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How can you trade in Bitcoin in India?

This will be the country's first app-based wallet that enables bitcoin transactions using a mobile number

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Pluto Exchange has launched first app that will trade in bitcoins in India
Pluto Exchange has launched first app that will trade in bitcoins in India. Wikimedia commons
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Dubai based “Pluto Exchange” has launched a Bitcoin trading app specifically targeted at the Indian market. The app was announced by Pluto Exchange founder and CEO Bharat Verma.

All about the app

  • This will be the country’s first app-based wallet that enables bitcoin transactions using a mobile number.
  • The app offers a solution to the coordination problem between payment processors, financial gateways and banks.
  • All other apps already in the market do transactions using bitcoin addresses, which are long and prone to error while copying. This app will enable transactions using mobile numbers only, which are just 10 digits.
  • By using a four-digit personal identification number (PIN), users can now buy, sell, store and spend bitcoins via a mobile number.
  • The app would permit a range of transactions, including payments, remittances, business-to-business commerce, supply chain finance, asset management and trading.

RBI on Bitcoin

Bharat Verma, CEO, Pluto Exchange said that the Reserve Bank of India is concerned about the use of cash for dealing in virtual currencies, whose values have turned volatile recently.

“The RBI considers bitcoins as decentralized trading that is completely unregulated… so their status is not clear,” he said.

Current scenario of cryptocurrency in India

In India, there are at least 15 bitcoin exchange forums, with the majority being set up over the past two years. Bitcoins have been trading at more than Rs 10 lakh each, while people are investing amounts ranging from Rs 3,000 to several lakhs of rupees to buy these.

According to investigation agencies here, with the demand and price of cryptocurrencies on the rise, cyber criminals have found innovative ways to dupe those looking to invest. (IANS)

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Google bans cryptocurrency mining extensions on Chrome

Late last month, Twitter confirmed to block cryptocurrency-related ads on the platform. In January, social media giant Facebook banned all ads promoting cryptocurrencies

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Google 'search results' will improve. Pixabay
Google 'search results' will improve. Pixabay
  • Google chrome has also cracked down on cryptocurrency mining extensions
  • Last month, Twitter did it
  • Facebook has also banned it down

After Facebook and Twitter, Google has cracked down on malicious cryptocurrency mining extensions on its Chrome platform. Until now, Google Chrome’s web policy permitted cryptocurrency mining in extensions as long as it is the extension’s single purpose and the user is adequately informed about the mining behaviour.

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Cryptocurrency ads are now banned ion Chrome too. Pixabay

“Unfortunately, approximately 90 percent of all extensions with mining scripts that developers have attempted to upload to Chrome Web Store have failed to comply with these policies, and have been either rejected or removed from the store,” James Wagner, Extensions Platform Product Manager, said in a blog post late Monday. “Starting today, Chrome Web Store will no longer accept extensions that mine cryptocurrency,” he added. Existing extensions that mine cryptocurrency will be delisted from the Chrome Web Store in late June.

Also Read: After Facebook, Google to ban cryptocurrency ads

Extensions with blockchain-related purposes other than mining will continue to be permitted in the Web Store, Google said. Over the past few months, there has been a rise in malicious extensions that appear to provide useful functionality on the surface, while embedding hidden cryptocurrency mining scripts that run in the background without the user’s consent.

These mining scripts often consume significant CPU resources, and can severely impact system performance and power consumption. “This policy is another step forward in ensuring that Chrome users can enjoy the benefits of extensions without exposing themselves to hidden risks,” Wagner said.

Google Lens will have many useful features. Wikimedia Commons
Google took after Twitter and Facebook to ban cryptocurrency extensions. Wikimedia Commons

Late last month, Twitter confirmed to block cryptocurrency-related ads on the platform. In January, social media giant Facebook banned all ads promoting cryptocurrencies, including Bitcoin and ICOs. IANS

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