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March 3, 2021
Comments Off on BlockFi starts accepting Chainlink deposits
Chainlink recently revealed in one of its tweets that from 2nd March, LINK HOLDERS can earn up to 5.5% APY in Link tokens. BlockFi which is one of the biggest crypto lenders in the market is all set to accept ChainLink deposits. Here you get link tokens as interest. 
In a recent report, Goldman Sachs revealed that bitcoin is a very speculative market. They also said bitcoin should not be an asset.
In a recent report, Goldman Sachs revealed that bitcoin is a very speculative market. They also said bitcoin should not be an asset.Currently, there are around 5000+ cryptocurrencies floating in this highly volatile market. Where investors mostly pick fast-moving tokens to earn quick bucks.
What is BlockFi?
Due to the increasing demand for cryptocurrencies. There were many people who started investing in major Crypto coins. BlockFi incorporated in 2017, is a crypto lending market. Here you can store your cryptocurrencies. In addition, you get interest for that. With an APY of up to 8% for stable coins. And somewhere around 5-6% for BTC, BlockFi offers many good deals for holders. BlockFi is the leading lending operator in the market. It has paid close to $20 Million in interest to depositors.
More about ChainLink
At times where bitcoin is growing as the number one investment of the generation. There is another altcoin proving to be worth its money. The name of this coin is “ChainLink.” In this bull run, alone chainlink has almost doubled in value making it one of the most valued crypto assets. According to various reports, the current valuation of this coin is around $3.8 Billion.
A link has already become a De-Facto Choice for many Defi platforms. As they use it for outsourcing their data feed. The total market cap of LINK is more than that of the total funds of users across other Defi platforms.
Who Are Chainlink Marines?
As you already know cryptocurrencies operate only on the base of the community. If a currency has a strong community that is ready to back its motive, then it can do wonders. Chainlink backers are not just mere supporters, you can call them devotees. People who are backing the LINK coin have named themselves “ChainLink Marines.” There are many such strong backers you will notice in most of the popular crypto space.
What is happening to Chainlink?
Recently, many exchanges have found that people are withdrawing Chainlink from their accounts. Due to which balances are declining day-by-day. In the crypto world, this serves as a valid sign of 
HODLing. When people are not interested in short-selling. They transfer their balances to a personal wallet.
HODLing. When people are not interested in short-selling. They transfer their balances to a personal wallet. This started in late May 2019, which continued till June 2020. After which Link crossed the $1 mark for the first time.
In another report, Glassnode reveals that LINK owned by the top Marines increased by almost 25% in 1 year. Where the transferring rate fell by almost 77%. Because LINK transfers are mostly of small sizes.
What’s more, Link Marines are sending funds to Chainlink smart contracts. These contracts run on top of their Oracle services. The in-bound of LINK into Smart contrast increased by 1.3% in this year alone.
March 1, 2021
Comments Off on Common-Good Parachains ready for Test run says Polkadot
In a recent tweet by Polkadot, some surprising reveals came forward. This eventually left the community in excitement. They mentioned that Polkadot is preparing a very big improvement. In addition, they are getting ready to launch the Parachains or popularly known as Common Goods.
Polkadot has become one of the most well-known protocols of blockchain. It operates on 
an exchangeable data interface headed by Govin Wood. Govin was also the co-founder of Ethereum. Polkadot operates with the support of much cutting-edge technology including algorithms like GRANDPA.
an exchangeable data interface headed by Govin Wood. Govin was also the co-founder of Ethereum. Polkadot operates with the support of much cutting-edge technology including algorithms like GRANDPA.What is Parachain?
Parachain came into existence to increase the scalability of the Polkadot architecture. It is probably the last core function that serves as the outline of the Polkadot whitepaper. What’s more, Parachain is already in the testing phase. Also, it is undergoing multiple optimizations and changes. It will be a community-driven initiative as said by Polkadot. Therefore, the community decides what changes and features Parachains should have over time.
