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Super Rich Tax Imposed on Foreign Trust Funds to Continue in India, Stocks Fall

Ever since India opened up its economy back in 1991, the nation has prospered tremendously through billions in dollars in foreign investment from all over the world. As a matter of fact, the country has tried to make the investment as easy as possible for foreign entities over the years. However, the latest budget announced by the government of India caused a lot of heartburn among foreign investors. In particular, the super-rich tax imposed on foreign entities that operate as trust funds in India proved to be a particularly thorny issue for many.

While many of the foreign investors were hoping for a reprieve from the government, the Finance Minister of India said yesterday that those trust funds should instead register themselves as companies. The super-rich tax that is supposed to apply to ultra-rich Indians is also going to apply on overseas trust funds, as per the latest budget. Needless to say, such a measure has not gone down well with the entities involved and the Indian stock markets tanked today as foreign investors seemed to exit from their positions. When the markets opened, the BSE Sensex, tanked by as much as 0.5%, while the Nifty 50 nosedived by 0.6% amidst heavy selling. By the close of trading today, the Nifty 50 had plunged by 1.53%, while the Sensex crashed by 1.44% and there are no worries that this sell-off might continue when the markets reopen on Monday. A partner at Mumbai’s Dhruva Advisors stated, “If an existing FPI (Foreign Portfolio Investor) restructures itself from a trust to a corporate entity, then it may have to provide a non-tax commercial rationale for doing so. The migration to a corporate structure could also entail additional capital gains tax burden.” It is clear to see that even if the entities go for restructuring, it could prove to be a highly painful process and hence, it is not a surprise that there has been a quick flight of foreign capital from the Indian markets today. It remains to be seen how the markets behave on Monday.

An overview of Why Bitcoin and other Cryptocurrencies are Accepted and Banned in many Countries-Explained!

The famous Cryptocurrency Bitcoin, they are not issued, supported, or regulated by any national bank. Preferably they are made through a computer-generated procedure called mining. Further being a cryptocurrency, irrelevant to any government rules and regulations, Bitcoin is a distributed payment framework because it does not exist in a physical structure. In that capacity, it offers a helpful method to cross border exchanges with no conversion rate expenses. It additionally enables clients to stay unknown.

Bitcoin can be utilized secretly to conduct exchanges between two account holders in anyplace and anytime over the globe, which makes it more appealing for the criminals and fraud organizations. They might utilize Bitcoin to purchase or sell illicit goods like medications or weapons. Most nations have not decided the legitimateness of Bitcoin, inclining toward adapting to a cautious strategy. A few countries have, in a roundabout way, agreed to the right utilization of Bitcoin by instituting some regulatory foresight. Moreover, Bitcoin is never lawfully accepted as a substitute for a nation’s legal currency.

Regulatory Summary of Crypto Mining in various Countries

China had an interesting association with cryptocurrencies over late years. Its legislature has refused to compromise toward cryptocurrency exchanging with finance-related organizations by restricting Bitcoin trading, crypto trades and ICOs (Initial coin offering). It has been accounted that this excess of power has prompted different power-producing organizations to set up mining operations to use this undiscovered energy.

Russia has an increasingly negligent way to deal with Bitcoin and digital currencies in correlation with China, where it does not have a specific regulatory position on the space. Moreover, Bitcoin is not regulated, yet its utilization as a payment alternative for goods and services may not be considered as Legal. This might change in the late spring of 2019, as they are expecting the Digital Financial Assets bill. Currently, cryptocurrency mining has proceeded in the nation, with the climate being cold and inexpensive power as contributing components.

Iran’s legislature has taken a strict position toward the crypto mining industry in the nation because of an enormous increase in power utilization over the previous month. The Iranian ministry for energy accepts that mining operations are to be held responsible for an unpredictable 7% hike in power utilization in the middle of its framework which is taking the undue strain and expects to slash the capacity of crypto mining operators until it has endorsed new taxes on power.

