Bitcoin In Making? Tron (TRX) Jumps Over 100% In One Day. Five Things To Know

TRON witnessed a massive surge on Thursday. On December 4, the digital currency was trading around $0.15, nearly 100% higher than the previous session's closing

Following the success of Bitcoin (BTC), ripple (XRP), and litecoin (LTC), another upcoming digital currency 'TRON' witnessed a massive surge on Thursday. On January 4, the digital currency was trading around $ 0.15, nearly 100% higher than the previous session's closing. After the jump, the market capitalization of TRON jumped to nearly $10 billion, while the market cap closed at $5.17 billion on Wednesday. It is startling that the same figure a day prior was over $3.42 billion and $2.94 billion on January 1.

Five Things To Know About Tron (TRX)

1. The market capitalisation of Tron (TRX) has risen by nearly three times in past four days from nearly $3 billion to over $10 billion. 

2. One must remember that on December 13, which is barely three weeks ago, the market cap of Tron stood at nearly $500 million, almost one twentieth of the current valuation.

3. Exactly three months ago, the Tron's price was hovering in the range of $98 million, which means the currency has risen 100 times in just one quarter. One tron, on October 4, closed at 0.003250 against its price of $0.15 on January 4. The currency price has risen by 4,500%.

4. Tron is a blockchain-based, open-source protocol for the global digital entertainment industry in which TRX, Tron's token, is circulated. It enables one-on-one interaction between the suppliers of digital content and the normal users. Thanks to tron, content providers no longer need to pay high channel fees to the platforms such as Google Play store and Apple's Appstore.

5. Tron was founded by Justin Sun. He is the only millennial student of Hupan University and a protege of China's tycoon Jack Ma, chairman of Alibaba Group. Justin secured a master's degree from the University of Pennsylvania after he received a bachelor's degree from Peking University.

Bitcoin not a legal tender in India, says Finance Minister Arun Jaitley 

The Finance Minister of India has openly refuted the acceptance of Bitcoin as legal tender in India.

The Reserve Bank of India (RBI) has also cautioned from time to time about the risks of dealing with Bitcoin.

Bitcoin are a cryptocurrency with a worldwide payment system which is decentralised. This implies that the currency operates separate from the currency of the central bank of any country or a single administrator.

Through its press release dated December 24, 2013 and February 1, 2017 and once again on December 5, 2017, the RBI reiterated caution of dealing with Bitcoin.

“Attention of members of public is drawn to the Press Release issued by the Reserve Bank of India (RBI) on December 24, 2013, cautioning users, holders and traders of Virtual Currencies (VCs) including

Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs,” RBI said.

Value of the Bitcoin crossed $19,000 in December last year. As of today, January 2, 2018, the value of the Bitcoin converted to Indian National Rupees by Google is stated as Rs 8,51,073.40.

In reply to a question tabled in Lok Sabha on December 29, Ministry of Finance had this to say about Bitcoin dealings in India. “The Department of Economic Affairs had constituted an Inter-disciplinary committee to examine the existing global regulatory and legal structures governing Bitcoin; to take stock of the present status of Bitcoin both in India and globally; suggest the frame work for regulation of Bitcoin if among others etc. The committee has submitted its report which is under consideration of the Government.”

The risks outlined by RBI in its December 2013 release read as follows:

1. VCs being in digital form are stored in digital/electronic media that are called electronic wallets. Therefore, they are prone to losses arising out of hacking, loss of password, compromise of access credentials, malware attack etc. Since they are not created by or traded through any authorised central registry or agency, the loss of the e-wallet could result in the permanent loss of the VCs held in them.

2. Payments by VCs, such as Bitcoins, take place on a peer-to-peer basis without an authorised central agency which regulates such payments. As such, there is no established framework for recourse to customer problems / disputes / charge backs etc.

3. There is no underlying or backing of any asset for VCs. As such, their value seems to be a matter of speculation. Huge volatility in the value of VCs has been noticed in the recent past. Thus, the users are exposed to potential losses on account of such volatility in value.

4. It is reported that VCs, such as Bitcoins, are being traded on exchange platforms set up in various jurisdictions whose legal status is also unclear. Hence, the traders of VCs on such platforms are exposed to legal as well as financial risks.

5. There have been several media reports of the usage of VCs, including Bitcoins, for illicit and illegal activities in several jurisdictions. The absence of information of counterparties in such peer-to-peer anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws.

RBI to Issue New Rs 10 Notes, Will Be Chocolate Coloured

RBI to Issue New Rs 10 Notes, Will Be Chocolate Coloured

The design was approved by the government last week. The change in design in the old Rs 10 note was last made in 2005.

New Delhi: The Reserve Bank of India (RBI) is going to issue new Rs 10 notes under the Mahatma Gandhi series with chocolate brown colour as the base. The new note will bear the picture of the Konark Sun Temple.

The apex bank has already printed around 1 billion pieces of the new note, according to people familiar with the matter.

The design was approved by the government last week. The change in design in the old Rs 10 note was last made in 2005. In August last year, RBI had introduced the new Rs 200 and Rs 50 notes under the Mahatma Gandhi series.

The move to reintroduce lower denomination notes in a new design comes after the government’s plan to get rid of counterfeiting.

On 8 November 2016, the government announced demonetisation to withdraw Rs 1,000 and Rs 500 currency notes, amounting to around 86% of the currency in circulation of Rs 17.9 trillion. Since then, RBI has replaced these with the new Rs 2000 notes and redesigned Rs 500 notes.

RBI has printed 16.96 billion pieces of Rs 500 notes and 3.6 billion pieces of Rs 2,000 notes as on December 8, according to information given by the finance ministry in Lok Sabha. The total value of such notes translates into Rs 15.79 trillion.

RBI data show currency in circulation was Rs 16.71 trillion as on December 22. This is about 94.4% of the Rs 17.7 trillion that was in circulation on 4 November 2016.

RBI’s annual report for fiscal 2016-17 also showed that the volume of banknotes increased by 11.1% mainly due to higher infusion of banknotes of lower denomination following demonetisation. The government’s rationale behind the move is to check fake notes which had seen a significant jump since 2008. From 195,000 pieces in fiscal year 2008, the number of counterfeit notes increased to 632,000 pieces in 2015-16.