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Countries Where Bitcoin is Legal and not LegalThe peer-to-peer digital currency Bitcoin made its debut in 2009 and with it ushered in a new era of cryptocurrency. While tax authorities, enforcement agencies and regulators worldwide are still debating best practices, one pertinent question: is Bitcoin legal or illegal? The answer – it depends on the location and activity of the user.Bitcoins are not issued, endorsed, or regulated by any central bank. Instead, they are created through a computer-generated process known as mining. In addition to being a cryptocurrency unrelated to any government, Bitcoin is a peer-to-peer payment system since it does not exist in a physical form. As such, it offers a convenient way to conduct cross-border transactions with no exchange rate fees. It also allows users to remain anonymous.Consumers have greater ability to purchase goods and services with Bitcoin directly at online retailers, pull cash out of Bitcoin ATMs and use Bitcoin at some brick-and-mortar stores. The currency is being traded on exchanges, and virtual currency-related ventures and ICOs draw interest from across the investment spectrum. While Bitcoin appears at glance to be a well-established virtual currency system, there are still no uniform international laws that regulate Bitcoin.Countries that Say Yes to BitcoinBitcoin can be used anonymously to conduct transactions between any account holders, anywhere and anytime across the globe, which makes it attractive to criminals and terror organizations. They may use Bitcoin to buy or sell illegal goods like drugs or weapons. Most countries have not clearly determined the legality of Bitcoin, preferring instead to take a wait-and-see approach. Some countries have indirectly assented to the legal use of Bitcoin by enacting some regulatory oversight. However, Bitcoin is never legally acceptable as a substitute for a country’s legal tender.The United StatesThe United States has taken a generally positive stance toward Bitcoin, though several government agencies work to prevent or reduce Bitcoin use for illegal transactions. Prominent businesses like Dish Network (DISH), the Microsoft Store, sandwich retailer Subway and Bedding, Furniture, Electronics, Jewelry, Clothing & more (OSTK) welcome payment in Bitcoin. The digital currency has also made its way to the U.S. derivatives markets, which speaks about its increasingly legitimate presence.The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has been issuing guidance on Bitcoin since 2013. The Treasury has defined Bitcoin not as currency, but as a money services business (MSB). This places it under the Bank Secrecy Act which requires exchanges and payment processors to adhere to certain responsibilities like reporting, registration, and record keeping. In addition, Bitcoin is categorized as property for taxation purposes by the Internal Revenue Service (IRS).CanadaLike its southern neighbor the United States, Canada maintains a generally Bitcoin-friendly stance while also ensuring the cryptocurrency is not used for money laundering. Bitcoin is viewed as a commodity by the Canada Revenue Agency (CRA). This means that Bitcoin transactions are viewed as barter transactions, and the income generated is considered as business income. The taxation also depends whether the individual has a buying-selling business or is only concerned with investing.Canada considers Bitcoin exchanges to be money service businesses. This brings them under the purview of the anti-money laundering (AML) laws. Bitcoin exchanges need to register with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), report any suspicious transactions, abide by the compliance plans, and even keep certain records. In addition, some major Canadian banks have banned the use of their credit or debit cards for Bitcoin transactions.AustraliaAustralia considers Bitcoin a currency like any other and allows entities to trade, mine, or buy it.The European UnionThough the European Union (EU) has followed developments in cryptocurrency, it has not issued any official decision on legality, acceptance or regulation. In the absence of central guidance, individual EU countries have developed their own Bitcoin stances.In Finland, the Central Board of Taxes (CBT) has given Bitcoin a value-added tax exempt status by classifying it as a financial service. Bitcoin is treated as a commodity in Finland and not as a currency. The Federal Public Service Finance of Belgium has also made Bitcoin exempt from value added tax (VAT). In Cyprus, Bitcoin are not controlled or regulated either. The Financial Conduct Authority (FCA) in the United Kingdom (U.K.) has a pro-Bitcoin stance and wants the regulatory environment to be supportive of the digital currency. Bitcoin is under certain tax regulations in the U.K. The National Revenue Agency (NRA) of Bulgaria has also brought Bitcoin under its existing taw laws. Germany is open to Bitcoin; it is considered legal but taxed differently depending upon whether the authorities are dealing with exchanges, miners, enterprises or users.Ukraine - LegalThe use of bitcoins is not regulated in Ukraine. Mining is legal type of entrepreneurship.Belarus - LegalThe Decree On the Development of Digital Economy — the decree of Alexander Lukashenko, the President of the Republic of Belarus, which includes measures to liberalize the conditions for conducting business in the sphere of high technologies.The provisions of the decree "On the Development of Digital Economy" create of a legal basis for the circulation of digital currencies and tokens based on blockchain technology, so that resident companies of the High-Tech Park can provide the services of stock markets and exchange offices with cryptocurrencies and attract financing through the ICO. For legal entities, the Decree confers the rights to create and place their own tokens, carry out transactions through stock markets and exchange operators; to individuals the Decree gives the right to engage in mining, to own tokens, to acquire and change them for Belarusian rubles, foreign currency and electronic money, and to bequeath them. Up to 1 Jan In 2023, the Decree excludes revenue and profits from