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Finance Ministry said to form panel to frame response to the bitcoin issue

Finance Ministry said to form panel to frame response to the bitcoin issue

Finance
NEW DELHI: The Finance Ministry has formed a new panel to frame response on the bitcoin issue, media reports said on Friday. This came after the breakneck rise in the price of the cryptocurrency this year and the Income Tax Department surveying operations at the major e-currency exchanges across the country. The media report further stated that RBI Deputy Governor B P Kanungo and Sebi Chairman Ajay Tyagi were on the panel. I-T secretary was also made part of the committee among other members. The previous panel had suggested shutting down of those exchanges dealing in cryptocurrencies in the country. On a year-to-date basis, the digital currency has advanced over 1,600 per cent to $ 17,040 on December 15 against $ 1,000 in January this year. The Income Tax Department earlier this wee...
Ripple surges 89% in single day, briefly becomes third biggest digital currency

Ripple surges 89% in single day, briefly becomes third biggest digital currency

Finance
Ripple is vying with bitcoin cash to be the third-largest cryptocurrency by market value.Ripple, or XRP, surged 89 percent Thursday to a record high of 89.2 cents and was last trading near 81 cents, giving it a market value of $ 31.6 billion, according to CoinMarketCap.Those gains temporarily pushed ripple's market value past that of bitcoin's offshoot bitcoin cash, and into third place just behind the largest digital currencies, bitcoin and ethereum, according to CoinMarketCap. The website showed bitcoin cash had regained third place by late Thursday afternoon, with a market value of $ 32.1 billion. Ripple surpassed the market value of litecoin on Wednesday after starting the week in fifth place by cryptocurrency market capitalization, according to CoinMarketCap. Ripple seven-day performa...
In line with rally in litecoin & bitcoin, this cryptocurrency soars 140% in 3 days

In line with rally in litecoin & bitcoin, this cryptocurrency soars 140% in 3 days

Finance
NEW DELHI: After remaining in a range of $ 0.15-$ 0.25 for the past six months, another cryptocurrency ripple spiked over 141 per cent in the past three trading sessions till December 13. The digital currency surged to $ 0.58 on December 14 from $ 0.24, according to the data available with coindesk.com. Cryptocurrency litecoin has also soared over 100% during the same period. With the sudden spike in the prices of ripple, it recently overtook litecoin in terms of market capitalisation. Ripple is fourth biggest cryptocurrency after bitcoin, ethereum and bitcoin cash. Ripple has a maket capitalisation of around $ 22 billion, whereas bitcoin, ethereum and bitcoin cash have a market cap of $ 279 billion, $ 72 billion and $ 30 billion, respectively. Bitcoin, ethereum and litecoin have soa...
Credit card debt is costing you nearly $1,000 per year

Credit card debt is costing you nearly $1,000 per year

Finance
Three simple ways to pay off credit card debtThere's plenty to crow about in the economic picture right now: the stock market is charging ahead and the economy is expanding. But the bad news is that credit card debt is on the rise. Nearly half of Americans carry credit card debt, with an average balance of $ 15,654, according to an analysis by NerdWallet, based on data from the Federal Reserve Bank of New York and the U.S. Census Bureau. Credit card debt continues to be one of the costliest kinds of debt for us. Households pay an average of $ 904 a year in interest alone, assuming an average annual percentage rate of 14.87%. And the price is bound to go up. If the Federal Reserve makes its anticipated rate increase, that average cost of credit will go up to $ 919 a year. "Finding a way ...
Aadhaar linking deadline likely to be extended for all financial services, instruments

Aadhaar linking deadline likely to be extended for all financial services, instruments

Finance
NEW DELHI: The government is likely to extend the deadline for linking Aadhaar with other financial investments/instruments beyond December 31. This is clear from the amendment in the Prevention of Money Laundering Rules made via a notification yesterday. The amendment removes the deadline of December 31, 2017 and replaces it with 'a date to be notified by the government'. This means that now the government can simply extend the date for linking of Aadhaar with bank accounts, mutual funds, insurance, PF accounts, post office schemes, and so on by issuing a notification. The amendment makes it clear that if the linking of Aadhaar is not done by the date to be notified by the government, the account or folio of the individual would be blocked. Earlier, the government had set a deadli...