StartupTalky

Tag: News 📰

  • Why does Coinbase Co-founder Fred Ehrsam believe that NFTs will be worthless in 3 to 5 years?

    Cryptocurrencies have been gaining popularity and with cryptocurrencies, in the recent times, a new crypto asset called the Non-Fungible Token (NFT) had amassed a huge amount of popularity. Many believe NFTs to be the future for art and other valuable items. But Fred Ehrsam has a difference in his opinion regarding to that and in an interview had conveyed about it. In this article let’s look at why Fred Ehrsam had conveyed that the 90 % of the NFT Collectibles would be worthless.

    Fred Ehrsam on NFT – Latest News
    Who is Fred Ehrsam?
    Fred Ehrsam take on NFT
    Fred Ehrsam on Cryptocurrency
    What Fred Ehrsam said about Bitcoin’s energy consumption?
    FAQ

    Fred Ehrsam on NFT – Latest News

    Fred Ehrsam who is the co-founder of Coinbase conveyed in an interview that he feels that the NFTs are going to lose their worth. On 16 June 2021, he had conveyed in an interview that 90% of the NFTs would eventually become worthless. He also added in his interview that he believes that people shouldn’t dismiss the doge coin.

    He also added that decentralized finance would be a riskier technology of the blockchain world and conveyed that the United States would get the regulations of bitcoin wrong and there could be a danger in that.

    Fred Ehrsam also added that criticism made on the bitcoin’s energy use must be reconsidered by Elon Musk and Bill Gates.

    What is Robert Kiyosaki’s take on Cryptocurrency?
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    Poor Dad. The book was published in 1977 and has become the New York bestseller
    having a sale of around 40 million copies worldwide. He had previously praised
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    Who is Fred Ehrsam?

    Fred Ehrsam is an American based business man and an investor. He was the co-founder of one of the largest cryptocurrency exchange Coinbase. He had left Coinbase in the year 2017 and the company had gone public with a valuation of USD 100 billion.

    Fred Ehrsam is currently the co-founder and the managing partner of the cryptocurrency investment firm Paradigm. As of 2020, the company had made more than 25 investments in cryptocurrency related companies. He was born in the year 1988 in Boston.

    Fred Ehrsam’s take on NFT

    Fred Ehrsam conveyed in his interview that people are going to try all sorts of stuffs and added that in the coming future there would be millions and millions of cryptocurrencies and crypto assets. He compares cryptocurrencies and crypto assets to the millions and millions of websites that were developed during the boom of the .com phase in which the most of them wouldn’t work.

    He conveyed that around 90 % of the NFTs will have no value in the next 3 to 5 years just like the early internet companies in the late 90s. He added that the value of NFTs would probably be the same as those companies.

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    Chief Engineer and CEO of SpaceX, CEO, product architect and an early-stage
    investor of Tesla, founder of the Boring company and also the co-founder of
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    Fred Ehrsam on Cryptocurrency

    Fred Ehrsam conveyed in the interview that if cryptocurrency has taught us something it is not to dismiss a good meme and adds that it could display much more progress. He refers to dogecoin and other crypto assets.

    Speaking about decentralized finance he added that one thing that totally changed in the year 2017 was that the doors suddenly opened to much broader applications. He added that Ethereum came out of nowhere and proved that various applications and projects could be build using the blockchain technology. He said that in the coming future we will be able to see a lot of mainstream consumer applications.

    Market Cap of NFT
    Market Cap of NFT

    What Fred Ehrsam said about Bitcoin’s energy consumption?

    Speaking about the criticism of the environmental impact of cryptocurrencies he conveyed that Elon Musk and Bill Gates will have to examine the issue much more closely and added his personal view which stated that it would be much more energy efficient in order to use these digital coins and transfers in the coming future. He added that it is totally understandable that there would be a lot of confusion in the beginning stage.

    He added that, the world doesn’t change overnight but he said that we will be able to see the seeds of exponential growth that is already occurring. He added that we would live in a future where we would not require central currencies or a central system in order to co-ordinate with each other.

    He added that it has already been proved by the financial services where we do not require a central system in order to hold our money or transfer our funds and we could be our own banking system.

    Conclusion

    Fred Ehrsam conveyed that history is yet to be written and added that in his view he is at a very strong place where the brand is trusted not only by the users but also the regulators. He added that being that bridge in the world of cryptocurrencies is a really great place to start.

    FAQ

    What is the net worth of Fred Ehrsam?

    The net worth of Fred Ehrsam is 290 crores USD.

    What does NFT mean?

    NFT is non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

    How does NFT prove ownership?

    Nonfungible tokens prove ownership of a digital item – image, sound file or text – in the same way that people own crypto coins. Unlike crypto coins, which are identical and worth the same, NFTs are unique.

  • How to Register for Amazon India’s Machine Learning Summer School Programme

    Machine Learning and Deep Learning concepts have become one of the sought-after skills required by a student in the industry. The role has seen an increased demand and recently even ISRO had introduced a free programme for students and professionals to enroll in the programme. In this article let’s look at the machine learning programme introduced by Amazon India.

    Amazon Machine Learning – Latest News
    About the Machine Learning Summer School programme
    Aim of the Machine Learning Summer School programme
    Who can Apply for Machine Learning Summer School programme?
    Selection Process for Machine Learning Summer School programme
    Curriculum of the Machine Learning Summer School programme
    FAQ

    Amazon Machine Learning – Latest News

    Amazon India has announced that it would launch a Machine Learning programme which will be a summer school. The programme aims to focus on making students ready according to the industry requirements. The company has conveyed that the programme will be conducted free of cost and the applications for the summer school programme were announced to begin on 14 June 2021.

