The #government and financial regulators are considering imposing higher restrictions, including a complete ban on private #cryptocurrencies.
The government will promote a central bank digital currency (CBDC) as an innovative and cost-effective payment solution but it may not put to rest the Reserve Bank of India’s concerns regarding private cryptocurrency, such as risks to macroeconomic stability, by allowing any private crypto asset as a legal tender, two officials said.
A synthesis paper of the International Monetary Fund and Financial Stability Board highlighted these risks to the G20 nations in September and proposed a minimum threshold for regulation, they said, requesting anonymity.
“The paper doesn’t stop any country from imposing higher restrictions, as stringent as a complete ban,” one of them said. “The government and financial sector regulators, including the Reserve Bank, are seized with the matter.”
Compared to a cryptocurrency, a CBDC is more eco-friendly as energy requirement of a digital currency depends on its underlying technological stack, the other person said. “CBDCs could be based on algorithm-driven processes as against energy-intensive mining of #crypto assets,” he said.
Underscoring the adverse impact of a cryptocurrency on the environment, he said that people mine to create a private cryptocurrency, but no such process is required for CBDC. Either a sovereign or a central bank can issue CBDCs by converting the bank’s existing balances to CBDC balances, he added.
The Reserve Bank has launched a digital rupee that would revolutionise the financial technology sector by creating new opportunities and lessening the burn in handling, printing and logistics management of cash. This is one more instrument to catalyse India’s fast emerging digital economy, he said.
A cryptocurrency is neither a commodity nor has any claim on commodities as they have no intrinsic value. “They are designed to bypass the established and regulated intermediation and control arrangements crucial for ensuring integrity and stability of monetary and financial ecosystem,” the first official said.
“Both #innovation and benefits of virtual money is provided by CBDCs, while ensuring consumer protection and avoiding any threat to social and economic consequences of private virtual currencies,” he said. Due to its inherently cryptic nature, crypto assets are being used for terror funding, money laundering and tax evasion.
Central bank governor Shaktikanta Das recently said a #cryptocurrency is a “serious threat to financial stability” for all countries, especially for emerging economies, which was recognised in the synthesis paper as well.
“Everybody understands and agrees that there are serious risks, and that risk has to be looked at and managed very carefully,” Das said at an event on October 31.
The issue of cryptocurrency has to be dealt with properly, he said. “I have only one question to believers of regulation to ask, how will you regulate it? Whom will you regulate and regulate what? Before you think of regulating it, let us first understand what is this cryptocurrency. Is it a financial product? Is it an asset? If it is an asset, what is the underlying? It is not a tangible thing. What is the definition of cryptocurrency? Till now, I have yet to see a credible definition of what a cryptocurrency is,” he said.
“I have yet to come across what you call any sort of credible explanation of the larger purpose that cryptocurrencies serve. The third point which comes to my mind, and which is very important, what cryptocurrencies will do for international transactions or domestic transactions, whatever you call it in the digital mode, which CBDCs cannot do. The fourth and final point is the basic question. It is a kind of a new currency system developing,” he said.
“Are governments and central banks across the world comfortable with private currency vis-à-vis a fiat currency, a currency issued by a central bank on behalf of the sovereign? These are the four fundamental issues which need to be first understood before we talk of any kind of regulation, and these are very well recognised by the IMF-FSB Synthesis Paper,” he added.
The leadership of the G20 has welcomed the synthesis paper because it is a good beginning to understand what the risks are and possible ways to deal with them. “We are not trying to stifle innovation. All innovation, which is in the overall public interest, must be supported and promoted. We are not against innovation, but innovation should serve a public purpose,” Das said.

#HeLa #helalabs #blockchain #crypto #innovation
HeLa Labs is a newly developed Layer 1 blockchain platform with the goal to provide cutting-edge solutions for the fields of decentralized apps (dApps) and decentralized finance (DeFi). HeLa Chain has the goal of resolving issues with user experience, scalability, and interoperability that are frequently experienced by current blockchain systems. Focusing on wide usage and financial inclusivity, HeLa aspires to establish itself as a solid foundation for the next generation of blockchain applications.

Here are the key features:
Scalability→ To achieve great throughput and scalability, HeLa uses a unique consensus process that integrates aspects of Proof of Stake (PoS) with sharding technology. Because of this, the network can handle a high volume of transactions per second (TPS), which makes it appropriate for widespread utilization and applications with significant traffic.
Interoperability→ HeLa is able to integrate with other blockchain networks in a seamless method, allowing communication and asset transfers across chains. Because of its interoperability, assets are able to move freely between different blockchain ecosystems, increasing liquidity and widening the potential applications of decentralized finance.
Low Fees→ The ability of HeLa to maintain transaction fees low is one of its most significant benefits. HeLa makes sure that users can complete transactions at a low price which is valuable for both small and large-scale applications, by improving its network layout and consensus method.
Security→ HeLa gives a high priority on security through the integration of strong validator networks with cutting-edge cryptography methods. The network is protected against dangers and weaknesses through proactive security measures, bug bounties, and periodic checks.
User-Friendly Experience→ HeLa strives to provide an interface that is user-friendly. In order to lower the entry barriers for users and developers alike, this includes wallet interfaces that are easy to use, tools that are beneficial to developers, and comprehensive documentation.

