A bill to regulate cryptocurrencies and provide a framework for the RBI digital currency will be introduced in the Lok Sabha this session.

Is the Bill going to BAN cryptocurrencies in India?

The Bill contents are not yet public; it is only listed and has not been officially introduced; however, we will only know the exact details once it’s public.

As can be gathered from the short description, the Indian government plans to curb the use of “Private Cryptocurrencies” and might only allow RBI-issued “Digital INR” as a currency.

What does Private Cryptocurrency mean?

The Indian regulator’s definition of Private…

No, Not yet.

The Draft Bill states Trading in Bitcoin Can be illegal:

Yes, it does, but it’s just a “Draft,” which was written more than a year ago by a Committee with a one-sided view and many different opinions by the people involved.

Media reports say India Plans Ban on Bitcoin:

These are clickbait articles, all they say is that an internal note has been moved by the finance ministry requesting consultations from other departments.

Is the Draft bill up for approval?

The Bill is only in the initial discussion phase within ministries as of now, as is every other draft piece…

Aerial View of Aluva a region in Kochi Metropolitan Area of the Ernakulam district in Kerala, India.

Kerala is in the middle of a natural disaster after seeing pro-longed rains that are up 300% from normal levels. Over 30 dams in the state were opened at the same time and the region has been put on a red alert. Lakhs of individuals are currently being moved to camps located around the state. People have lost their lives, livelihood and the places they consider home. While the return to normal life in the state is a long process that will require the help of multiple stakeholders, we believe we can provide immediate assistance to accelerate recovery. Pocketbits, in…

Here we are again, Déjà vu.

This is about the two new Altcoins that are being forked from Bitcoin. We’ve learnt from our experience of handling BCash, where we distributed BCash to the users holding funds with us at the time of the fork which was the ethical thing to do.

As of today 24th of October, there will be a new coin termed as “Bitcoin Gold” the BTC Blockchain snapshot will take place on block 491407, If you have confirmed Bitcoin balance in your PocketBits wallet at that time you don’t need to do anything in particular and you…

BictcoinCash Distribution

We are glad to announce the Distribution of Bitcoin Cash to our respective Users holding bitcoins with us at the time of the Bitcoin Hard Fork.

We had previously announced in a statement titled “PocketBits Aug 1st UAHF/ BitcoinCash” that we would not support Bitcoin Cash as it’s just a new altcoin and not a new Bitcoin. We are still firm on that stance.

Due to our notifications 80% of users initiated withdrawals and contacted us on how to store them safely. We are pleased that Indian Crypto Users are taking such interest in security and had a chance to…

Earlier this week, we finally made progress when BIP91 locked in, setting the path for Segwit activation. SegWit is a soft fork scaling solution that aims at larger transaction volume with benefits like higher multi signature transaction security, linear scaling in sighash operations, versioning of script and much more. SegWit activation will cause optimization of 75% of the Bitcoin blocks and reduction in transaction fees. The Bitcoin scalability and SegWit benefits have caused prices surging nearly to $3000 in just a week and now resting at approx $2500 .

Though Segwit increases transaction capacity, there are a couple of entities…

The Bitcoin User Activated Soft Fork (UASF) is scheduled to activate on August 1st. There is a chance Bitcoin will experience a chain-split. UASF is intended to address scaling issues faced by the Bitcoin network by accelerating the adoption of Segregated Witness, Specifically, they will reject any Bitcoin blocks that do not signal support for SegWit.

Over the course of the last week approximately $25 B has vanished from the market-cap of all CryptoCurrencies combined. Why you may ask? An impending fork or possibilities of it. Some believe, that if an agreement between the miners and stalwarts of the industry’s…

Sohail Merchant

CEO & Founder at PocketBits | India’s Fastest Platform To Trade Bitcoins & Other Crytocurrencies in Minutes!

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store