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Venezuela has announced that it will include cryptocurrencies such as Bitcoin and Litecoin wallets to its Patria’s Cryptocurrency Remittance Platform. The government authority has further updated that this step will allow the Venezuelan citizens to receive remittances in cryptocurrency form officially. Although several Venezuelan citizens are already into Bitcoin usage and are using this cryptocurrency to make cross border payments, this new update from the government will give these transactions a formal status.
Venezuela’s next step in embracing cryptocurrencies: Addition of Bitcoin-Petro Trading Pairs
Venezuela is already a leading cryptocurrency usage market in the world. The country is third in the list of highest cryptocurrency usage in the world. And the government is keen on pushing this trend and is making continuous efforts to increase and regulate the usage of cryptocurrencies. And this latest announcement is a part of these efforts.
The formal announcement of including Bitcoin and Litecoin wallets in the National Remittances Platform came through a Patria blog post. This announcement is a part of the Venezuelan government’s several amendments regarding crypto policies to counter the effects of US sanctions.
But even then, it seems that Venezuela is too keen on adopting the top crypto into their formal financial transactions. And the recent announcement of formal recognition and endorsement of cryptocurrency mining is a reflection of it.
The update published on 28th October discusses the inclusion of petro [and] Bitcoin and petro [and] Litecoin pairs into a structured exchange system. But the blog doesn’t give further details about when this inclusion is planned to take place. This update makes it clear that the government is still hopeful of the revival of its ‘Petro tokens, ‘ which in the beginning failed to create interest.
Bitcoin trading surges in Venezuela and across the world.
However, cryptocurrencies continue to attract widespread interest. The usage of cryptocurrencies in transactions has increased rapidly, not only in Venezuela but also across the world. With several trading platforms opening up, making Bitcoin transactions has become more comfortable. And trading apps such as Bitcoin evolution App have come up with seamless transaction procedures and offer critical updates that help traders make wise trading decisions.
Want to read more in Hindi? Checkout: भारत में क्रॉस ब्रीडिंग से विकसित हुए थे अजीब आकार के जानवर
Thus the ease of transactions and the ever-increasing importance of cryptocurrencies have fueled Bitcoin trading’s surge across the world. For Venezuelan citizens, Bitcoin trading is even more lucrative as they are badly hit by hyperinflation.
Government charges commissions and fees for exchange and remittances.
The government’s announcement also states that it is planning to have ‘commissions and fees for exchange and remittances.’
The blog talks about this in detail by stating that the government will implement a service commission for all operations carried out in the Petro, Bitcoin, and Litecoin wallets.
Introduction of all the updates in phases
The blog doesn’t give a formal date for rolling out all the updates mentioned above, but it clarifies that these functions will be introduced in phases.
It states that in the initial dates of the updates, ‘some of these functionalities may not be available and therefore may not close the circuit for users who, in advance and under their full responsibility, decide to test these updates.’
The blog explains that The Patria Platform will gradually include all these and other services as it will need several days of updating and monitoring because of their extension.
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By D.C. Pathak
Advent of Biden Presidency with its resonating calls of 'America is back', 'we will repair our alliances' and 'will engage with the world once again' on one hand and the rise of President Xi Jinping with a stronger hold on China after the Plenary session of the 19th Central Committee of CPC, on the other, have got strategic analysts to examine if a new Cold War was already on the horizon.
India has to define its stand and negotiate its international policy keeping in view the nation's best interests of the long run. Sino- Pak military alliance that chiefly worked against India, natural friendship between the two largest democracies of the world and the need for a rapid advancement of our Defence capabilities, are the major paradigms that should determine India's approach to both development and security.
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Xi Jinping is implementing a two- fold strategy of seeking the economic route to becoming the second superpower and pursuing 'Sinicisation of Marxism' to define the future of Communist China. In a huge give and take between the Godless dictatorship of China and the fundamentalist regime of Pakistan, the former has invested on CPEC located on the territory of PoK ceded by Pakistan to China in the face of the Indian protests and got an opening into the Muslim world where sympathy for Islamic radicals has been on the rise.
