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Blockchain Summit backed by India’s Department of Science and Technology offers new hope to crypto-enthusiasts

Namrata Shukla



Blockchain Summit backed by India's Department of Science and Technology offers new hope to crypto-enthusiasts
Source: Pixabay

Policymakers in India are being persuaded by a soon-to-be-held blockchain summit backed by the Indian government. The summit, taking place between 22-23 February aims to speed up the development of cryptocurrency regulations in India. Officials from the Indian Ministry of Finance and the panel drafting the regulatory framework for cryptocurrencies are expected to attend the summit, reported Bitcoin News.

This summit is supported by the Indian government’s Department of Science and Technology and the State Government of Uttar Pradesh. Apart from the aforementioned support, the Ministry of Law and Justice, the Ministry of Human Resources Development, and the Department of Information Technology are also participating as well. As per the summit’s website,

“The summit is targeted towards enabling Indian government and ministries to speed up the process of developing a flourished blockchain and cryptocurrency ecosystem.”

As per the publications, Cashaa is the upcoming event’s fin-tech partner. Cashaa’s Marketing VP, Janina Lowisz said,

“For the first time, the ministers from all relevant departments have come together with experts from the space as well as from leading universities and global brands to learn about and speed up the process of regulating cryptocurrency.”

Currently, India has formed a committee headed by Subhash Chandra Garg, Secretary of Economic Affairs for drafting a framework for cryptocurrencies in the country. Lowisz confirmed to the publication that Ministry of Finance officials will be a part of the summit and that Subhash Chandra Garg has also been sent an invitation for the same. However, the head of the committee is out of the country and as per Lowisz, his team will be present to take notes on the second day.

According to reports, the Ministry of Finance has told the Lok Sabha that it is pursuing the matter with caution and noted that it is difficult to state a specific timeline to come up with clear recommendations. The ministry, back in January had invited a prominent law firm, Nishith Desai Associates to present its suggestions for crypto-regulation.

However, the banks in the nation have imposed a ban on any cryptocurrency related transactions, on the lines of the notice circulated by the Reserve Banks of India. The case with respect to the bans will be heard in the Supreme Court of India by February end.

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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