Breaking: Bitcoins legalised in Japan – legal framework and tax treatment

The Japanese have brought into force a new legislation treating digital currency as a legal payment method, from the beginning (1 April 2017) of this fiscal year. Bitcoins are now legal tender in Japan and are at par with other fiat currencies. This has been made possible by the passing of a new law called the Virtual Currency Act by […]

Value of bitcoins; RBI on bitcoin; legality of bitcoin transactions in India

Bitcoins are numbers you can trade with. People would be ready to exchange goods and services with bitcoins as they value the bitcoin numbers. Compared to currency which is made out of thin air by a central bank, bitcoins and other digital tokens, require massive computational power to generate, and have a base in global […]

Canadian Securities Law (OSC statement) on Distributed Ledger Technologies (blockchain)

The Ontario Securities Commission (OSC) put up a press release on Wednesday (March 8th) containing cautionary advice against use of Distributed Ledger Technology or commonly the blockchain. In the press release OSC advises businesses using blockchain to offer securities, falling under the Ontario Securities Act, to consider registration as a dealer, adviser and/or investment fund manager. “Many […]

How blockchain is changing governance: Permissioned Blockchain

Permissioned blockchain arose out of the need of the public to interfere in private transactions. It is fundamentally the same concept as with the blockchain technology I previously wrote on. While the original blockchain allows all members to transact and verify transactions, in permissioned blockchains, the right to verify transactions is available only to a permissioned few. […]

How blockchain is changing the finance industry: Triple Entry Accounting

The blockchain technology brings in yet another revelation, this time in accounting principles. Enter the Triple Entry Accounting system. Compared to the traditional double entry accounting, triple entry brings in another dimension in the accounting process. In this article we will first clarify what is double entry accounting and how blockchain technology introduces the triple entry […]

How blockchain is changing the legal industry: Smart Contracts

A smart contract is a self-regulated software which has it’s own impeccable sense of time, it is used to send automated electronic messages, either periodically or conditionally. Periods are based on specific intervals of time and conditions are reference to objective facts around us. The electronic messages sent are transactional in nature which change account balances of two or more […]

What is SBI doing with Blockchain technology? Intro to Bankchain

As per the latest reports, State Bank of India along with ten other commercial banks, is taking the lead in building the country’s first financial blockchain framework. Reportedly, Axis Bank, Central Bank of India, DCB Bank, Deutsche Bank, HDFC Bank, ICICI Bank, IDBI, Kotak Mahindra Bank and Saraswat Bank are the other players in this consortium. This […]

What are bitcoins / cryptocurrency / blockchain – what is so different than fiat money?

Bitcoins are all set to disrupt financial exchanges globally. In just one year the value of all bitcoins together have risen from USD 6 billion to USD 16 billion. At this rate I am sure by 2020 bitcoins will have a global value of at least USD 500 billion. Just like Potato Chips are a […]

Digital Currency Regulator: the need to be set up in India

A lot of interesting concepts were discussed at the Global Technology Summit held recently in December 2016. It had been organised by the Indian Chapter of Carnegie Endowment for International Peace which is Carnegie India. The Global Technology Summit is particularly important at this point of time as it holds relevance while we strive to […]