operations with tokens from the taxable base. In relation to individuals, the acquisition and sale of tokens is not considered entrepreneurial activity, and the tokens themselves and income from transactions with them are not subject to declaration. The peculiarity of the introduced regulation is that all operations will have to be carried out through the resident companies of the High Technology Park.In addition, the decree includes:Extension of the validity period of the special legal regime of the High-Tech Park until January 1, 2049, and expansion of the list of activities of resident companies. Under the new rules, developers of blockchain-based solutions, developers of machine learning systems based on artificial neural networks, companies from the medical and biotechnological industries, developers of unmanned vehicles, as well as software developers and publishers can become residents. The list of promising areas is unlimited and can be expanded by the decision of the High-Tech Park supervisory board.Preservation of existing benefits for resident companies in the High-Tech Park, including the cancellation of the profit tax (instead of which a contribution of 1% of the gross revenues proceeding to the administration of the park is applied), reduced to 9% of the personal income tax rate for employees, and the right to contribute to the Social Protection Fund according to the national average figures, and not the actual salaries.Exemption of foreign companies providing marketing, advertising, consulting and other services to the residents of the High-Tech Park from paying value-added tax, as well as paying income tax, which allows to promote IT products of Belarusian companies in foreign markets. To encourage investments, the Decree also exempts foreign companies from the tax on income from the alienation of shares, stakes in the authorized capital and shares in the property of residents of the High-Tech Park (under condition of continuous possession of at least 365 days).Introduction of individual English law institutions for residents of the High-Tech Park, which will make it possible to conclude option contracts, convertible loan agreements, non-competition agreements with employees, agreements with responsibility for enticing employees, irrevocable powers of attorney and other documents common in international practice. This measure is aimed at simplifying the structuring of transactions with foreign capital.Simplification of the regime of currency transactions for residents of the High-Tech Park, including the introduction of a notification procedure for currency transactions, the cancellation of the mandatory written form of foreign trade transactions, the introduction of confirmation of the conducted operations by primary documents drawn up unilaterally. Also, the decree removes restrictions on resident companies for transactions with electronic money and allows opening accounts in foreign banks and credit and financial organizations without obtaining permission from the National Bank of the Republic of Belarus.Simplification of the procedure for recruiting qualified foreign specialists by resident companies of the High-Tech Park, including the abolition of the recruitment permit, the simplified procedure for obtaining a work permit, and the visa-free regime for the founders and employees of resident companies with a term of continuous stay of up to 180 days.Japan - LegalOn 7 March 2014, the Japanese government, in response to a series of questions asked in the National Diet, made a cabinet decision on the legal treatment of bitcoins in the form of answers to the questions. The decision did not see bitcoin as currency nor bond under the current Banking Act and Financial Instruments and Exchange Law, prohibiting banks and securities companies from dealing in bitcoins. The decision also acknowledges that there are no laws to unconditionally prohibit individuals or legal entities from receiving bitcoins in exchange for goods or services. Taxes may be applicable to bitcoins.Do you think of how to make fast profits with your cryptos..? It’s so possible atcenturycoingroup.us because at Century Coin Group USA , you will be able to make double of your bitcoin investment within just seven days..South Korea it is LegalMinors and all foreigners are prohibited from trading cryptocurrencies. Adult South Koreans may trade on registered exchanges using real name accounts at a bank where the exchange also has an account. Both the bank and the exchange are responsible for verifying the customer's identity and enforcing other anti-money-laundering provisions.As of April 2017, cryptocurrency exchange businesses operating in Japan have been regulated by the Payment Services Act. Cryptocurrency exchange businesses have to be registered, keep records, take security measures, and take measures to protect customers. Financial Services Agency (FSA) was established in 2014 for the purpose of establishing a registration platform for cryptocurrency exchange businesses. the law on cryptocurrency transactions must comply with the anti-money laundering law; and measures to protect users investors. The Payment Services Act defines “cryptocurrency” as a property value. The Act also states that cryptocurrency is limited to property values that are stored electronically on electronic devices, not a legal tender.Taiwan - Legal /Banking banFinancial institutions are not allowed to facilitate bitcoin transactions. Regulators have warned the public that bitcoin does not have legal protection, "as the currency is not issued by any monetary authority and is therefore not entitled to legal claims or guarantee of conversion".Financial institutions have been warned by regulators that necessary regulatory actions may be taken if they use bitcoin. TaiwanOn 31 December 2013, Financial Supervisory Commission (Republic of China) (FSC) and CBC issued a joint statement which warns against the use of bitcoins. It is stated that bitcoins remains highly volatile, highly speculative, and is not entitled to legal claims or guarantee of conversion.On 5 January 2014, FSC chairman Tseng Ming-chung stated that FSC will not allow the installation of bitcoin ATM in Taiwan because bitcoin is not a currency