Page 2,487«..1020..2,4862,4872,4882,489..2,5002,510..»

Will you be ready when quantum breaks encryption? Steps to take now to prepare – Lexology

While the potential opportunities quantum brings are impressive, the seismic risk it poses to current encryption methods cannot be ignored. Do you know the steps your organisation should be taking now to reduce your quantum cyber risk?

Last week Rob Sumroy, head of Slaughter and Mays Tech practice, spoke at ITech laws European conference on this very subject. He was joined by Dr Ali El Kaafarani (a visiting professor at Oxford University and founder of PQShield) and Professor Yasser Omar (Professor at IST University of Lisbon and President of the Portuguese Quantum Institute).

The problem quantum will break commonly used PKC

Put simply, we know that our data and systems need to be kept secure, and encryption methods like RSA (a type of public-key cryptography or PKC) help us do this. However, a cryptographically relevant quantum computer will, in the future, be able to solve the mathematical problems on which these encryption methods are based exponentially faster than a classical computer can. This means that an encryption algorithm that would have taken thousands of years to break (making it unbreakable in practice) could be cracked in a day or so by a quantum computer, creating both a current, and future, risk:

The solution

Thankfully, a number of solutions to the encryption problem exist, and there are steps organisations can take now to prepare.

The international community has been developing quantum-proof encryption based on both classical computing (quantum-safe cryptography) and quantum mechanics (quantum key distribution).

What can organisations do?

Organisations should consider the quantum risk now, and build transitioning to quantum-safe products and services into their future plans. Preparations include:

For more information on quantum, please see our quantum computing podcasts series, which includes a podcast on Cyber security in the era of quantum with Dr Ali El Kaafarani and Robert Hannigan (Chairman of BlueVoyant International and ex Director of Government Communications Headquarters (GCHQ)).

See the original post:
Will you be ready when quantum breaks encryption? Steps to take now to prepare - Lexology

Read More..

If cybercriminals cant see data because its encrypted, they have nothing to steal – The Register

Paid feature Heres the irony of ransomware data breach stories that gets surprisingly little attention: cybercriminals enthusiastically encrypt and steal sensitive data to extort money and yet their victims rarely bother to defend themselves using the same obviously highly effective concept.

It should be a no-brainer. If sensitive data such as IP are competently encrypted, that not only means that attackers cant access or threaten to leak it, in many cases they wont even be able to see it in the first place all encrypted data looks alike.

Ransomware is like a tap on the shoulder, telling everyone they have a problem. Its not that criminals are able to reach the data perhaps thats inevitable but that when they get there, the data is defenceless, exposed. You could even argue that ransomware wouldnt exist if encryption and data classification had been widely adopted in the Internets early days.

Historically, the calculation has always been less clear cut. Using encryption (or tokenisation) across an organisations data is seen as adding complexity, expense and imposing a rigour few beyond elite regulated industries and government departments are willing to take on. Its an issue thats not lost on Thales UKs cybersecurity specialist Romana Hamplova, and Chris Martin, IAM pre-sales solutions architect.

Ransomware targets sensitive data. But if the attackers cant see the contents of the file because of encryption, they cant see that its sensitive, agrees Hamplova. "On the other hand, there is no need to encrypt all data, only the data that qualifies as worth protecting. Just as you don't want to have exposed/unprotected all/sensitive data, you also don't want to have maximum security applied to public data because that just slows down the infrastructure.

The catch, she says, is that organisations often arent always certain where that sensitive data is in an increasingly complex world where data gets moved around, deleted, changed, and re-classified. In many cases, they dont have any easy way to identify what is and isnt sensitive. What youre left with is a form of data paralysis where organisations default back to trying to stop access to sensitive data rather than protecting the data itself.

The first job for organisations is to understand what data they have. We enable them to discover the data in both structured and unstructured format and scan those locations and find out what data is there. For instance, perhaps they want to understand what GDPR data they have, or to adhere to PCI-DSS or HIPAA, says Hamplova.

The ongoing chaos surrounding data and what to do with it was confirmed by Thaless 2021 Thales Data Threat Report, which found that three quarters of the 2,600 global IT respondents questioned werent certain where all their organisations data was located.

Less than a third said they were able to classify or categorise it according to sensitivity. Interestingly on the data protection side, despite 42 per cent saying theyd experienced a data breach within the previous 12 months, half of victims were still able to avoid making a notification to information commissioners because the stolen data had been encrypted.

