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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.
Indian Government Actively Issuing Warnings
The Indian government has repeatedly warned about bitcoin and other cryptocurrencies.
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.
Jaitley 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.
“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.
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The post Despite Multiple Government Warnings, Indians Flock to Crypto Exchanges appeared first on Bitcoin News.
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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.
For additional information, please contact:
Ryan Gallagher, Analyst, Cubitt Consulting
+44(0)20-7759-1189 / firstname.lastname@example.org
SOURCE Accent Media
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