and it should not be accepted by individuals and banks as payment.South Africa - LegalIn December 2014 the Reserve Bank of South Africa issued a position paper on virtual currencies whereby it declared that virtual currency had ‘no legal status or regulatory framework’. The South African Revenue Service classified bitcoin as an intangible asset.Namibia-LegalIn September 2017 the Bank of Namibia issued a position paper on virtual currencies entitled[20] wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services.Zimbabwe - LegalThe Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use. On 5 April 2017 however, BitMari, a Pan-African Blockchain platform got licensed, through its banking partner, AgriBank, to operate in the country.Nigeria - LegalAs of 17 January 2017, The Central Bank of Nigeria (CBN) has passed a circular to inform all Nigerian banks that bank transactions in bitcoin and other virtual currencies have been banned in Nigeria.However, during the year, the CBN (through its Deputy Director on Banking and Payments System, Musa Itopa-Jimoh) clarified the circular and its stance on bitcoin, citing that a lot of people misinterpret the central bank’s recent warning. It noted that "Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. We don’t own it".Later on, a committee was set up by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to look into the possibility of the country adopting the technology driving bitcoin and other digital currencies – blockchain. The committee has submitted its report but "several sub-committees are still working on the issue" according to the Director, Banking & Payments System Department at CBN, Mr. ‘Dipo Fatokun.Israel- Yes- LegalAs of 2017, the Israel Tax Authorities issued a statement saying that bitcoin and other cryptocurrencies would not fall under the legal definition of currency, and neither of that of a financial security, but of a taxable asset.[55] Each time a bitcoin is sold, the seller would have to pay a capital gains tax of 25%. Miners, traders of bitcoins would be treated as businesses and would have to pay corporate income tax as well as charge a 17% VATSaudi Arabia - Legal - Banking banFinancial institutions are warned from using bitcoin. The Saudi Arabian Monetary Authority (SAMA) has warned from using bitcoin as it is high risk and its dealers will not be guaranteed any protection or rights.Jordan-Legal- Banking banThe government of Jordan has issued a warning discouraging the use of bitcoin and other similar systems.The Central Bank of Jordan prohibits banks, currency exchanges, financial companies, and payment service companies from dealing in bitcoins or other digital currencies. While it warned the public of risks of bitcoins, and that they are not legal tender, bitcoins are still accepted by small businesses and merchants.Lebanon-LegalThe government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems.Turkey-LegalBitcoin is not regulated as it is not considered to be electronic money according to the law.Iran-Legal-Banking banFinancial institutions are not allowed by central bank to facilitate bitcoin transactions. In April 2018, Central Bank of the Islamic Republic of Iran issued a statement banning the country’s banks and financial institutions from dealing with cryptocurrencies, citing money laundering and terrorism financing risks.Bangladesh - Legal/Banking banFinancial institutions are not allowed to facilitate bitcoin transactions. In September 2014, Bangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws".India -Legal /Banking banFinance minister Arun Jaitley, in his budget speech on 1 February 2018, stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India for criminal uses. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems."The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system," Jaitley said.In early 2018 India's central bank, the Reserve Bank of India (RBI) announced a ban on the sale or purchase of cryptocurrency for entities regulated by RBI.In 2019, a petition has been filed[by whom?] with the Supreme Court of India challenging the legality of cryptocurrencies and seeking a direction or order restraining their transaction.Countries That Say No to BitcoinWhile Bitcoin is welcomed in many parts of the world, a few countries are wary because of its volatility, decentralized nature, perceived threat to current monetary systems and links to illicit activities like drug trafficking and money laundering. Some nations have outright banned the digital currency while others have tried to cut off any support from the banking and financial system essential for its trading and use.List of some of the Countries Bitcoin-Cryptos are illegalChina - IllegalBitcoin is essentially banned in China. All banks and other financial institutions like payment processors are prohibited from transacting or dealing in Bitcoin. Cryptocurrency exchanges are banned. The government has cracked down on miners. (Related reading How Bitcoin Can Change The World)Russia - RegulatedBitcoin is not regulated in Russia, though its use as payment for goods or services is illegal. As of November 2016 declared, bitcoins are "not illegal" according to the Federal Tax Service of Russia.[50] Deputy Finance Minister of the Russian Federation Alexei Moiseev said in September 2017 it's "probably illegal" to accept cryptocurrencies payments.