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India’s plan to ban Crypto could kill its blockchain opportunities

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India Bans Crypto

Many crypto enthusiasts in India celebrated the lift of ban on cryptocurrency trading by the Supreme Court of India in March of 2020.

Now, the Government of India has surprised the citizens by proposing a new law to ban crypto. 

Economic Times remarked this as “a  blow to investors, exchanges and other entities dealing in virtual currencies.”

According to the news, “The draft law prepared by the committee said any direct or indirect use of cryptocurrency will be punishable with a fine or imprisonment, which shall not be less than one year, but may extend up to 10 years.

As per the draft law, a repeat offence will be punishable by imprisonment of up to five years, which could extend to 10 years with a fine. The fine could be three times the loss or harm caused by the person, three times the gain made by a person, or up to ₹25 crore.”

Rs. 25 Crores translates to approximately $3,333,333.  For someone in India that is a hefty price to pay for dabbling with cryptos.

If this ban carries out, it might push India backward by 10 years in the blockchain and digital asset front.

Government’s job is to anticipate the future and prepare
the country for it

Indian GovernmentThe Government of India under its new leadership has been a force of forward-thinking, however, when it comes to bitcoin and cryptocurrencies it has always been apprehensive in its approach.  First, they tried to shoot this down with a ruling from the Reserve Bank of India and when the Supreme Court of India took that ruling down, the government is now planning to introduce a law that could make this ban permanent for a long time.

While countries like the US have adopted do no harm policy, other countries like Switzerland, South Korea and Japan have been very proactive in becoming the dominant force in the blockchain and crypto space by building inclusive legal frameworks.  

It is unfortunate that instead of looking at progressive countries as role models, India is looking to emulate Russia and China stances on crypto.

Denying a defining opportunity for the country

Blockchain can work without crypto but its true potential will be thwarted without utility tokens. 

This ban could force the companies building out awesome projects to close their shops because you are taking out a critical essence of the functionality from the technology.  

According to LinkedIn’s India’s top-emerging job sector report, Blockchain has been one of the forerunners. Now, a hostile attack on Crypto could send the companies that were thinking to establish their Blockchain IT hubs in India to look elsewhere.

Guidelines and rules instead of a ban

There should be a framework around cryptocurrencies. 

An outright ban is not going to accomplish much except denying the opportunities to the individuals who follow the law.

Countries like Switzerland, South Korea and Japan are all busy building a friendly framework for the companies to innovate freely in the blockchain and crypto space. Malta has been particularly darling for the crypto exchanges with its friendly regulations.  

The countries that have proposed a ban have all been places where ‘might rules’, and it is unfortunate for India to be going that route.

A ban could backfire and hand over keys to fraudsters

crypto regulationsA ban will actually make Bitcoin and Cryptos more dearly because people can actually use it to hide their wealth.  Transactions that happen through exchanges are MORE transparent than off-chain/masked. These off-chain/masked transactions will happen in spite of the ban.

Essentially, the ban will punish the upright citizens and not those who it is trying to target through this law.  

Swiss accounts are held by more politicians, crooks and fraudsters than a regular citizen. Why was a ban not established on that?

If you say that there is a disclosure requirement then the answer is, in spite of the need to disclose, fraudsters with means will find ways to open Swiss accounts and route their ill-earned fortunes.  

Banning crypto will essentially do the same thing for those who want to break the law. 

Why not find ways to catch those criminals while letting the socially conscious citizens the opportunity to participate in the crypto economy. More importantly in the blockchain revolution.

What happens to the Blockchain incubators?

States are trying to become the hub for blockchain projects and the Central government is taking steps to ban crypto, this obvious mismatch of ideologies will prevent the companies from entering India.

There is nothing worse than lack of legal clarity for companies trying to establish their operations in a new country.

Ban will hurt more than it helps

Like we said earlier a ban on crypto means:

  • Limited innovation in the blockchain projects coming out of India
  • Companies that wanted to call India home for their blockchain projects could backout
  • Ordinary, upright citizens will be denied an opportunity to participate in digital asset economy with the rest of the world
  • Being the tech capital of the world, India will shortchange its own talent from innovating
  • Those who want to cheat will find ways to – this ban will mean nothing to them

Given more downsides than upside, we really hope that India looks to South Korea, the US and Japan for inspiration instead of Russia or China.

Will it be easy for the government to carry out the ban?

