Category Archives: 2020

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Startups in India Key Reason for Blockchain Boost in 2020

Startups key reason to boost blockchain tech in India

  • Blockchain in India to gain momentum in 2020, driven by startups

Indian startups are to play a huge role in shifting its paradigm towards blockchain next year. This shift in paradigm will be from trials to practical cases next year. The Nasscom Report of 2019 states that almost half of the blockchain projects in the nation involve startups. Despite this, Indian startups received only 0.2% (about USD 11 Million) of the global investments by venture capitalists.

In order to fully realize the competency of blockchain solutions, it becomes necessary for all the major industry stakeholders to establish cooperation. The regulatory restrictions on blockchain are close to none if it is used as DLT.

“The world over, a lot of consortium’s have emerged, the cooperation has to extend to the next level, where regulators, compliance keepers, banks and financial institutions collaborate along with technology firms,” said Rajashekara V Maiya, head of Business Consulting, Cloud & Blockchain Business, at Infosys Finacle.

It is important to note here that India does not regard cryptocurrencies as legal tender. This considered its transformation towards more blockchain-oriented solutions is an interesting endeavor. In fact, the top banks of India are working towards blockchain-based funding to various small and medium scale enterprises (SME’s). In addition, the Government of India is also becoming an increasing consumer of blockchain solutions with more than 40 blockchain projects being a part of the public sector. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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John McAfee Says Presidential Run Solely for Promoting Crypto

Computer programmer and businessman John McAfee has said he has no expectations or desire to win the US presidential election of which he is a candidate. Instead, he is running solely to promote permissionless cryptocurrency.

In an interview with Cointelegraph, McAfee said he would be campaigning on a libertarian platform, as he did in the 2016 election. This time around, however, he says the singular purpose of his participation is to promote the concept of cryptocurrencies and their adoption. The pro-cryptocurrency stance that he has adopted comes from a place of encouraging ”personal freedom” through its adoption.

He reportedly seemed assured that there were no hopes for him winning the election, although this did not discourage him from running in the slightest. On the contrary, in fact.

He told a Cointelegraph reporter: ”I don’t want to be president. I couldn’t be… no one’s going to elect me president, please God. However, I’ve got the right to run.”

Plans to increase the size and significance of his platform is apparently all being done in the name of promoting cryptocurrency rather than his personal brand.

”Fiat’s got 5 years”

McAfee stands by his prediction that Bitcoin will hit USD 1 million by the election year 2020, adding that ”in five years’ time, fiat will be on its last legs”.

Foreseeing an exodus from fiat currencies into the digital market, he elaborated on this price prediction, saying that in two years, USD 1 million will not be worth what it is today.

”I will tell the truth”

As reported by Bitcoin News last month, the founder of McAfee Anti Virus shared a similar sentiment as he did earlier this week, saying: ”In truth: the crowd doesn’t want the truth. It is why politicians lie. They cannot win by telling the truth. I don’t want to win POTUS. I just want the stage.”

It is because he has neither an expectation or a desire to win the race that he says he can be the one to speak the truth.

Making a strong claim, McAfee went so far as to describe people as ”slaves to the entire system”, referring to both governments and financial institutions. ”If you want to send Bitcoin, Ethereum or Monero, who do I have to ask? Only the peer… We are creating a permissionless society,” he said.


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Canada Postpones Crypto, Blockchain Regulation Updates to 2020

Canada’s government has effectively put the release of new cryptocurrency regulations on hold until 2020 instead of updating them this fall.

The federal government in Canada is preparing for the 2019 general election which has caused it to delay the release of the regulations until after this has taken place, and with a 12-month waiting period for new regulations to go into effect, they will not be active until 2020.

Mixed responses

A draft version of the regulations was shared with the public in June in which stricter controls on the cryptocurrency industry were outlined. Some have taken the delay as a positive sign that the government may be looking to review what they interpret as unfavorable conditions, while others have shared concerns that the decision may harm Canada’s competitive edge in the growing industry.

The Blockchain Association of Canada (BAC) spoke to Bitcoin Magazine, saying that this should be perceived as a good thing for the Canadian blockchain and cryptocurrency sectors, and shared its confidence in the government’s agenda. ”It may be best to observe and intervene as little as possible,” BAC’s Executive Director Kyle Kemper added.

Several participants have reportedly said that the vast amount of quality feedback to the June draft halted the government from implementing the bill before making amendments. A number of the country’s blockchain companies and organizations were part of a discussion with Finance Canada officials in which they were able to vocalize their own opinions of the drafted regulations.

The Toronto-based Blockchain Research Institute (BRI) shared a report with government officials that included input from 70 industry participants, calling for a ”middle ground” on regulations. While they recognized a substantive regulatory framework was required in order for Canada to remain competitive, too strict governance could well stifle innovation from the sector.

If input from key industry figures has been the main factor in causing the delay, local blockchain businesses should rest assured the next draft should reflect changes in their favor.


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Dubai Forms Task Force to Implement Blockchain Legal System Platform

The Dubai International Financial Center (DIFC) courts have reported they will be collaborating with the government supported Smart Dubai initiative to form a task force with a goal to implement a blockchain platform that enhances the country’s legal system.

The project has been dubbed the ‘Court of Blockchain‘, with the government concluding that decentralization would benefit the legal system by streamlining the sector and easing the protocol for sharing information. It hopes to build the network itself on a blockchain, utilizing smart contracts for courts to share data. The need for such time-consuming tasks as document duplication will be eliminated, the DIFC said.

A press release regarding the task force cites the future of the two partners as handling public and private blockchain disputes, as well as verifying regulatory and contractual terms of smart contracts, utilizing their combined expertise.

The first steps for the partnership will include research and development to configure court data onto the blockchain, allowing real-time authentication for institutions in order to improve communication efficiency between actors across the legal system.

The DIFC is the primary entity that handles civil and commercial financial disputes relating to Dubai.

The Smart Dubai initiative

The task force is part of the country’s Smart Dubai initiative, a plan to push the emirate to the forefront of technological innovation. Pursuing the various use cases for blockchain is a big part of the research; the Smart Dubai Office’s director general, Dr Aisha Bint Butti Bin Bishr, said that it plans to run ”100% of applicable government transactions on blockchain by 2020“.

Dr Bishr acknowledged that such a strategy would require strong institutions to uphold such disruptive policies, noting that the partnership with DIFC courts would help support the changes. She described the completed blockchain legal platform as ”the world’s first disruptive court”, boldly stating this as a pursuit of the true power of blockchain technology.

The Smart Dubai initiative is set to position the country as a global technology leader by 2020.

Another aspect of the strategy includes Dubai’s tourism business to business blockchain marketplace Tourism 2.0, which connects businesses in the tourism sector with one another across the country.


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