    About the Machine Learning Summer School programme

    The free Machine Learning programme conducted by Amazon India will be a virtual programme and the virtual programme will be conducted from 9 July 2021 to 11 July 2021. The course would begin at 9.00 am and would end by 6.00 pm.

    The programme will also have an interactive Question and answer session where the doubts of the candidates will be answered and clarified. Amazon India has conveyed that their Machine Learning Summer School is designed in order to impact the core machine learning skills which help the students by making them ready according to the industry requirements.

    The participants of the programme will also have the opportunity in being able to explore the machine learning skills with the expert scientists of Amazon.

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    Amazon.com Inc is an American based multinational technology company. It wasfounded in the year 1994. The company is located in Washington. It focuses one-commerce, cloud computing, artificial intelligence and digital streaming. Itis one of the big five companies in the U.S IT industry. Amazon i…
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    Aim of the Machine Learning programme

    Rajeev Rastogi who is the VP of India Machine Learning at Amazon conveyed that the aim of the course is to prepare the students for science course which will help them in reducing the gap between the growing demand for the machine learning roles across the companies and the talent pool with the required amount of machine learning skills.

    The company also conveyed that the Machine Learning Summer School which was launched on 13 June 2021 will be launched every year.

    Who can Apply for Machine Learning Summer School programme?

    The Virtual Summer School for Machine Learning is mainly meant for Engineering students who have enrolled for Bachelor’s, Master’s or for PhD programmes and are expected to graduate by 2022 or 2023. The programme will concentrate on students from these Universities in India:

    • IIT Roorkee.
    • IIT Guwahati.
    • National Institute of Technology (NIT) Tiruchirappalli.
    • NIT Surathkal.
    • NIT Warangal.
    • Anna University.
    • Delhi Technological University (DTU).
    • IIT Kanpur.
    • Indian Institute of Science (IISc).
    • IIT Banaras Hindu University (BHU).
    • International Institute of Information Technology (IIIT) Hyderabad.
    • IIT Bangalore.
    • Indraprastha Institute of Information Technology Delhi.
    • Indian Institutes of Technology (IIT) Bombay.
    • IIT Madras.
    • IIT Kharagpur.
    • IIT Delhi.
    • Birla Institute of Technology (BITS).
    • IIT Hyderabad.
    • IIT Indian School of Mines (ISM) Dhanbad.

    Everything you Need to know about Amazon’s DeepRacer Software
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    Selection Process for Machine Learning Summer School programme

    The interested students will have to check the eligibility criteria and those who are eligible will have to apply through the official website before 25 June 2021. There will be a selection test for the duration of 45 minutes and based on the performance of the test the eligible students will be admitted into the Virtual Machine Learning Summer School.

    You can register for Virtual Machine Learning Summer School course on Amazon summer school India website
    You can register for Virtual Machine Learning Summer School course on Amazon summer school India website

    The part A will consist of 25 multiple choice questions which will cover the basic machine learning concepts and fundamentals on math topics such as statistics, probability and linear algebra. Part B will cover two programming-based questions.

    Curriculum of the Machine Learning Summer School programme

    The curriculum of machine learning summer school will cover the fundamentals of machine learning which will link them to the practical applications in the industry through a course duration of three days. The students will also get to learn about Deep learning and the course will also cover concepts about Probabilistic
    Graphical models which will help in solving e-commerce industry specific business problems.

    Conclusion

    The problems include demand forecasting, catalogue quality, product recommendations, search ranking and online advertising. Amazon India will shortlist the students from their partnered universities with the results based on online assessments. The candidates will be able to get access to virtual tutorials and Amazon research conferences.

    FAQ

    What is the curriculum of amazon machine learning summer school programme?

    The curriculum of Amazon machine learning summer school will cover the fundamentals of machine learning which will link them to the practical applications in the industry through a course duration of three days.

    What is the last date of Amazon machine learning summer school?

    The interested students will have to apply through the official website before 25 June 2021.

    Is the Amazon machine learning summer school free?

    Yes the machine learning summer school is free for students and this programme is mainly meant for Engineering students who have enrolled for Bachelor’s, Master’s or for PhD programme and are expected to graduate by 2022 or 2023.

  • What are the new Gold Hallmarking Guidelines and Why are they made mandatory by the government

    Gold is considered to be a safe haven for the majority of the Indian community and the households would consider investing in Gold and prefer investing in the yellow metal than any other asset class. The Indian households consider it to be the safest form of investment and using the jewellery gives them a pride in the society. Gold is much more than an investment option for an Indian household. In this article let’s look at the new gold hallmarking guidelines.

    Gold Hallmarking – Latest News
    What are the new Gold Hallmarking Guidelines?
    Why Gold Hallmarking has been made mandatory?
    Hallmarking centers in India
    What about Existing and Old Jewelry?
    FAQ

    Gold Hallmarking – Latest News

    The Union Ministry or the consumer affairs, food and public distribution had conveyed on 16 June 2021 that Hallmarking on gold jewelry and other related items is going to be mandatory from the proposed date.

    It is conveyed that the ministry had also issued particular guidelines in regards to hallmarking based on a lot of consultations with the stakeholders. The Government of India has passed on the message that the initial implementation of the guidelines will be a phase wise plan covering around 256 districts as part of the plan.

    Piyush Goyal who is the Union Minister of India had conveyed through Twitter that mandatory hallmarking in 256 districts will be implemented from the date of 16 June 2021 as a part of continuing the Government’s plan to try and achieve better protection and satisfaction for the customers.

