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No Proposal to Recognise Bitcoin as a Currency, Nirmala Sitharaman


Finance Minister Nirmala Sitharaman stated in a reply to the Lok Sabha on Monday that the government has no plans to recognize Bitcoin as a currency in the country.

She also assured the House of Representatives that the government does not gather information on Bitcoin transactions.

“No, sir,” the Finance Minister answered when asked if the government had considered recognizing Bitcoin as a currency in the country.

Bitcoin is a digital currency that enables people to purchase and sell goods and services without the involvement of banks, credit card companies, or other third parties.

It was first created as a cryptocurrency and electronic payment system in 2008 by an anonymous group of programmers. It is said to be the world’s first decentralized digital currency, with peer-to-peer transactions taking place without the use of a middleman.

Meanwhile, during the current Winter Session of Parliament, the government intends to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021. The bill aims to outlaw all but a few private cryptocurrencies in order to foster underlying technology while allowing the RBI to create an official digital currency.

In response to another query, Sitharaman stated that during the current fiscal year’s April-September period, ministries and departments spent Rs 2.29 lakh crore on capital spending.

This is 41% of the Budget Estimate (BE) for 2021-22, which is Rs 5.54 lakh crore. She stated that the real expenditure in the current fiscal year is around 38% greater than the similar expenditure in FY 2020-21.

The Government of India launched the National Infrastructure Pipeline (NIP) with a projected infrastructure investment of Rs 111 lakh crore between 2020 and 2025 to provide world-class infrastructure across the country and improve the quality of life for all citizens to accelerate capital expenditure for the creation and upgrading of infrastructure in the economy.

NIP began with 6,835 projects and has since grown to over 9,000 projects in 34 sub-sectors. According to her, the NIP is expected to improve project preparation, attract infrastructure investments, and play a key role in economic growth.

On August 23, 2021, the National Monetization Pipeline (NMP) was also launched to unlock the value of public sector assets by tapping private sector capital and efficiencies for delivering infrastructure services, she said, adding that the monetization proceeds will be used to augment existing/create greenfield infrastructure to boost the economy.

Gati Shakti (National Master Plan for Infrastructure Development) was then released on October 13, 2021, as a digital platform to bring Ministries/Departments together for integrated planning and coordinated implementation of infrastructure connectivity projects, according to her. It will also improve infrastructure connectivity at the final mile and cut people’s journey time, she said.

On inflation, the Finance Minister stated that the government monitors the price situation of major vital goods on a regular basis and takes corrective action as needed.

“The uptick in inflation has been mostly driven by exogenous factors, such as rising international crude oil and edible oil prices, which have an influence on domestic inflation due to India’s reliance on these imports,” she said.

WPI inflation is also mainly driven by ‘fuel and electricity and manufactured products’ inflation, which is driven by higher global crude oil costs and higher international commodity/input prices, according to her.

The administration has adopted a number of supply-side measures to combat inflationary pressures, she said.

According to Sitharaman, the central government has lowered the Central Excise Duty on Fuel and Diesel by Rs 5 and Rs 10 correspondingly, with effect from November 4, 2021, in order to keep petrol and diesel prices in check.

“Many state governments have responded by lowering the value-added tax on gasoline and diesel. As a result, retail gasoline and diesel prices have stabilized “she stated

India has agreed to release 5 million barrels of crude oil from its Strategic Petroleum Reserves as an additional price-control measure, she said, adding that this release will take place in parallel with and in consultation with other major global energy consumers such as the United States, the People’s Republic of China, Japan, and the Republic of Korea.

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Top 10 Cryptocurrency Terms People Use Every Day

Cryptocurrency Terms

Despite the fact that Bitcoin was launched in 2009, it wasn’t until later that you couldn’t turn on the news or surf the internet without hearing about cryptocurrencies.

I received so many inquiries from my readers and listeners to my national radio show that I decided to write an e-book about cryptocurrency to assist them. I explain what digital money is, how to mine it, and how to get started trading. To order a copy from Amazon, tap or click here.

Unfortunately, I hear from people who have been duped by one or more crypto scams. Criminals are waiting where there is money. Click or tap to learn about five ingenious crypto scams that are currently circulating, as well as how to keep safe.

Before we begin, keep in mind that this is not financial advice. The cryptocurrency market is volatile, and you should never invest money you can’t afford to lose. Let’s look at some of the most commonly used lingoes:

1. Blockchain

Every bitcoin transaction is performed, confirmed, and stored on a blockchain, which is a virtual ledger. Another record is generated on this virtual ledger when someone buys or sells cryptocurrency.