[51] However bitcoin market sites are blocked and in court decisions stated that bitcoin is a currency surrogate which is outlawed on the territory of Russian Federation.Vietnam - IllegalVietnam’s government and its state bank maintain that Bitcoin is a not a legitimate payment method, though it is not regulated as an investment.Bolivia, Columbia and Ecuador not legalEl Banco Central de Bolivia has banned the use of Bitcoin and other cryptocurrencies. Columbia does not allow Bitcoin use or investment. Bitcoin and other cryptocurrencies were banned in Ecuador by a majority vote in the national assembly.Algeria it is illegalAccording to the "Journal Officiel" (28 December 2017)The purchase, sale, use, and holding of so-called virtual currency is prohibited. Virtual currency is that used by internet users via the web. It is characterized by the absence of physical support such as coins, notes, payments by cheque or credit card. Any breach of this provision is punishable in accordance with the laws and regulations in force.Egypt it is illegal"Egypt’s Dar al-Ifta, the primary Islamic legislator in Egypt, has issued a religious decree classifying commercial transactions in bitcoin as haram (prohibited under Islamic law).Morocco it is illegalOn 20 November 2017 the exchange office issued a public statement in which it declared, "The Office des Changes wishes to inform the general public that the transactions via virtual currencies constitute an infringement of the exchange regulations, liable to penalties and fines provided for by [existing laws] in force."The following day, the monetary authorities also reacted in a statement issued jointly by the Ministry of Economy and Finance, Bank Al-Maghrib and the Moroccan Capital Market Authority (AMMC), warning against risks associated with bitcoin, which may be used "for illicit or criminal purposes, including money laundering and terrorist financing"On 19 December 2017, Abdellatif Jouahri, governor of Bank Al-Maghrib, said at a press conference held in Rabat during the last quarterly meeting of the Bank Al-Maghrib's Board of 2017 that bitcoin is not a currency but a "financial asset". He also warned of its dangers and called for a framework to be put in place for consumer protectionUnited Arab Emirates - Contradictory informationAbsolute ban. According to the Library of Congress "Under article D.7.3 of the Regulatory Framework for Stored Values and an Electronic Payment System, issued by the Central Bank of the United Arab Emirates in January 2017, all transactions in “virtual currencies” (encompassing cryptocurrencies in Arabic) are prohibited."Nevertheless, on 13 February 2018 Dubai gold trader Regal RA DMCC became the first company in the Middle East to get a license to trade cryptocurrencies, the Dubai Multi Commodities Centre said.[53] DMCC's website emphasizes the "cold storage" of cryptocurrencies and states "DMCC’s Crypto-commodities license is for Proprietary Trading in Crypto-commodities only. No initial coin offerings are permitted and no establishment of an exchange is permitted under this license."Nepal it is IllegalAbsolute ban. On 13 August 2017 Nepal Rastra Bank declared bitcoin as illegal.Pakistan it is IllegalAs of 7 April 2018, State Bank of Pakistan [SBP] has announced that bitcoin and other virtual currencies/tokens/ coins are banned in Pakistan. This news was followed right after India's restriction of converting bitcoin and cryptocurrencies into fiat currency. For organizations and institutions it is banned by State Bank of Pakistan. Bank will not get involved if there is any dispute. They will not facilitate any transaction for it.The bank has issued an official notice on its website and has also posted the news on its official Twitter account.The Bottom LineAlthough Bitcoin is now almost 10 years old, many countries still do not have explicit systems that restrict, regulate or ban the cryptocurrency. The decentralized and anonymous nature of Bitcoin has challenged many governments on how to allow legal use while preventing criminal transactions. Many countries are still analyzing ways to regulate the the cryptocurrency. Overall, Bitcoin remains in a legal gray area for much of the world.Thank you!

Maxgain Home Loan is an innovative and customer-friendly product enabling the customers to earn optimal yield on their savings by reducing interest burden on Home Loans, with no extra cost. Basically, a Maxgain account is an overdraft (OD) account. SBI Maxgain scheme offers a variety of benefits to their users. These benefits have been discussed below.Surplus Money can be parked: It would be advisable for people to start using this account for parking all their surplus wealth in this account. This will be beneficial in many ways as the money invested can grow and can be used later for many purposes as per their requirement. The money also helps reduce the burden of the home loan repayment. It will decrease the principal amount on which the interest is charged and thus the overall interest amount would also decrease.Withdrawal at Any Time: The amount deposited in a Maxgain account can be withdrawn at any point in time. The money can be withdrawn for several reasons that include alternative investment options and unexpected expenses.Reduction of Interest Burden on Home Loan: The amount deposited in the Maxgain amount is deducted from the total loan amount. This reduces the amount of interest as the principal amount has now decreased. Thus, the account holder saves a lot of money.Multi-Purpose Use: The Maxgain account can be used for a variety of purposes using different instruments. It can be used to pay bills such as electricity, shopping, credit card payments etc. Both chequebooks and net banking facilities are also available, just as with a regular savings or current account. This opens up new financial options for an individual.Tax-Free Investment: The money deposited in the Maxgain account would be tax-free. But it must be noted that tax-deduction will apply only to the amount equivalent to the home loan amount.ATM Services: An individual can also avail ATM services on a Maxgain account. This makes the withdrawal of cash from the account much easier.Please visit link https://homeloans.sbi/calculators?caltype=MAXGAINCAL for maxgain calculator to calculate the savings in comparison to regular home loan.PMAY Scheme:The Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) - ‘Housing for All’ is a home loan scheme launched by Govt of India. “Housing for All” Mission for urban area will be implemented during 2015-2022 and this Mission will provide central assistance to implementing agencies through States and UTs for providing houses to all eligible families/beneficiaries by 2022.Affordable Housing through Credit Linked Subsidy:The Mission, in order to expand institutional credit flow to the housing needs of urban poor will implement credit linked subsidy component as a demand side intervention. Credit linked subsidy will be provided on home loans taken by eligible urban poor (EWS/LIG) for acquisition, construction of house.Under Affordable Housing through