Pakistan is close to the pro- US group led by Saudi Arabia and yet has a good equation with Islamic radical organizations represented by Taliban. With one leg in the camp of 'revivalists' -- Pakistan -- it mediated between the US and the Taliban on Afghanistan -- would be in a position to assure the Chinese that the Cold War game of the West using Pak-Afghan region to 'radicalise' Muslims of Xinjiang and other parts of China, would not be allowed. The axis of the two principal adversaries of India has become very active after the Indian Parliament scrapped Article 370 of the Constitution in August 2019 and converted J&K and Ladakh into union territories. India had successfully evolved a strategy of dealing with both China and Pakistan together.
Also Read : Why are India and China overpopulated?
It needs to be recalled that China drew the best lessons from the demise of the USSR -- it could clearly see that the Soviet regime had become an oligarchy that ignored the internal economic decline because of which it was not able to sustain the war in Afghanistan. This led Deng Xiaoping to adopt the policy of opening the Chinese market to the world in a controlled fashion and thus initiate a process of faster economic growth on which China has not looked back. China has become the second biggest global economy by investing in markets abroad and accessing technological knowledge wherever it was available -- including the research work of the US universities where it established 'Chairs' to reach out to the same.
Xi Jinping combines the persona of Deng and Mao Zedong and while consolidating Chinese economy further, he has reverted to the concept of supremacy of the Communist Party of China as the symbol of Marxism. This has helped him, among other things, to keep his leadership going on the strength of ideology and project it as something that was free of any personal vested interest. The recent conference of the Central Committee of CPC credited Xi Jinping with achievement of the first Centennial goal of making China a 'moderately prosperous society' by 2021 -- the hundredth year of the party's existence and acknowledged his pledge to make China a 'great modern Socialist country' by 2049 -- the second centennial mission marking the completion of hundred years since Mao Zedong declared the establishment of the People's Republic of China. By highlighting the importance of 'ideology' and 'line', Xi Jinping has identified himself with the Party so completely that his leadership can not be easily challenged by any dissenters.
Under Xi Jinping, China is progressing economically and also politically extending its influence in the world taking care to buy time for its mission and somewhere following the doctrine of winning a war without a battle. It is joining multilateral platforms to create a non- combatant image, inducing economic dependence of other smaller nations on it through its Belt & Road Initiative (BRI) and forging bilateral alliances and pacts to further its geo- political advancement.
Pakistan is close to the pro- US group led by Saudi Arabia and yet has a good equation with Islamic radical organizations represented by Taliban.Unsplash
Sino- Pak strategic alliance -- an illustration of this multi-prong objective of China -- is a cause for great concern for India. China knows it can not change the Western systems and is not in a hurry to challenge the global economic order -- it is exploring alternate approaches of invading others economically and doing it successfully. As far as territorial expansion was concerned Xi's China adheres to its known 'two steps forward one step backward' strategy -- which is salami slicing of sorts -- that was in evidence on LAC as also in the Indo-Pacific. India has suitably responded to these moves on land as well as on sea by undertaking a matching military build up and actively joining in Quad, respectively.
Some analysts have perceptively noted that President Xi Jinping has embarked on a larger than life mission of surpassing Mao Zedong in building China as the dominant power of the world -- matching the place it once occupied in its civilizational history. His new strategy of bringing all 'under one heaven' compels a recall of the description the Chinese Emperor once enjoyed as the 'son of heaven'. It is remarkable that a Communist dictatorship carrying the stamp of Marxism today is deriving strength from the country's civilisational roots. This reflects the desire for world domination -- the Emperor of China expected 'tribute' from other countries as protection money.
Xi's China is also working on fail -- safe alliances -- using its economic hold as in the case of Pakistan. The defence expenditure of China has been on the rise -- in comparison to India it rose from a near parity in the Nineties to more than three times of India's defence budget, as at present. China's move forward is neither transactional nor transformational but a strategy of continuum -- steady in pace and direction --attempted on a good understanding of the global 'space' on land ,sea and air. Geo- politically China is now in the frame so far as the emerging scene of the world getting divided between two superpowers, was concerned.
