Coming from Russian opposition party is a new Altcoin? Well, the Russian opposition party had launched a dedicated new Altcoin. Boris Titov who is a “pro-crypto” Russian politician has launched another initiative in a form of an Altcoin for his Partiya Rosta Party. Boris Titov, who is also a business ombudsman for the Kaliningrad region has announced that there will be a joint venture with the Blockchain platform which is the Waves to establish a new token called the “Upcoin” This particular idea is to encourage party signs-up by means of distributing the wallets to those who are registering on the Partiya Rosta’s website together with the coins awarded for participating in the associated activities. Boris Titov has put it in words to the local news portal Znak that it is not an exchangeable financial entity; but more similar to an internal system for gauging the people’s opinions. And the Upcoin fully gives us the new possibilities… That we can use it to gather funds for the projects, deliver pilot schemes right within the community and collaborate on the B2B projects as well. Just recently, Russia has claimed that they could legalize the Bitcoin and the cryptocurrency in the upcoming year of 2018; by the means of following the examples which are set by Japan. As its preceding to the announcement, the crypto languished in an uneasy gray area together with the various recorded occurrences of the unfavorable treatments by the law enforcement for its use. On the other hand, Boris Titov had stated that Kaliningrad perhaps will become a conducted experiment for the legal Bitcoin usage, despite the consequences of what has occurred in Moscow with the regards to the legislation. As he told the Interfax last February with this year, that is quite essential that the cryptocurrency circulation is not regulated by any form of sanctions; and that may fully sound like a Utopian concept but new times calls for the new measures, and Kaliningrad can build on that.
An Indian politician coming from the Bharatiya Janata Party, Kirit Somaiya has recently described the Bitcoin as a Ponzi Scheme and also claimed that the self-regulation is not permitted at all. On the other hand, the Indian government appeared to disagree with Kirit Somaiya’s alleges and is looking to regulate the Bitcoin. What is the Ponzi Scheme? Let’s look back… The term Ponzi Scheme is frequently used by the conventional economists and also the politicians to describe the Bitcoin. But the utilization of the term to further explains the Bitcoin’s structure which demonstrates a high level of such incompetence and a significant lack of economic and financial knowledge. Then what is Bitcoin? By literal definition, a Ponzi Scheme is a form of a fraudulent in which an operator pays returns to its initial investors by the means of harvesting the capital from later investors. The Bitcoin is a decentralized cryptocurrency which operates together with the absence of an operator or even a moderator. There are no investors are promised of quick returns or are scammed by its operators. The fact that it is merely is a decentralized peer-to-peer network which is established to operate as digital cash and at this generation as a digital gold. It is quite evident that Kirit Somaiya had a little to no understanding of the structure of neither Ponzi Schemes nor the Bitcoin at all. He even presented an extremely flawed argument through comparing the self-regulation to a Ponzi fraud, as he stated that it is illegal. How can a private or a quite few numbers of individuals just stay behind the curtains that can develop their own currency? And this particular self-regulation is nonsense. In a Ponzi Scheme, all such arguments such as the multi-level marketing or the MLM and a pyramid structure have been floated. For all intents and purposes, Kirit Somaiya intended to state that the self-regulation must not be permitted and that the populace has no right to utilize a digital currency such as the Bitcoin; and that is not developed or established by the Central Banks. However, his comparison of the Bitcoin to a Ponzi Scheme was flawed by every possible means, as the Ponzi Schemes are not even self-regulated, and they are regulated by a closed group of operators. The Indian government and its financial regulators are taking a different approach from Kirit Somaiya. Several of the regulators have an actual understanding of the Bitcoin and its implications for the global economy and the supposed role of the regulators in enabling the local Bitcoin industry to expand and fully develop. Earlier this week, it has been reported that the Inter-Disciplinary Committee within India’s Ministry of Finance is planning to provide a set of regulatory frameworks for the Bitcoin users and the businesses in the region and moving a step forward to the Bitcoin legalization in India. Various of the Bitcoin exchanges and businesses which include the CoinSecure had praised the efforts of the financial regulators in coming to the realization of the Bitcoin’s impact and influence on the economy and the finance industry.
Police in India has arrested a narcotics detective in what the country’s press been calling as the very first misappropriation case in which involves the Bitcoin. Satyendra Kumar Singh was the officer who has seized the wallets containing a total amount of 470 BTC as a part of a drug bust together with the Narcotics Control Bureau or the NBC, is at this moment in the custody facing the charges of illegally accessing the funds. Having signed off an authorization to unblock the wallets with the use of the NCB headed paper, Satyendra Kumar Singh has become a subject to an internal investigation after it became known that no authorization was given from the other sources. The local news source which is the Times of India had quoted a crime branch official which states that after the accused (in which pertains with Satyendra Kumar Singh) got bail from the Gujarat High Court in the year of 2016, the NCB sought a report on the status of the Bitcoin accounts and learned that Satyendra Kumar Singh had fully authorized the unfreezing of the accounts in the month of July, last year, all the through a signed and stamped letter on an NCB letterhead. Subsequently, it has revealed that Satyendra Kumar Singh had struck a collaborative agreement to perform the alleged crime with one of the accused. These particular events are reminiscent of the complications arising from the corruption investigators as part of the Silk Road investigation, in which the law enforcement officials were similarly accused of the misappropriating case that fully involves the Bitcoins.In the recent months, the government of India had made a consecutive issue of notice to the public regarding the cryptocurrency that states the above-board protections for the users were not in place, while the startups in the space had complained of a rise in bad actors misleading the novice investors.