Blockchain doesn t need cryptocurrency: McKinsey Digital’s Asia head
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It would be a mistake to think that cryptocurrencies and blockchain technology are “so intertwined you can t have one without the other”, says Anand Swaminathan of McKinsey Digital.
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Anand Swaminathan, head of McKinsey Digital in Asia.
Mumbai:Anand Swaminathan, the head of McKinsey Digital in Asia, told ET that it would be a mistake to think that cryptocurrencies and blockchain technology are “so intertwined you can t have one without the other”.
The Indian government’s
reported plan to ban all cryptocurrencies has drawn sharp reactions from members of the crypto community, who say banning cryptocurrencies while simultaneously encouraging the use of blockchain technology, on which these virtual currencies are built, would be like permitting the use of electric vehicles but not funding them.
BigBasket slaps notice on Daily Basket for using ‘Basket’ in its name
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BigBasket, India s largest online grocery that is on the cusp of being acquired by Tata Group, has claimed that Coimbatore-based Daily Basket infringes on its trademark and brand.
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(Illustration: Rahul Awasthi/ETtech)
Bengaluru: India’s largest online grocery BigBasket has slapped a legal notice on a tiny upstart, Daily Basket, over the use of the term ‘basket’ in the brand name.
The Bengaluru-based seller of fruit and vegetables online, which is
on the cusp of divesting a majority stake to Tata Group at a valuation of about $2 billion, has claimed that the bootstrapped startup founded in June last year by Ramesh Vel and Ajit Kumar in Coimbatore infringes on its trademark and brand.
ETtech Morning Dispatch on Feb 15, 2021: India at crypto crossroads
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Good morning,
With a ban on all cryptocurrencies on the horizon, we take a (very brief) look at the history of the crypto phenomenon in
India to understand how we arrived at our present circumstance. We also speak to crypto exchanges and investors about their plans in case of a blanket ban, which would cut India off from what is now a $214 billion global market, not to mention numerous other benefits that access to the technology would bring.
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Blockchain experts rushed to regulated countries like Switzerland, Singapore, Estonia and the US, and an outright ban will have a similar effect, according to Mathew Chacko, partner at Spice Route Legal. He said blockchain innovation, which has a role to play in governance, data economy and energy, will come to a grinding halt in India.
“For any innovative company to take advantage of blockchain the way they will do it is to use crypto assets to finance the growth of the blockchain company and if you ban that, it’s like you are permitting electric vehicles, but not funding it,” Chacko said.