Chilean Treasury releases Blockchain Platform to process public payments

The Chilean General Treasury of the Republic (TGR), that manages taxation set in the nation, has established a blockchain platform to process payments, according to a press release reported on Dec. 19.

TGR, a prosperous institution under the Ministry of Finance allegedly first met together with the Digital Government Division of the Ministry General Secretariat of the Presidency of Chile to Go over the pilot in October 2018. At that moment, officials announced they’d make a blockchain platform to link taxpayers, fiscal intermediaries, and providers.

According to the December announcement, the pilot to the stage has been established. The platform shops transactions which are processed by midsize public associations — such tax obligations or patent prices — on the blockchain. Before documenting the trade, all nodes engaging in the procedure are obliged to accept it.

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TGR reports that it expects a frequent database utilized both by authorities, banks and institutions can help eliminate data postings, decrease time spent on obligations, in addition, to cut operational expenses, while providing the essential degree of protection for private data.

The government is researching blockchain in many locations, for example, power and finance industries. Back in April, Chile’s federal energy regulation firm declared the launching of a job depending on the Ethereum (ETH) blockchain to capture data in the country’s energy industry.

The Chilean Parliament is currently analyzing a bill on blockchain adoption which was introduced by local MPs in October. The proposition indicates carrying out research on the benefits of blockchain-based energy and security options.


EXCLUSIVE: Indian Police warn Public against Investing in Cryptocurrencies

The authorities of this Indian state of Jammu and Kashmir have issued a public announcement, warning the general public against spending in cryptocurrencies, neighborhood company information each day the Company Standard reported on Jan. 2.

Police allegedly warned the public against the”increased risk” of investments such as Bitcoin (BTC) and educated investors who cryptocurrencies aren’t sanctioned by the authorities. The Business Standard lent the division’s inspector general as stating:

“The public is advised to not earn any sort of investment from cryptocurrencies, virtual monies like Bitcoin since there’s a real and increased risk related to them.”

The company general further said the crypto market may experience an “abrupt and prolonged crash, exposing investors especially retail customers who stand to lose their hard-won cash.”

Also Read: to cease crypto mining business

India currently enforces a ban on banks servicing cryptocurrency-related operations after a circular issued from the Reserve Bank of India (RBI). The tough line against electronic assets has caused the departure of numerous regional businesses along with also a challenge from the Indian Supreme Court.

Before this week,” Pon Radhakrishnan, the Minister of State at the Ministry of Finance and Ministry of Shipping, stated that the government is coming cryptocurrency law with a warning.

Radhakrishnan said that the absence of a”globally acceptable solution” supposed lawmakers was not likely to issue formal figurines in the brief term.

The RBI announced that it’s postponed strategies to develop a federal cryptocurrency or even “crypto-rupee.” India’s central bank initially declared it had been contemplating a central bank electronic money (CBDC) in April 2018, going so far as to launch an interdepartmental team to look into the possible benefits of a CBDC.

Also Read: New York Assemblyman declares creation of ‘First’ US Crypto Task Force

The findings of this group have never been revealed, and also the Hindu Business Line quotes an unidentified source as saying,

“The government does not need the electronic money anymore. It thinks it’s too premature to think about digital money.”

Indian Government delays Crypto Regulations, Uncertainty continues

In case India’s battered cryptocurrency ecosystem anticipated regulatory clarity soon, then it’s set for disappointment. The Indian parliament was advised last week that the government is in no rush to finalize any standards or to set a deadline for the job.

“In lack of an internationally acceptable solution and also the necessity to invent technically viable remedy, the department is pursuing the issue with due care. It’s hard to say a particular deadline to think of clear guidelines,” Pon Radhakrishnan, the ministry of state for finance, informed the Lok Sabha, the lower house, on Dec. 28.

Radhakrishnan was responding to a query from a fellow parliamentarian.

Certainly, the Narendra Modi government is in no mood to offer any respite to investors or cryptocurrency exchanges. The government had formed a committee in November 2017 to examine and indicate guidelines on virtual currencies. This weapon was expected to publish a draft report for its members on bitcoin and its ilk this season. The findings of the report have been discussed at the upcoming assembly in January 2019.

In March 2017, the government had constituted a task force on precisely the exact same problem but its findings weren’t published.

No clarity

The sector has been ruling that the lack of a very clear set of regulations that have kept investors. The combined signals from the authorities have just made things worse.

For example, a statement in October in the authorities suggested they are taking a look at banning using cryptocurrencies in India. On the other hand, the legal records filed in November revealed the government is still attempting to select between a ban or regulations.

Also Read: White Hat Hackers earned $878,000 from Crypto Bug Bounties in 2018 says report

Meanwhile, the Reserve Bank of India (RBI) has stifled the business, forbidding banks from managing virtual money exchanges and dealers. The market, on its part, has obtained the RBI and the other government agencies into the courtroom.

The ecosystem was pinning its expects on 2019 and anticipating a better set of criteria and also for the courts to have a call. It’s been a very long wait indeed.