In terms of near-term spending priorities, 37 per cent of respondents mentioned encryption, only one per cent less than the percentage mentioning data loss prevention. An identical 37 per cent rated tokenisation as the most effective technology for protecting data, followed by data discovery and classification at 36 per cent, with encryption seen as the most effective by 34 per cent.

Working from home has made organisations aware of the data risks they have been taking, says Martin. When people are in an office, there is an implicit amount of security. With working from home, the implied security is lost. You dont have the visibility of that person sitting in front of their computer.

Architectural changes such as cloud access exacerbate this. Whats happened in the last 18 months is that companies are protecting their VPN. But employees are using applications that are not internal, so VPN access wont necessarily control access to the applications or data. They are now separate.

Another anxiety was the burden of software complexity itself, with organisations securing themselves using a mesh of overlapping tools. For example, 40 per cent or organisations admitted to using between five and seven different key management systems, with 15 per cent putting the number at between eight and ten. Much of this headache is caused by the growing importance of diverse cloud platforms.

The companys 2021 Access Management Index uncovered a similar picture with authentication, with 34 per cent of respondents in the UK admitting that they used three or more authentication tools, with 26 per cent using three to five, and 8 per cent putting the number at more than five. That level of complexity makes management harder but also significantly raises the likelihood of misconfiguration and error.

By coincidence, just as the pandemic sent everyone scurrying to their spare rooms to work in early 2020, US super-body NIST published its first draft of SP 1800-25, which for the first time offered specific advice on coping with ransomware. This was followed in June this year with the NISTIR 8374, which related anti-ransomware strategy to the organisations risk-oriented Cybersecurity Framework, first published in 2014.

Built around the overarching Framework, everything NIST publishes these days is quickly funnelled into best practice presentations the world over. Its influence is being felt across an industry that cant pretend it hasnt been warned, agrees Martin.

The significance of this is huge. We are used to regulations such as PCI-DSS and GDPR, but NIST is trying to raise the profile of ransomware. It affects the supply chain. NIST is trying to use its weight to do something about this sooner rather than later. The urgency has been raised.

Frameworks work in a different way to rules. Rules create boundaries, a narrow focus, and the risk of the infamous tick box mindset that says that if the rule has been followed, the job is done. Twenty years of cybersecurity failure says rules arent enough. It could be that frameworks encourage more nuanced, long-term thinking.

Even though companies dont necessarily have to comply with the NIST recommendations, they still like to follow it because they understand that it is best practice, says Hamplova. We have been recommending best practice for years but unless there is a third-party body like NIST it doesnt always have enough strength. Having a guideline like this can help companies to focus.

A wider challenge remains the need to translate best practice into something which can be understood and implemented under real world conditions. Thales currently offers a wide range of data protection products and technology across the cybersecurity stack, bolstered by acquisitions including Alcatel Lucents cybersecurity division (2014), Vormetric (2016), and Gemalto (2017).

The Thales portfolio covers a large proportion of the data protection stack, starting with data classification and encryption, addressed by the CipherTrust platform. This also maps to the risk assessment subsection within the NIST Frameworks Identify risk assessment category (ID.RA). A critical element of CipherTrust is its transparent encryption approach, which means it is processed automatically without manual intervention.

In our systems, encryption should always be transparent to an authorised user or application, to ensure business processes run uninterrupted comments Hamplova.

As well as file encryption, CipherTrust also allows organisations to apply and manage encryption and tokenization for applications and databases using APIs. The second layer is access control and authentication, provided by SafeNet Trusted Access, which corresponds to NISTs Protect, access control category (PR.AC). Within the context of home working, SafeNet adds a layer of security that is more reliable than naively relying on VPNs alone.

This must go beyond simply identifying the user, says Martin. Its also about the context, for example where they are located. We can geo-locate with IP address or mobile phone. If someone is doing something from the same IP address as their home, we have a greater degree of confidence about their identity. Its about taking authentication to the next level.

Both Hamplova and Martin are cautiously optimistic about the latest cybersecurity bandwagon, zero trust (ZT), which can be thought of as a software-defined perimeter. The idea is a good one assess users, credentials, or applications before allowing them access but there are still practical difficulties in implementation. It would be perverse if an attempt to reform the nave trust in credentials that has caused so many cybersecurity problems simply created new layers of complexity.

Our society innovates built on trust. When we talk of zero trust, its not about being unable to trust anything but about establishing the right element of trust and build from there, says Hamplova.

Martin agrees: Is zero trust impossible? Ultimately, you have to trust someone or something in your organisations, or externally when accepting trust certificates.