Canada has taken a position as a crypto-friendly nation that is transparently giving opportunities to cryptocurrency mining activities to open for business. The country has grouped Bitcoin as a commodity, which makes clients to pay tax, depending upon how they obtain and utilize the cryptocurrency. Moreover, if a Canadian gets Bitcoin as pay, it is taxed in such a way that they hold it as an investment resource, where they are subject to pay tax on capital gains.

The nations referenced above have considerable mining operations; however, in all actuality, cryptocurrency mining has turned into a global phenomenon. The primary consideration in the area of substantial mining farms is the accessibility of affordable power. Eventually, the atmosphere plays a significant role. European nations and countries like Canada have the additional advantage of being in cold conditions, which makes the cooling of hardware easy.

Wrap up

Moreover, Bitcoin is presently about ten years of age, and many nations still do not have explicit frameworks that limit, ban, or regulate the cryptocurrency. The decentralized and mysterious nature of Bitcoin has challenged numerous governments on the most proficient method to permit legitimate use while preventing criminal exchanges. Few nations are as yet investigating approaches to manage the cryptocurrency.

Food Titan And Telecom Titan Of Korea Joins Hand For A Blockchain Project

Largest telecom corporation of South Korea, KT has recently teamed up with Nongshim Data System (NDS), the tech wing of food producer Nongshim. Both the companies have signed the deal for a food supply chain management project that will make use of blockchain technology.

The blockchain project mentioned above will be developed for the food safety network. Both the conglomerates will create a range of services that will help the farmers, retailers, and distributors to sustain a transparent supply chain management program.

The spokesperson of both the company has affirmed that they have conducted an extensive series of test on its distribution network based on the blockchain technology. The blockchain built platform can now assess supply chain information of beef products in just 10 minutes. If the blockchain platform is not used then to gather the news, it takes six days for them.

In the future KT is planning to offer a massive range of services using blockchain. Last March the company has shared details about its GiGA blockchain platform. Now the company is gearing up to provide cloud-based blockchain services to different companies.

The spokesperson of both the companies has further added that customers can access full supply chain data by simply scanning the QR code printed on the product available in the supermarkets. The partners are hopeful that they will accomplish the venture by the conclusion of 2019.

This year KT has also introduced its blockchain-backed healthcare platform in partnership with mobile healthcare platform. They as well have introduced a blockchain-backed system for sharing medical records among the caregivers. The company is also planning to launch a blockchain-based energy transaction platform in the future. Presently they are developing stablecoin backed by local currency.

Nongshimon, then again, is also expanding its blockchain venture. Currently, they are working with KISA and government of the country to develop a blockchain-based platform that will issue HACCP certificate to the restaurants and food producers of the country.

The Cryptocurrency Space: A bird’s-eye view

The cryptocurrency sector has remained a hot topic of debate for quite some time now. Experts and analyst around the globe are continuously analyzing the trends and patterns related to the digital coins. This is done to make sense of these patterns to help investors to make more informed business decisions besides helping stakeholders to take positive steps to reform the sector.

Sector-wise Analysis

A comprehensive analysis of the digital currencies put forth some interesting facts – despite being hundreds of cryptocurrencies available in the market, only a handful have dominated the industry in terms of market capitalization. Take, for instance, Bitcoin, which is the largest cryptocurrency by market cap, and it continues to dominate the market for years now. The coin alone dwarfs thousands of the digital coins and its dominance is unlikely to be challenged soon.

Now coming to the sector-wise comparison of the projects, applications are the most dominant category with the share of around 35-36% in the total projects. Cryptocurrencies and the financial sector come at a second and third place with the contribution of around 22% and 21% in the overall crypto space, respectively. We have already witnessed how rapidly the decentralized exchanges have grown and how these have attracted stakeholders and investors in large numbers. The projects in the protocol and infrastructure category are on the decline (sector has a share of 10-11%) and the trends predict that the next few years are going to be very competitive in the protocol segment. However, it is good from the development standpoint as it is going to help next-generation blockchain protocols to develop and flourish with new abilities and competitive features.