When will Parachain Launch?
Polkadot is already well-known for its highly secure platforms. It offers some of the most scalable and innovative ideas. And after the release of its infamous genesis block in May 2020 under their Relay Chain. They are now almost on the edge of launching their very own Parachain network. It will be first launched in their testing phase. After which, by mid-2021, others will be able to enjoy the benefits of Parachain.
Parachain Road-map
A roadmap recently surfaced provided by the official team of Polkadot. They mentioned all the details related to the launch and availability of Parachain.
Insights into the road map:
· Rollout over Major TestNets
Testnet servers like Rococo will receive the first Parachain rollout. Here a number of people will test the limits of Parachain. After the functionality receives multiple positive feedbacks. They will start the registrations for team testing.
Here, the respective Parachain teams will test their work and provide opinions. Then, possible changes will occur to develop its final core functionality. And after the comprehensive necessary routine measures are complete. Polkadot will finally reach its final form.
· Slot Auctions for Kusama Roll-out
Once the thorough testing phase completes and the team is confident. They will launch Parachain on Kusama 
which is the canary platform for Polkadot. Here, an official slot auction will occur via its governance channel on Kusama. This will serve the purpose of becoming its level-2 testing phase. Here Parachains will operate with real money. This will allow the members to vote for changes if necessary. These votes will occur after a given time-frame. And this will decide slot-auctions and addition of common-good Parachains.
which is the canary platform for Polkadot. Here, an official slot auction will occur via its governance channel on Kusama. This will serve the purpose of becoming its level-2 testing phase. Here Parachains will operate with real money. This will allow the members to vote for changes if necessary. These votes will occur after a given time-frame. And this will decide slot-auctions and addition of common-good Parachains.· Live Offerings of Common-Good Parachains
After all the necessary changes are complete and Parachains don’t have any flaws. The community will then allow its live offering and enable common good parachains. The first slot auction of Common-goods will occur via its governance chain. After the success of parachains, Polkadot will successfully achieve its primary goal. After this, the Parachian network can receive many upgrades. Some of them are XCMP and parathreads which are already ready to launch. But all such decisions will be entirely taken by the community members of Polkadot.
February 26, 2021
Comments Off on Want to Earn Free Crypto? Let us tell you How
Are you following crypto for quite a while, but afraid to invest? What if I tell you there are ways through which you can start your crypto account, that too for free? Yes, you heard us right. There are 
several ways through which you can earn free crypto in 2021. All you will need is a little knowledge and that’s pretty much it. This article discusses 5 methods to earn free crypto.
Free crypto is, not something everyone can earn. But if you know the right means that’s another story. So, presenting you 5 ways through which you can get free crypto:
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Airdrops
An airdrop is like a free care-package filled with crypto coins. These are then sent to random addresses. Several cryptocurrencies run Airdrop campaigns. They do this to get publicity and it works more like a marketing strategy. Airdrops might be the easiest way to earn quick bucks in crypto. There are tens and hundreds of airdrop campaigns running on various websites. Some require you to put-in KYC or id proofs, while some just want your wallet address. Submitting identity proofs on random websites is not something we recommend. Unless you are sure that Airdrop is legit and it cannot cause you any damages.
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Working in a Crypto related Job
Alright, this is another good way to not only get good crypto but also create a passive income stream. Working with crypto does not require you to be a certified programmer. There are many other works you can do and get paid in your favorite cryptocurrencies.
There are jobs like community manager, marketing agent if you are an enthusiast. While you can also be a content writer or a customer care executive. You can fulfill a range of works and get cryptocurrencies in exchange.
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Affiliate Marketing
Another good way is to start affiliate marketing. Referring to people on community portals, or through social media is a good example. You also refer people to new projects and if they invest in it, you earn a commission, simple. This is almost like any other referral-oriented affiliate job. If you get someone to invest via your affiliation you will get a certain amount of referral fees.