Consider the blockchain to be a train full of boxcars. A new boxcar is added to the train every time a cryptocurrency transaction is done.

The blockchain is a distributed ledger. This means it isn’t kept on a single machine or even on a single network. The blockchain, on the other hand, is stored on computers all over the world that are connected to the internet.

People and businesses use their own computers’ processing power on a decentralized peer-to-peer network to help validate each transaction that is uploaded to the blockchain. Each transaction is timestamped and encrypted separately, and thus cannot be reversed or altered. Yes, you read that correctly: cryptocurrency transactions are irreversible.

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2. Fiat

“I thought a Fiat was a car,” you might be thinking. In crypto-land, no. Government-issued money is known as fiat money. If you’re in the United States, you’re talking about the dollar.

Cryptocurrency, on the other hand, is a type of digital currency.

Governments or any other standard used with traditional currency do not back cryptocurrencies. The amount you own is represented by each “token.”

The current market value determines how much each token is worth. It goes up one day and down the next. Price swings in cryptocurrencies can be considerably faster and more intense — both positive and negative. CoinMarketCap is a useful tool for checking current prices.

3. Altcoin

This is a simple one to remember. Any digital money that isn’t Bitcoin is known as an altcoin. There are thousands of cryptocurrencies, and new ones are constantly being introduced.

These are the five currencies having the largest market capitalizations at the time of writing. (This is the circulating supply’s overall market worth.) Because cryptocurrency changes so quickly, this list may have already changed by the time you read it.

• Bitcoin is a cryptocurrency.

• Ethereum is a cryptocurrency.

• Binance Coin is a cryptocurrency.

• Use the tether

• Solana is a kind of plant.

4. Exchange

To purchase cryptocurrency, you must first go through an exchange. Consider an exchange to be a cryptocurrency middleman. It’s an online service that lets you swap fiat currency for cryptocurrency or vice versa.

A crypto exchange acts as a brokerage if you’re accustomed to traditional investment. You can make a deposit via a bank transfer, a wire transfer, a debit card, and other common methods. For the most part, you can anticipate paying fees.

You can also buy cryptocurrency via apps like Venmo, Robinhood, or Cash App, which you may already be using.

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5. Wallet

A cryptocurrency wallet, in its most basic form, is an app or physical storage device that allows you to store and retrieve digital currency. You can store various cryptocurrencies in a wallet, so you’re not confined to only Bitcoin.

It’s vital to remember that whether you use an app or a physical wallet, the currency isn’t held there. Wallets, on the other hand, keep track of where your money is on the blockchain.

Wallets are divided into two types: hot and cold. By definition, a hot wallet is linked to the internet. A cold wallet, or one that isn’t linked to the internet, is the most secure way to store your cryptocurrency.

Physical wallets exist in a variety of shapes and sizes, but they are often custom-designed USB devices that store your money for later usage. Physical wallets offer the highest security against hackers.

The Ledger Nano X and Trezor Model One are two popular cold wallets. I like the Ledger Nano X over the other two since it supports 23 different types of cryptocurrencies and has more functionality.

If you’re concerned about privacy, the browser you use is important. I’ve put them in order for you here. Is your favorite on the list?

6. Mining

You’ve probably heard of this word in relation to Bitcoin, which is generated by mining. Solving complicated math problems is how computers mine coins. The faster a computer can “think,” the more powerful it is.

Now, if your computer solves the problem the fastest, you win one unit of whatever cryptocurrency you’re mining.

While a few cryptocurrencies have a limitless supply, most have a limit. The maximum for Bitcoin is 21 million. In 2140 or sooner, the last coin will be mined.

7. DeFi

Here’s another easy one for you. Decentralized finance, or Defi, is a condensed version of the term. Financial transactions take place without the involvement of a “middleman,” such as the government, a bank, or another financial organization.

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8. NFT

Nonfungible tokens are something you’ve probably heard of. “This digital thing is one of a kind and irreplaceable,” as the phrase goes. It covers anything from online artwork to songs, viral videos, articles, text logos, and animated GIFs.

Some people collect old automobiles, fine wines, well-known artwork, and baseball cards. Any digital item can now be transformed into a collectible. They’re also used as status insignia on the internet. Take a look at Jimmy Fallon’s Twitter profile photo as an example.

Only Bitcoin can be used to purchase an NFT. An NFT can be purchased through an auction platform, a secondary market, or by taking part in a mint. You might be wondering what that is.

9. Mint

Minting is the process of storing a file, such as a JPEG or GIF, in a blockchain. An NFT can be sold or traded once it has been minted. When you take part in a mint, you are the first person to purchase a piece from its author. You have the option to keep it, sell it, or exchange it.