Credit Linked Subsidy there are 4 schemes:· CLSS – EWS / LIG· Revised CLSS – EWS/LIG· CLSS (MIG-I)· CLSS (MIG-II)CREDIT LINKED SUBSIDY SCHEME- EWS / LIGScheme: Under this scheme credit linked interest subsidy @6.50% for 15 years or actual tenor of the loan, whichever is lower, will be provided to the eligible beneficiaries in EWS/LIG category by the Government of India.Applicants belonging to LIG(Low Income Group) & EWS (Economically Weaker Sections) section. The EWS/LIG categories are defined as follows:· EWS households with an annual income upto Rs. 3.00 lacs· LIG households with an annual income between Rs. 3.00 lacs to Rs. 6.00 lacs· Scheme: 17th June 2015 to 31st March 2022· Maximum subsidy of Rs. 2.20 lacs (approx.) is eligibleCOVERAGE & ELIGIBILITYThe ownership of the house should either in the sole name of the female member of the household or joint ownership with the wife. However, this condition will not be made mandatory in cases of construction of house on an existing plot or extension/renovation of existing Kuccha/Semi-pucca house.The beneficiary family should not own a pucca house (an all-weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of IndiaThe carpet area of house under this Scheme should be upto 30 sq. mts. for EWS beneficiaries and upto 60 sq. mts. for LIG beneficiaries.Credit Linked Subsidy is available for housing loans availed for acquisition/construction of house and repair/extension of Kucha/Semi Pucca houseMaximum term of loan on which the subsidy will be calculated is 15 yearsREVISED CREDIT LINKED SUSBSIDY SCHEME – EWS /LIG· All the above guidelines of CLSS- EWS / LIG applies to this scheme also.· The Maximum term of loan increased from 15 years to 20 years· Maximum subsidy of Rs. 2.67 lacs (approx.) is eligibleCREDIT LINKED SUBSIDY SCHEME- MIGGovernment of India under the aegis of the Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has launched ‘Credit Linked subsidy Scheme (CLSS)’ for Urban Areas under the ambit of Pradhan Mantri Awas Yojana. The CLSS-MIG will be implemented initially for a period of one year i.e. from 01.01.2017 up to 31.12.2017, but has now been extended up to 31.03.2019Scope and CoverageAll Statutory towns as per Census 2011 and towns notified subsequently will be eligible for coverage under CLSS for MIG. Planning Area as notified with respect to the Statutory Towns and which surrounds the concerned Municipal area will also be covered under the Scheme to provide interest subsidy for Housing Loan beneficiaries belonging to Middle Income Groups (CLSS-MIG).The credit linked subsidy @ 4% will be available for loan amount up to Rs. 9 lacs in case of MIG-I and @3% for Rs 12 lacs in case of MIG-II. However, the Banks can sanction Home Loans more than Rs. 9 or12 lacs but the subsidy will be restricted to Rs. 9 or 12 lacs, as the case may be.Under CLSS, an interest subsidy will be available for a tenor of 20 years or actual tenor of the loan, whichever is lower. However, Bank can sanction loans for a maximum tenor of 30 years but the loan has to be repaid before the borrower attains the age of 70 years. The Net Present Value (NPV) of or the subsidy will be calculated at a discount rate of 9% and will be credited upfront to the loan account.Maximum subsidy eligible under CLSS-MIG(I) – Rs. 2.35 lakhs (approx.)Maximum subsidy eligible under CLSS-MIG(II) – Rs. 2.30 lakhs (approx.)Eligibility· The Household with an annual income from Rs 6,00,001 to Rs. 12 lacs for MIG-I· The household with an annual income from Rs 12,00,001 to Rs. 18 lacs for MIG-II· The beneficiaries have been defined as a family comprising of husband, wife and unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.· In case of married couple, either of the spouses or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.· The beneficiary family should not own a pucca house (an all-weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of India.· The carpet area of house under this Scheme should be up to 120 sq. mts. for MIG-I beneficiaries and up to 150 sq. mts. for MIG-II beneficiaries.· Banks shall have to submit a consolidated certificate on completion of the housing unit within one year period from the completion of construction or a maximum of 36 months from the date of the disbursement of the 1st installment of the loan amount. In case of default in not providing utilization/end use certificate the Bank shall refund the amount of subsidy to the CNA.· In case a borrower who has taken a Home Loan under the Scheme and has availed interest subvention benefit under the Scheme but later on switches to another Bank, such beneficiary will not be eligible for the benefit of interest subvention again.· Home Loan under this scheme will be available only by way of term loan (no maxgain facility will be available) with a maximum tenor of 30 years. However, subsidy is available for a maximum tenor of 20 years only.· Though the interest subvention under CLSS (MIG) is available upto Rs. 9 or12 lacs, loan limits over and above Rs. 9 and 12 lacs will also be sanctioned to the eligible borrowers based on the eligibility criteria stipulated under our existing Home Loan Scheme.· All loans accounts under the Scheme will be linked to AadhaarTo more and apply online for Home Loan visit link SBI Home Loans

Executive SummaryFor the vast, vast majority of payment transactions today in China, I do not think a decentralized, blockchain-based technology like Bitcoin can compete with a centralized platform like WeChat Wallet or Alipay.The structural and technical advantages that centralized approaches hold over Bitcoin are decisive while the advantages of the decentralized approach may only apply in certain niche payment channels and/or are neutralized by different behaviors and preferences exhibited by Chinese users.However, Bitcoin and the blockchain eco-system are new and rapidly evolving and it is too early to rule out the disruptive effects they may have on future behavior — potentially in completely novel ways that we cannot even imagine today.I also want to highlight the distinction between Bitcoin (and the idea of it or another crypto-currency replacing fiat) and its underlying blockchain technology and future applications of the more generalized “decentralized approach”. While I do not think Bitcoin has particularly bright prospects in China, I do very much see the promise and disruptive power of blockchain-based technologies in many other areas. In the future, I expect to see significant deployment of blockchain-based technologies in China and I even expect Chinese technology companies themselves to take the lead in many of these efforts.This answer is quite long, so I’ve structured it into four sections:Reviewing the structural advantages and disadvantages of centralized and decentralized payment platforms.Looking at the major transaction categories and evaluating which approach is the better fit.Putting perspective on the size of these transaction categories.Looking at the future, potential paths forward for both centralized and decentralized approaches.