The issue of complexity remains a lurking worry with too many trust gateways being used to manage poorly integrated technologies. If authentication becomes too complex, trust becomes impossible to deliver. The Thales perspective is that the acid test for cybersecurity is whether it can protect data.

Says Hamplova: As all cybersecurity specialists know, there is no nirvana! Its always about making it harder for the cyber criminals to reach the critical data and ensuring your organisation is resilient enough to continue operating, should the worst happen.

This article is sponsored by Thales.

Continued here:
If cybercriminals cant see data because its encrypted, they have nothing to steal - The Register

Read More..

Why You Should Encrypt Your WhatsApp Backups in iCloud – Lifehacker

Photo: Alberto Garcia Guillen (Shutterstock)

With over two billion active users, WhatsApp is one of the most popular messaging apps globallyand its also one of the few apps that offer end-to-end encryption by default. This means that no one other than you the other party can read your conversations. Even WhatsApp cant read your conversations because it doesnt have the key to un-encrypt your chats.

This was all true, except for one scenario: WhatsApp chats backed up to iCloud were all unencrypted, so if anyone got their hands on your iCloud backup, they could read all your messages pretty easily. But now, WhatsApp has an optional feature to protect your WhatsApp backups with the same two-factor authentication using a password or a secure key.

Before we begin, you should know that WhatsApp end-to-end encryption depends on a password or a 64-digit secure key. If you lose your password, you wont be able to restore your chats, so make sure you use a secure yet recognizable password. If you use something complicated, make sure to save it on your password manager (it can be iCloud Keychain or a third-party service like Bitwarden).

To get started, first update your WhatsApp application to the latest version. WhatsApp is slowly rolling this feature out to its two billion users, so if you dont see it yet, try again in a couple of days.

Open WhatsApp, and from the Settings tab, go to Chats. Here, select Chat Backups and tap the End-to-End Encrypted Backup button. Tap the Turn on button and from the next screen, choose the Create Password option.

G/O Media may get a commission

Screenshot: Khamosh Pathak

Here, create a password that includes at least six characters, and one letter. Then, tap the Next button.

Once everything is set up, tap the Create button to switch to the end-to-end encrypted backup. Give WhatsApp some time to transition to encrypted backups.

Screenshot: Khamosh Pathak

If you want to disable this feature, come back to Settings > Chats > Chat Backup > End-to-end Encrypted Backup > Turn off.

While WhatsApp has switched over to encrypted backups, your iPhone is still backing up the entire iPhone data to iCloud, in the same un-encrypted format. For the sake of security, we would suggest you disable iCloud backups altogether. To do this, open the Settings app and tap your Profile banner from the top. Then go to iCloud and disable the iCloud Backup option.

Go here to see the original:
Why You Should Encrypt Your WhatsApp Backups in iCloud - Lifehacker

Read More..

UK Government awards 555k to help fund new ways to protect children within end-to-end encrypted environments – ResponseSource

Image Analyzer wins UK Government grant to develop CSAM-detection technology for end-to-end encrypted services

- Safety Tech Challenge Fund awarded to AI-powered visual content moderation pioneer, working in partnership with Galaxkey and Yoti -

Gloucestershire, UK, November 17th 2021, visual content moderation software company, Image Analyzer, has been selected to receive a share of the UK Governments Safety Tech Challenge Fund to find new ways to detect Child Sexual Abuse Material (CSAM) sent via encrypted channels, without compromising citizens privacy. Image Analyzer will work in partnership with content encryption technology provider, Galaxkey, and digital identity and age verification technology company, Yoti, to develop AI-powered visual content analysis technology that works within messaging services that employ end-to-end encryption.

Cris Pikes, CEO and founder of Image Analyzer commented, Image Analyzer is delighted to be collaborating with Galaxkey and Yoti to deliver this exciting, first-of-a-kind technology pilot that recognises the importance of protecting users data and privacy whilst addressing the inherent risks to children associated with end-to-end encryption. As a ground-breaking technology collaboration, the Galaxkey, Yoti and Image Analyzer solution will enable users to access all of the benefits related to encryption whilst enabling clean data streams and offering reassurance within specific use case scenarios such as educational sharing.

End-to-end encryption (E2EE) is already included within the WhatsApp and Signal apps. In April, the Home Secretary and NSPCC decried Facebooks plans to implement E2EE within Instagram and Messenger, citing the increased risks to children if law enforcement agencies cannot compile evidence of illegal images, videos and messages sent by child abusers. The government and child safety organisations warned that E2EE drastically reduces technology companies abilities to detect and prevent proliferation of CSAM on their platforms and prevents law enforcement agencies from arresting offenders and safeguarding victims. The NSPCC has estimated that up to 70% of digital evidence will be hidden if Facebook goes ahead with plans to introduce E2EE in Instagram and Messenger.

