INRcoin = Strong INR 💪

An INR-backed stablecoin issued on ethereum could prove to be a game-changer for our nation.

A golden opportunity for us to strengthen our rupee against the USD.

🧵1/ An INR-backed stablecoin is a cryptocurrency pegged 1:1 to INR.

Each INRcoin will be backed by either INR or INR Equivalent assets, like:

- Indian govt. treasury bills
- Bonds
- Other reserves.

Increase ⬆️ in INRcoin demand = ⬆️ in demand for INR or INR treasuries.

2/

🇮🇳The Standing Committee has tabled its report on CYBER CRIME Ramifications, Protection & Prevention.

This report mentions CRYPTO 15 times, and none of them are in a positive way.

Here are some worrying facts about crypto from the report 🧵👇 They said on crypto 👇

1/
Cryptojacking is a newer cybercrime where hackers secretly use your device to mine cryptocurrency.

De-Dollarization!

Number of countries seems to be ditching US🇺🇸 $.

But Why?

The power game is shifting.

This 🧵is long but worth it!

1/ Saudi Arabia🇸🇦:

2/

Shortest thread🧵on what happened in the #G20 🇮🇳 meeting on crypto?

20 nations brainstormed together on crypto:

👇 🇮🇳 having the presidency requested IMF to present the discussion paper on the topic:

“Policy Perspectives: Debating the Road to Policy Consensus on Crypto Assets” .

1/

Bitcoin whitepaper turns 14 today.

10 amazing😱 facts about the Bitcoin whitepaper.

1/

👇 Satoshi chose 31st October to release the whitepaper. On the 31st Oct two events are celebrated:

1) Halloween day.
2) Reformation day. (Martin Luther nailed his 95 Theses onto the door of a Catholic Church in 1517.)

2/

10 Interesting facts about proposed 🇮🇳 CBDC or e₹.

🧵

1/ e₹ will be a legal tender.

You took a loan from me in cash and after 6 months you are returning me the loan back in e₹.

I cannot deny that and I have to accept it.

2/

The stones in the picture were used as money on Yap island.

These stones were known as RAI.

A very interesting story from the past on money evolution.

1/🧵 These were made up of limestones and limestone mines didn't exist on Yap island.

These stones were brought from neighboring islands that were 400 km away, the journey could take months and years to bring these stones to the island.

Many lives were also lost in the process.

2/

Guidelines regarding crypto advertisement are finally out in India🇮🇳

Effective 1st April 2022.

Thread

1/ All ads for VDA products and VDA exchanges, or featuring VDAs, must carry the following disclaimer.

“Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.”

2/

2022 special👇

I wanted to write this 🧵 for sometime.

Based on my years of corporate experience.

This thread🧵 is for people who are young and employed with various organizations and trying to find happiness.

1/ Find your definition of happiness. Mine was:

1) Financial freedom.
2) Do things that I enjoy doing the most.
3) I always wanted to be the boss of my own time.

One thing I used to hate the most was when my Boss use to ask 1st thing in the morning (Kahan ho/ Where are you?)

2/

DISCLAIMER: The thread is based on the news report by @ndtv and @Sonal_MK. They have based their news on cabinet note that is to be presented in front of the cabinet that may or may not get approval.

1. NO BAN ON PRIVATE CRYPTOCURRENCIES.

1/ 2. NO.1 PRIORITY OF THE GOVERNMENT IS THAT IT DOSEN'T WANT THE CRYPTO TO GO IN DARKNET POST BAN.

2/

🧵20 minutes back on #TwitterSpaces I just heard @michael_saylor saying:

1) The no.1 looser is going to be gold in front of #Bitcoin

1/17 2) Bitcoin is a bank in cyberspace.

ED Notice to WazirX🧵

1) During the period of ED investigation they observed:

1. Binance to WazirX Inflow: 880 Cr.
2. WazirX to Binance outflow: 1400 Cr.

1/ 2) Binance <> Wazirx transfers are not recorded on Blockchain:

All these inflows and outflows are not recorded on Blockchain for audit purposes which makes it less transparent.

They are done using API Keys as confirmed by Nischal in an interview conducted by Crypto Kanoon.

2/

1/ Why India🇮🇳 has to embrace #crypto now? There seems to be no other choice left.

So much development has taken place globally that it is almost impossible for India to ignore.

Our country is standing at a very important juncture.

#IndiaDeservesCrypto China🇨🇳 state-backed #Blockchain is integrating with 6 public blockchains.

Now just imagine anyone from anywhere will be able to build apps and run nodes using data storage and bandwidth from BSN’s overseas data centers.

🇨🇳wants to be the only infra provider to all the firms.

What Mr. Garg said yesterday and its implications:

1. Mr. Garg's body language was very receptive yesterday he had a smile on his face for an hour and he was genuinely interested in the discussion. Yes, that could be because he is not holding the chair anymore.

Part-1... 2. Mr. Garg seemed hostile toward the word "Currencies" as no one other than a sovereign nation has the right and duty to issue and manage "currencies".

This is ok as there is hardly any nation on planet who is willing to allow crypto as "Legal Tender".

Part-2..