    What are the new Gold Hallmarking Guidelines?

    According to the new guidelines laid down by the Government, the jewelers who have an annual turnover of up to INR 40 lakh will be exempted from the hallmarking rule that is mandatory.

    The release had conveyed the message that hallmarking would be initially started with 256 districts of the country. The 256 districts are said to have marking centers. The release also added that the jewellers who have a turnover of up to INR 40 lakh will be exempted from the mandatory hallmarking.

    The release also conveyed that there will be an exemption for the jewelries such as export and re-import of jewellery as per the Trade Policy of Government of India – Jewelry for Government, Approved B2B domestic exhibitions and jewelry for international trade exhibitions from mandatory hallmarking.

    The ministry conveyed that Gold of additional carats such as 20, 23 and 24 will be allowed for hallmarking. Consumer items such as watches, fountain pens and other special types of jewelries such as Kundan, Polki and Jadau will be exempted from the hallmarking.

    The Government has conveyed that in a move to provide an additional set of time to the manufacturers, wholesalers and retailers of gold jewelry there would not be any penalties implemented until the end of August 2021. Jewelers will be able to buy back the old jewellery from the customers that do not have a hallmark.

    The old jewelry can be hallmarked by the jewelers as it is if that is possible by the jeweler or they can melt it and then get it hallmarked.

    Hallmarked Gold
    Hallmarked Gold

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    Why Gold Hallmarking has been made mandatory?

    Under the Hallmarking scheme of the Bureau of India standards (BIS), the jewelers are registered in order to sell the hallmarked jewellery and recognize testing and hallmarking centers. The BIS hallmarking regulations were implemented from the date 14 June 2018.

    Hallmarking will enable and help the consumers to make the right choice while buying a jewellery and will also help in saving them from any sort of unnecessary confusion while buying gold. The ministry had conveyed that as of now only around 30% of the Indian gold jewelry is hallmarked.

    This step is expected to make India as a leading gold market center in the world and hallmarking of jewellery and artifacts is necessary to enhance the credibility of Gold jewellery and the satisfaction of customers through the assurance of a third party for the marked purity or fitness of gold for consumer protection.

    Hallmarking centers in India

    It is to be seen that there is an increase in the number of Assaying and hallmarking centers in the country of up to 25 % and the ministry added that the number of the AH centers have increased from a count of 495 to 945 in the period of last 5 years.

    The ministry added that as of now there are around 940 active Assaying and hallmarking centers and in that around 84 AHCs are set up by the subsidy scheme that was provided by the Government in various districts.

    The assaying and Hallmarking centers has the capacity to mark around 1500 articles on a daily basis and the Government has conveyed that the AHCs has the capacity to hallmark around 14 crore articles on a yearly basis.

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    What about Existing and Old Jewelry?

    The consumers who possess the old jewellery will not have to be worried regarding the new hallmarking guidelines. The newly issued guidelines are only for sellers and not the individual owners or the retail owners of the jewelry.

    The objective of the Government is to increase the credibility and the quality of the Gold purchases. The Government has conveyed that they would be forming a committee that will represent all stakeholders, revenue officials and legal experts in order to into the various problems that may possibly come into effect during the implementation of the scheme.

    Conclusion

    This move from India will be recognized in the world market and the country would be recognized in the global market. India has around 4 lakh jewelers according to the World Gold Council and out of these only 35,879 jewelers have been BIS certified.

    FAQ

    Which Hallmark is used in gold?

    The BIS hallmark is used for gold hallmarking in India. It certifies that the piece of jewellery conforms to a set of standards laid by the Bureau of Indian Standards, the national standards organization of India.

    What is the meaning of Hallmark Gold?

    Hallmark gold is nothing but the certified gold. The Bureau of Indian Standards (BIS) stamp a certificate of purity and fineness of gold which is called as hallmarking.

    How can you tell if gold is Hallmark?

    Check the hallmark sign that consists – The BIS (Bureau of Indian Standards) mark denoted by a triangle, the caratage (22K915) showing the purity, the mark of the jeweller and that of the AHC and year of hallmarking.

  • The Story of Adani Scam – Full Case Study

    Adani Group is not just a name, it is one of the most popular brands from India that enjoys a towering reputation amongst the companies hailing from the subcontinent. Adani Group was founded by Gautam Adani back in 1988 in Ahmedabad, Gujarat. Starting initially as a commodity trading business with its flagship company Adani Enterprises Limited, the group has grown to a multinational conglomerate of high repute.

    Gautam Adani’s brand now boasts of an annual revenue of over US$ 13 billion and exercises its operations across 70 locations in 50 countries. Furthermore, Adani Group is also famous for being India’s largest port developer and operator, having around ten ports and terminals under its wing that includes Mundra Port, its largest.

    With the help of the promising services that Adani Group has delivered throughout the years and the growth that the company has witnessed, the president of Adani Foundation, Gautam Adani has scaled up the ladder to become the second richest person in Asia.

    However, the success story of Gautam Adani and the brand he built seems to be on unstable grounds lately after NSDL froze three main FPI accounts that have funded the organization.

    What happened to Adani Group?
    When did it happen?
    What happened as a result of the freeze on Adani’s Foreign Funds?
    Why were Adani’s FPIs frozen?
    What did Sucheta Dalal tweet and why did it become a sensation?
    FAQ

    What happened to Adani Group?