The defence expenditure of China has been on the rise -- in comparison to India.Unsplash
India has set in motion a well- considered strategy of handling the economic and security challenges emanating from this situation. There was never any doubt that the US and India must together anchor the collective effort of the democratic world to counter the threat from the Communist dictatorships on one hand and that from Islamic extremists on the other.
The policy of the Modi government to have bilateral relations on the basis of mutuality of interests in the economic and security spheres has been very successful. India is enlarging the ambit of friendships with European democracies, Australia, Japan and Israel -- including association with Quad -- to promote collective security against these dangers. As a nation with a voice in the global matters pertaining to war and peace, India is working for self-reliance in the area of defence and building military strength to take on any aggressive move of the PLA on the LAC and punish Pakistan for any provocation from across the LOC.
India has maintained close friendship with Russia which has -- apart from defence deals with India -- been on the same page on the vital issues of Afghanistan and radicalization. It is the policy of mutuality of security interests in Afghanistan that has made India work in collaboration with Iran, notwithstanding the conflicts that this country had with the US and Israel. Indian diplomacy has worked hard to keep the Western powers convinced of the legitimacy of India's policy towards all these other countries.
Finally, there is an added challenge on the internal security front because of the intent of the China-Pak combine to instigate acts of terror, insurgency and sectarian discord in India in an attempt to destabilize this country. A new dimension of the domestic scene of India is the rise of civil society forums which in collusion with anti-India lobbies abroad and elements hostile to the Modi government at home, play politics by proxy on issues ranging from Kashmir to Northeast and from safety of Dalits and minorities to poverty alleviation. Fortunately, we are getting adequate Intelligence to draw a line between genuine protests and sponsored agitations.
(The writer is a former Director of Intelligence Bureau; the views expressed are personal)
(Keywords : president, prime minister, Biden, Xi Jinping, Narendra Modi, China, America, India, Pakistan, military, alliance, defence, challenge, concern, security, dominant, power, history. )
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Smartphone companies which have strong consumer pull now face most of the reputation issues caused by infringement of their brands in the digital space, according to a new report.
There are three main techniques pertaining to brand infringement —fake gratification, fake presence and fake representation.
According to Faisal Kawoosa, founder and chief analyst, Techarc, as digital becomes mainstream and brands increase their D2C (direct-to-consumer) engagements, they need to proactively police the digital space to hunt for any infringement cases.
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"The first thing brands need to do is to come out of denial mode and create a common synergy between marketing, ecommerce, IT and digital teams," he said in the Brand Reputation Index (BRIX) report.
In fake gratification, scammers infringe any brand's identity by offering fake coupons, rewards, schemes, and discounts. This is the easiest trap for consumers who are searching for best deals when they decide about buying a smartphone of their interest.
fraudsters create fake profiles on popular social networking applicationsUnsplash
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In the fake presence technique, fraudsters create fake profiles on popular social networking applications and allure audiences which want to genuinely engage with the brand. In many instances, fake gratifications are routed through such accounts to entice people looking for smartphones deals.
"Fake representation is the severest level of infringement where scammers create a fake website, app or a marketplace. Using typo-squatting techniques, fraudsters create very similar websites, apps and marketplaces and then direct users on such sites to engage which could be used for data theft to financial frauds," the report noted.(IANS/PR)
(Keywords: Smartphone, Brands)
Elon Musk-owned Tesla has started to push a new Full Self-Driving (FSD) Beta software update -- version 10.6 -- to its fleet with improved object detection.
According to the auto-tech website Electrek, the company is starting to push a new version of the FSD Beta to owners in the US with a safety score of 98 and up.
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The company said that the new update brings improved object detection network architecture for non-VRUs (e.g. cars, trucks, buses), seven per cent higher recall, 16 per cent lower depth error and 21 per cent lower velocity error for crossing vehicles.
It also brings a new visibility network with 18.5 per cent less mean relative error, the report said.
The company also said that it allows more room for longitudinal alignmentUnsplash
Also read: Tesla adding cloud sync feature
The company also said that it allows more room for longitudinal alignment during merges by incorporating modelling of merge region end.
The software enables the vehicle to drive autonomously to a destination entered in the car's navigation system, but the driver needs to remain vigilant and ready to take control at all times.(IANS/PR)
(Keywords: Tesla, FSD Beta)