Financial Sector

An in-depth analysis of the financial sector suggests that the segment is going through a major overhaul with many new categories coming into the picture while the older ones are losing relevance among the customers. Wallets and exchanges, cards and payments, marketplaces, etc., are some of the emerging categories and sometimes it becomes difficult to delineate boundaries as these categories tend to mix with one another.

Another emerging sector which has caught the attention of experts and customers alike is the personal data protocols and storage infrastructure. What is really interesting here is the fact that the popularity of this segment is being driven mostly by the customers rather than the investors. The analysis also indicates the trend of enhanced movement from the private blockchain to the public blockchain protocols. The data suggests that in the last few years, the public blockchain protocols have made tremendous strides which have resulted in their huge popularity among the target market. That’s not to say that private blockchain has lost its relevance, but when you compare it with the growth of public blockchain, private blockchain simply pales into insignificance. We have also witnessed some growth in the cross-blockchain platforms and it will be interesting to witness how this category will perform in the future.

Application Category

In the applications segment, the conventional categories of the interest are related to virtual reality, social applications, and gaming. More importantly, Dapps which were initially touted to be a game-changer in the digital marketing, has witnessed a decrease in their number as well as popularity. On the contrary, though Dapps related to e-commerce and e-banking have shown positive traction among the customers.

Pulling it together

The overall crypto space is still experiencing positive organic growth and the sustainability of this growth rate depends upon the strength of the fundamentals on which the crypto industry today stands on. The widespread adoption of the digital coins and the blockchain technology hold the key for sustainable crypto future.  Policymakers and governments too have to play a key positive role if the crypto space has to maintain a positive outcome for the coming years.

Famous Policy Challenger and Former Texas Congressman Ron Paul claims Digital Currencies a ‘great idea’

Ron Paul widely considered as policy opponent and a presidential candidate during Libertarian movement appeared on Squawk Box of CNBC to share his view on leading cryptocurrency ‘Bitcoin.’ On the program, he called digital currencies as a brilliant idea.

Ron Paul has supported gold and other precious metals for a long time. Finally, he came across the world’s top digital currency Bitcoin. Paul further added that he ‘likes competing currencies.’ He supports digital currencies and always backs Facebook in whatever it’s developing.

Paul said, “Historically, governments always have to have monopoly control over money and credit. That’s why we have a Federal Reserve instead of allowing the market to operate.”

Paul is a long-time supporter of closing the Federal Reserve; he is also a radical supporter of redesigning the process of issuing the US dollar. Most of the crypto enthusiast should maintain such beliefs.

Ron Paul and few other people identify the worth of emerging technologies such as cryptocurrency and blockchain, but it’s unclear how much strength the crypto enthusiast hold.

Cryptocurrency has maintained a special position, and the currency has been disliked as well as liked by people.

Recently, US president shared hateful comments after which some opposite side of the aisle have managed to provide some support to cryptocurrency.

Earlier, the US President had raised concern over cryptocurrency.

Liberals and conservatives such as Ron Paul have voiced their support for cryptocurrency. Liberals have been considered as most outspoken opponents of digital currency.

Without any doubt, a strong social welfare program needs to grow the banking system control.

For the government in order to benefit more, it should either use blockchain that is useful or discover a way to remove them.

If we are not mindful, then cryptocurrency will find its way in the ‘crosshairs’ of the tough armed institution in the history of the world- the US government.

Cryptocurrency vs. Fiat Currency

Comparing fiat currency with cryptocurrency is like comparing the upgraded version of something with its base version. To elaborate, what if we ask you to compare the barter system with the currency system. Both have their functions and are & were important in their sense. So one may ask why one should even compare cryptocurrency with fiat currency then. Well, the reason is ‘fear of change.’ It is a certain kind of uncertainty that prevents us from moving forward. Cryptocurrency is exactly that kind of change in the financial sector. In this article, we will bust open the factors that will show why the cryptocurrency is getting all the limelight, and why we are calling it a financial up-gradation.

