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Government plans to introduce law to ban cryptocurrency trading, Technology News, ETtech

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Government plans to introduce law to ban cryptocurrency trading
India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to regulate the fledgling market.

The bill is expected to be discussed shortly by the federal cabinet before it is sent to parliament, according to people familiar with the development who who asked not to be identified, citing rules on speaking with the media.

The federal government will encourage blockchain, the technology underlying cryptocurrencies, but is not keen on cryptocurrency trading, according to two people. India’s finance ministry spokesman didn’t respond to call and a message seeking comments.

The Indian central bank had in 2018 banned crypto transactions after a string of frauds in the months following Prime Minister Narendra Modi’s sudden decision to ban 80% of the nation’s currency. Cryptocurrency exchanges responded with a lawsuit in the Supreme Court in September and won respite in March 2020.

The win in court prompted an almost 450% surge in trading in just two months since March, according to TechSci Research, reviving concerns as more Indians risk savings amid job losses and an economic slowdown worsened by the coronavirus pandemic. Bitcoin marketplace Paxful reported 883% growth between January to May 2020 from around $2.2 million to $22.1 million. WazirX, a Mumbai based crypto exchanger grew 400% in March 2020 and 270% in April 2020 on month-on-month basis, according to TechSci.

Regulating Trades
India’s decision will be crucial as more Asian nation countries weigh pros and cons of virtual currencies. Rival China, which banned initial coin offerings and virtual currencies in 2017, recently allowed Bitcoin trading as virtual property, not as fiat money. It is also planning its own central bank digital currency. Both Singapore and South Korea regulate crypto trades.

India’s federal government think tank, Niti Aayog, is exploring possible uses of blockchains — structures that publicly store transactional records or blocks in several networked databases — to manage land records, pharmaceutical drugs supply chain or records of educational certificates. And while it is planning a virtual currency, the government is averse to the idea of the cryptocurrency trades.

A renewed trading ban could affect more than 1.7 million Indians trading in digital assets and a rising number of companies setting up platforms for the trade, data shows.

It will also affect companies like Singapore-based CoinSwitch, which added 200,000 users after starting India operations in June and was reporting volumes of about $200-300 million, according to chief executive officer Ashish Singhal. About half the users of the Sequoia-backed company’s local arm CoinSwitch Kuber, platform, which allows virtual currency purchases in Indian rupees, are less than 25-years old.

Singal said state-owned banks are reluctant to work with companies given lack of regulation clarity. And because there’s no legal recourse, there is the risk of attracting “fly-by-night, negative players trying to cheat” investors, he said.

Instead of a ban, India needs a regulatory framework to protect uninformed retail consumers “to ensure adequate oversight of the government and the RBI over cryptocurrency businesses,” said Sanjay Khan, Partner, Khaitan & Co, a New Delhi-based lawyer who advises firms. “India can actually benefit from such a regulation to attract cryptocurrency investors and businesses.”



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China’s National Science Academy Vows to Close Tech Gaps in 10 Years

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China’s national science academy pledged Wednesday to close the country’s gaps in certain advanced technologies over the next 10 years, especially for those key materials that rely on imports from the United States, in an effort to counter Washington’s tech decoupling with Beijing.

Bai Chunli, president of the Chinese Academy of Sciences (CAS) said during a press conference hosted by the State Council, China’s cabinet, that the academy will use all of the resources at the academy’s disposal to concentrate on plugging gaps in those technologies, which include aircraft tires, bearing steel and lithography machines, among other key technologies and materials.

He said that the academy has established a number of task forces assigned to take a “warrior’s oath” in tackling some core technologies.

The pledge came days after President Xi Jinping said Friday at a symposium with Chinese scientists that “certain key and core technologies have been controlled by others and China relies on imports for some key components, parts and materials.”

Read the full story here

Contact reporter Lu Zhenhua (zhenhualu@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)

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Is Fuel Tech (NASDAQ:FTEK) Using Debt Sensibly? – Simply Wall St News

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Legendary fund manager Li Lu (who Charlie Munger backed) once said, ‘The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.’ When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Fuel Tech, Inc. (NASDAQ:FTEK) does use debt in its business. But should shareholders be worried about its use of debt?

What Risk Does Debt Bring?

Generally speaking, debt only becomes a real problem when a company can’t easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company’s use of debt, we first look at cash and debt together.

View our latest analysis for Fuel Tech

What Is Fuel Tech’s Debt?

The image below, which you can click on for greater detail, shows that at June 2020 Fuel Tech had debt of US$1.56m, up from none in one year. But it also has US$8.25m in cash to offset that, meaning it has US$6.70m net cash.

debt-equity-history-analysis
NasdaqGS:FTEK Debt to Equity History September 18th 2020

How Strong Is Fuel Tech’s Balance Sheet?

