Skip to main content

Spire engaged as Knowledge Partner for Global Summit on cryptocurrency in India

Spire Research and Consulting was honored to be appointed as the Official Knowledge Partner at the Global Summit on Bitcoin & Blockchain: The State of Cryptocurrency – Opportunities and Challenges for Indian Economy – organized by the Associated Chambers of Commerce and Industry of India (ASSOCHAM). The summit was held on 3 March 2017 in New Delhi. It aimed to discuss the challenges and opportunities posed by the new technology.

Yap Far Loon, Business Development Director, Telecommunications of Spire Research and Consulting, was honored to be a guest speaker at this event. He highlighted key facts about the Bitcoin & Blockchain ecosystem in India and other countries, focusing on market acceptance of cryptocurrency, security risks and regulatory issues.

Following last year’s demonetization move by the Reserve Bank of India (RBI), the government is not in favor of legitimizing Bitcoin as legal tender. However, a few industry players are working on Distributed Ledger Technology (DLT) solutions, namely Zebpay, Unocoin and SearchTrade.

Yap also shared his insights on the benefits of a Fintech Regulatory Sandbox framework used by Malaysia, Thailand and Indonesia banks in which regulators, financial institutions and entrepreneurs exchange ideas. This framework enables not only the testing of innovative ideas but also helps to reduce time, cost and risk.

The challenge still remains for the Indian government to regulate Bitcoin in a way that best unlocks the benefits of Blockchain technology in terms of transparency, accountability and consumer protection.

The interactive panel discussion concluded that skepticism still exists about the legality of the Bitcoin cryptocurrency globally. Japan officially recognizes Bitcoin, whereas Singapore and Malaysia remain neutral; those not in favor include China and Russia. In India, a great deal of interest is attached to whether the government will eventually accept virtual currencies as legal tender.

Labels:

Comments

Post a Comment

Popular posts from this blog

Bangladesh – A journey from poverty to development

Equivalent to the combined population of the Netherlands, Germany and France, Bangladesh is home to 160 million people. Although it is ranked as one of the world’s poorest of the 10 most populous countries, its economy grew by 7.1 per cent in 2016, a 30 year record. The country is starting to attract the attention of global companies. Can Bangladesh make poverty history? The story so far Bangladesh’s recent economic upturn is attributed to two major factors: its robust NGO sector and its thriving garment manufacturing industry. Bangladesh exported over USD26 billion in clothing, second only to China. Bangladesh gained independence from Pakistan in 1971 after a devastating war. Just prior to the war, in 1970, a massive cyclone had hit the nation, killing thousands. Today Bangladesh’s GDP per person is USD1,538 in comparison to Pakistan’s at about USD1,470 in June 2016. Some analysts assess that Bangladesh has the potential to emerge as the 23rd largest economy in ...
Post a Comment
Read more

QE program unveiled for Eurozone

The European Central Bank (ECB) recently took a policy leap by launching its own Quantitative Easing (QE) program – a bond purchasing policy to inject new money to revive the Eurozone’s economy. Will it work? Leon Perera, Chief Executive Officer of Spire Research and Consulting shared his insights in The Business Times – Views from the top section on the effectiveness of the QE program. With the launch of the QE program, the ECB hopes to boost economic growth and check deflation. This will be achieved through the purchase of both government and private sector bonds worth €60 billion from March 2015 until September 2016. Perera commented that, while better than nothing, the ECB’s QE program is small in comparison with the scale of the problem facing Europe. It will most likely have to be increased and sustained for some time before any results are seen. Moreover, the ECB runs the risk of trading short-term quantity for long-term quality of growth. This is due to the reduced ...
Post a Comment
Read more

Gazing into the crystal ball for 2020

A new year means hopes for better global economic growth. What lies ahead? Leon Perera, Chief Executive Officer of Spire Research and Consulting, shared his insights in Business Times – Singapore. A return of normalcy for global economic growth is foreseen despite uncertainties for Brexit and the US-China trade war. The RCEP trade agreement further promises a boost to global growth. Leon further pointed out rising tension due to US’s rigid stance against North Korea, China and Iran. Risk of political fragmentation and global trade is likely with countries set to align to either Chinese or the US spheres of influence. However, hopes of a more rational and rule-based governance remain. Read more:  https://www.spireresearch.com/newsroom/media/gazing-into-the-crystal-ball-for-2020/
Post a Comment
Read more

Will 3D printing enable the construction of permanent facilities on the moon?

On January 3, 2019, China became the first nation to land a probe on the far side of the moon. A rover was released to perform experiments in the Von Karman Crater, located in the South Pole-Aitken Basin. With the assistance of 3D printing technology, lunar facilities might be constructed there. Can permanent research bases for human beings be built on the moon? Read more :  https://www.spireresearch.com/newsroom/spirethoughts/will-3d-printing-enable-the-construction-of-permanent-facilities-on-the-moon/
Post a Comment
Read more

ASEAN region fuels energy demand

As the ASEAN region’s demand for coal surges, will the region be able to meet its future energy needs at a sustainable cost?  Leon Perera , Chief Executive Officer of Spire Research and Consulting, shared his thoughts on the outlook for energy demand in ASEAN for China Daily – Asia Weekly. ASEAN’s demand for coal is expected to triple to account for nearly 30 percent of global energy growth. Coal is a popular fuel source, thanks to its abundance and cost competitiveness. The share of coal in electricity generation is likely to spike from one-third of total output today to almost half in 2035. Perera opined that  energy growth  is a function of Gross Domestic Product (GDP) – which in this case will be driven by the expanding economies of Thailand and Indonesia, followed by the Philippines and Vietnam. All of these economies have substantial room for energy demand growth, due to their growing from a low GDP per capita base and with urbanization and industrializati...
Post a Comment
Read more