Fiat currency doesn’t need much of an introduction. We all use it, are well aware of its functions, trading rules around it, the transfer fees, and so on. Cryptocurrency is the digital form of currency that fills up the lagging points of the fiat currency in a very efficient manner. So instead of viewing them against each other, we look at them as a progression from old to new. Here are the few areas where cryptocurrency sweeps the financial world off its feet-

  • Funds transfer time has been reduced to a few seconds.
  • The money transfer fee is way less in comparison to the fiat currency money transfers.
  • The fund transfers, crypto trading, investments are not centrally regulated.
  • Cross-border funds transfer has become more accessible to all segments of society with cryptocurrency.
  • Cryptocurrency is much more immune to market turbulence than fiat currency.

So what are the benefits of using cryptocurrency?

We hope by far you have already got a clear idea of a cryptocurrency over fiat currency. In this section of the article, we will look at the benefits of using cryptocurrency-

  • No Central control over funds-

Yes, you heard it right. Cryptocurrency means decentralized money. Therefore, a crypto user can stay safe from the effect of inflation and regulations by the central authority on trading and investment.  The ledger-based technology of the cryptocurrency gives freedom to the user.

  • Cheaper in comparison to the fiat currency-

Can you recall the last time when you wanted to transfer money locally or to another country? Do you remember the number of charges you had to pay (such as transaction fees, currency conversion charges, government charges on either side, third-party fees, and so on), along with the endless paperwork you had to go through to complete the transaction?

Now, what if we tell you that using cryptocurrency can wipe out all these efforts and also demand less fees? Well, cryptocurrency does that for you!

  • Anytime, anywhere, to anybody-

No, we aren’t venturing into some poem! Cryptocurrency allows the user to send funds to anyone at any time of his or her choice. All one needs is a stable internet connection, the wallet address of the other person, and you are good to go. It doesn’t matter where the receiver is situated till the time both the sender and the receiver have access to the internet connection.

  • No deception. Absolute transparency-

We are not talking about ideal stuff. Crypto transactions of trading, investments, or transferring money is all transparent. It is so because cryptocurrency is based on blockchain technology. The ledger-based system ensures crystal-like clarity in transactions, customer identification, storing crypto-based coins and assets, and so on. This kind of transparency is a beneficial thing for businesses, individuals, traders, alike. The ledger technology offers-

  1. Time-stamped transfers offer clarity and accuracy on funds transfer.
  2. KYC (know your customer) backed customer identification.
  3. The blockchain technology offers great security due to its nature of being a mathematical node on the blockchain ledger.
  • Security-

The mathematical node structure of the blockchain technology offers impeccable clarity and security. This makes it a very safe place to store and send funds. The transfers on the blockchain require both the receiver and the sender to have shared public keys and blockchain address for moving the funds. Until the private keys to the blockchain address get hacked or are lost, there is no way of losing the cryptos. Yes, it is that safe!

  • No third party involvement-

With blockchain technology, cryptocurrency transfers are direct in nature. They take place between one crypto wallet to another crypto wallet. There is no involvement of any kind of third party. Therefore, cryptocurrency-based transactions have-

  1. Zero third-party fees.
  2. No paperwork for the third party.
  3. No influence of the third party over the transactions.
  • Privacy-

Any funds movement on the ledger chain is done between one crypto wallet to another. There are two main categories of wallets- hot wallet and cold wallet. Both the types have further several variants of crypto wallets. (Hot wallet is like active wallet which is used to do regular transactions on an everyday basis, whereas, on the other hand, the cold wallet is more like a storing space on or off the blockchain. In cold wallets, the user can store a large amount of fund over a long period.)

Crypto wallets are like gates to the funds. They require double step security that involves- Private Key and Public Key. These keys offer the utmost privacy to your funds at all times.

With fiat currency, such power to the user is not possible. By adopting the cryptocurrency in regular day to day uses the user can get a better understanding of the new age digital currency and therefore can feel confident about it. Our say is that Fiat currency is great and cryptocurrency adds to its predecessor’s features.

