product (GDP), interest rates (cost of borrowing).

If the central bank of a country decides to raise its benchmark interest rates, bond yields usually move to mirror the change to an extent. Since interest rates are typically raised when inflation is inching upward, there is also an indirect correlation between inflation and bond yields.

Apart from these factors, short-term movement in bond yields are also caused by changes in investors’ sentiment.

What are Masala bonds?

Masala bonds are rupee-denominated bonds issued by Indian entities outside India. They are typically issued by Indian companies who wish to take advantage of the lower cost of borrowing in developed economies.

Since July 2016, masala bonds have been listed on London Stock Exchange (LSE). HDFC, NTPC and Indiabulls Housing are some companies that have raised funds by issuing these bonds.

Bond yields are rising:

A weak rupee and worsening fiscal deficit have pushed up bond yields in the past year.

High yields indicate good returns from debt funds in year ahead:

When the yield is very high, the one-year forward returns have been in double digits

Bond Yield Curve:

A yield curve is a graphical representation of yields for bonds (with an equal credit rating) over different time horizons.

If bond investors expect the economy to grow normally, then they would expect to be rewarded more (that is, get more yield) when they lend for a longer period. This gives rise to a normal — upward sloping — yield curve.

The steepness of this yield curve is determined by how fast an economy is expected to grow. When the economy is expected to grow only marginally, the yield curve is “flat”.

Yield inversion happens when the yield on a longer tenure bond becomes less than the yield for a shorter tenure bond. A yield inversion typically portends a recession. An inverted yield curve shows that investors expect the future growth to fall sharply.

Why in News?

After the U.S. Federal Reserve reduced interest rates on Tuesday to fight the economic slowdown due to the spread of COVID-19, there is growing expectation in the domestic market that the Reserve Bank will follow suit.

Bond yields softened on Wednesday amid rate cut hopes, with the yield on the 10-year government bond dropping 12 bps to close the day at 6.23%.

CABINET ALLOWS THE NRI’S TO TAKE 100% IN AIR INDIA:

Who is a Non-Resident Indian?

An Indian abroad is popularly known as Non-Resident Indian (NRI). NRI is legally defined under the Income Tax Act, 1961 and the Foreign Exchange Management Act, 1999 (FEMA) for applicability of respective laws.

Difference between Resident definition under Income Tax and FEMA:

NRI is defined under FEMA as a person resident outside India who is either a citizen of India or is a Person of Indian Origin (PIO).

PIO means a citizen of any country other than Bangladesh or Pakistan,

who at any time held Indian Passport, or

who or either of whose parents or any of the grand parents was a citizen of India under Constitution of India or under Indian Citizenship Act, 1955, or

who is spouse of an Indian citizen or spouse of person referred to in 1 and 2 above.

Pravasi Bharatiya Divas Or NRI Day:

Pravasi Bharatiya Divas or Non-Resident Indian Day is observed on 9 January every year by the Union Government till 2015 and now it is celebrated once in every two years to mark the contribution of Overseas Indian community in the development of India.

This day has its significance as it is the day when Mahatma Gandhi returned from South Africa in 1915.

Why is 9 January decided to celebrate NRI Day?

On 9 January,1915, Mahatma Gandhi came to India from South Africa and became the greatest Pravasi who led India’s Freedom Struggle and made India free from British or colonial rule.

Pravasi Bharatiya Samman Award (PBSA) is the highest honour conferred on overseas Indians. This award is conferred by the President of India as a part of the Pravasi Bharatiya Divas (PBD) Conventions which was organised since 2003.

Why in News?

The Union Cabinet on Wednesday decided to allow Non-Resident Indians (NRIs) who are Indian nationals to own up to 100% stake of Air India, which is bound for disinvestment.

The government had decided to increase the maximum stake for NRIs from 49% to 100%.

The FDI (foreign direct investment) policy would be amended to allow NRIs who are Indian nationals to own up to 100% of Air India ‘under automatic route.

The amendment was meant to ‘liberalise and simplify the FDI policy to provide ease of doing business in the country.

While FDI inflows stood at $45.15 billion in 2014-2015, the provisional figures for FDI had increased to $62 billion in the last financial year 2018-2019.

PUBLIC SECTOR BANK MERGERS GET APPROVAL:

Public Sector Banks (PSBs) are a major type of bank in India, where a majority stake (i.e. more than 50%) is held by a government. The shares of these banks are listed on stock exchanges.

Emergence of public sector banks:

The Central Government entered the banking business with the nationalization of the Imperial Bank of India in 1955. A 60% stake was taken by the Reserve Bank of India and the new bank was named as the State Bank of India. The seven other state banks became the subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed under the Nehru government.

Amalgamation of National Banks:

Sr. No.Amalgamated BanksAnchor Banks

1Punjab National Bank (PNB), Oriental Bank of Commerce (OBC), and United Bank of IndiaPNB

2Canara Bank and Syndicate BankCanara Bank

3Union Bank of India, Andhra Bank, and Corporation BankUnion Bank of India

4Indian Bank and Allahabad BankIndian Bank

State Bank of India absorbed five of its associates and the Bharatiya Mahila Bank in 2017.

What is the rationale behind the mergers?

It was the Narasimham Committee in the late 1990s that recommended consolidation through a process of merging strong banks.

