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Inter-Ministerial Committee Recommends Banning Cryptocurrencies in India

The government would study it and consult departments and regulatory authorities concerned to take a final decision, it said

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Cruptocurrencies
Cryptocurrency, which allows financial operations to be carried out anonymously, has been used in the past. Pixabay

An inter-ministerial committee has recommended banning cryptocurrencies in India along with imposition of fines and penalties on activities linked with private virtual currencies in the country.

According to an official statement here on Monday, the committee headed by Economic Affairs Secretary Subhash Chandra Garg has submitted the report and the draft bill on banning of cryptocurrencies and regulating official currency. The government would study it and consult departments and regulatory authorities concerned to take a final decision, it said.

“As for private cryptocurrencies, given the risks associated with them and volatility in their prices, the group has recommended banning them and imposing fines and penalties for carrying on of any activity connected with them in India,” said the statement.

However, the government should keep an “open mind on official digital currency,” it said. As virtual currencies and its underlying technologies are still evolving, the group has proposed setting up of a Standing Committee to revisit the issues as and when required.

Cryptocurrencies
If you have already put into place a strategy for cryptocurrency investment, you know when you should buy, sell, or trade your coins. Pixabay

The report highlighted the positive aspect of distributed-ledger technology (DLT) and suggested various applications, especially in financial services, for use of DLT in India, the Finance Ministry statement said.

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“The DLT-based systems can be used by banks and other financial firms for processes like loan-issuance tracking, collateral management, fraud detection and claims management in insurance, and reconciliation systems in the securities market,” it said.

The committee was set up on November 2, 2017 under the chairmanship of the Economic Affairs Secretary, with the Secretary for Electronics and IT Ministry, the Chairman of Securities and Exchanges Board of India (SEBI) and a Deputy Governor of the Reserve Bank of India as its members to study the issues related to virtual currencies and propose specific action to be taken in the matter. (IANS)

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SpankChain Launches SpankPay so Users can Pay for Porn with Bitcoin

The payment to watch premium porn via SpankPay would charge a 0.5 percent transaction fee, the company said

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SpankChain, Porn, Cryptocurrency
Adult content platform SpankChain has launched SpankPay, a cryptocurrency payments platform, which will be integrated. Pixabay

 Soon, you will be able to pay Bitcoins to watch porn. Adult content platform SpankChain has launched SpankPay, a cryptocurrency payments platform, which will be integrated to allow for a single payment solution across number of different online adult sites.

The payment to watch premium porn via SpankPay would charge a 0.5 percent transaction fee, the company said in a statement.

SpankChain has launched the service with two integration partners, SkyPrivate and JustFor.Fans, offering a low-cost way for users to consume adult content online.

Users can use different cryptocurrencies — including Bitcoin, Ethereum and privacy-focused coins such as Zcash and Monero — for instant transactions and one-click purchasing.

SpankChain, Porn, Cryptocurrency
Soon, you will be able to pay Bitcoins to watch porn. Pixabay

“With SpankPay, we are bringing immediate value to adult merchants by helping them accept crypto, avoid chargebacks, and reach a global audience. We are proud to launch it with SkyPrivate and JustFor.Fans, which are lead by two of the most forward-thinking business leaders in the adult space,” said Ameen Soleimani, CEO of SpankChain

Dominic Ford, creator of JustFor.Fans, said they excited to offer cryptocurrency payment options to its subscribers.

“Using SpankChain, we don’t have to worry about being shut down due to the fact we are an adult company. We’d much rather support our fellow adult solution providers than use outside solutions that are potentially not adult-friendly,” he said.

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Pornhub last year announced a partnership with anonymous cryptocurrency Verge. (IANS)