Wells Fargo Bans its Customers From Using Credit Cards to Purchase Cryptocurrencies

The third largest banking giant of the US has announced; lately, they will no longer allow their customers to use credit cards issued by the bank to buy Bitcoin or any other altcoins. They are yet another banking giant of the country to ban cryptocurrency purchase using the credit cards. Previously banks like American Bank, Citi Bank, and JP Morgan has already barred their customers from using the credit cards viewing the wild price swing of the digital currencies.

Spokesperson of Wells Fargo has stated on Monday, that, they are doing this to be inconsistent with the Wells Fargo enterprises to avoid the market risk that comes along with the volatile asset. They have decided following the market trend.

Although some customers have shown their dissatisfaction on tweeter saying the bank is trying to dictate how the customers should spend their money. The bank, however, has made its stance clear by saying it is a risk for the bank to let its customers buy Bitcoin or other digital coins on credit. As per the statistics produced by the bank last year, 18% of their customers bought Bitcoin using the credit card, but the maximum part of these customers could not pay back the money.

The bank has further said it will continue to monitor the market of cryptocurrency and will evaluate the issue depending on how the market evolves.

Prominent financial institutions of the country like Discover Financial Services and Capital One Financial has already banned the use of credit cards for buying cryptocurrencies since 2015.

Top government and financial officials, including the president of the country Donald Trump, has expressed distrust on Bitcoin though tweets. As per the tweet of the President, it is highly unstable and is created on thin air. The criminals mostly use it for financing the unlawful activities. The decision of the bank came after the worth of Bitcoin dropped in recent weeks. The ban will not stop the crypto enthusiast from buying their favorite coins but will make the people rethink their decision on whether to participate in cryptocurrencies.  

Tron Price Analysis: Tron (TRX) price might be surging above the baseline

BigOne Exchange is supporting TRC20-USDT. They officially announced their support for USDT-TRON that users will enjoy at the USDT airdrop which will start on 15th July. This might help in increasing the capitalization of TRON. Well, let’s wait till 15th July, to see if the changes were any position for TRON.

The value of TRON is currently trading at $0.02910 at 05:28 UTC on 13th July 2019. The other essential factors are:

  • Return on Investment: 1325.45%
  • Total supply/Circulating Supply: 99,281,283,754 TRX/ 66,682,072,191 TRX
  • 24 Hour Volume: 540,315,762 USD
  • Market Cap: 1,949,750,368 USD
  • 7 Day high/low: 0.035523 USD / 0.027225 USD

TRX to USD Price Comparison

In the past 5 days, we saw a roller coaster ride on the Tron chart. On 8th July at 09:00 UTC, the value was trading at $0.03564. The value then dropped a little by 1.88% on 9th July at 19:35 UTC trading at $0.034976. The value went further down by 23.24% on 11th July at 16:00 UTC trading at $0.02688.

The value from then is escalated by 8.2% now.

Tron Price Prediction and Conclusion

Tron might have entered the bearish zone, but we might see the surging in upward direction soon! With the new projects and announcements, Tron might surprise us all! But as of now, this might be a good time for the existing traders to watch the trend closely, and for new traders to jump in the network for profits in the future.

And by the end of 2019, we might see the upside fluctuation of TRON around $0.070.

Dogecoin Price Analysis: Dogecoin (DOGE) Price Shows Fluctuation on Daily Basis

After a fantastic performance at the early start of July, Dogecoin is dropping again. However, the bullish fluctuations kept the investors happy with their profits. But, this might not continue for a longer time. We hope to see DOGE surging again for better visibility. After all, DOGE must work upon increasing their market ranking too.