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Coinbase Learn & Earn
This might be the most underrated method to earn free crypto. It is also a very good way to start learning about crypto if you have only a little knowledge about it. It is a learning program run by Coinbase. Also, it 
lets you learn about crypto while you also earn them in the process. So, Coinbase has many videos on its platform. All the videos are about cryptocurrencies. And you can earn free coins in exchange for completing each video. You simply need a Coinbase account. It will also require an invite to Coinbase Earn as it’s an invite-only program.
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Using SteemIt
It is a blockchain technology-driven social media platform. Here you get rewards for sharing content. Every upvote beyond a limit will give you good rewards. Users can get paid in cryptos like STEEM, Seem Dollar, and also Steem Power. What’s more, you can also transfer there to any exchange that supports STEEM.
February 25, 2021
Comments Off on CoinEx makes a record
On February 23, CoinEx revealed that it has successfully burned 1.08 billion CoinEx Token (CET). These tokens were actually for allocation to the team that works at CoinEx. Many exchanges started following this team token strategy. It became a means to boost the team’s morale and did wonders in terms of marketing. Sources have revealed that this CET burn is the highest of all time by this exchange.
What is CET?
In 2018, CoinEx launched a privilege & service-oriented token. This token provided extra value to the holders and gave them special recognition. Traders could use it for purchasing cryptocurrencies 
at discounted trading rates. Soon after CoinEx started burning CET at a rapid pace to increase its scarcity. Which yielded extra returns to CET holders. That’s not all, holders of CET tokens are also given many other trading privileges and discounts.
A person with more than a given CET becomes a VIP on CoinEx. This attracts many benefits. Users get multiple discounts, more withdrawal limits, and also a dedicated customer portal. CoinEx’s motive behind this is to encourage holders to hold their tokens for the long-term.
Why did CoinEx Burn CET?
In the world of cryptocurrencies, the meaning of burning is very different. The term burning means sending a usable token into a sealed account. This not only removes that token from the supply, but it also increases their scarcity. To better understand this concept, you can relate it with “buying back shares.” The effects of both the situation are similar on the company that is buying back its shares.
By burning CET CoinEx will reduce the total number of tokens in supply. This makes the remaining tokens that are in circulation more and more valuable. This results in generating a positive return for holders of CET.
How is it Done?
On July 1, 2018, CoinEx decided to invent the burning of CET. They planned to quarterly re-purchase and burn CET at regular intervals. They use 50% of their daily profits from fees to re-purchase CET from the secondary market every day. Then they burn it each quarter. They plan to repeat this cycle until the circulation reaches 3 billion CET.
Although this plan was not so successful at the early stages. But the burning plan has shown a massive increase in their revenues recently. They also have a public portal where everyone can check the live stats of CET.
What is the Current Circulation of CET?
After 
CoinEx burned 1.08 Billion CET, 4.34 Billion CET are circulating remaining. This accounts for roughly 115 Million USD in market capitalization. In addition, the current burning by CoinEx far exceeds the total mined output of this token. This means it is already in the state of deflation that can yield high returns for investors.
About CoinEx
CoinEx is a Hong Kong-based global crypto exchange which started in late 2017. CoinEx runs on a proprietary trading system. As it helps in providing a fast, secure, and easy-to-understand crypto trading platform. The seed funder for this exchange was a Bitmain-led investor. It is also a subsidiary of the crypto giant ViaBTC group which runs the largest BCH mining setup in the world.
February 16, 2021
Comments Off on Event Website Becomes Leading News Portal
This pandemic has lead to the devastation of many well-known businesses. But it has also given equal opportunities. Many new businesses were innovative enough to take advantage of this. One such website is the event planner SiGMA. SiGMA.world was just a small website representing the foundation’s 
work in places like Malta. But if you look at its homepage today it has much relevant news related to gaming.
work in places like Malta. But if you look at its homepage today it has much relevant news related to gaming. Their website used to be a showcasing album for their shows under SiGMA Europe, SiGMA Africa, SiGMA Asia, & SiGMA America. But now it has evolved as one of the leaders in recording news and events related to gaming. It has also started a new division under the name of AIBC. They cover all the general news related to the social and financial world.
