New Delhi: As the debate on the future of virtual cryptocurrencies heats up in India, former Finance Secretary Subhash Chandra Garg said on Friday that the upcoming crypto bill should ensure it does not kill new innovations around Blockchain, and create an ecosystem that actually promotes the technology while taming riskier private cryptocurrencies.
Blockchain-based financial solutions like decentralised finance (DeFi) can prove much useful for the Indian ecosystem in the future.
DeFi is a collective term for financial products and services that are open, decentralised and accessible to anyone. DeFi products open up financial services to anyone with an internet connection and they are largely owned and maintained by their users.
“So far, every financial services provider in India works on centralised database. Decentralised financing is developing fast and India must embrace that technology based on Blockchain technology. At the same time, crypto assets and currencies need to be tightly regulated and legislated so investors remain safe,” Garg told IANS.
According to him, the phenomenon of crypto is unusual and the world has seen nothing like this, to date.
“Technology has its own force that drives adoption. However, crypto is not a conventional product, or a service, an asset or a currency. Policymakers are definitely struggling with how to deal with it. Once the regulation for defining crypto sees the light of the day, then only then can we review what actually is being regulated,” Garg explained.
“We are going through a mega churning around crypto platforms, services and assets like NFTs (non-fungible tokens), DeFi platforms, digital coins and more,” he added.
Although various crypto platforms have now stopped the flow of “irresponsible” ads on investing in cryptocurrencies while promising wild profits, the whole landscape is fast evolving and policymakers have a tough task at hand.
“The policy debate should be viewed from the whole tech base (Blockchain and cryptography) and reach a point that caters to the larger ecosystem that does not promote wilder, riskier virtual currencies but the wider technology,” said Garg who headed the inter-ministerial committee (IMC) that drafted the cryptocurrency bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019”.
The government aims to table the crypto bill in the winter session of Parliament commencing from November 29, amid grave concerns now being raised over the misuse of digital coins on the Dark Web for terror acts and drug trafficking by militant organisations, money laundering and hawala-based transactions — posing a severe threat to the national security and a big challenge to the security agencies in India.
https://www.siasat.com/embrace-blockchain-not-private-cryptocurrencies-ex-fin-secy-garg-2227700/
Highlights
- ZEBEDEE has partnered up with Viker, the world’s leading Bitcoin gaming fintech.
- Anyone may now earn actual Bitcoins by playing popular games. On iOS and Android, Viker has launched three Bitcoin games.
- It has partnered up with Viker, a maker of trivia and casual mobile games, to provide Bitcoin-powered games for Android and iOS.In the first half of 2017, the company saw a 30% increase in new users and transactions.
Viker’s games have seen a 40% increase in return on advertising thanks to ZEBEDEE’s Bitcoin technology (ROAS). Globally, 3 billion gamers are expected by 2020.
PRnewswire reported today that Viker, the studio behind famous trivia and casual mobile games, ZEBEDEE has partnered with the world’s leading Bitcoin gaming fintech to bring blockchain gaming to everyday mobile customers all over the world. Anyone may now win and withdraw real Bitcoin rewards just by participating in popular games, and there is no need for any technical setup or prior knowledge of cryptocurrencies to do so.
Viker has already published three Bitcoin games for Android and iOS devices that make use of ZEBEDEE’s high-speed payments technology: Wheel of Trivia, Wheel of Crypto, and Balls King. The games are available for download from the Google Play and Apple App Stores. The business hopes to release two more Bitcoin-powered games by the end of the year, and it has plans to grow its Bitcoin gaming portfolio with even more titles by the end of 2022.
Following the integration of ZEBEDEE’s Bitcoin technology, Viker has already observed a 40 percent increase in return on advertising spend (ROAS) in their games that employ ZEBEDEE-powered Bitcoin incentives as a result of using ZEBEDEE’s Bitcoin technology. Overall retention metrics for its Bitcoin gambling games have increased, with session length, play time, and churn rate all increasing. During the first six months of this year, ZEBEDEE saw a 30 percent month-over-month increase in both new users and transactions on its platform, demonstrating that there is increased demand for Bitcoin gaming services.
“Our goal is to make blockchain gaming more accessible to the general population, which is our aim. If you have a finger and a smartphone, you may participate in play2earn games with Viker games. ZEBEDEE is an excellent choice for this since it is an easy and natural method to get started in the cryptocurrency industry “. “We particularly like their emphasis on Bitcoin, which is the most widely recognized and trustworthy cryptocurrency that anybody can use from anywhere in the world,”.
Dan Beasley, a co-founder of Viker, made the following statement
Blockchain games might be intimidating for the average person, according to Simon Cowell, CEO of ZEBEDEE. “Gamer barriers are being removed by giving them with everything they need to participate in the world of Bitcoin while still enjoying their favorite pastime—and by offering real-world advantages, we’re making gaming more enjoyable and exciting. Viker is the appropriate partner for us at this point in our journey since they create games that anybody can understand, play, and, more importantly, earn Bitcoin with. We’ve worked very hard to make our tools as user-friendly as possible, and we’re delighted to be working with a firm that understands how critical this function is in bringing Bitcoin to the general public.”
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