    According to the latest reports, National Securities Depository Limited (NSDL) froze three of the primary foreign funds of the group namely, Albula Investment Fund, Cresta Fund, and APMS Investment Fund. All of these companies are apparently registered in Port Louis, Mauritius, with Albula and APMS sharing the exact same address in Mauritius. These three funds together own shares worth Rs 43,500 crores of the four companies listed under the parent organization.

    When did it happen?

    Though it was only on June 14, Monday that news made to the headlines of almost all the major media channels and websites as per the depository’s website, these accounts were frozen on or before May 31.

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    What happened as a result of the freeze on Adani’s Foreign Funds?

    As soon as the FPI accounts worth Rs 43,500 crores were seized by NSDL on Monday, June 14, 2021, the shares of Adani started to decline. The shares of Adani Enterprises witnessed a 24.99 % drop and were valued at Rs 1,201.10, whereas Adani Ports and Special Economic Zone tanked by 18.75 % to be valued at Rs 681.50 on the BSE.

    Adani Enterprises share Price
    Adani Enterprises Share Price

    Why were Adani’s FPIs frozen?

    It is apparent that the shares of Adani fell as an obvious result of the freezing of the company’s foreign funds but the reason that led to the freeze is still wrapped in mystery.

    According to some of the top officials at custodian banks and law firms, the freeze came as a result of insufficient disclosure of information regarding beneficial ownership as per the Prevention of Money Laundering Act (PMLA).

    SEBI had reformed the know your customer (KYC) documentation required for FPIs as per PMLA in 2019. For the existing funds, SEBI granted them time till 2020, post which they needed to comply with the new norm and failing that will result in freezing their Demat accounts, which might be the case with Adani Group.

    Furthermore, SEBI is also reported to be investigating the stocks of Adani Group, which have gained between 200% and 1000% in the past year, in order to check if there was a price manipulation in them or not. The probe was initiated in 2020, sources said, while SEBI denied mentioning anything else on that matter.

    The new rules of the revamped KYC documentation for FPIs included that they need to submit some additional details that will contain the disclosures on common ownership and personal details of the chief employees of the fund like fund managers.

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    What did Sucheta Dalal tweet and Why did it become a sensation?

    Though the actual reason behind the recent drop of Adani can somewhat be traced to the freezing of the primary foreign funds of the company, Sucheta Dalal’s recent tweet, though cryptic in nature, seems to visibly coincide with the falling of Adani shares. Soon after which the netizens from all around the country and abroad started to take great interest in that matter, which resulted in flooding Twitter and Facebook with a world of posts, tweets, and memes.

    Here’s the tweet that Sucheta posted:


    Sucheta Dalal resorted to anonymity but there were clear indications that it pointed to SEBI’s ongoing investigations of the Adani Group, its FPIs, and the sudden rise of its stock prices. The prices of the stocks of Adani went down in less than two days after Dalal’s tweet, which instantly caught the attention of the netizens and resulted in these memes:

    Some memes from Twitter:




    Sucheta Dalal’s tweet that coincided with the recent move of the stock market was also compared to that of Elon Musk’s tweet, which pulled down the cryptocurrency industry last month. This incident has also earned Dalal, the Padma Shri awarded journalist, who was famous for her contributions on the Harshad Mehta scam, Enron scam, the Industrial Development Bank of India scam, and more, the title of “Elon Musk of Indian stock market” on popular social media platforms.

    FAQ

    Who is Adani?

    Gautam Adani is an Indian billionaire industrialist and philanthropist who is the chairman and founder of the Adani Group, his estimated net worth is 7,080 crores USD.

    What companies does Adani own?

    Gautam Adani owns Adani Enterprises, Adani Ports & SEZ, Adani Green Energy, Adani Power, Adani Transmission and Adani Total Gas.

    What is the Net worth of Gautam Adani?

    The net worth of Gautam Adani is estimated to be around 7,080 crores USD.

  • How did Coca-Cola lose $4 billion – Coca-Cola VS Cristiano Ronaldo Complete story

    A recent video was viral on most of the social media platforms where the Portuguese Footballer, Cristiano Ronaldo had taken off Coca-Cola bottles and asked for drinking water instead. The action of the Portugal star had cost Coca-Cola a lot of money which led them to lose their market share as well. However, in this article let’s look at what actually happened in the press conference and later on.

    Cristiano Ronaldo – Latest News
    The Incident at Euro 2020
    Impact on Coca-Cola
    Coca-Cola’s Response to the video
    About Cristiano Ronaldo
    What is Euro 2020
    FAQ

    Cristiano Ronaldo – Latest News

    The Portuguese Football team captain had removed two bottles of Coca- Cola before the beginning of the press conference of Euro 2020. The action from Cristiano Ronaldo had cost the company around USD 4 billion dollars as the shares of the brand had fell later on after the incident.

    The Incident at Euro 2020

    Cristiano Ronaldo is a global superstar and has a lot of influence in the worldwide community. Whatever he does on field and off-field would leave a major impact in the minds of people. Cristiano Ronaldo prior to attending a press conference of the Euro 2020 had moved the Coca-Cola bottles that were present in front of him and switched to a water bottle instead.

    He even added in Portugal to the viewers of the video to choose water instead of aerated drinks. The video had gone viral on different social media platforms and caught the attention of a lot of people worldwide.

    This act was done in a press conference which Ronaldo was supposed to speak regarding his match against Hungary on 14 June 2021 for Euro 2020.

    Impact on Coca-Cola

    Coca-Cola is a global brand having the majority of the market share in the aerated drinks and such a gesture from a player is not expected to affect the market share or the sales of the company. But this small incident has affected the entire market share of the global brand and the company’s market share had seen a drop of around USD 4 billion.

