Daily News

Cryptocurrency regulation work nearly complete: FM Sitharaman

Finance Minister Nirmala Sitharam come forward to tell that the Union Government is not against cryptocurrency regulation. Instead, the government is looking into various ways to help the country’s fintech sector. According to Sitharaman, cryptocurrency is a huge potential sector with a lot of global advances going on.

She added, “We can’t keep going as if this isn’t a problem. We’re not going to say no to cryptocurrencies. We’re implying that we’ll have to explore how this technology can assist fintech in realizing its full potential. But I’d like to collaborate with the RBI on how sophisticated regulation can be”. The finance minister also stated that the work was almost complete and that the cabinet needed to make a decision right away.

What are the speculations related to the cryptocurrency bill?

cryptocurrency regulation

The proposed bill for cryptocurrency regulation narrowly left from its introduction during the Parliament’s Monsoon Session. According to the Lok Sabha Secretariat’s bulletin for the Budget Session; the main goal of the cryptocurrency bill will be to create the official digital currency issued by the Reserve Bank of India. The measure seeks to restrict all private cryptocurrencies in India. However, it would allow limited exclusions to encourage the underlying technology of cryptocurrency and its uses.

According to a survey by Analytics Insight, Indians had spent roughly $ 6.6 billion in cryptocurrencies through May 2021. This represents a 600% increase from $923 million in April 2020. It is estimated that around 1.5 crore Indians have invested in cryptocurrency. In the blockchain and cryptocurrency field, there are currently over 350 firms. Owing to the high level of investor interest and the quickly growing cryptocurrency industry. The government is taking a cautious approach to cryptocurrencies.

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Cryptocurrency Daily News

Bitcoin crashes on Elon Musk U-turn citing energy consumption

Cryptocurrency fans have counted Tesla boss, Elon Musk as among their championships. Bitcoin, cryptocurrency investors have risen more in this pandemic. In his recent tweet, he said, “it is high time there was a carbon tax!”. If we look at the decision from the environmental point of view, this may be the best decision. But on the other hand, this has created a huge mess in the stock market.

Tesla proposed purchasing a vehicle through bitcoin currency recently. And now we see a tweet about the carbon emission which is increasing due to bitcoin mining. He suspended vehicle purchases using Bitcoin. He has also mentioned that we are concerned about the environment. For Bitcoin mining and transactions, fossil fuels are used especially coal, and it has the worst emissions of any fuel. Due to this change in the stock market cryptocurrency’s value gone down 15% to a two-and-a-half-month low.

Bitcoin and Energy consumption

Bitcoin Power Consumption

Obtaining bitcoin is an energy-intensive endeavor. The chart shows the evolution of power usage, rising constantly from the year 2016 and increasing sharply in 2020.

On an annualized basis, it hit its current level of 149 terawatt-hours, an all-time high. The data if we compare to Google’s entire energy usage of 12.2 TWh, and approximately 200 TWh used by all data centers in the world. One more interesting fact is that if Bitcoin were a country, it would use around the same amount of electricity a year to mine as Switzerland does in total.

According to the IEA prediction, the situation could worsen, if miners used the most energy-intensive equipment, their consumption could rise to 500 TWh.

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