About SiGMA Foundation?
Founded by Keith Marshall SiGMA foundation is the sub-division of SiGMA Group. It focuses mainly on doing philanthropic works. Also, it is the backbone of all the ventures run under the name of SiGMA. It also controls many other websites like AIBC. The company aims to spread awareness. Charity, fund-raising, education, and crucial skill development are some of their main goals. SiGMA promotes gaming in a regulated manner worldwide. The foundation is actively involved with big-organizations like MGA, PAGCOR, Coljuegos.
What makes it different from other such foundations is its transparent nature. The SiGMA foundation believes in staying transparent by keeping a low profile. All the details regarding their acts are already available online. The foundation is working day-night to provide better education and spread awareness. They are also actively involved in healthcare services.
Overview of the services covered by SiGMA
It was just an average website. Now SiGMA is the ultimate place for news and information. It is one of the few companies that cover round-the-clock news across the globe. With reporters reporting from many different locations the company offers diversified content. You will find everything from podcasts to personal interviews. SiGMA also started covering crypto news a few months ago.
The 
website also started featured events like Grand Slam Series. They interview multiple gaming stars. Here readers can get information about SEO tips. This would help them to form their favorite gaming affiliates. Along with this it also runs a dedicated game review section. Here the website provides readers with in-depth game reviews keeping them updated. You will also find all the news related to their charitable award shows and many such events.
website also started featured events like Grand Slam Series. They interview multiple gaming stars. Here readers can get information about SEO tips. This would help them to form their favorite gaming affiliates. Along with this it also runs a dedicated game review section. Here the website provides readers with in-depth game reviews keeping them updated. You will also find all the news related to their charitable award shows and many such events.Final Words
SiGMA has also started inviting more guests and entrepreneurs to its interviews. They have added multiple segments to their websites showcasing emerging tech start-ups. The news website AIBC is also something to look out for. Here readers can find dedicated segments of deep-tech and content related to block-chain. Also, you will get the latest news here. It covers crypto, AI, quantum computing, loT, fintech, etc. Due to the outburst of LAN gaming events. You will find news related to such events where it covers all its instances live.
February 15, 2021
Comments Off on Blockchain firm promise to make a Crypto City in Nevada desert
Blockchain technology to run an entire city? Impossible, right? But we are in 2021, and blockchain is brewing like never before. Recently, a blockchain technology-based firm proposed the same in the Nevada Desert. The firm’s CEO Jeffrey Berns stated that he has proposed to form a local government 
in the Nevada desert. On the 67,000 acres of land in the Storey County owned by the firm, he proposes to build a crypto city. If this gets approved that area’s identity will change into becoming an innovation zone.
in the Nevada desert. On the 67,000 acres of land in the Storey County owned by the firm, he proposes to build a crypto city. If this gets approved that area’s identity will change into becoming an innovation zone.The idea came from Jeffrey Berns. This happened after he heard some of his clients complaining about current regulations. His clients always complain about traditional government practices that provide less flexibility. After which he came up with an idea to create a place where innovation and growth work hand-in-hand.
What does the Blockchain firm aim to achieve?
The firm aims to create a local government with some prominent rights. They are looking to build their court-rooms and impose taxes on people living here. That’s not all, the firm also wants to incorporate all this in a unified crypto-based payment solution. Here, all the payments for goods and services will be processed via crypto. This will log an online footprint for everyone living in the city. This includes personal records to financial statements. The firm is looking to fulfill a long run dream of a smart city that runs on blockchain technology.
Jeffrey also said they will allow people to benefit from better regulations. They aim to lay the groundwork in the county area by 2022 which is 12 miles away from Reno. They have laid a plan for the next 75 years where the firm will build 15000+ homes and around 33 Million sq. ft. of industrial space. Their main goal is to introduce people to an innovation-driven place. Where they can benefit and innovate from technology.
