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Despite Multiple Government Warnings, Indians Flock to Crypto Exchanges

January 5, 2018 |

Despite Multiple Government Warnings, Indians Flock to Crypto Exchanges

The Indian government has been actively issuing warnings regarding the risks of investing in cryptocurrencies such as bitcoin. However, Indians are not deterred, crowding to register at crypto exchanges in the country.

Also read: Russian Cryptocurrency Bill Is Ready – Regulators Share Details

Indian Government Actively Issuing Warnings

The Indian government has repeatedly warned about bitcoin and other cryptocurrencies.

Despite Multiple Government Warnings, Indians Flock to Crypto Exchanges
Finance Minister Arun Jaitley.

This week, Finance Minister Arun Jaitley reiterated in Lok Sabha that cryptocurrencies are not legal tender in India. Last week, the finance ministry issued a warning, stating that they are “like Ponzi schemes.” Several parliament members also expressed concerns over their trading at crypto exchanges. Meanwhile, the Reserve Bank of India (RBI) has issued multiple warnings of its own. Last year, the bank issued two warnings regarding cryptocurrencies, one in February and one in December.

On Thursday, a parliament member Ajay Mishra demanded in Lok Sabha that “the government should make a network capable of monitoring the bitcoin currency,” according to the Hindustan.

Despite Multiple Government Warnings, Indians Flock to Crypto ExchangesJaitley clarified, as reported by Ndtv, that the government “is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken.”

Earlier this month, news.Bitcoin.com reported on the Indian government sending notices to wealthy bitcoin traders, informing them that they will have to pay capital gains tax. The notices followed on-site searches by the tax department at nine of the country’s top bitcoin exchanges.

Indians Still Rush to Open Crypto Accounts

Despite multiple warnings by the government, Indians are still attracted to cryptocurrencies, rushing to open accounts at crypto exchanges.

Despite Multiple Government Warnings, Indians Flock to Crypto Exchanges“The cryptocurrency craze has increased so much that there is a long waiting for registration” at crypto exchanges, the India Times reported on Thursday.

Data from a leading Indian cryptocurrency exchange, Unocoin, reveals that only a thousand people had registered to trade on the platform in December 2016. However, that number grew to an average of 10,000 a day last month, the news outlet added.

Another local exchange, Coinsecure, also reported an overwhelming volume of registrants. The exchange has posted a notice on its website saying “we have a huge backlog on KYC’s so please expect a delay of over 10 days before we contact you.” The publication noted that the company has “also stopped the option to make payments without verification,” adding that “On average, around 4,000 applications are coming in each day for registration.”

Do you think the Indian government will start regulating crypto exchanges soon? Let us know in the comments section below.


Images courtesy of Shutterstock and the India Times.


Need to calculate your bitcoin holdings? Check our tools section.

The post Despite Multiple Government Warnings, Indians Flock to Crypto Exchanges appeared first on Bitcoin News.

Bitcoin News

Universal Hilton plans new tower as tourists flock to Harry Potter’s wizard world

December 20, 2017 |

The biggest hotel in the San Fernando Valley could get a lot bigger as Harry Potter fans heading to Hogwarts flock to the inn.

The owner of the Hilton Los Angeles/Universal City plans to file an application with Los Angeles officials Wednesday to add a second $ 100-million tower to the hotel overlooking…


L.A. Times – Business

Trump A-Listers Flock to Mnuchin Wedding

June 25, 2017 |

Treasury Secretary Steve Mnuchin tied the knot for the third time on Saturday, and he did so with scads of heavy-hitters from the Trump administration in the crowd—including the president himself, as well as Vice President Mike Pence, who officiated. The 54-year-old Mnuchin married 36-year-old Scottish-born actress Louise Linton,…
Newser

After Voting, Many Flock to Grave of Susan B. Anthony

November 7, 2016 |

Mount Hope Cemetery in Rochester, NY, is extending its hours on Tuesday from its usual 5:30pm closing time to 9pm—not to let its permanent residents slip out and cast a ballot, but to allow voters to celebrate Election Day at the grave of Susan B. Anthony, the Democrat…
Newser

Why do customers flock to one dress and ignore another? Stores turn to heat mapping to figure out.