Child protection experts warn that encrypted messages could shroud evidence of grooming and coercion of children and the sharing of indecent and illegal images and extremist material.

The NSPCC also observed that encryption could create a technical loophole for technology companies to avoid their duty of care to remove harmful material when the Online Safety Bill becomes law, by allowing them to engineer away their responsibility to monitor and remove harmful content.

In response to these heightened risks, the Safety Tech Challenge Fund was announced by the UK Government in September. The UK Government has awarded five organisations up to 85,000 each to prototype and evaluate new ways of detecting and addressing CSAM shared within E2EE environments, such as online messaging platforms, without compromising the privacy of legitimate users. The Safety Tech Challenge Fund provides a mechanism for government, the technology industry, non-profit organisations and academics to discover solutions and share best practice. Fund recipients have until March 2022 to deliver their proofs of concept.

Image Analyzer holds European and U.S. patents for its automated, artificial intelligence-based content moderation technology for image, video and streaming media, including live-streamed footage uploaded by users. Its technology helps organizations minimize their corporate legal risk exposure caused by people abusing their digital platform access to share harmful visual material. Image Analyzers technology has been designed to identify visual risks in milliseconds, including illegal content, and images and videos that are deemed harmful to users, particularly children and vulnerable adults, with near zero false positives.

Pikes continues, Law enforcement agencies depend on evidence to bring child abuse cases to court. There is a delicate balance between protecting privacy in communications and drawing a technical veil over illegal activity which jeopardises children. Hidden doesnt mean its not happening. The UK Online Safety Bill will bring messaging apps into scope for the swift removal of harmful text and images. However, where content is encrypted end-to-end, this will significantly reduce Ofcoms ability to prevent the most serious online harms. Working in partnership with encryption specialists at Galaxkey and identity verification experts at Yoti, well help organisations to address online harms, while protecting the privacy of their law-abiding users.

##

About Image Analyzer

Image Analyzer provides artificial intelligence-based content moderation technology for image, video and streaming media, including live-streamed footage uploaded by users. Its technology helps organizations minimize their corporate legal risk exposure caused by employees or users abusing their digital platform access to share harmful visual material. Image Analyzers technology has been designed to identify visual risks in milliseconds, including illegal content, and images and videos that are deemed harmful to users, especially children and vulnerable adults. The company is a member of the Online Safety Tech Industry Association (OSTIA).

Image Analyzer holds various patents across multiple countries under the Patent Co-operation Treaty. Its worldwide customers typically include large technology and cybersecurity vendors, digital platform providers, digital forensic solution vendors, online community operators, and education technology providers which integrate its AI technology into their own solutions.

For further information please visit: https://www.image-analyzer.com

References:

Gov.UK, press release, 17th November 2021: Government funds new tech in fight against online child abuse, https://www.gov.uk/government/news/government-funds-new-tech...

Safety Tech Network, 8th September 2021, Government launches Safety Tech Challenge Fund to tackle online child abuse in end-to-end encrypted services https://www.safetytechnetwork.org.uk/articles/government-lau...

Safety Tech Network, Safety Tech Challenge Fund, https://www.safetytechnetwork.org.uk/innovation-challenges/s...

Computing AI and Machine Learning Awards Winners 2021: AI & Machine Learning Awards 2021 (ceros.com)

Gov.UK, Draft Online Safety Bill, 12th May 2021 https://www.gov.uk/government/publications/draft-online-safe...

The Daily Telegraph, Priti Patel accuses Facebook of putting profit before childrens safety, 19th April 2021 https://www.telegraph.co.uk/news/2021/04/18/priti-patel-accu...

The Guardian, Priti Patel says tech companies have moral duty to safeguard children, 18th April 2021, https://www.theguardian.com/society/2021/apr/19/priti-patel-...

Wired, The Home Office is preparing another attack on encryption, 1st April 2021: https://www.wired.co.uk/article/uk-encryption-facebook-home-...

PA Consulting - The Daily Telegraph, Keeping Children Safe Online,11th December 2019,https://www.paconsulting.com/newsroom/expert-quotes/the-dail...

Media Contact:Josie HerbertPhiness PR07776 203307josie@phinesspr.co.uk

See more here:
UK Government awards 555k to help fund new ways to protect children within end-to-end encrypted environments - ResponseSource

Read More..