Will this benefit other people?
You must have heard about proposals where the government gave billions in tax-rebates. For instance, Tesla getting 1.3$ Billion. Which then Tesla used for their Nevada battery factory. Newyork gave another billion to Amazon for their corporate headquarters. The tech giants Google and Facebook impact the current market heavily.
But,
a development project that plans to build a smart city and an innovation zone is a better option. This was also what Steve Sisolak had to say in his state address of January. He said economic development needs a revamp. And these innovation-zones and blockchain LLCs are an integral part of that.
How did the Nevada Government react to this?
The Government showed no official interest in such developments. And also stated that making such choices should be a state-run decision. Berns questioned the government about their response. He said, “what did they think we would do by purchasing 70,000 acres of land.”
February 13, 2021
Comments Off on All you need to know about Bitcoin Maximalist
If you have followed the Bitcoin community for at least 2 months then you should have heard about “Bitcoin Maximalist” many times. But what does it mean to be a Maximalist let alone a Bitcoin Maximalist?
What is the meaning of Maximalism?
Any person who has a strong belief in something. And is not ready to change his views is a Maximalist. These people are hell-bent on a point regressively. They will ignore anything that questions the 
belief they idealize. Each community has multiple maximalists who will blindly support their agenda. Likewise, there are Maximalists in the crypto world.
belief they idealize. Each community has multiple maximalists who will blindly support their agenda. Likewise, there are Maximalists in the crypto world.Who is a Bitcoin Maximalist?
In simple terms, a Bitcoin maximalist is a person who has an unwavering belief over Bitcoin. Bitcoin Maximalist do not accept any other cryptocurrency. These people think bitcoin is the only currency worth caring about. Due to which they despise all the other crypto-currencies. Maximalist even call their existence questionable and unwanted. There are thousands of people who claim themselves to be bitcoin maximalist.
All this started when a group of Bitcoin supporters came together. They backed bitcoin on multiple social media platforms and started calling themselves “Bitcoin Maximalists.”
Why Maximalists Love Bitcoin?
Bitcoin is the most prominent cryptocurrency in the world mostly due to its value. But, for a maximalist, that is not all the reason to consider it as its savior. There are many other aspects influencing people into becoming Bitcoin Maximalist. Some of the reasons why maximalist love bitcoin are as follows:
- No need for permission:
One of the primary reasons why maximalists support bitcoin is because it’s peerless. You don’t need to take any approval to send payments via bitcoin.
- No confiscation required
With bitcoin on your portfolio, there is no way anyone can ever confiscate your holdings. Due to its anonymity, it is rather hard to track the holdings of any individual.
- Trustless
Payments are mostly processed through financial institutes authorized by the government through trust. But it’s much better to transact through a decentralized currency like bitcoin. Here you will not have to trust anyone but yourself. This provides greater control which makes it dearer to maximalists.
- Self-sovereign bearer asset
The money we have at our bank is not completely controlled by us as we have given banks the right to use our money. But, with bitcoin, a user fully owns his holdings with no third-party access. This makes bitcoin a self-sovereign asset fully controlled by the bearer.
- Capped from inception
There is 
no limit to the supply of any commodity like cash, or gold. But bitcoin is a totally different case. The most debated topic about bitcoin by maximalists is its limit. There are only 21 Million minable Bitcoins in total which makes it very unique and valuable.
no limit to the supply of any commodity like cash, or gold. But bitcoin is a totally different case. The most debated topic about bitcoin by maximalists is its limit. There are only 21 Million minable Bitcoins in total which makes it very unique and valuable.Does Maximalist affect the Bitcoin market?
Maximalism is a sign of blind trust and faith. Any currency which is not controlled by anyone solely soars based on trust and faith. Bitcoin maximalists play a very vital role in supporting its overall-growth. Some even say that the exponential growth of bitcoin is due to its loyal maximalist. Although this is a highly speculated matter and no sources have confirmed this news.