There are too many banks in India with sizes that are minuscule by global standards with their growth constricted by their inability to expand.

Given this, the biggest plus of the mergers is that they will create banks of scale.

According to the government, banks have been merged on the basis of likely operating efficiencies, better usage of equity and their technological platform.

But the move marks a departure from the plan to privatise some of the banks or bringing in strategic investors to usher in reform in the sector.

The government has decided amalgamation as the “best route” to achieve banking sector scale.

This is also expected to support the target of achieving a $5 trillion economic size for India in 5 years.

However, mergers may not lead to any immediate improvement in their credit metrics.

Why in News?

The merger of public sector banks (PSBs) will become effective from April 1, 2020, with the Cabinet giving nod to the proposal.

The consolidation of 10 PSBs into four includes the merger of:

Oriental Bank of Commerce and United Bank of India into Punjab National Bank.

The amalgamation of Syndicate Bank into Canara Bank

The merger of Andhra Bank and Corporation Bank into Union Bank of India

The amalgamation of Allahabad Bank into Indian Bank.

MAC-BINDING:

What is Mac-binding?

Cabinet Every device has a Media Access Control (MAC) address, a hardware identification number that is unique to it. While accessing the Internet, every device is assigned an IP address.

Mac-binding essentially means binding together the MAC and IP addresses, so that all requests from that IP address are served only by the computer having that particular MAC address.

In effect, it means that if the IP address or the MAC address changes, the device can no longer access the Internet.

Also, monitoring authorities can trace the specific system from which a particular online activity was carried out.

Media Access Control (MAC) address

 Address that uniquely defines a hardware interface is called MAC (Media Access Control) Address.

 It identifies the physical address of a computer on the internet.

 It is 48 bits (6 bytes) hexadecimal address.

 MAC Address of each computer on a network is unique.

Internet Protocol (IP) address

 The address provided to a connection in a network is called IP (Internet Protocol) address.

 It identifies the connection of a computer on the internet.

 IPv4 is a 32-bit (4 bytes) address, and IPv6 is a 128-bits (16 bytes) address.

 IP address does not uniquely identify a device on a network but, it specifies a particular connection in a network.

 IP address changes each time a device is connected to the network as it is dynamically allocated to the device when it participates in the network.

Why in News?

After seven months, the use of social media was allowed in Jammu and Kashmir with an order laying down the latest rules for the use of the Internet in the UT.  Among various conditions, the order says Internet connectivity will be made available “with mac-binding”.

Permitted connections:

The Internet can be accessed on all postpaid devices, and those using Local Area Networks (LAN).

While the postpaid SIM card holders shall continue to be provided access to the Internet, these services shall not be made available on prepaid SIM cards unless verified as per the norms applicable for postpaid connections.

Apart from this, special access terminals provided by the government will continue to run.

It is further directed that the access/communication facilities provided by the government, viz. e-terminals/Internet kiosks apart from special arrangements for tourists, students, traders etc. shall continue.

Only 2G permitted:

Internet speed in J&K is still restricted to 2G.

This means very slow services — pictures will take a long time to be sent or downloaded, videos will be nearly impossible to share, and there will be a long loading time for most websites.

It also means that although in theory, the “whitelist system” — where people could only access some websites pre-approved by the government — has been removed, some sites designed for a 4G Internet experience will hardly work.

Person In News:

BIJU PATNAIK:

Bijayananda Patnaik (1916-1997), popularly known as Biju Patnaik, was an Indian politician, aviator and businessman. As politician, he served twice as the Chief Minister of the State of Odisha.

It is well known that Biju Patnaik actively helped freedom fighters in the 1940s.

His daring was evident as he actively joined the Quit India movement in 1942 and collaborated with the underground leaders like Jayaprakash Narayan, Aruna Asif Ali and Dr. Ram Manohar Lohia, even while in the British service.

Patnaik was imprisoned by the British Government for three years later.

Role in foreign freedom struggles:

As an officer in the Royal Indian Air Force in the early 1940s, Patnaik flew innumerable sorties to rescue British families fleeing the Japanese advance on Rangoon, the capital of Burma.

He also dropped arms and supplies to Chinese troops fighting the Japanese and later to the Soviet army struggling against Hitler’s onslaught near Stalingrad.

On the 50th anniversary of the end of the war, Patnaik was honoured by the Russians for his help,” the obit noted.

Interestingly, Nehru entrusted Patnaik with rescuing Indonesian resistance fighters who were fighting their Dutch colonisers.

Accompanied by wife Gyanwati, “the lanky pilot flew an old Dakota aircraft to Singapore en route to Jakarta where the rebels were entrenched” in 1948.

Dodging the Dutch guns, he entered Indonesian airspace and landed on an improvised airstrip near Jakarta.

Using left-over fuel from abandoned Japanese military dumps, Patnaik took off with prominent rebels, including Sultan Shariyar and Achmad Sukarno, for a secret meeting with Nehru at New Delhi.

Why in News?

On the occasion of the 104th birth anniversary of former Odisha chief minister Biju Patnaik, Prime Minister Narendra Modi tweeted an Intelligence Bureau document from 1945 to show how Patnaik bravely lent his flying skills for freedom fighters like Ram Manohar Lohia.