September 23, 2016 |

When Combatant Gentlemen opened its first permanent location in Santa Monica Place in July, the store had many elegant touches: a sleek design, spacious fitting rooms, even an on-site tailor.

It also boasted a modern tool invisible to the average shopper: cameras equipped with heat mapping software.


L.A. Times – Business

US Sporting Bodies Flock to ‘.tickets’ Domains

January 19, 2016 |

LONDON, January 18, 2016 /PRNewswire/ —

  • Accent Media sells ‘.tickets domains to every team in Major League Baseball (MLB), the National Football League (NFL), and the National Basketball Association (NBA) as well as a number of teams in the National Hockey League (NHL)
  • London start-up building presence in American entertainment, following Broadway.tickets announcement late last year
  • Trend highlights marketing and rights protection focus of US sports as an industry

The ‘.tickets’ web address, owned by London-based start-up Accent Media, has seen an immediate and total uptake from the US sporting community. Top US sporting bodies have flocked to the domain with MLB, the NBA and the NFL purchasing names for every one of their teams, as well as league and premium names such as ‘nfl.tickets’ and ‘superbowl.tickets’. Several NHL teams have also purchased names.

Some European sports teams have been quick to snap up ‘.tickets’ names, with top flight teams such as Real Madrid C.F. and Manchester United joining the roster, but the comparative uptake is a clear indication of US sporting bodies’ unrivalled organisation when it comes to rights protection and marketing.

The ‘.tickets’ web address has been available since September and has already proved popular with rights-holders. High-profile registrations include major airlines such as Lufthansa, Silicon Valley tech giants including Amazon and Google, the Formula One Group in respect of the F1 and FORMULA 1 brands, as well as bands such as U2.

With Accent having announced last September it will be selling Broadway tickets via broadway.tickets, an early joint venture, its success in the sporting field is further evidence that ‘.tickets’ is set to have a significant impact on American entertainment marketing and rights-protection.

Steve Machin, Co-CEO of Accent Media, said: “”We admire the American attitude towards rights-protection and control of their economic interests, and we are very pleased that our proposition has been endorsed by what is a priority sector for us.”

Gary Fisher, Co-CEO of Accent Media, added: “The relentless professionalism of US sports as a commercial sector is impressively shown by the zeal with which they have become early adopters of ‘.tickets’ domains.”

About Accent Media and |.tickets

The ‘.tickets’ Top Level Domain (“TLD”) is the authenticated online space for all ticketing needs, servicing customers in the fields of entertainment, travel, sport, and destinations of choice. It is where memorable domain names, alongside industry-backed rights protection, provide a gold standard for consumers to purchase tickets with confidence.

Accent Media, founded in 2012 by British internet entrepreneurs Steve Machin and Gary Fisher, is the exclusive owner of the ‘.tickets’ TLD that it is building into an internationally recognised and trustworthy brand for online tickets. Following a rigorous 3 year application process and having secured substantial funding from a portfolio of international investors including AIM-listed CentralNIC (CNIC), the ‘.tickets’ TLD was awarded by ICANN in February 2015.

http://tickets.tickets

For additional information, please contact:
Ryan Gallagher, Analyst, Cubitt Consulting
+44(0)20-7759-1189 / ryan.gallagher@cubitt.com

SOURCE Accent Media

TNTNames.com

Add This To Twitter’s Growth Woes: A Flock Of Younger Social Apps Threatens To Eclipse It

June 15, 2015 |

Here is a quick way to think about Twitter’s challenges: Just two years ago, Twitter was the undisputed second to Facebook in the social media world. Today, a host of younger, hotter social apps stand in the way between Twitter and its chances of becoming the default “No. 2.” These days, Messenger, YouTube, Instagram, Snapchat, Dubsmash, […]
Forbes Real Time

Western Firms Caught Off Guard as Chinese Shoppers Flock to Web

June 14, 2015 |

Unilever and other Western consumer-goods companies have been hurt by the unexpectedly rapid migration of hundreds of millions of Chinese consumers from brick-and-mortar stores to online shopping.
WSJ.com: US Business