(1) The structural advantages & disadvantages of centralized vs. decentralized technology approaches in paymentsLet’s first review the structural and technical advantages of centralized vs. de-centralized payment platforms:Centralized payment platforms (e.g. Alipay and Wechat Payments)Cost: Marginal cost to record a ledger transaction of effectively zero. This is particularly significant to enable micro-payments.Transaction throughput:Alipay demonstrated transaction throughput of 256,000 transactions per second in its peak minute during the last Singles Day. Scaling up is a simple matter of deploying additional Aliyun cloud servers.Bitcoin has a theoretical ledger processing throughput of seven transactions per second. As I understand, I do not think that Moore’s Law or “throwing computing power at the problem” can close the order-of-magnitude gap on this metric.While lots of very smart people are working on addressing its fundamental scalability issue, I think there will always be an order-of-magnitude difference between a centralized vs. decentralized system, because structural inefficiency is central to the idea of enabling decentralization itself.“Native” [1] integration with the “fiat world”:First-mover advantage — Alipay and Wechat payment nodes are already widely distributed across hundreds of millions of nodes.Simple integration with the banking system — near real-time transfers between wallet and the banking system.Supported by regulators.Interest may be paid on deposits.Works alongside traditional payments infrastructure like physical cash.For domestic payments (i.e. the same economy / currency zone), fiat currency is a far superior unit of account (just imagine if everything were priced in US Dollars while your salary and assets are in Renminbi).Dispute resolution: Relatively easy to reverse transactions and address fraud.Decentralized blockchain-based payment platform (e.g. Bitcoin)Not controlled by a single authority: hard (albeit not impossible) for the Chinese government to stop you from using Bitcoin.Cross-border: Bypasses traditional “red tape”, regulatory authorities and national boundaries with ease.Relative anonymity: With Alipay and Wechat Payments your identity is tied to your wallet account by decree.“Native” [1] integration into the “blockchain economy” which is open-source and rapidly evolving.(2) The major payment categories today and figuring out how these map to the relative advantages/disadvantages of centralized vs. decentralized approachesHere are a list of the major (albeit non-exhaustive) transaction categories or instances where value is transferred:Consumer-to-merchant paymentsIllustrative transactions: Buying something on Tmall; re-charging your SIM card; buying fruit from the fruit stand; renting a shared bike.Key success factors: high throughput; ability to do micro-payments; low cost.Centralized systems win on technical merits (high throughput and low cost) and first-mover advantage (already embedded in hundreds of millions of nodes in China).P2P (person-to-person) paymentsIllustrative transaction: Sending a digital red envelope to a friend.Key success factors: high throughput; micro-payments; low cost.Centralized systems win again on technical merits and first-mover advantage.B2B (business to business) paymentsIllustrative transaction: A factory paying its supplier.Key success factors: cost; speed; stable currency value.For domestic transactions (both businesses do business in RMB), centralized or “fiat” approach wins.For cross-border transactions, decentralized may be better positioned on a relative basis because there could be significant “red tape” / foreign exchange costs depending on the currency pair. But “relative” is italicized because you really need to do a side-by-side comparison of costs by currency-pair to make a proper assessment.Black/gray market paymentsIllustrative transaction: Buying illegal goods and services; evading taxes and capital controls.Key success factor: anonymity.This is where decentralized transactions shine especially for online transactions where physical interaction never takes place. Here it is less decentralized competing against a centralized platform and more decentralized vs. physical fiat cash.This is not meant to be an exhaustive list of all transaction types or all ways that value can be transferred. For example, money/value is transferred whenever employees get paid salaries, when people take out loans, when insurance companies make payments etc. But these are some of the larger, more common categories today.As I alluded to in the bullet on cross-border transactions, there are sub-segments of these categories that cater more to the relative strengths of decentralized payment platforms [2].For example, cross-border P2P (i.e. “remittances”) appear to be an area where a decentralized system might make more sense because existing payment channels (e.g. Moneygram, informal Hawala channels) are fairly manual. This is especially true for payment channels that are relatively niche: Converting Chinese Renminbi to Korean Won is relatively efficient and straightforward; converting Renminbi to Rwandan Francs, not so much.