February 10, 2021
Comments Off on Tesla bought $1.5 billion worth of Bitcoins; Tesla will accept BTC payouts
Bitcoin is making history. Where bitcoin was circling $40K unable to break the barriers. Tesla came in as a savior launching it to the moon after the company released its annual report. Tesla announced that it had invested close to $ 1.5 billion in bitcoin.
The Californian car manufacturer revealed its new strategy to the SEC on Monday. The company’s investments in other reserves & digital currencies are growing exponentially. In addition, you can 
soon use Bitcoin for paying them. This made Tesla the first big player to accept bitcoins as payment. Tesla in its end quarter results said that it had around $19 Billion in cash reserves.
soon use Bitcoin for paying them. This made Tesla the first big player to accept bitcoins as payment. Tesla in its end quarter results said that it had around $19 Billion in cash reserves.How did the Market react to this?
Bitcoin has already surged by five times since October from below $ 10K to almost $40K in 2021. The currency appreciated 50% in 2021 alone creating milestones and many ATHs. But, after tesla’s announcement on Monday, the bitcoin market went bonkers. The news came in as an upsurge pushing BTC above its ATH once again. The price of bitcoin increased by as much as 15% on Monday alone. BTC reached $ 44,500 by Monday night from a mere $38,000 in the morning creating havoc in the community.
Why did Tesla Invest in Bitcoin?
Bitcoin is the talk of the town for the last 5 months creating a feat of its own. The majority of investors that invest in BTC, do so because it’s limited and very secure. It is also volatile and not many people use it for making payments. People generally buy bitcoins as a store of value just like they buy gold.
Many companies like Square & MicroStrategy have already invested in Bitcoin. Mainly due to its rapid growth and global outrage.
Tesla’s investment can be banked primarily on two reasons:
- The first reason was to create an alternate cash reserve in the form of digital assets. As Tesla announced to hold and acquire more digital currencies like BTC.
- Also, they wanted to accept payments via Bitcoin. So, they bought a certain amount of BTC to create a friendly ecosystem for buyers.
Was this Elon Musk’s Plan all-along?
Tesla’s executive chief Elon Musk has a name for being “the man with a golden hand.” Musk’s Twitter with 46 
Million followers can skyrocket any exchangeable commodity in minutes. In the most recent incident, he cheered for Dogecoin which is a token that begun as a joke digitally. Soon, its price soared more than 5 times its value before the tweet. After this Tesla made the announcement. People are speculating Elon’s past actions, as a part of his strategy to generate more attention.
Million followers can skyrocket any exchangeable commodity in minutes. In the most recent incident, he cheered for Dogecoin which is a token that begun as a joke digitally. Soon, its price soared more than 5 times its value before the tweet. After this Tesla made the announcement. People are speculating Elon’s past actions, as a part of his strategy to generate more attention.In December, he tweeted whether bitcoin was capable of completing large transactions. In January he even changed his Twitter bio and added #bitcoin to it. He even stated that bitcoin will become a more acceptable last week. Saying that BTC is on the verge of acceptance by investors.
February 3, 2021
Comments Off on Elon Musk admits that he supports Bitcoin
Elon Musk has worn several hats successfully in the entrepreneurial zone. Elon founded several successful companies and has also been the CEO of a few of those. He is the co-founder of SpaceX, Neuralink, The Boring Company and other. Also, he is serving as the CEO and product architect of Tesla. He is also the chairman of SolarCity.
Elon’s Bitcoin Views
Bitcoin soared by 20% on Friday, which is the after-effect. The turning point was Elon’s mention of Bitcoin in this Twitter profile. This turned the tides for the cryptocurrency market. This move established that Musk is extending his support for Bitcoin. Bitcoin price acknowledged the support.