Majority of Indians are not invested in cryptos. This law to ban cryptos could pass without an ounce of resistance from anyone in the government.  

However, we do expect to see companies like WazirX (now backed by Binance) and other luminaries in the blockchain space to provide input to the government to not pass this law and instead pass guidelines for ‘legal trading’.

We have to wait and see as to what actually unfolds.

Thank you for reading and sharing this article. Stay safe and healthy!

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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What Are Smart Cities and the Role of Blockchain In Smart Cities?

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What Are Smart Cities and the Role of Blockchain In Smart Cities?

IT experts have designed smart cities to develop, deploy, and promote sustainable development practices.

Now, what are smart cities? 

A smart city is a framework mostly composed of Information and Communication Technologies or ICT to address growing urbanization challenges.

A considerable part of a smart city framework or an ICT framework is that it consists of an intelligent network of connected objects and machines. 

These machines transmit information through cloud applications and with the use of wireless technology. 

Cloud-based IoT applications receive, analyze, and manage all this data in real-time, which helps municipalities, enterprises, and citizens make better decisions. 

The use of smart phones and connected cars and homes citizens engage with smart city ecosystems. 

A way to cut costs and improve sustainability is to pair devices with the city’s physical infrastructure and services. 

With the help of a smart city framework, we can find solutions to many community problems. For instance: 

  • Traffic lights connected to cloud-based applications can receive data from sensors and cars. In return, light cadence and timing in response to real-time traffic can improve, which reduces road congestion
  • Parking meters and electric vehicles charging docks can communicate with cars to find the nearest available spot
  • With the help of smart garbage cans synced to waste management companies, garbage is collected and scheduled to be picked up when needed instead of the pre-planned schedule
  • Instead of plastic cards for driver’s licenses and ID cards, citizen’s smart phones take their place. In return, access to the city and local government services are speed-up and simplified

Together, smart city frameworks help in optimizing infrastructure, public service, utilities, and mobility.

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Why Are Smart Cities Being Built?

Urbanization is a problem faced by every country all over the world. 

According to statistics, 54% of the total population of the world lives in cities. The number is estimated to reach 66% by 2050. 

Over the next three decades, urbanization will make another 2.5 billion people migrate to cities, and to keep up with this rapid expansion, environmental, economic, and social sustainability is a must. 

Smart cities can provide such a framework to rely on.

Examples of smart cities  

AMSTERDAM SMART CITY:

A shining example of a well-connected smart city would be Amsterdam. The initiative of making Amsterdam a smart city began in 2009, and it includes over 170 projects. 

It sends traffic and transportation data to related parties such as developers who create mapping apps connected to the city’s transportation system. 

Due to this, navigating the city is simple and easy. The smart city infrastructure supports a floating village of houses, which helps with urbanization with a sustainable and eco-friendly alternative.

COPENHAGEN SMART CITY:

One of the smallest cities in the world, Copenhagen, is known worldwide for its mobilizing expertise. 

In collaboration with MIT, Copenhagen is leveraging open data to build an innovative bike system. 

Real-time data is shared to monitor and manage air quality as well as traffic congestion.

How Do Smart Cities Become Successful?

Along with people, dwellings, businesses, and traditional urban infrastructure, we will need four other essential elements to enable smart cities to succeed. The four elements are:

  •     Security that can be trusted
  •     Flexible monetization schemes
  •     Open information
  •     Extensive wireless connectivity

Risks   

Probably the most significant concern about smart cities is the danger of privacy breaches. 

Governments, businesses, and individuals spend millions of dollars on preventing leakage of data to outsiders, and as little as possible is shared. 

The key enabler of sustainability in smart cities would be the complex ecosystem that shares information and combines it in real-time. 

Only with the cooperation of multiple sectors can better and sustainable outcomes be achieved and to receive real-time contextual information, while making sure data is kept secured. 

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Role of Blockchain in Smart Cities

blockchainThe role of smart cities is to incorporate technology as the groundwork to take the edge off the problems that plague the current system. 

Examples of current smart city capabilities are universal identification (ID), green energy, water, pollution management, forms of transportation, wireless internet systems, and promotion of local businesses, to name a few. 

The ‘Internet of Things’ serves the current technology needs of smart cities; this term is used to define the integrated network of gadgets with planted exclusive identifiers. Examples include traffic management and e-commerce. 

A traffic management program called SCOOT improves green light time at intersections by providing inductive loop and magnetometer data to a supercomputer, in London, coordinating the traffic lights to enhance the traffic across the city. 

