BGF launched the ICO on 27th April, 2017 in Bangkok and within 24 hours had received 1.6 million dollars of investment from retail investors globally. ICO is like an ‘IPO’ where investors get coins/tokens instead of shares in a company or fund.
The price of ether -- the fuel that operates the distributed application platform Ethereum -- peaked at USD 83 and now is faring at levels of USD 80 on the CoinDesk price index.
Speaking to Moneycontrol, Somaiya said that he is expecting a meeting with a senior official from the National Intelligence Grid (NATGRID) to discuss the sudden jump in bitcoin trading in India during the period of the cash ban.
"This [an ICO] can make traditional venture capital companies obsolete in the coming few years. Every industry eventually gets disrupted, venture capital hasn’t been disrupted. So VCs invest in innovation and they finance the disruption of industry but they very rarely innovate themselves," Brock Pierce, Co-Founder and Managing Partner of Blockchain Capital.
Speaking to Moneycontrol, Andreas Antonopoulos said that an issue with the bitcoin block size does exist but it is being sensationalized and inflamed by those who want to establish some control over the decentralized network.
"The use of Bitcoin, a hypothetical currency, is increasing at a rapid speed in India as well as in the world. Experts have expressed concern that Bitcoin is a pyramid ponzi type scheme," Kirit Somaiya said.
“At a time when governments must fight to restore the public’s faith in cross-border economic cooperation, blockchains can play a critical role in strengthening economic resilience while ensuring the global economy works to the benefit of all,” the G20 statement read.
Unocoin partners with Shapeshift to allow its users to convert blockchain based assets like Ethereum, Zcash into bitcoin.
This widespread use and increasing dependence on technology no doubt has its benefits but it also brings along challenges in terms of data security.
US President Donald Trump‘s measures will help Indian IT industry to focus on solving problems in India, Reliance Industries Chairman Mukesh Ambani said at at the NASSCOM India Leadership Forum. It could be key to making India one of the largest software markets in the world, he said.
Bitcoin players in India namely Zebpay, Unocoin, Coinsecure and Searchtrade have formed Blockchain and Virtual currency Association of India (BVAI) today. It will be a self-governed body and the association‘s first meeting decided to reply to the RBI‘s circular warning people against virtual currencies.
State department of mines, Rajasthan has signed a tripartite agreement with Mineral Exploration Corporation Limited and National Mineral Exploration Limited for evaluating seven blocks of copper and gold reserves in Udaipur.
After reportedly testing a blockchain based digital currency, the People's Bank of China (PBOC) is further looking to reap the benefits of the technology to improve transparency and tackle fraud in its financial sector.
Implementation of blockchain in various operations can help investment banks reduce their operational costs by around USD 12 billion annually, a report by Accenture says.
New developments in the Budget and economic interventions will open more avenues for Digital India. India has already started experimenting with the blockchain technology. Budget should also include special allotments for experimentation with innovations and technology, says Saurabh Agrawal,CEO and Co-founder of Zebpay .
The Institute for Development & Research in Banking Technology (IDRBT), the research arm of RBI, released a report which said that the time is ripe for blockchain technology adoption in India and it has tested the technology for core banking processes in the country.
Once too coy and afraid of the fintech disruption, Wallstreet and banks now seem to have warmed up and embraced the idea as it can reduce their complexities and add more to their net-profits each year.
Private sector Axis Bank today became the third lender in the country to announce usage of block chain solutions for its operations, after its peers ICICI Bank and Yes Bank.
A blockchain platform developed by a group that includes more than 70 of the world's biggest financial institutions is making its code publicly available, in what could become the industry standard for the nascent technology.
Infosys subsidiary EdgeVerve Systems today said it has carried out a pilot for using blockchain network for international remittances and trade finance with ICICI Bank and Middle East-based Emirates NBD.
ICICI Bank today announced that it has successfully executed transactions in international trade finance and remittances using blockchain technology in partnership with Emirates NBD.
The verifiability and security associated with blockchains have given ideas to the financial industry to adopt it for their own purposes.
The technology underpinning digital currencies, blockchain, has the potential to transform several aspects of the financial industry -- one of the being how brokerages carry out the clearing and settlement process for trades.
Just 22-years old computer programmer, Vitalik Buterin has become one of the leading authorities on crypto currencies in the world. Crypto currencies such as Bitcoin, Namecoin, Zcash operate upon the blockchain technology where the code resides in thousands of computers around the world.
Bitcoin is a web-based "cryptocurrency" used to move money around quickly and anonymously with no need for a central authority. But despite being championed by some as the digital money of the future, it is often dismissed as a currency that is too volatile to invest in.