The Indian Government ?? May Impose Penalty or Jail Term For Violating Crypto Norms

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The Indian Government ?? May Impose Penalty or Jail Term For Violating Crypto Norms

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The Indian government is proposing legislation that would penalize a user for violating crypto policies, which could range from a maximum fine of $2.7 million or a jail term of 1.5 years.

For the crypto investors, the government will likely give a deadline to comply with the new rules and declare their crypto assets.

Although there is a high degree of uncertainty of the regulatory situation in India, some reports have indicated that crypto investors will be forced to hold crypto in exchanges operating under the oversight of the Securities and Exchange Board of India (SEBI).

Under this proposed law, private wallets would not be legal, and any investors who use them could be subjected to the aforementioned judicial penalties.

Additionally, the government also plans to introduce a minimum capital threshold for investing in cryptocurrencies.

It seems like the Indian government is taking this strict action against crypto due to the perceived rise in money laundering, fraud, and terrorism financing in recent years.

Another aspect is that the competition from private cryptocurrencies may also threaten the Reserve Bank of India’s plans to launch a digital rupee.

Twitter is Testing New Process ? to Reporting Harmful Content

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Twitter is testing some changes to the way users report tweets, which it says will simplify the reporting process and will lessen the pain of individual users when flagging the company on abusive or suspicious behavior.

The new process aims to streamline the current tweet reporting process so that a person reporting a tweet may not be required to choose from a list of pre-selected descriptions of what rule a tweet is violating.

Alternatively, the company will ask the user what happened in a “symptoms-first” approach to gather more complete information.

Twitter says by changing the process of reporting tweets, it is aiming to improve the quality of reports it receives.

The company also hopes to receive more first-hand information to better decide how to handle a reported tweet.

Currently, the micro-blogging platform is testing the new process with a small group of users in the United States.

The company says that the new reporting process will be launched to a wider audience in 2022.

TrueNorth Raises $50 Million ? to Empower Independent Truckers

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TrueNorth, a platform that puts independent truckers first, has raised $50 million in its Series B funding round.

The latest funding round was co-led by Groom and Altman (along with brothers Max and Jack). The round also saw participation from Flexport Fund, Original Capital, Tribe Capital, 137 Ventures, K5 Global, and Fifth Down Capital.

Founded in 2019 by Jin Stedge and Sanjaya Wijeratne, TrueNorth has developed software so that independent truckers can better manage the way they do business.

The San-Francisco-based startup offers a platform for truckers to streamline all the moving parts that come with a delivery, from the routes they take to how long they spend on billing invoices.

The company wants to help independent truckers solve their problems like running their own operations, finding good routes, and consistently well-paying jobs. In addition, the company also aims to optimize trucker paperwork and billing.

TrueNorth is already lowering costs for the roughly 200 truckers using its software, and the latest proceeds should help the company to empower more independent truckers in the future.

Visa Launches New Crypto Consulting Services to Outdo its Competitors in the Blockchain Space 

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Visa is launching cryptocurrency consulting and advisory services, a move the card company says will help banks and merchants catch up with the increasing demand for digital assets.

The company’s crypto advisory practice, which is housed within its consulting and analytics division, will offer advice to financial institutions, retailers, and companies on everything from launching crypto features to exploring non-fungible tokens.

Visa has said that US-based UMB Bank is already using its crypto advisory services and this latest move of Visa marks its latest attempt to get deeper into the crypto market.

In addition, Visa is also developing products catered towards stablecoins, which will be virtual tokens aligned to the value of sovereign currencies, like the dollar and central bank-issued digital currencies.

The company also hopes that its cryptocurrency consulting services can help promote the mainstream adoption of bitcoin and other digital currencies.

In recent years, major payment companies like Visa and others have faced growing competition from the entry of financial start-ups, and this move of Visa will help it keep up with the innovative offerings made by some of these companies.

Around the Web ?

Crypto is a Popular Holiday Gift For Americans Says Survey: According to a study by BlockFi, cryptocurrencies like Bitcoin, Ethereum, and Dogecoin, are set to become the gift of choice for people in the United States. The “Real Talk: Happy HODLdays” survey, which included 1,250 participants found that nearly 1 in 10 Americans would give their loved ones crypto as a holiday gift.

eBay Starts Offering an Interactive 3D Sneaker Viewer: E-commerce platform, eBay has launched a new feature 3D viewing tool called “eBay 3D true view,” which lets users get a 360-degree look at some of the sneakers it has for sale. The new feature will help sellers add interactive images of their sneakers to listings.


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