Cape Privacy Forges Partnership with Snowflake, Enabling Financial Services Organizations to Use Encrypted Data for Predictive Modeling in the Cloud -…

Cape Privacy Forges Partnership with Snowflake

NEW YORK (PRWEB) November 16, 2021

Cape Privacy has joined the Snowflake Partner Network to partner with Snowflake, the Data Cloud company. As a Snowflake partner, Cape Privacy enables the unique ability for financial services firms to run predictive machine learning models on encrypted data in Snowflake, while protecting privacy by default.

In financial services there has traditionally been friction between the collection and use of personally identifiable information (PII) and payment card information (PCI) because of the risk of exposure and abuse. Regulatory restrictions have kept financial services firms from putting that valuable data to work, and the steps required to protect sensitive data create conflict with its use for generating valuable decision intelligence.

Encryption is the cornerstone of any data protection and compliance program, but encrypted data is difficult to work with for creating decision intelligence. Cape Privacy enables businesses to run predictive models on previously inaccessible encrypted data in Snowflakewithout decryption.

Capes platform uses secret sharing and secure multiparty computation (MPC) to operationalize the data securely, avoiding a single point of failure and enabling computations on data that was previously inaccessible. Instead, encrypted data can now be transferred to Snowflake, along with whatever models the user chooses, and run predictions using the encrypted data. Because the data is never decrypted, privacy and security compliance are assured.

Heres how it works:

Financial services firms that collect sensitive, private data have struggled with the dilemma of choosing between keeping data secure, and using it to its fullest potential. With Cape Privacys secure, multiparty computational platform, our customers are able to leverage encrypted data to gain a more granular understanding of their customers, better identify market trends, and improve product performance and business outcomes while maintaining respect for the privacy of their own customers, said Tarik Dwiek, Head of Technology Alliances at Snowflake.

The Cape Privacy partnership complements Snowflakes powerful, secure data sharing and multi-party permissioning capabilities by allowing customers to fully utilize the broad array of AI and data modeling tools available in Snowflake. Now, private, encrypted data is sent to the Cape Privacy platform within Snowflake, along with the user organizations chosen data model.

Our partnership allows Snowflake customers to maximize the value of the private data they have in the Snowflake data cloud because they can secure it with strong encryption, move it into Snowflake, and run their models in Snowflake and with the tools available in Snowflake, taking advantage of the full richness of the data to extract high-value decision intelligence without ever having to decrypt the data, said Cape Privacy CEO, Ch Wijesinghe.

The benefits and capabilities of Capes platform are available immediately to Snowflake customers.

About Cape PrivacyCape Privacy enables businesses to run powerful AI on encrypted data in third party data cloud platforms. Cape Privacy users can extract powerful insights from previously inaccessible sources of protected data without decryption, helping them obtain a more precise understanding of market trends, their customers, and product performance. With Capes technology, privacy is protected by default. Cape Privacy is based in New York City and Halifax Canada, with a fully distributed team from Europe to California. The Company is backed by Evolution Equity Partners, Tiger Global Management, boldstart ventures, Version One Ventures, Ridgeline Partners, Haystack, and Radical Ventures. Visit Cape Privacy for more information.

Share article on social media or email:

Here is the original post:
Cape Privacy Forges Partnership with Snowflake, Enabling Financial Services Organizations to Use Encrypted Data for Predictive Modeling in the Cloud -...

Read More..

Cryptocurrency prices today: Bitcoin falls below $60,000 for 1st time in 2 weeks, analysts blame profit booking – India Today

Prices of popular cryptocurrencies including Bitcoin and Ether fell further on Wednesday. (Photo: Reuters)

Cryptocurrency prices fell further over the past 24 hours due to continued profit booking by investors.

Bitcoin, the worlds largest cryptocurrency, slipped below $60,000 on Tuesday for the first time in two weeks. The popular cryptocurrency was trading at $59,602 or 1.73 per cent lower than its price 24 hours ago at 12 pm.

The market capitalisation of Bitcoin reduced to $1.12 trillion and the 24-hour trading volume stood at $2.31 billion. Analysts tracking the cryptocurrency market could not identify any particular news that led to the recent decline, but said it could be due to profit booking by investors.

Crypto highlights | Check yesterday's price

Ether also fell sharply today as it was trading at $4,174 or 3.28 per cent below its value 24 hours ago. Its market capitalisation fell below $500 billion and the trading volume over the past 24 hours was $1.75 billion, indicating a rise in profit booking.