The author specifies the royalties they will receive from future sales throughout the minting process. This serves as a commission if the piece is sold in the future, and it’s a key selling point for artists who want to go digital. If you sell an NFT on a secondary market, it will very certainly receive a cut of the sale.

10. HODL

This is a word you may come across on social networking. “Hold on for dear life” is what HODL stands for. Some think it started as a misspelling of the term “hold” on a Bitcoin forum, but it’s now common parlance.

The concept is simple: if you believe a project or currency will appreciate in value, simply “hold” during market downturns.

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Whether you use Netflix, Hulu, Amazon Prime, Disney+, or Apple TV, your favorite applications are almost certainly following you around. In this episode, you’ll learn about the hidden dangers of cutting the cord.

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How to Identify and Protect from Crypto Frauds?

Crypto Frauds

The global acceptance of cryptocurrencies, including in India, is evident. More people are jumping on the bitcoin bandwagon for various reasons, with numerous investors raking in inconceivable gains every day. To begin with, it provides users control over their assets and transactions. Users can fall prey to fraudsters and become victims of scams if there is no authority to oversee the operation of bitcoin channels. Customers have been exposed to an increased risk of fraud as the popularity and value of cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin have grown in popularity and value.

Here’s how to spot and avoid some of the most frequent sorts of cryptocurrency scams

  •  If an offer appears to be too good to be true, it is always a good idea to double-check before committing. If a bargain promises you ten times your money back with no explanation, you’re probably buying into a con. So, pass on the deal and avoid being a victim of fraud.
  • On the Internet, there are also fake mobile apps that look very similar to actual cryptocurrency apps. To distinguish between phony and real apps, always search for ratings, customer reviews, and the legitimacy of logos.
  • Always double-check the URLs and web pages. Even in the area of cryptocurrencies, spoofing, which is one of the most popular technological attacks, is common. Make sure you’re only interacting with and transacting on sites that have been approved. Keep an eye on whether you’re being diverted to a site you didn’t mean to visit, even if you’re following a link from a reputable source or crypto expert.
  • Phishing e-mails posing as official communications from a reputable cryptocurrency site or exchange are another popular approach for criminals to deceive people. To entice subscribers, such emails frequently include tempting offers and incentives.
  • Fraudsters can also deceive people by impersonating technical help. Always double-check the phone number, social media account, or email address that is being used to contact you – or that you are being contacted – for tech help and troubleshooting.

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The FBI has Put out a PSA about an Interesting Cryptocurrency Scam

Cryptocurrency Scam
Photo Credit:

The FBI has released a public service announcement about an intriguing cryptocurrency scam.

The FBI is alerting Americans about a new type of bitcoin ATM scam. A con artist persuades a victim to deposit cash into a cryptocurrency ATM and send the purchased coins to the con artist via a QR code-based address (via CoinDesk). While the scam itself is very low-tech, it is an interesting example of how criminals are leveraging crypto to “improve” on traditional approaches.

According to the organization, the fraudster would contact their victim and persuade them to pay money, either with promises of love or more riches or by impersonating a legitimate entity such as a bank or utility provider. After the mark has been persuaded, the fraudster will instruct them to withdraw cash (from their investment or retirement accounts) and proceed to an ATM that sells cryptocurrency and can scan QR codes. When the victim arrives, they’ll scan a QR code supplied to them by the fraudster, which instructs the machine to send any cryptocurrency purchased to the scammer’s address. The victim loses their money in an instant, and the scammer has successfully exploited them.

If this scam sounds familiar, it’s because it’s essentially a tech-enhanced version of wire transfer fraud. Someone will persuade their victim to send them money using any methods necessary, and then have them transmit it using a way that is difficult to trace and almost impossible to undo. The system is working as intended, much like with wire transfers; being able to utilize a QR code instead of typing in a long wallet address is also useful for authorized crypto purchases. It’s just that the money is going to someone else’s pocketbook instead of yours.

Scammers benefit from the crypto ATM approach in two ways: it can be less friction than sending a wire transfer, and the fraudster ends up with cryptocurrency rather than money. You must fill out a form for wire transfers, and you may give that form to a real person (who could potentially vibe-check you). When you use an ATM, you have less time to consider the idea that you’re going to transmit money to a stranger. And, if you’re a criminal looking to get their hands on Bitcoin, you won’t have to educate your victims how to acquire coins online and move them to another wallet because they’re likely already familiar with using an ATM and scanning a QR code.

Both the FBI and the FTC have some helpful tips for avoiding scams, but the bottom line is this: if someone you don’t know asks you to send them money, don’t do it using any means, crypto or otherwise.

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