    The share price of Coca-Cola is said to have dropped from USD 56.10 to USD 55.22 right after the gesture of Cristiano Ronaldo which is around 1.6 % dip. This had led to a drop in the market value of the Soft drink company which went down from USD 242 billion to USD 238 billion.

    Coca-Cola Share Price
    Coca-Cola Share Price

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    Coca-Cola’s Response to the video

    Coca-Cola had put in a statement regarding the gesture conveying that everyone has their own preferences in order to drink according to their choices and mentioned that they are entitled towards it and also added that, Everyone has different taste and needs.

    A spokesperson from the Euro 2020 tournament had also conveyed his views and thoughts about the matter that the players are offered water with Coca-Cola and Coca-Cola zero sugar as soon as they arrive for the press conference.

    About Cristiano Ronaldo

    Cristiano Ronaldo is a global superstar with a huge fan follower base. The 36-year-old football player is well known in the industry for his fitness and his health maintenance. He is one of the best Football players in the history of the game and has an extensive reach on the Social Media Platform Instagram with around 300 million followers. Ronaldo is known for taking a fine care about his body and this makes him compete with players that are 10 years younger than him.

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    What is Euro 2020

    The UEFA Euro 2020 is commonly known as the 2020 UEFA European Championship. It is a football tournament held in 11 cities in 11 UEFA countries which was supposed to happen in the year 2020 but then was rescheduled to 2021. As of now around 12 matched have been played and Cristiano Ronaldo is one of the top scorers in the tournament.

    Conclusion

    Coca-Cola is one of the main sponsors of Euro 2020 and Cristiano Ronaldo had no problem in putting away the Soft drink bottle aside during the press conference. However, for that match the Portuguese star had scored 3 goals and defeated the Hungary team for a score of 3-0.

    FAQ

    What is the Revenue of Coca-Cola?

    The Revenue of Coca-Cola India was Rs 2,741.54 Crore in 2020.

    What is the Market share of Coca-Cola?

    Coca-Cola is a leading player in the Indian beverage market with a 60 per cent share in the carbonated soft drinks segment.

    What is the Net worth of Ronaldo?

    As per Forbes 2020, the net worth of Ronaldo is $ 1 billion.

  • Why did Thailand ban Meme coin (Dogecoin), NFTs, and other exchange tokens?

    The cryptocurrencies have been receiving a lot of regulations. A lot of Government’s has been banning certain digital coins are a certain type of transaction with the latest news being from China. The most recent news is from Thailand where the government has banned a set of digital coins introducing a new regulation for the cryptocurrency market. Let’s look at the reason why Thailand banned meme coin and other NFT’s.

    Thailand Dogecoin Ban– Latest News
    What is the the Law laid by Thailand regarding crypto exchanges
    Reason Why Thailand banned Dogecoin and other Crypto exchange
    Other norms laid by Thailand
    FAQ

    Thailand Dogecoin Ban– Latest News

    Thailand had conveyed that they have introduced a selective ban on the cryptocurrency market which focuses on meme coins, Fan tokens and Non-Fungible Tokens. The Securities and Exchange Commission Board has set a prohibition for the exchanges dealing with the digital assets from providing the services related to these assets.

    On 9 June 2021, there was a meeting held by the Securities and Exchange Commission where the new resolution was passed. The new law that was passed was under the Rules, Conditions and Procedures for undertaking Digital Asset Business as per SEC Secretary General Ruenvadee Suwanmongkol.

    The new law had been come into effect from 11 June 2021 following the publication in the Government Gazette.

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    What is the the Law laid by Thailand regarding crypto exchanges

    The new law has laid down restrictions regarding the crypto exchanges in the country from listing the Utility Tokens and certain types of cryptocurrencies on the exchange. This will include the meme coins, Fan tokens, Non-Fungible tokens and Digital Tokens.

    The new law will be effective from 11 June 2021 and the Securities and Exchange Commission of Thailand directed the Digital Asset exchanges to remove the listing of such currencies within the time period of 30 days.

    Number of Dogecoin transactions
    Number of Dogecoin Transactions

    Reason Why Thailand banned Dogecoin and other Crypto exchange

    The new regulation is focused to protect the interest of the cryptocurrency or digital asset traders as stated by the Thailand Securities and Exchange Commission. The SEC of Thailand had conveyed that the Meme coin has no specific objective or an underlying principle and added that the price of the coin is entirely dependent on the hype created on the social media platforms.

    The price fluctuates according to the trend on the social media platforms. Some of the famous examples of meme coins include Dogecoin, Shiba Inu Coin and SafeMoon.

    The SEC of Thailand has also conveyed that Fan tokens are just based on the influence of certain influencers in the society and considered them to be unfit for the traders.

    The Thailand Securities and Exchange Commission had also mentioned that they have banned the Non-Fungible Tokens that are issued by the Cryptocurrency exchanges or Digital Asset exchanges and also from the related persons known to the traders as exchange tokens.

    Non-Fungible Tokens act as a certificate of ownership for the unique Digital art and exchange tokens are offered by the cryptocurrency exchanges to the traders or their users for further investments or transactions.

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    Other norms laid by Thailand

    The Thai SEC had also defined another Norm where the there is a requirement that is imposed in the event that digital tokens that are issued by their own exchange or related persons are listed on the stock exchange.

    It was also mentioned that any issuer of the token who would fail to comply with the white paper and the relevant rules will have their tokens being removed from the listed token in the exchange.

    As mentioned earlier Thailand is one of the earliest countries to have been laid down regulation on the cryptocurrency market. Earlier China had laid down a set of regulations into the digital asset market which was specifically targeted on cryptocurrency mining which focused on bitcoin.