Other smaller cryptocurrencies also fell sharply over the past 24 hours due to increased volatility, triggered by investors who looked to make the most of the recent rally in the crypto market.

Commenting on the cryptocurrency market momentum, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto investment platform, said, The past 24 hours have remained massively volatile for the cryptocurrency spectrum.

Most of the top cryptocurrencies saw heavy profit booking. Bitcoin dropped towards $58,000, and then rebounded higher, he added.

Over the coming 24 hours markets are expected to remain volatile with $57,000 being a strong support for Bitcoin.

Cryptocurrency

Price (US Dollar)

24-hour change

Market cap

Volume (24 Hours)

Bitcoin

59,588.95

-1.86%

$1.12 trillion

$2.31 billion

Ether

4,173.34

-3.76%

$490.11 billion

$1.75 billion

Dogecoin

0.235275

-5.03%

$31.06 billion

$1.94 billion

Litecoin

224.31

-8.92%

$15.47 billion

$235.25 million

XRP

1.08

-3.93%

$108.07 billion

$4.39 billion

Cardano

1.83

-5.68%

$60.08 billion

$388.29 million

DISCLAIMER: The cryptocurrency prices have been updated as of 012:20 pm and will change as the day progresses. The list is intended to give a rough idea regarding popular cryptocurrency trends and will be updated daily.

Click here for IndiaToday.ins complete coverage of the coronavirus pandemic.

Excerpt from:
Cryptocurrency prices today: Bitcoin falls below $60,000 for 1st time in 2 weeks, analysts blame profit booking - India Today

Read More..

Cryptocurrency regulation: What India may allow and may not – Livemint

Amid growing cryptocurrency euphoria in India, there have been some fast-paced developments on the way forward for digital currencies with RBI governor Shaktikanta Das kicking it off by sounding caution on cryptos.

Cryptocurrencies are a very serious concern from a macro economic and financial stability point of view, Das said a few days ago, while reiterating his stand once again recently, saying, "There are "far deeper issues" involved in virtual currencies that could pose a threat to Indias economic and financial stability."

On the other hand, Prime Minister Narendra Modi chaired a high level comprehensive meeting recently, where he expressed concerns about unregulated crypto markets becoming avenues for money laundering and terror financing.

There was also consensus, during the PM's meet on how to stop advertisements that over-promise and mislead the young investors.

The Parliamentary Standing Committee for Finance has met various stakeholders and experts, a first for the panel on cryptocurrency and related issues. The panel stressed on regulation of cryptos but not completely shutting the door on them.

The members of the Parliamentary panel are said to have wished for govt officials to appear before it and address their concerns. There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency. Industry associations and stakeholders were not clear as to who should be the regulator

The Members of Parliament (MPs) have expressed concerns over security of investors money.

Amid all these developments, there are reports that the government may bring cryptocurrency Bill in the Winter Session of Parliament. The proposed bill would focus on investor protection as crypto currencies come under a complex asset class category.

In the meanwhile, let's look at what India may allow and may not allow when it comes to cryptos.

For starters, India has had a hot-and-cold relationship with digital currencies in the past few years. In 2018, it effectively banned crypto transactions after a string of frauds following Modis sudden decision to eliminate 80% of the nations currencies, but the Supreme Court struck down the restriction in March 2020.

After Supreme Court overturned the RBIs order, which effectively lifted the ban on cryptocurrency trading in India, the craze in the country has grown at a furious rate.

Following this in February 5, 2021, the central bank had instituted an internal panel to suggest a model of central bank's digital currency.

An inter-ministerial panel on cryptocurrency under the Chairmanship of Secretary (Economic Affairs) had recommended that all currencies except those issued by the state should be banned.

The Reserve Bank of India (RBI) has repeatedly reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well their claimed market value.

Currently, there are no particular regulations or any ban on use of crypto currencies in the country. The union government has not yet enacted a law on cryptos, but is in consultation with industry experts, comments from various officials and ministers.

After several rounds of caution, the government might largely want to set some limits for cryptos in India in the larger public interest. However, from the recent PM meeting, the overall view within government is that steps taken would be proactive, "progressive and forward-looking" as cryptos represented an evolving technology.

The crypto community has made several representations to Indian authorities asking to be classified as an asset rather than as a currency, in order to gain acceptance and avoid a ban.

A possibility that is being explored in the government is that cryptocurrencies may be barred for the use of transactions or making payments, but allow them to be held as assets like gold, shares or bonds, an Economic Times report said.

The Securities and Exchange Board of India (Sebi) could be designated as the regulator, though that has not been finalised, according to the same report.

