All hell broke loose in some corners earlier in February 2018 when India’s Finance Minister Arun Jaitley declared that the Indian government considered cryptocurrencies illegal. ensued with many making bold “doomsday” predictions for the country’s still-nascent crypto economy.
A Loophole in Existing Regulations
However, that doesn’t mean you should sigh in relief just yet. After all, it looks like the Union government and the Reserve Bank of India () are not short of motivation to on cryptocurrencies.
It’s just that they have yet to formulate a policy to execute that clampdown. And until the government body builds the regulatory wall forbidding Indian investors from riding the crypto wave, there’s a loophole in existing regulations that Indian startups and homegrown crypto companies could potentially exploit.
As it turns out, despite Jaitley’s insistence on the illegal status of cryptocurrencies, his speech didn’t anything that would make crypto trading legally unacceptable.This ambiguity has empowered businesses like , and other crypto exchanges operating within the country to go about their business as usual.
And it’s not just crypto exchanges, but companies dealing in other niches and sectors are also doing their best to bank on this loophole while they still can. For example, , a homegrown used car marketplace, is making the most out of said loophole by accepting bitcoins in payments.
Apparently, the car dealership is pulling off the trick with the help of Unocoin’s Point-of-Sale (POS’0 application. The POS application enables it to accept bitcoin payments in its brick-and-mortar stores. To save itself from potential trouble, the startup refrains from accepting online payments made using cryptocurrencies.
“We are not accepting the [crypto] payments directly,” Shubh Bansal, co-founder and marketing head at Truebil while explaining the legality of the move.
“Unocoin as our partner will receive the ‘crypto-assets’ from the consumer and then change it into a fiat currency before depositing it in our bank account. This brings it under the legal purview of existing laws.”
Interestingly, Unocoin doesn’t levy any charges on the payments made using its POS at Truebil. The transactions are free for both the company, as well as its customers.
The exchange explains this seemingly unusual generosity by saying that it is only trying to help expand the scope for everyday use of cryptocurrencies in India.
However, not everyone seems to agree with these companies’ assessments of the legal risks from dealing in crypto. Some industry experts claim that while the government has not officially imposed any ban on crypto trading, it views transactions involving cryptocurrencies on par with schemes.
Therefore, the odds are high the Finance Ministry is already keeping a close watch on such dealings and possibly even preparing for a crackdown shortly.
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The benefits of blockchain technology have been evangelized across all sectors, but many small business owners may be unaware as to what it can do for them. Further, many are still unaware as to how easy it is to implement the innovation into their business operations.
Integrating Blockchain Technology into Your Business
This development is particularly the case for small businesses involved in managing complex transactions or working with data; blockchain adoption could be a game changer for their industry.
It is also safe to assume that the majority of this demographic do not know what blockchain technology is. At best firms might understand that it is involved with .
But that doesn’t mean that these businesses don’t stand to gain from working with distributed ledgers to streamline legacy systems.
It can aid with supply chain links, creation and fulfillment of contracts and managing the audit trail of accounts. Every day there are more business applications for this technology being explored and discovered.
Small Businesses in Particular
It can help improve the cash flow of a small business as can be utilized to allow for the automatic and instant payment of invoices once a given transaction has been processed.
There is no need to wait for numerous authorization layers to be completed after the issuance of the invoice; all parties can instantly see with smart contracts the details needed to have the work signed off.
What does mean for Small ?
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— Michael Fisher (@Fisher85M)
As soon as all the requirements have been completed, this transaction block will close, and the payment is automatically made.
It can help to streamline the operation of the supply chain as the distributed ledger makes everything transparent. Immutable records can be used to ensure that all standards have been met, such as health and safety standards.
For small , they can have an automatic process for issuing follow-ups to clients.
With the distributed ledger, there are fewer intermediaries involved in the business process, which means there are fewer costs and less potential exposure points. Agencies will now have to ensure they provide adequate value rather than merely processing a transaction.
Discover the these 9 possibilities Blockchain technologies could provide your small business!
— Veem (@GoVeem)
These are just a few different applications blockchain technologies can have in small businesses, and it is going to be exciting to see what new ventures arise from this changing environment. It is clear that the way of doing business will be changed for the better with blockchain adoption.
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Das gesamte Marktkapital ist in dieser Woche auf 322 Milliarden Euro gefallen. Alle Kryptowährungen innerhalb der Top 10 mussten Verluste von mindestens 11 % verkraften. An der Struktur der Top 10 hat sich durch diesen Kurssturz jedoch nichts geändert. Dargestellt ist die Kursentwicklung der zehn Kryptowährungen mit dem höchsten Marktkapital, welches in Milliarden Euro angegeben…Der Beitrag erschien zuerst auf .