In a recent interview, Musk spoke about his views on Bitcoin and the future of cryptocurrency. The interview was live on a popular chat show. He gave the interview on the Club House app on Sunday. Elon said that Bitcoin is a good thing at the present moment. He mentioned that he supports Bitcoin. Elon also added that many of his friends suggested him and tried to convince him to invest in Bitcoin. After that, he told that his friends are asking for his involvement in Bitcoin since a long time. He thinks that Bitcoin is going to get broader acceptance soon. Moreover, he mentioned how people are now getting used to this form of currency.
His past related to cryptocurrency
He talked about his past stories where people asked him to invest in digital currency. After that, he spoke that one of his friends also offered him Bitcoins back in 2013. He showed his disappointment that he did not expect the offer at that time. Regarding this, he said that he should have at least bought a small amount eight years back. He noted that he is late for the party in this aspect.
Bitcoin status in the financial world
Bitcoin is trending across the globe currently. The peak reached in Jan when it crossed the 40,000 levels. 
On Monday evening, the price of Bitcoin was more than $33,000. Many investors and businessman see a potential future in Bitcoin and other cryptocurrencies. Many institutions are starting to accept the digital currency. Elon Musk gave his views on the acceptance of digital currency by large institutions. He said large institutions like MassMutual and PayPal are accepting digital currency recently.
Elon’s opinion on other cryptocurrencies
Elon got questions about other cryptocurrencies. He said that he does not hold any strong opinion about cryptocurrency. However, he had tweeted about Dogecoin previously. He also referred to Dogecoin as his favorite digital currency in one of his tweets in 2019. Elon said that he makes fun of Dogecoin some times. However, it is only for jokes and nothing else. He showed his interest in cryptocurrency. In addition, he feels that digital currency is going to take over the future. He said that Dogecoin was there to make fun of cryptocurrencies.
February 2, 2021
India’s stand on Bitcoin and cryptocurrencies
Recently, Bitcoin prices are touching the sky. Many other cryptocurrencies are also flourishing wonderfully. This is a big boon to the crypto world. India never had a proper stand, when it comes 
to cryptocurrency. The country was neutral for cryptocurrency. India neither supported nor proposed a ban for Bitcoin or cryptocurrency. The state of cryptocurrency is very uncertain in India.
India’s plan to ban crypto
Recently, news came that India is planning to ban cryptocurrency. Planning is going on to introduce a law for this. So, there will a law in place that bans all the private cryptocurrencies like Bitcoin and others. In the current budget, the lower house published this report. In the report, it says to prohibit all cryptocurrencies in India. However, certain exceptions will be present. With this, they want to promote the blockchain technology of cryptocurrencies. They are planning to exploit the uses of digital currency as well.
Additional Details
It will have an adverse effect on the economy. As crypto is booming recently, people could cash on this opportunity. The panel suggests banning all private cryptocurrencies and proposes punishment for offenders. As per the panel, the punishment will be 10 years of jail imprisonment. As per RBI, this step was necessary to stabilize the financial ecosystem of the country. The central body also told that it does not consider crypto as a currency and provided its reasons. It is not in paper or metal coins, so it does not have any physical existence. Another reason is it is not certified by any government agency. So, the Indians will lose the funds they invested in cryptocurrencies.
New plans to launch its own digital currency
After banning all private cryptocurrencies, the panel proposes a new idea. 
In the recent budget session, the new idea of creating a digital currency got presented. RBI will own and govern and make laws for this. This will be India’s official digital currency and RBI will issue the currency. So, primarily, India is planning to launch its own currency. Hence, it is creating the path for success for its currency.
Expert opinion
CoinDCX is a cryptocurrency exchange established in India. Sumit Gupta is the CEO and co-founder of this crypto exchange. He says that the Government is taking steps to ban crypto in India. However, he believes that the government will listen to the crypto holders’ concerns. Before taking any major decision, the government will consider the stakeholders’ concerns also. He added that they will be talking to other stakeholders in this regard. They will start communicating with the government panel in this context. The target would be to build a better economy that will help in the country’s growth.