(3) Putting perspective on the relative size of these major payment categoriesFirst, let’s see how big the categories are where centralized systems have a distinct advantage:In 2017, mobile payments in China were estimated to close to $15 trillion.This figure includes:your typical consumer-to-merchant interactions (where Alipay is dominant);person-to-person transactions (where WeChat is stronger); andbusiness-to-business transactions (where the traditional banking system is dominant, although for small merchants and payment sizes, Alipay can also be used).This figure is growing very fast and could double to $30 trillion by next year (2019).Total retail (online and offline) sales in 2016 came in at $4.8 trillion and probably grew another 10% in 2017.Now let’s take a look at the payment categories for some categories where decentralized payments platforms may be better positioned on a relative basis:The black market (including everything from drugs to prostitution to counterfeit goods) in China is estimated to be around $260 billion [3].Capital flight estimated in the ~$200 billion range at its peak in 2016 [4]. Capital flight pressure has come down significantly in 2017, although it could certainly rise again in the future. There could also be capital inflow pressure if the Renminbi appreciates.Cross-border remittances in the $100–150 billion per year range (counting both outflows and inflows) [5].The first thing that jumps out is that the transaction payments market where a centralized platform appears to hold greater advantages is one or two orders of magnitude larger than the transaction payment types where decentralized platforms may work better. We are talking figures measured in the tens of trillions of dollars compared to figures measured in the hundreds of billions.The other thing is that it is not even clear how big a role decentralized payment platforms have played in the markets where they have a relative technical/structural advantage over centralized systems:Remember that it is not only competing against existing centralized payment platforms, but the entire “fiat system” including physical cash.Old school physical cash can be superior to a decentralized payments platform for anonymity — so for physical black/gray market transactions it could be considered superior.For cross-border remittances, the purported advantage that decentralized platforms like Bitcoin have is that they are more efficient. But I would challenge that assumption:First, cross-border remittances are dominated by a small number of currency pairs, e.g. RMB-USD, RMB-JPY and RMB-EUR. Traditional ways of conducting these transactions is actually quite efficient. For example, on cash withdrawals (RMB-USD) using an international ATM card, the implicit fee/FX spread was less than 1% for me.For cross-border remittances involving less affluent (i.e. the “un-banked”) who do not have say an international ATM card, decentralized platforms might make more sense. But this is a fairly small sub-segment of that $100–150 billion market.For cross-border transactions with uncommon currency pairs (e.g. Renminbi and the Rwandan Franc), the transaction costs using traditional methods can be very high and Bitcoin could be a very good alternative. But these uncommon currency pairs probably make up a very small proportion of overall cross-border transactions by volume.(4a) The future of centralized vs. decentralized paymentsThe big thing going for Bitcoin is that there is a vibrant global community of developers that are actively contributing to improving the efficiency and capabilities of the code. Moreover, the meteoric rise in the price of various crypto-assets in the past couple years has raised its visibility with hundreds of millions of people around the globe which should help tremendously with market adoption as people figure out how to use Bitcoin and other blockchain-based technologies in novel ways.So while I am quite pessimistic about the possibility of a Bitcoin-based payments platform replacing Alipay or Wechat Payments on a large-scale, I do see the possibility for application for certain areas:Niche cross-border trade relationships: There are many niche currency pairs today that are not heavily used because there is very little cross-border trade today. As a result, the implied foreign exchange spreads can be very high. If Bitcoin can be used to streamline the cross-border payment cost, it could very well lead to an increase in economic activity.Accessing the un-banked population: Many countries involved in China’s “One Belt One Road Initiative” have significant “un-banked” populations that are not tied into the traditional banking system. Bitcoin could — theoretically at least — enable the “flower store in Shanghai” to make a direct payment to the “local flower seller in Addis Ababa” that doesn’t have a bank account.There is also the idea that Bitcoin is “natively” embedded within the broader blockchain ecosystem so the success of the ecosystem will drive usage of Bitcoin or other crypto-assets and indeed create a whole new transaction category on its own. So to the extent the “blockchain ecosystem” becomes massive as multiple real-world applications for blockchain-based technologies are discovered, the market size for blockchain-driven transactions will be similarly massive. I understand this argument but I also think it is too early to draw any hard conclusions on it. For example, at this point I am not sure the success of the “blockchain economy” is necessarily tied to the success of Bitcoin (or any other specific crypto-currency) or vice versa.Decentralized payments technologies can also co-exist alongside a centralized payments platform and even be integrated within the platform. For example, if Bitcoin becomes used widely on a global level, I can see a scenario where it is integrated into the Alipay wallet as another payment option, just like any other foreign currency could be integrated into the wallet today.That said, Ant Financial and Tencent are also pushing their centralized approach very hard right now into other countries, whether it is via direct proliferation of their technology platforms (WeChat passes 100 million users outside China ) or through equity investments in local equivalents (e.g. Ant Financial’s investment in Paytm in India). And these centralized payment platforms are rapidly gaining market share all around the developing world and even making inroads in developed countries as well (Alipay, China’s top mobile payment service, expands to the U.S.).Finally, it goes without saying that — on top of evaluating the technical merits of centralized vs. decentralized payments technology — we also must take into account the role of the Chinese government in all of this. Judging from the exchange bans in early 2017 and the recent ban on Bitcoin mining, Chinese regulators are clearly against the idea of Bitcoin or any other crypto-currency asset taking root in China. This provides sanctioned payment platforms like Alipay and Wechat Payments just that much more of an advantage over their decentralized cousins.