The latest balance sheet data shows that Fuel Tech had liabilities of US$5.37m due within a year, and liabilities of US$2.06m falling due after that. Offsetting this, it had US$8.25m in cash and US$5.73m in receivables that were due within 12 months. So it actually has US$6.55m more liquid assets than total liabilities.

This luscious liquidity implies that Fuel Tech’s balance sheet is sturdy like a giant sequoia tree. Having regard to this fact, we think its balance sheet is just as strong as misogynists are weak. Succinctly put, Fuel Tech boasts net cash, so it’s fair to say it does not have a heavy debt load! There’s no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Fuel Tech’s ability to maintain a healthy balance sheet going forward. So if you’re focused on the future you can check out this free report showing analyst profit forecasts.

In the last year Fuel Tech had a loss before interest and tax, and actually shrunk its revenue by 62%, to US$20m. That makes us nervous, to say the least.

So How Risky Is Fuel Tech?

We have no doubt that loss making companies are, in general, riskier than profitable ones. And in the last year Fuel Tech had an earnings before interest and tax (EBIT) loss, truth be told. Indeed, in that time it burnt through US$4.3m of cash and made a loss of US$11m. While this does make the company a bit risky, it’s important to remember it has net cash of US$6.70m. That means it could keep spending at its current rate for more than two years. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn’t produce free cash flow regularly. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet – far from it. Consider for instance, the ever-present spectre of investment risk. We’ve identified 3 warning signs with Fuel Tech , and understanding them should be part of your investment process.

If, after all that, you’re more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.

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This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com.

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Mozilla retires Firefox Send and Firefox Notes services

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Mozilla shut down Firefox Send on September 17, 2020 and plans to shut down Firefox Notes no November 1, 2020. Firefox Send was launched as an experiment in 2017 to improve the sending of files on the Internet. It was the first experiment that Mozilla created that was created as a web service and not an add-on or feature for Firefox.

The service launched officially in 2019; it allowed anyone to share files with a size of up to 1 Gigabyte and Firefox account users to share files up to 2.5 Gigabyte in size. Users with a Firefox account got extra features such as the managing of all files uploaded to the service or changing expiration times.

One of the main features of Firefox Send was that files uploaded to the service expired after a certain number of downloads or an expiration time.

firefox send final

Mozilla pulled the service earlier this year promising that it would return at a later point in time. The main reason for the taking down was that bad actors used the platform to distribute malware and other unwanted files. The free nature of the service coupled with automatic deletions of files after a number of downloads or a set expiration time benefited bad actors significantly.

Firefox Send’s homepage redirects to the main Mozilla homepage. A support article on Mozilla’s support website provides confirmation that the service has been retired for good. A blog post on Mozilla’s official blog reveals additional information.

According to the post on the blog, Firefox Send is being retired as part of Mozilla’s restructuring. The company laid off 250 employees this year and announced that it would “tighten and refine its product focus”.

Firefox Send was a promising tool for encrypted file sharing. Send garnered good reach, a loyal audience, and real signs of value throughout its life. Unfortunately, some abusive users were beginning to use Send to ship malware and conduct spear phishing attacks. This summer we took Firefox Send offline to address this challenge.

In the intervening period, as we weighed the cost of our overall portfolio and strategic focus, we made the decision not to relaunch the service.

Firefox Notes was launched as an experiment in 2017 as well. Unlike Firefox Send, which was a web service decoupled from Firefox, Firefox Notes was an internal feature of Firefox that added note taking to the browser. Most browsers rely on third-party extensions for note taking functionality; Vivaldi is an exception to that as it launched with note taking support.

Notes was updated several times to improve functionality. The latest version supports multiple notes, formatting options, and the exporting of notes as HTML files.

firefox notes

Mozilla will shut down Firefox Notes on November 1, 2020. The Firefox browser extension will remain installed but it won’t be available anymore for installation. Mozilla won’t provide updates, security or otherwise, for the browser extension anymore, and Notes syncing will not be available. The Notes application for Android won’t work anymore at that time.

Firefox users who do use Notes may use the Export All Notes option of the extension to save all notes as HTML. All that is required for that is to click on the three dots in the notes extension interface and select the option. Individual notes can also be exported.

Now You: Have you used Firefox Send or Notes? What is your take on the termination of these services?

Summary

Mozilla retires Firefox Send and Firefox Notes services

Article Name

Mozilla retires Firefox Send and Firefox Notes services

Description

Mozilla shut down Firefox Send on September 17, 2020 and plans to shut down Firefox Notes no November 1, 2020.

Author

Martin Brinkmann

Publisher

Ghacks Technology News

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