    Conclusion

    However, it is seen that the Government of different countries has taken their efforts to tackle down on the cryptocurrencies with a lot of cases coming up against the digital assets. The blockchain technology on the other hand has proved to be really effective and useful for the Governments’. We will have to look forward to knowing what the future holds for these digital assets.

    FAQ

    Why did Thailand ban Dogecoin and other NFT’s?

    Thailand Securities and Exchange Commission stated that they have imposed a ban to protect the interest of the cryptocurrency or Digital Asset exchanges.

    Who is the owner of Dogecoin?

    The popular meme coin dogecoin was created by Billy Markus, he claimed that he created the crypto in just two hours.

    Why is dogecoin called a meme coin?

    Dogecoin is often referred as meme coin because it was created as a meme on the popular meme dog Shiba Inu.

  • Why Elon Musk wants to sell his Last Remaining House?

    Elon Musk had always been in the lime light and lately has been facing a lot of criticism due to the cryptocurrency market as well as questions raised on his sustainability projects. The most recent criticism faced by him was about non payment of taxes and very little payment of taxes.

    However, any tweet posted by Elon Musk had always been the headlines of the news, even the recent tweet as well. Elon Musk had gone to Twitter and tweeted that he would want to sell his last remaining house. Let’s look at why he would want to sell his house.

    Elon Musk – Latest News
    Reason Why Elon Musk is selling his house
    Major Reason Why Elon Musk is selling his house
    FAQ

    Elon Musk – Latest News

    The Chief Executive Officer of Tesla, Elon Musk had conveyed through Twitter that he is going to sell his last remaining house. The tweet was posted on 9 June 2021 which is a week after Elon Musk and other billionaires were criticized for the payment of their tax returns.


    Elon musk said that he had decided to sell his last remaining house and added that it is a special place and would want to find a large family who would want to live there.

    He conveyed that he had only one house left in the San Francisco Bay area which is being rented out for events to be held and added that if he would sell it, the house would see a lesser use until and unless it is bought by a large family.

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    Reason Why Elon Musk is selling his house

    Elon Musk had mentioned through his tweet which said that he had sold all his property and houses and there was only one left in the Bay area of San Francisco which is actually rented out for events to be held.

    He further added in his tweet that he is working on sustainable energy on Earth with the help of Tesla, protecting the future of consciousness by trying to make life multiplanetary by working on SpaceX, working on AI risk mitigation through Neuralink and fixing the traffic faced with The Boring Company.

    The Chief of Tesla, Elon Musk had announced about his plans to sell his property more than a year ago. This was a step taken by the him in order to cut down the criticism he faced regarding his wealth. However, it was found the within the span of few days he had put two of his properties for sale in the market.

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    Major Reason Why Elon Musk is selling his house

    One of the major reasons was because at the beginning of June 2021 Elon Musk, CEO of Amazon, Jeff Bezos and the Chairman of Berkshire Hathaway. Elon Musk had been criticized for paying a very little amount as Income Tax returns when compared to the wealth they possess. This was regarding the citing of valuable resources by the Internal Revenue Service Data on Tax returns for the thousands of Wealthiest Americans.

    It was found that Elon Musk had paid no income taxes in the year 2018 and had paid around USD 70, 000 in the years 2015 and 2019. After the report from Pro Publica, Elon Musk had conveyed that he would keep paying the Income Tax in the state of California with regards to his stay in the place.

    Elon Musk's house in Boca Chica
    Elon Musk’s house in Boca Chica 

    Elon Musk had moved from California to Texas the previous year and conveyed that he rents a property which is estimated to be around USD 50,000. It is a house in Boca Chica from the Space Exploration Technologies Corp and also has a launch site in the area.

    Conclusion

    Elon Musk had been criticized for an innumerable amount of reasons lately and the most effective was the video that was released by the Anonymous group which had exposed a lot of controversies against the billionaire.

    FAQ

    Why Elon Musk sold his houses?

    One of the reasons that Elon Musk sold his houses could be to cut down the criticism he faced regarding his wealth.

    What is the Net worth of Elon Musk?

    The estimated net worth of Elon Musk is 15,320 crores USD.

    How much is Elon Musk’s house worth?

    Elon Musk sold a contemporary 9.309-square-foot mansion with six bedrooms and seven bathrooms for $29.72 million. He also sold a Colonial-style home for $6.77 million, and a third small property for $4.43 million.

  • Why did SBI tag RIL as Fraud and why is it withdrawing the tag?

    The State Bank of India which is one of the largest Public Sector Banks in the country and is one of the leading banks of the country. The bank had tagged Reliance Infratel Limited which is a company under the Anil Ambani group as Fraud and has recently announced that the bank is withdrawing the tag. Let’s look at why SBI is removing the Fraud tag from the company.

    State Bank of India – Latest News
    Why did SBI tag Reliance Infratel as Fraud?
    Reason Why SBI is withdrawing the Fraud tag
    Resolution plan of Reliance Infratel and Reliance communication
    FAQ

    State Bank of India – Latest News

    On 9 June 2021, the State Bank of India had conveyed that they would choose to withdraw the tag placed on Reliance Infratel which is a Reliance company that comes under the Anil Ambani group which is a Reliance communications tower and Fiber company. The bank had filed an affidavit in NCLT Mumbai stating that they would want to remove the Fraud tag on the company.

    Why did SBI tag Reliance Infratel as Fraud?