(4b) The future of blockchain-based technologyLooking beyond just Bitcoin and crypto-currencies, believe it or not I am actually quite optimistic about the applicability of blockchain-based technologies to solve fundamental inefficiencies in many areas, including in China.The $64,000 (actually more like $64 billion) question is where and how? It could very well be that mass consumer payments is not the ideal place but there are plenty of other functions in the world it can disrupt — perhaps areas where transaction throughput speed is not such a critical factor (e.g. insurance contracts, asset tracking etc.).Drawing this distinction between Bitcoin and its underlying blockchain technology is an idea that is also echoed in China. Here is what Jack Ma had to say about Bitcoin and blockchain when asked the question at a recent panel:The question about Bitcoin. Honestly, I am not that big a fan of Bitcoin. But I pay special attention to the cashless society, to blockchain technology. Bitcoin, the thing I want to know, what value, what things can Bitcoin bring to society. But, behind Bitcoin, the technology is very powerful. So, my job ... Alibaba and Alipay's job ... is to try to make sure that the world will move into a cashless society. Society can make everybody equal, make everyone inclusive to get the money they need and make sure it is sustainable, inclusive and transparent.Here is the full video:A cynic might point out that as the largest individual shareholder in Alipay, he is merely talking his book. But a realist would point out that with the rapid proliferation of Alipay and Wechat Payments, China is already well on its way to achieving this digital, cashless ideal while Bitcoin continues to be used almost exclusively for speculation or as a store of value and relatively little for legitimate payment transactions regardless of whether you are talking about China or anywhere else in the world.Meanwhile, he appears to be quite bullish on efforts to figure out how to apply the underlying blockchain technology and approach in different industries. Here’s an example of that: Alibaba Deploys Blockchain to Secure Health Data in China.And here’s another example from another Chinese company that literally just flashed across my Quora feed: Coindesk: Search Giant Baidu Launches Blockchain-as-a-Service Platform by Paul Denlinger on China's Future (also h/t to Paul Denlinger for the A2A).EpiloguePerhaps there is another basic, root explanation for why Bitcoin is ultimately unsuccessful taking root in China: Chinese people are just different.Whereas many vocal proponents of Bitcoin and other crypto-currencies often tout that these systems cannot be controlled by a central authority and do a much better job of preserving privacy as major advantages, the reality is that Chinese people just don’t seem to place a lot of value on these features — except in situations (e.g. skirting capital controls) where it can be useful or practical.In other words, these features are arguably the most unique advantages of using crypto-currencies — yet Chinese users and businesses have demonstrated that they place significantly more value on other factors like convenience and low cost. This is evidenced by the fact that hundreds of millions of Chinese people have signed up for Alipay and Wechat Wallet and use these platforms to process trillions of dollars worth of transactions every month. In doing so, they have willingly given up anonymity and agreed to play along with the system. Moreover, this transition was completed in a timetable that was shockingly quick.So I want to conclude with this final thought.There appears to be a distinct philosophical difference between Chinese citizens and citizens in western liberal democracies where greater weight is placed on values like individual privacy — and where perhaps the government is viewed with a higher degree of skepticism and with less trust (especially post-GFC). And it is this philosophical difference that could indeed be the most difficult structural impediment for a decentralized payments platform like Bitcoin to take root in China.Related:What is Alibaba's strategy regarding blockchain and cryptocurrencies?What does the bike-sharing mania say about the Chinese economy?Why aren’t credit cards popular in China, the world's second largest economy?How does Alipay compare with Paypal?Notes:[1] By “native” I mean that you do not have to convert from one to another. With Alipay, you can withdraw Renminbi sitting in your digital wallet to your bank account quickly and then convert it to cash without having to do a currency conversation. With Bitcoin you would have to go through the additional step (at some point) of converting it to fiat currency and paying associated spreads and fees.Similarly, it is more efficient to invest in Initial Coin Offerings (part of the “blockchain economy”) using crypto assets as opposed to fiat currency.[2] However, on an absolute basis I am still trying to figure out exactly how much better they are than existing alternatives. For example, I am still waiting for some answers on this question I recently posed on Quora: How much more or less expensive is it to transfer money from one country to another using Bitcoin than the traditional banking system?[3] Source: Havocscope Country Risk Ranking[4] Source: U.S. Federal Reserve paper on Chinese Capital Flight (June 2017)[5] Based on analysis of China’s detailed Balance of Payments as I discussed in an old Quora answer: Glenn Luk's answer to Why does China have such huge foreign exchange reserves? How largely could China affect the dollar value in lieu of its huge reserve?