An astounding forty-seven thousand new jobs in Barcelona were created due to the implementation of a network of fiber optics that provides free and fast Wi-Fi, which supports the IoT and the integration of smart parking, lighting, and water management. 

In Amsterdam, the IoT-based infrastructure was tested by allowing traffic flow, public safety, and energy usage to be monitored and tweaked depending on real-time data. Moreover, cities like Baltimore and Boston have introduced smart trash cans that transfer information to determine the best pickup route for garbage disposal crew. 

India was the pioneer country to successfully enact a smart city project across 12 of its cities, in the year 2015. 

All of the above examples demonstrate the reliance on IoT infrastructure and blockchain can make IoT become more resilient and efficient.  

It is evident that Blockchain gives the groundwork for the management of transactions by providing security and transparency. 

Today many smart cities have a large scale Blockchain implementation or distributed ledger technology. 

By the next year, Dubai is aiming to become the first Blockchain-powered smart city in the world.

Since 2012, Estonia has used distributed ledger technology to keep records of its citizens. 

Companies like Hancom are the emerging suppliers of services and products related to IoT hardware for smart city development. 

The Hancom group will incorporate Blockchain technology to set up a 470-acre smart city development project in Gapyeong Malang Malang, as the basis for smart city development. 

This company also developed the 30-acre Augury Square in Atlanta, which will incorporate the use of cryptocurrency, pushing forward the usage of digital currency into the daily lives of its inhabitants. 

Information collected and kept in a cloud-based framework can be encoded by a Blockchain system to ensure the security of data in a smart city. 

Blockchain can be used for identification, for proof of citizenship, tax data, voting, to name a few. 

The elimination of paperwork in such a system helps to manage and reduce pollution in smart cities. 

Other services that can incorporate Blockchain in smart cities are: 

  •     Use of internet sensors to identify general repairs and road maintenance
  •     They connect to healthcare services for emergencies
  •     They are providing first responders with pertinent medical data
  •     Connection of residential utilities and rent to the Blockchain

Blockchain provides the framework to unite the services in a single system capable of tracking, security, immutability, transparency and above all SECURITY.

Thank you for reading and sharing this article. Stay safe and healthy!

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We do not endorse or guarantee the accuracy of the information and claims made.

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How Bitcoin and Crypto can liberate people to help each other!

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How Bitcoin and Crypto can liberate people to help each other!

I was watching this video about the atrocities of China and its authoritarian regime. 

Gravitas: Three Gorges Dam | China’s dam of doom | China floods | WION

China’s Three Gorges Dam is one of the most controversial infrastructure projects. The dam flooded 13 cities, 140 towns, and 1,352 villages when it was built…

I kept thinking, if I and few of my friends could pitch in, we could literally change one life for sure…life of this lady and her family.

But alas, we don’t have a way to help…because this person is probably unbanked or banked with an institute that will require us to jump 100 meter red tape to help.

Again, we do not like China’s authoritarian regime.

But the people of China must be just like us. With simple wishes and desires to get through life.

If governments keep screwing people like these, people can come to the rescue to save each other, no matter where they live on this bright blue planet of ours.

However, the biggest strength that the government has over each of us is the ‘system’.

A system that demands slavery from its citizens to the rules that thwart the welfare of its citizens every step of the way.

For the record, I hate China and its authoritarian regime. I do not hate the people of China.  

I think they are just like me, trying to get by with their lives in peace and not to be bothered.

But what are they supposed to do when the Government (or anti-social elements) steal what is rightfully theirs?

They can seek help but the current system keeps them outside of the realms of ‘receiving help’.

This is why we love Bitcoin and Cryptocurrencies and what they represent.  

People helping each other without the red tape.

Someone might argue that the anti-social elements can also use this powerful weapon for their ill-goals.  

Yes, we agree.

What’s stopping them from using ‘physical cash’?

At least, with bitcoin and crypto, every transaction can be forever tracked.  That means, if some anti-social elements were to use bitcoin and crypto for sick activities, they can be tracked forever.

Can you track someone who uses cash?    

No chance.

So, our belief in Crypto only gets stronger by the minute because of the immense potential it offers people to become their own banks and decide how their hard earned money is spent.

I think this is a basic right that every person deserves!?

Thank you for reading and sharing this article. Stay safe and healthy!