    Reliance Infratel is a bankrupt company that owes a lot of debt in the market majorly to many other investors. The company has around 13 lenders and some of the claims from the investors include State Bank of India – INR 3,628. 68 crores, Syndicate Bank – INR 1,225.18 crore, Bank of India – INR 1,064. 82 crore and also from the Industrial and Commercial Bank of China (ICBC) – INR 1,832.91 crore. These are the major lenders of the company.

    Apart from these, there were a lot of financial creditors the company owed money to. Since the company owed a lot of money and had also recorded bankruptcy the State Bank of India had tagged the company as Fraud.

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    Reason Why SBI is withdrawing the Fraud tag

    The Reliance Industries Group which is owned by Mukesh Ambani had been a resolution partner for Reliance Infratel. Reliance Industries Reliance Projects and Property Management Service had been successful in being the resolution partner in the Corporate Insolvency Resolution Process (CIRP) and also won the right to acquire a 100 % stake in the shareholding of Reliance Infratel Ltd.

    The resolution order was given by the NCLT which awarded the Reliance Infratel company to the Reliance Industries owned by the Mukesh Ambani as on 3 December 2020 but then SBI had already classified the company as Fraud on 10 November 2020 and later on SBI had withheld this information before the NCLT before it gave the order.

    The Fraud tag being classified by the bank and withholding it from the NCLT is considered to be a grave error and the State Bank of India also did not upload the same on the CRILIC website for 45 days until 21 December 2020 which is considered to be against the norms and violating the principles. Later the bank also filed a complaint to the CBI on the directors of Reliance Infratel.

    One of the major reasons for the removal of the tag was because after the complaint being filed to the CBI, Reliance Infratel had moved to the High Court of India on 6 January 2021 and got a stay regarding the actions taken by the State Bank of India.

    The court also ordered the CBI to not to take any actions on the complaint filed by the State Bank of India. Later on, the State Bank of India had moved towards withdrawing the Fraud tag which it had posted against Reliance Infratel by filing an affidavit in order to declassify it before the NCLT Mumbai.

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    Resolution plan of Reliance Infratel and Reliance communication

    The dedicated insolvency court had provided a nod to the resolution plan of Reliance Infratel by providing 100 % shareholding towards Reliance Communication. The Reliance Jio Infocomm has received the permission to pick the tower and the fiber assets of the Reliance Infratel which is a bankrupt company.

    Conclusion

    It is said that the lenders are expected to take a 60 % of the 100% stake through the Asset monetization plan of the tower company. According to the plan provided by NCLT, the lenders are expected to recover an amount of INR 4000 crore through the resolution plan of the company.

    FAQ

    Who owns Reliance Infratel?

    The Reliance Jio Infocomm received the permission from the court to pick the tower and the fiber assets of the Reliance Infratel which is a bankrupt company.

    Why did SBI tag Reliance Infratel as Fraud?

    Since the company owed a lot of money and had also recorded bankruptcy the State Bank of India tagged the company as Fraud.

    Why did SBI Withdraw the fraud tag?

    As the Reliance Industries Group which is owned by Mukesh Ambani had been a resolution partner for Reliance Infratel and has acquired a 100 % stake in the shareholding of Reliance Infratel Ltd, SBI had to withdraw the fraud tag.

  • What is Netflix Shop and How Netflix plans to enter into Ecommerce with it?

    Netflix is a popular OTT platform that has grown widely and has a worldwide presence. The OTT platform has the majority market in the OTT platform and has the best shows which include The Witcher, Lucifer, Crown and many more.

    They also have Netflix original movies which have a huge fan base. Netflix has made a recent announcement of launching a new platform called Netflix Shop. In this article let’s look at what exactly is Netflix shop and how Netflix plans to enter the e-commerce space with it.

    Netflix Shop – Latest News
    Merchandises on Netflix shop store
    Is Netflix Entering the E-commerce space?
    Media Platforms that are already in E-commerce Space
    Netflix shop website
    FAQ

    Netflix Shop – Latest News

    Netflix has announced the launch of its online e-commerce store called Netflix shop. The online store will be selling the Merchandise of the Netflix original series. The sales are expected to start with the famous Netflix original series that is Stranger Things and the Witcher.

    The online store has been launched and Netflix shop is the first retail outlet that is owned and operated by Netflix which sells products directly. The business model of Netflix e-commerce store is it will sell high quality apparel and lifestyle products that are related to the famous shows of Netflix and the products are going to be carefully chosen and limited edition.

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    Merchandises on Netflix shop store

    Netflix has conveyed that their e-commerce store will soon see an exclusive release of merchandise based on the two popular original series of Netflix that is the Witcher and Stranger things. Both the shows have a huge fan base and Netflix is also planning to introduce a new Netflix logo wear from BEAMS which is a Japanese fashion house.

    Beam Clothing
    Beam Clothing

    The company has announced that during the third week of June it plans to release the merchandises based on the Anime series Yasuke and Eden which would be streetwear and action figures and they also added that the store will also release limited edition apparel and decorative items from the French thriller series Lupin with a collaboration of Musee du Louvre.

    Netflix has also conveyed that they are introducing the collection of collectibles that are inspired by anime’s from three up coming designers i.e., Kristopher Kites who is a noted jewelry maker, Jordan Bentley who is a streetwear designer, and Nathalie Nguyen who is a digital artist.

    Is Netflix Entering the E-commerce space?

    The most important aspect to be noted is that Netflix already has licensing deals for a lot of products that are sold by other companies. The top companies such as Amazon, Walmart, H&M, Target, Sephora and other retail investors have been selling the products merchandised products of the shows related to Netflix.

