Category Archives: crypto ban

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Indian Prime Minister Gives “Life Changing” DLT Full Backing

India’s Prime Minister Narendra Modi has spoken out in favor of giving support to distributed ledger technology (DLT), outlining its potential to change lives.

Modi sees emerging technologies such as blockchain boosting the Indian economy and creating a more buoyant employment landscape which could change the lives of “the last person waiting in the queue”.

These are encouraging words for an industry which is seen to be struggling this year, not helped by a controversial crypto ban which is under enforcement, and a sluggish performance to date by the government in passing helpful blockchain legislation.

Research conducted by Incrypt earlier this year found that 80% of developers could be forced to move abroad due to the distinct lack of regulatory frameworks in India. According to hiring solutions provider Belong Technologies, only 5,000 (0.25%) of the 2 million blockchain developers in India have the right blockchain skills.

The survey indicated that “the delay in putting together a framework for blockchain is causing India to lose out on jobs, drag in capital infusion, lack of innovation for local problems, talent flight, and setback in global positioning”.

These new comments could mark a positive change for the development and legislation of blockchain technology and help in retaining the skill needed to push into mainstream adoption across the sectors. A recent move in Hyderabad to create a blockchain district show some state governments’ willingness to take the next step. The Hyderabad project would see multinational IT services provider Tech Mahindra join forces with Telangana state government for the construction of the hub in the state capital.

Although the prime minister has waxed lyrical regarding blockchain on more than one occasion, the government will need to lead from the front and implement such plans as those in Telangana to show that it is serious.

The potential for blockchain in the Indian farming sector is huge as the second biggest global producer of wheat, rice, cotton, sugarcane, silk, groundnuts and dozens more produce. It is also the second biggest harvester of vegetables and fruit, representing 8.6% and 10.9% of overall production, respectively. Agricultural supply chains, often victims of mismanagements and corruption in India, will benefit enormously from a DLT adaptation, a fact not lost on Modi in a speech made earlier this year:

“The responsibility of helping our farmers rests on the shoulders of the new generation. Agricultural students will add value addition to the farmers in our country. There is one important technology in agriculture-artificial intelligence. In the coming days, blockchain technology will also play a huge role.”

 

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Zimbabwe Bans Cryptocurrency Trading

Zimbabwe has issued instructions to all financial institutions in the country to move away from any partnerships, relationships, or associations with all cryptocurrencies, according to a local news source.

The Reserve Bank of Zimbabwe registrar Norman Mataruka said these precautions were issued to protect the general public, as well as concerns for the country’s financial infrastructure. The institutions have 60 days to cut off ties and liquidate account balances.

“As monetary authorities, the Reserve Bank of Zimbabwe is the custodian of public trust and has an obligation to safeguard the integrity of payment systems,” said Mataruka.

This was further specified into any enterprises that maintained accounts, registered, traded, cleared, had collateral agreements, sent remittances, had payment and settle accounts, and gave loans against virtual tokens.

While the statements don’t affect personnel that wish to handle cryptocurrency, central bank governor John Mangudya in a separate statement advises against it:

“Any person who buys, sells, or otherwise transacts in cryptocurrencies, whether online, or otherwise, does so at their own risk and will have no recourse to the Reserve Bank or to any regulatory authority in the country,” he said.

Mangudya continued, talking about companies like Styx24, and Bitfinance, popular cryptocurrency exchanges in Zimbabwe:

“The Reserve Bank of Zimbabwe has not authorised or licensed any person or entity or exchange for the issuance, sale, purchase, exchange or investment in any virtual currencies/coins/tokens in Zimbabwe. Exchanges such as Bitfinance (Private) Limited (Golix) and Styx24 are not licensed or regulated by the Reserve Bank.”

Bitcoin gained popularity in the country last year, due to increasing inflation coupled with frustrating capital controls that prevented people from using money domestically, and restricted remittances outside of their borders.

Last year, Zimbabwe experienced a military takeover at the highest level, further shaking people’s trust in the government. The combination of hyperinflation, political instability, and restricted liquidity, were key factors in driving demand to Bitcoin and other cryptocurrencies.

With Zimbabwe trading Bitcoin at a premium compared to the rest of the world, it will be interesting to see how these events layout in the market.

 

 

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