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We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Nikola Tesla & Bitcoin

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Nikola Tesla Bitcoin

Nikola Tesla was ahead of his time.

He had over 700 patents to his name and at some point, Patents’ office refused to grant a patent to him because his invention was too inconceivable.

Of course, Tesla actually built the model to show them that it was possible.  

This was the ‘wireless’ controlled device.  Tesla used this technology on a wireless boat in a pool at Madison Square. 

Tesla actually discovered the radio communication two years before Guglielmo Marconi.  

Many of his inventions still form the ‘basis’ of everything we build in our modern society.

If you think you can outsmart Tesla, think again.  He even conceived of ‘wireless current’ long before people even got used to the Alternate Current (which is what we use to this day).

History.com captures Tesla’s accomplishments in one paragraph (although it does not capture all):  “Tesla invented electric oscillators, meters, improved lights and the high-voltage transformer known as the Tesla coil. He also experimented with X-rays, gave short-range demonstrations of radio communication two years before Guglielmo Marconi and piloted a radio-controlled boat around a pool in Madison Square Garden.”

Fiat is the modern day Direct Current

The Fiat system that we are living on is the modern day DC.  

Edison had to build DC stations every 2 miles just to transport the unsustainable and unreliable DC.

Similarly, to make the unsustainable fiat work we use banks and institutions to keep it alive.  

Now, the modern day electricity that we use is Alternate Current (AC) and it does not need power stations built every 2 miles and could be transported to long distances using wires.

What is even more crazy is that Tesla had built a ‘Wireless Current’ (WC) lab that was purportedly destroyed at JP Morgan’s behest because WC could mean ‘end of profits’. 

Take that in for a second.  Wireless Current that’s made available to anyone anywhere in the world.   

That was the basic fallacy of Tesla’s lack of business acumen.  You see, JP Morgan had already invested millions of dollars in laying out electric wires in the hope of profits.

Then Tesla goes on to propose a new electric system that does not need wires or anyone to ‘bill’ for the free energy. 

Of course, this did not appeal to JP Morgan.

If Nikola Tesla had married his idea with the ‘profit’ equation solved, we might have been using WC by now.

Similar to Tesla, many good hearted idealists have walked this earth and they all proposed some radical ideas to change the world.

They too were missing the ‘profit’ equation.  For instance, the idea of Blockchain was proposed as far back as 1958.

Nothing happened because it was missing the ‘profit – reward’ equation.

Bitcoin married the ideology with commerce.  Bitcoin is that WC but with the ‘profits’ equation solved.

Think about it.  

Anyone can become their own bank.  Anyone can use it to conduct commerce with anyone around the world.  And anyone participating in this ecosystem is rewarded with ‘mining fees’.

Brilliant.

What good reason do we need banks once Bitcoin becomes the norm?  

Bitcoin will not make banks disappear. They serve a purpose, just like the batteries that we use in 1000s of devices do, in spite of AC.

Conspiracies abound Tesla and Bitcoin alike

Nikola Tesla had 700 patents to his name. He gave us all the light that we enjoy today. He made wireless systems possible. 

He is even claimed to have invented a ‘death ray’ that could melt tankers from 200 mile distance. No one knows the truth of this claim.

However, it is a known fact that after Tesla died in 1943, all of his life work was confiscated by the United States government. History.com reports “representatives of the U.S. government’s Office of Alien Property seized many documents relating to the brilliant and prolific 86-year-old inventor’s work.”

No one knows what was hidden in those documents that contained the life-work of Tesla.

Remember, he was the guy who invented wireless control devices in 1898 and he died in 1943.  

What did he invent in the interim 45 years?

Similarly, we do not know who the real Satoshi Nakamoto is today.  We do not know if he/she/it/they are alive or dead.

We do not know if the supposed Million Bitcoins in Satoshi’s wallet will ever be moved (that could hint Satoshi is alive).

But it doesn’t matter.  

Same as what Nikola Tesla did with his inventions and forever changed the world with the gift of AC, Satoshi might have altered the course of the financial world for good with Bitcoin.

Tesla foresaw his destiny and he captured it in a beautiful quote: The present is theirs; the future, for which I really worked, is mine.

That quote rings true for Tesla as much as it does for Bitcoin.

If you landed on this page looking for Elon Musk’s Crypto: Go to Energy Web Token

Thank you for reading and sharing this article. Stay safe and healthy!

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Image Source:

“IMG_0761” by boba777 is licensed under CC BY 2.0

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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