    So, the next question is what difference does it make with Netflix launching its own E-commerce website. The strategy of Netflix e-commerce store is it would sell only the carefully chosen limited edition merchandise on its e-commerce store. The aim of the company is to sell the limited edition items to the super fans of the shows.

    This is considered to be a move from Netflix to enter into the e-commerce segment as well as a move to increase the revenue generation of the company. This can be marked as an official entry by the OTT platform into the e-commerce segment and we will be able to see much more collectibles and limited-edition merchandise being released to the online platform of the company.

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    Media Platforms that are already in E-commerce Space

    Even though Netflix has launched its new e-commerce platform for selling its merchandise products, Disney has been into the field for a very long time. The consumer products of Disney have earned a revenue of around USD 16.5 billion in the year 2020.

    Disney has their own consumer products where they sell products such as Baby Yoda dolls and also an outlet such as theme parks.

    Netflix shop website

    The e-commerce website that is launched by Netflix was developed and launched with Shopify. It is to be noted that the e-commerce store will first be available in the United States and the company will later focus on expanding it to other countries.

    Netflix Shop website
    Netflix Shop website

    Netflix had also conveyed that they do not have any plans to open the outlets of brick and mortar.

    Conclusion

    The launch of the Netflix e-commerce website can be considered to be one of the important steps taken by Netflix to venture into the consumer goods segment. We may be able to find a lot of demand for the merchandise products listed on the site of Netflix by their super fans.

    FAQ

    What is Netflix Shop?

    Netflix Shop is an ecommerce store launched by Netflix for selling merchandises of the popular series.

    Is Netflix Shop available in India?

    No, the shopping site will first be available in the United States and the company will later focus on expanding it to other countries.

    What are the current merchandises on Netflix Shop?

    Netflix has introduced a new logo wear from BEAMS and is planning to launch limited edition merchandises for super fans.

  • Importance of Ethanol in Economy and why India is Spending $7 Billion in Ethanol production?

    India has been planning to shift more into a much greener source of energy. The country has decided to increase the production of Ethanol to increase the production by 2025. Let’s look at the importance of Ethanol in the economy and why India is planning to spend an amount of around USD 7 billion for the production of Ethanol.

    Ethanol Production in India – Latest News
    The reason why India is Spending $7 Billion in Ethanol production
    How Ethanol is made in India?
    How will Ethanol benefit Indian Economy?
    FAQ

    Ethanol Production in India – Latest News

    India has announced that the country is planning to spend an amount of USD 7 billion in order to boost Ethanol production as the country is planning to reduce the dependency on importing the foreign oil and to increase the roll out of much more greener sources of energy.

    India’s oil secretary, Tarun Kapoor had conveyed in an interview that in order to meet the 20 % ethanol blended fuel standard by the year 2025, there will be a requirement of 10 billion litres of Ethanol.

    The reason why India is Spending $7 Billion in Ethanol production

    The Ethanol production target is estimated to be more than triple the amount of Ethanol that is going to be produced as compared to the Ethanol production as of November 2021. As of now, Ethanol produces 9% of the gasoline blend added Tarun Kapoor.

    This move is expected to require around USD 500 billion for the investments in order to build new bio-refineries. The Prime Minister of India, Narendra Modi had also conveyed in the month of June 2021 that the target of the nation in order to make gasoline of 20 % ethanol by the span of 5 years by 2025 is expected to save a huge amount for the country.

    The increase in the Ethanol production is expected to save around USD 4 billion annually. This move will also help in increasing the use of renewable sources of energy as India is the world’s third largest importer of oil and this will help in turning the excess rice and damaged foods of the country into Ethanol.

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    How Ethanol is made in India?

    As of now, the majority of the country’s Ethanol output is made up of the molasses that is obtained from sugarcane. However, the South Asian nations are trying to push for much more production from sources other than sugar which is estimated to make only 10 % of the contribution to the Ethanol production.

    The Government has also conveyed that they would provide financial assistance for setting up the distillation units which will rely more on molasses and the grains for raw materials. According to Tarun Kapoor, the country is expected to reach a stage where the contribution for production of Ethanol will be 50 % grain based and 50 % sugar based.

    Production volume of ethanol in India
    Production volume of ethanol in India

    How will Ethanol benefit Indian Economy?

    The Ethanol industry will create a lot of jobs in the economy both direct and indirect jobs other than these the Ethanol will boost the rural economies; the co-product provides a valuable market for the corn grown.

    Ethanol also helps in reducing the dependency on energy dependence and will reduce the importing of oil barrels of the country. The Ethanol biorefineries also make more than the fuel they also contribute towards food by providing nutritious animal feed like distillers grains. This is one of the most sought-after animals feeds as it is very nutritious.

    Ethanol also contributes towards removing carbon from the environment which is expected to remove around pollution caused by 10 million cars on the road. It is also a cleaner and more greener option compared to the traditional fuel options.

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    Conclusion

    Ethanol has already been extensively adopted in the United States and has been contributing to the country’s economy. The approach taken by the Government of India towards increasing the production of Ethanol will be a significant step in the major sectors of the economy from Automobile to Agriculture.

    FAQ

    Who is the largest producer of ethanol in India?

    Uttar Pradesh has become on of the highest producer of ethanol in the country with the number of distilleries producing the solvent from heavy molasses, a by-product of cane juice.

    Is ethanol production profitable in India?

    The profit on ethanol production has come down to 5rs/litre.

    What is Ethanol used for?

    Ethanol is an industrial chemical; it is used as a solvent, in the synthesis of other organic chemicals, and as an additive to automotive gasoline (forming a mixture known as a gasohol).