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Aleksey Muratov: The Indian authorities will officially recognize cryptocurrency as means of payment

The Indian authorities may soon officially recognize Bitcoin and other cryptocurrencies as means of payment and introduce a tax on digital currency. At the same time, supporters of the International Public Movement Change the World Together in India decided to pay their attention to a new cryptocurrency called PRIZM.

According to Chairman of the International Movement Change the World Together Aleksey Muratov, the Indian authorities established an inter-ministerial committee to study the circulation of cryptocurrency last week. ʺAt the first meeting of the committee, most participants favoured the establishment of rules for the use of digital currencies, which, in fact, meant their formal recognition. At the same time, if the decision of the committee on the Bitcoin’s legal status is adopted positively at the end of May, all investment proceeds on the cryptocurrency will be taxed in favour of the state,ʺ Aleksey Muratov noted.

India pursues the path of all countries where Bitcoin is already very popular among the population. The first attempt was to ban and then, not achieving desired results, there was a study on regulation. After such reports in the Indian media, the leaders of CWT in this country held meetings at which it was decided to study, in addition to Bitcoin, the decentralized PRIZM cryptocurrency of the new generation. ʺOur supporters are well aware that if China takes control of Bitcoin, this cryptocurrency will lose its main advantage: decentralization. It was therefore decided to actively explore a new fully decentralized and self-regulating electronic currency - PRIZM,ʺ Chairman of the Board of CWT said.

According to him, the advantages of this cryptocurrency include:

- Instantaneous (up to 1 minute) P2P transaction, online access to personal account in real time, 24 hours a day, 7 days a week;

- International transactions to any part of the world, fixed commission of 0.5%, which protects the system against DDoS attacks and is also divided among the participants;

- Independence from global state regulators and banks, complete lack of state control;

- Highest level of safety and security of the system, lack of regulation and centralized emission management, full anonymity of payments and accompanying comments;

- Free conversion to fiat money, possibility to pay for goods and services;

- Inability to change the structure of communication between the participants. All passwords are stored on the client side and are not transferred to third-party servers;

- Free installation and ease of use on any operating system;

- No transaction rollbacks, no wallet blocking.

ʺThe unique technology Paramining, which has been created specifically for PRIZM, allows any user to make remittances quickly, reliably and directly, like cash transfer from hand to hand. However, the average generation time of the blockchain block takes 59 seconds and is independent of the number of transactions,ʺ Aleksey Muratov emphasized.

According to Chairman of CWT, to download an electronic wallet to a phone and put in only one coin on it, which automatically launches Paramining, is enough to sign in the PRIZM’s system, which is another important advantage of the new electronic currency. ʺWe all have a smartphone in a pocket, so you can install a free wallet on it and start increasing the number of coins in it instantaneously. Paramining launches from the first coin and stops automatically when it reaches 1 million coins. The average rate at which new units are created is 15% per month in addition to existing PRIZM units,ʺ Aleksey Muratov explained.This does not require Bitcoin or other cryptocurrency mining farms based on Proof-of-Work technology. New units are created and distributed evenly among all participants, and blockchain itself is so simple that it allows you to install a node (server) and create blocks on a regular stationary computer. This allows all participants to monitor all transactions on the network and to ensure that the system is fine. It is this feature that participants and users of Bitcoin and other cryptocurrency based on Proof-of-Work has lost. The mission of PRIZM is to become an alternative to the world financial system. According to Aleksey Muratov, all the technological properties listed in the new electronic currency show its advantages over Bitcoin and other cryptocurrencies. ʺThe leaders of Change the World Together in India are now actively studying PRIZM to move to this cryptocurrency in the near future. I am sure that many people in this country will risk and join us in defying the world's elites for the future of children and grandchildren,ʺ Aleksey Muratov summed up.

But you should not throw Bitcoin under the bus. The number of Bitcoin Unlimited working nodes has begun to decline steadily since April 22, but if the process was initially smooth enough, a sharp fall took place on Monday morning.

It should be reminded that Bitcoin Unlimited already faced a similar problem in March and then, in a short period of time, it went offline about 70% of the nodes. And if the percentage of the March incident continues to be the largest, in quantitative terms, the 223 working nodes recorded earlier today has become the lowest rate since September last year.

In percentage terms, Bitcoin Unlimited accounts for a little more than 4% of all nodes in the Bitcoin network, while the Bitcoin core protocol supports 89% of the nodes.

Attempts to privatize Bitcoin have so far been unsuccessful. Participants and leaders of CWT continue to follow course of events.

Source: CWT News

  • April 24, 2017 9:35 PM MSK
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