Currently, Dogecoin price is trading at $0.003252 at 04:53 UTC on 13th July 2019. The other factors regarding DOGE are as follows:

  • Return on Investment: 481.25%
  • Total supply/Circulating Supply: 120,302,510,051 DOGE/ 120,302,510,051 DOGE
  • 24-Hour Volume: 38,491,175 USD
  • Market Cap: 390,725,490 USD
  • 7 Day high/low: 0.003740 USD / 0.003189 USD

Dogecoin to USD Price Comparison

In the past 5 days, the value has seen more good progress and few dips. 0n 8th July the value was trading at $0.003685 at 08:50 UTC. The value then dropped by 10.16% on 9th July at 14:45 UTC. The value then increased by 10.49% 0n 10th July at 02:15 UTC trading at $0.003660.

The value on 11th July then dropped by 17.05% at 20:30 UTC with a trading value of $0.003021. The value now has increased by 7.6% from then.

Dogecoin Price Prediction and Conclusion

Dogecoin is in bullish nature, and we hope that the coin can run back in the marathon with strong upsurges. That will help in believing DOGE as the quality altcoin who landed on the moon and circulating around it!

By the end of 2019, we might see a DOGE upside valuation of $0.007. 

Amazon to spend more than $700 million; aims to upskill one-third of its US employees by 2025

Amazon, the e-commerce company, is making huge investments in the automation sector. With this development on Thursday, 11th July, Amazon stated that it would invest $7,000 on every employee in order to train them on new technologies for the next five years.

The new initiatives will allow one-third of its US employees to work on more high-tech operations, and the programs will also help its employees to gain better training on emerging technologies such as machine learning.

Amazon, which is currently using more robots to help arrange and ship packages, informed it would provide training to 100,000 employees within 2025. This enables its workers to move across advanced skilled jobs in Amazon or discover new careers across various firms, and statement revealed on Thursday said.

The new program is one of the largest employee up-skilling efforts of Amazon in the world. The program will be applied within the e-commerce firm from corporate employees to warehouse employees across the US.

Amazon came up with this initiative because of strong labor market, labor tension at Amazon, and increasing concern of unemployment due to automation, all components that would place long term challenges to Amazon and its rivals.

Amazon’s upskilling 2025 project will cost the company to invest more than $700 million, the company stated.

One program is meant for employees lacking technical skills, help them to learn and practice coding tools of Amazon while another program will offer training to employees of Amazon’s fulfillment centers and provide paid learning time to become certified IT-based support technicians.

Further Amazon mentioned the company would enhance its apprenticeship program and also a Career Choice program- a nine year old program. These programs invest into tuition and offer on-site classrooms across its fulfillment centers for workers to train them for careers in commercial-truck driving, nursing, aircraft maintenance, and others. Around 25,000 workers have already enrolled for this program.

Amazon is offering another program for its developer’s team, especially for those believing they lack technical skills. Amazon is launching ‘Machine Learning University’ program consist of six-week modules set that will be instructed by Amazon employees related to the technology area that plays a significant role in customer innovation.

Automation is playing an important role across large warehouses of Amazon. Devices inform employees to walk in a specific direction and collect the package from a shelf. And there are indications that technology is simplifying the work of Amazon.

The program also allows employees working across fulfillment centers to shift to technical roles even without having any IT experience. Employees without technical knowledge would adopt skills so as to move into software engineering roles. Amazon will also provide pre-paid tuition to teach high demand career of their choice for fulfillment center employees.

Human resources senior vice president, Beth Galetti, addressed, “For us, creating these opportunities is just the beginning. While many of our employees want to build their careers here, for others, it might be a stepping stone to different aspirations.”

During the previous holiday season, the company recruited very few temporary employees in comparison to 2018, and the previous quarter, Amazon’s headcount accounted for 12 percent, the lowest growth in years.

Amazon also revealed it has included over 200,000 robots to carry operations such as stacking toes and shifting merchandise racks within its worldwide fulfillment centers.

Amazon stated it has recruited around 300,000 candidates across the world from 2012. Amazon is hoping to have 300,000 US employees by 2019.

Amazon examined its internal employment and hiring information, and it noticed that the fastest growing job roles are data-mapping specialists, solutions architects, data scientists, and business analysts.

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