Cryptocurrency exchanges set to challenge the RBI’s order

Cryptocurrency exchanges in India are thinking about challenging the RBI’s order which bans entities under its regulation from providing services related to cryptocurrencies.

Startups including Unocoin, Coinsecure and Zebpay have expressed their reservations with the order and are considering to mount a legal challenge in the Supreme Court.

Coinsecure said that they were talking about the issue with industry stakeholders like Blockchain and Cryptocurrency Committee of India and the Internet and Mobile Association of India.

Jincy Samuel, Chief Operating Officer of Coinsecure said, "We, along with the other industry players are in talks with IAMAI and BACC to see if they could help us in getting a hearing at the Supreme Court to see if stay orders are possible on the current decision of the RBI."

However, Samuel accepted that the central bank’s order will affect their services and investors will be left with alternatives to move to an alt-to-alt trading or the cash market.

In his official twitter, Zebpay CEO Ajeet Khurana said that no chance this request will stop them. "We will continue to do what is best for our customers, and what is best for our country. Am studying the present situation and will react shortly and we will emerge stronger (Sic)," he tweeted.

Though the company acknowledged that "a sudden disruption in banking services could affect our ability to service deposits and withdrawals."

In its order released on April 5, the RBI stated, "In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling Virtual Currencies.

Regulated entities which already provide such services shall exit the relationship within a specified time." The central bank has been given three months to the regulated entities.

"As on today, no banks (that we are working with) have issued any notice to us and when they do and if it has an impact on you and /or us, we will surely communicate to you," Unocoin said in a statement.
Souce : TechGIG

Comments

Firefox targets Enterprise IT pros with Firefox Quantam browser

Firefox has released a new browser Firefox Quantam for enterprise IT professional, according to a Mozilla blogpost. Firefox Quantum for Enterprise can now be customized by employer to optimize for performance on the job and meet the specific needs of the workplace. The latest release has a new feature to support IT professionals who want to customize the browser for their employees. IT professionals can now configure Firefox for their organization, either using Group Policy on Windows, or a JSON file that works across the Mac, Linux, and Windows operating systems. IT professionals can choose to deploy either the standard Rapid Release (RR) of Firefox or the Extended Support Release (ESR). The standard Rapid Release auto-updates with performance improvements and new features roughly every six weeks, while the Extended Support Release usually receives these features in one big upgrade per year. Both RR and ESR receive critical security updates as soon...

Blockchain engineers are in demand

Demand is off the charts for blockchain talent, and the capital is waiting to back it up. More than $3.7 billion has been raised through ICOs in the United States alone. Blockchain-related jobs are the second-fastest growing in today’s labor market; there are now 14 job openings for every one blockchain developer. And as Nick Szabo, the developer who coined “smart contracts,” pointed out, there is an extreme “ $/knowledge ” ratio in the blockchain space, where capital by far outpaces talent. Today, Toptal , a marketplace for on-demand tech talent, is publicly launching their blockchain engineering talent vertical out of private beta. In today’s software development landscape, Toptal represents about 50 percent of on-demand engineering labor by revenue. Requests for on-demand blockchain talent are skyrocketing. Last year, freelance talent marketplace Upwork saw blockchain rise to the fastest-growing skill out of more than 5,000 skills in terms of free...

India can become the world's automation hub: Ankur Kothari, Co-founder & CRO, Automation Anywhere

Automation Anywhere is the robotic process automation market leader with over 1,000 enterprise customers worldwide. It has deployed over 6 lakh bots across the world. The company gained 396 new enterprise customers in 2017. In an interview with ETCIO.COM, Ankur Kothari , Co-founder and CRO, Automation Anywhere discusses how the company is making automation accessible to all. Canadian professor Marshall McLuhan, who predicted the internet and the impact it would have, had famously said: As technology advances, it reverses the characteristics of every situation again and again. The age of automation is going to be the age of 'do it yourself.' How is Automation Anywhere aiding automation democratization to make automation accessible to everyone? Let me explain the problem that we are trying to solve. Every enterprise today has hundreds of systems but less 10-15% of the systems can actually talk to each other. Rest of the systems don’t have API’s and don’t talk...

WallWrites

Search This Blog