India's digital currency market was worth $6.6 billion in May 2021, compared with $923 million in April 2020, according to blockchain data platform Chainalysis.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Go here to see the original:
Cryptocurrency regulation: What India may allow and may not - Livemint

Read More..

GYEN price prediction: Can the cryptocurrency reach $0.10?… – The Sun

GYEN has surged in trading as it got exposure to a major crypto exchange - with some wondering if these types of gains will continue in the future.

In the past 24 hours, GYEN has skyrocketed by 247% to $0.0369, according toCoinbase.

1

Furthermore, thecryptocurrencyhas climbed 257% and 322% in the past week and month respectively.

The big gains from GYEN come as Coinbase has allowed its pro members to start adding the token to its accounts.

But before you look further make sure you understand the risks.

For one, know that there is extreme volatility in the industry. And although bullish trends can happen you could lose a lot of money quickly if youre not careful.

And know that GYEN is a newer cryptocurrency, whose coin just launched in March.

This means GYEN is much riskier when compared with larger and more established cryptocurrencies likeBitcoin.

Plus, the crypto space in general can come with a fair share of complexity. In other words, make sure you understand what youre investing in before buying.

When GYEN launched in March, the cryptocurrency claimed it was the worlds first regulated JPY-pegged stablecoin.

Firstly, a stablecoin aims to, as its name suggests, sit at a stable price thats fixed through an asset including a commodity or a currency.

In the case of GYEN, its currency is the Japanese yen (JPY).

According to GYEN, it is backed by an underlying fiat currency with a 1:1 reserve. This type of reserve is said to be frequently audited in an effort to avoid price volatility.

The stablecoin, which runs onEthereumsblockchain, balances decentralized technology with payments systems and traditional finance.

Marie Tatibouet, chief marketing officer of crypto exchange Gate.io, told The Sun that every token is issued by GMO Trust, which is regulated by New York State Department of Financial Services.

She said: "Every token is backed by a reserve balance in their trustee bank account," she said.

"Plus, the company regularly provides month-end balance audit reports."

As stated before, the price of GYEN has jumped thanks to becoming available to Coinbase pro members.

Where the price will wind up in the future is tough to predict and it is yet to be included on other major exchanges likeRobinhood.

But Mrs Tatibouet notes that stablecoins aren't exactly supposed to surge in trading like this.

"It looks like the demand is so high that the peg has failed to hold," she said.

"A good stablecoin shouldn't surge or fail under scrutiny."

And price predictions are all over the place currently.

For instance,Wallet Investorexpects the price of GYEN to add another zero and fall to $0.00845 in a years time.

Meanwhile,Digitalcoinexpects GYEN to gain to around $0.022 in 2021.

Furthermore, Goldman Sachs expert Andrew Lokenauth is even more bullish on GYEN.

"From my prior experience, I feel it will be included on other exchanges due to demand," he told The Sun.

"Also, due to current hype and mentions of GYEN on reddit and twitter, this can easily reach 10 cents."

But keep in mind, price predictions could change should more bullish or bearish trends come GYENs way.

Weve done price predictions forBitcoin,Ethereum,Dogecoin,Shiba Inu,dYdX,EOS,Saitama,Loopring,Decentraland,Ethereum Name Service,DogeZilla, andAave.

We explain meme cryptos includingShiba and Dogecoin and TigerKing.

Also, check outsix things you need to know about Decentraland.

We pay for your stories!

Do you have a story for The US Sun team?

Excerpt from:
GYEN price prediction: Can the cryptocurrency reach $0.10?... - The Sun

Read More..

Here’s Why Avalanche’s Cryptocurrency Is Surging Today – Motley Fool

Avalanche's cryptocurrency token price has skyrocketed more than 3,300% this year. Key Points

Avalanche(CRYPTO:AVAX) is up big in today's trading despite bearish pressure impacting the broader cryptocurrency space. The token was up roughly 13% over the previous 24-hour period as of 4 p.m. ET.

Ava Labs CEO and Avalanche founder Emin Gun Sirer announced a new partnership with consulting and financial advisory firm Deloitte on Nov. 16 that will involve building disaster relief software platforms on the Avalanche blockchain. It was the latest sign that the blockchain network and its Avax token are seeing rapidly strong adoption and investment.

Image source: Getty Images.

Emin Gun Sirer's announcement that Ava Labs is working with Deloitte and using Avalanche to improve the security, speed, and accuracy of Federal Emergency Management Agency (FEMA) funding has helped spur big gains for the network's cryptocurrency. The Close As You Go platform is built on the Avalanche blockchain and will provide government officials with a secure, low-cost system that will hopefully minimize fraud and waste thanks to improved transparency.The Avax token is now up roughly 26% over the last seven days of trading.

Avalanche is a competitor to Ethereum. It provides a blockchain network for building decentralized finance (DeFi) applications. Users spend its Avax tokens in order to facilitate services and transactions. Deloitte is a major provider of financial advisory and consulting services, and the company opting to build projects on Avalanche is a promising sign. If more major projects continue to be built on the Avalanche blockchain, that should work to drive the price of the Avax token higher.

Avalanche now has a market capitalization of roughly $23.7 billion, and it ranks as the twelfth-largest cryptocurrency by market cap.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

Stock Advisor S&P 500

690% 145%

Discounted offers are only available to new members. Stock Advisor will renew at the then current list price. Stock Advisor list price is $199 per year.

Stock Advisor launched in February of 2002. Returns as of 11/17/2021.

Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

See original here:
Here's Why Avalanche's Cryptocurrency Is Surging Today - Motley Fool

Read More..

1 Top Cryptocurrency to Buy Instead of Shiba Inu – Motley Fool

Shiba Inu (CRYPTO:SHIB) is the latest cryptocurrency to go viral, skyrocketing over 77,000,000% in the past year. At that pace, you would be a millionaire today if you had invested just $1.30 in Shiba Inu last November. Unfortunately, a repeat performance is highly unlikely, so if you want to invest in cryptocurrency, the best course of action is to pick one with real potential.

For instance, Solana (CRYPTO:SOL) was built with a purpose, and it offers far greater functionality than Shiba Inu. Here's what you should know.

Image source: Getty Images.

Solana was created by Anatoly Yakovenko, a former lead developer of operating systems for the chipmaker Qualcomm. Drawing on that engineering expertise, Yakovenko designed Solana as a developer platform for fast, scalable applications.

Specifically, Solana is a programmable blockchain, meaning it supports smart contracts. That's a fancy term for self-executing computer programs that allow transactions to take place without third-party oversight. To that end, smart contracts form the core of decentralized finance (DeFi) applications, tools that allow consumers to lend, borrow, or trade cryptocurrency without going through a bank. And by eliminating the intermediary, DeFi applications promise to cut costs and improve access to financial services.

Currently, the value of Solana that is locked in DeFi applications sits at $14.2 billion, making it the third largest DeFi ecosystem behind Ethereum and Binance. However, Solana has an edge that could eventually propel it to the top of the list. Specifically, it's currently the best performing blockchain in the world, offering throughput of 50,000 transactions per second (TPS) and near-instant finalization times.To put that in perspective, Ethereum currently handles just 30 TPS, and it takes five minutesfor those transactions to be finalized (i.e. permanently incorporated into the blockchain).

More importantly, even if Solana never surpasses Ethereum, its position as the third largest DeFi ecosystem is still an advantage. DeFi services aren't free. Users must pay transaction fees in the form of cryptocurrency to access those services. So if Solana's DeFi ecosystem continues to grow, Solana's price should continue to climb. That's why this cryptocurrency looks like a smart long-term investment.

In August 2020, Shiba Inu made its debut, featuring the canine mascot popularized by Dogecoin. That was no accident. The project's mysterious creator, known as Ryoshi, has promoted the cryptocurrency as the "Dogecoin killer," highlighting its greater publicity and (more importantly) its greater utility. And that's true, in theory.

Shiba Inu is an ERC-20 token, a smart contract built on the Ethereum blockchain. That means it's compatible with the entire Ethereum ecosystem, including a robust array of DeFi applications. However, that compatibility remains theoretical. At this point, Shiba Inu has not been widely integrated into DeFi products, and its utility is still quite limited.

More importantly, Shiba Inu is hardly unique. Hundreds of other ERC-20 tokens exist, and many have far greater functionality. For instance, Tether is designed to track the U.S. dollar, allowing investors to keep money in the cryptocurrency markets while avoiding volatility. And Chainlink is designed to feed real-world data to smart contracts on the blockchain, making it possible to tokenize physical assets (e.g. artwork, real estate).

In short, Shiba Inu's soaring price has been driven by popularity and nothing else. And popularity alone is not a good investment thesis, as it can evaporate overnight. That doesn't mean Shiba Inu's price won't go up from here. It could double tomorrow. But over the long term, Solana looks like the better investment.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

More:
1 Top Cryptocurrency to Buy Instead of Shiba Inu - Motley Fool

Read More..