And here are the use cases:
Decentralized Finance (DeFi) → HeLa is suitable with many DeFi applications, such as yield farming protocols, stablecoins, borrowing and loaning platforms, and decentralized exchanges (DEXs). Its low fees and scalability make it ideal for financial services and transactions.
Non-Fungible Tokens (NFTs) → NFT creation, trading, and management are made possible by HeLa. HeLa's platform allows producers, artists, and gamers to issue and exchange exclusive digital assets while making use of the network's economy and efficiency.
Supply Chain Management → Authenticity and transparency in the exchange of products and services can be guaranteed by using HeLa's blockchain to track and validate supply chain operations. This use is especially beneficial for sectors including logistics, agriculture, and pharmaceuticals. Enterprise Solutions → For business applications that need tamper-proof, transparent, and secure records, HeLa offers a reliable infrastructure. Solutions for contract management, data integrity, and identity verification fall under this category.

#HeLa #helalabs #blockchain #crypto #innovation
It is important for all of us to understand the HeLa Mission and Vision. The mission is to bring Web3 to the real-world and vision is to pioneer the transformation of traditional industries through the power of Web3 and blockchain technology.

Hela Labs is at the cutting edge of a groundbreaking change in Layer 1 blockchain technology, giving users full control over their interactions with the web. We provide people with power and control over their information by implementing a modular design, advanced security technologies, decentralised identity management, and innovative transaction fees.

The key features to help solve in challenges faced to solve them are the following:

1. Stablecoin Gas Fees
→ Hela Labs eliminates the constant volatility in transaction fees that other networks experience by using a stablecoin for gas fees. Regardless of how busy the network becomes, fees will always stay close to the target amount that the team has set. Users benefit more from this since they can avoid the volatility that comes with native tokens issued by other chains by having a stablecoin on hand to pay for transaction fees. This allows for a better overall user experience.

2. Data Confidentiality 
→ While Hela Labs promotes the open and transparent nature of blockchain technology, it also strongly believes in the ownership of each user's confidential information. HeLa is now giving customers a choice, allowing them to decide whether or not they want their transaction to be made public thanks to a built-in confidentiality feature. Naturally, there would be a larger transaction fee associated with this option, but rest assured that it will only be minimal.

3. Multi-level Decentralised Identity 
→ In addition to the confidentiality feature, Hela Labs will be introducing a Decentralized Identity system that will enable users to further improve their data ownership. It had earlier been stated that anonymous users would find it challenging to access services offered by different companies, including financial institutions. Users can be KYC-ed by a neutral third-party through the Decentralised ID system. This third party can then operate as an entity vouching for the users to the relevant financial institutions, enabling them to use these services without disclosing their identity. HeLa Labs took a lot of inspiration from the zero-knowledge proof systems that are being used in some of the different blockchains.

4. Modular Design
→ While the modular design makes blockchain technology more scalable, flexible, and maintainable, Hela Labs actually chose this design to enable the creation of a new asset-integration layer that could possibly one day eliminate the need for bridges and create an ecosystem that is truly interoperable.

#HeLa #helalabs #blockchain #crypto #innovation
HeLa, a prominent blockchain platform, has been at the forefront of enhancing its internal scalability and performance in order to meet the evolving needs of the digital environment. The project has started taking steps to improve consensus mechanisms, increase overall throughput, and enhance transaction processing capabilities using an extensive investigation and series of assessment.

HeLa's efforts to improve performance and scale focus on an in-depth analysis of its internal systems and procedures. HeLa's TPS indicators were first evaluated as a baseline, comparing the initial performance levels to the current situation. The outcomes were impressive, showing a noteworthy five-fold increase in the TPS of the execution layer and the combined TPS of execution and consensus. This major development shows HeLa's dedication to exceeding expectations and providing a seamless customer experience.

HeLa's internal performance and scalability testing are significant phases in the company's transformation into a leading blockchain platform, in addition to standard assessments. These assessments are essential for several kinds of reasons:

Advanced Technologies→ Modern technologies are integrated into HeLa, which is crucial for managing the network's increasing demand. These include cutting-edge consensus techniques and data layouts which allow faster and more secure transactions. By cutting down on the time required for each transaction, the usage of these technologies directly affects TPS by enabling more transactions to be handled per second.
Critical Process Optimization→ HeLa guarantees that no resources are wasted by carefully reviewing and optimizing each stage of the transaction process. This improvement involves optimizing the data retention and access techniques as well as the smart contract execution efficiency. A greater TPS is a result of the network's capacity to handle transactions more quickly and consistently according to optimized operations. Strategic Mechanisms→ HeLa has established together a number of strategic techniques that distribute the exchange load across multiple networks and nodes, including sharding and layer-2 solutions. This distribution greatly improves the network's total throughput per second (TPS) by allowing parallel processing and lessening the load on every node.

#HeLa #helalabs #blockchain #crypto #innovation

HeLa Labs is thrilled to announce that early supporters will be given the chance to receive rewards in an upcoming teaser airdrop for Green God Candle tokens. Prior to the main airdrop, this teaser airdrop is intended to acknowledge and honor the community's engagement and participation. In the future, there will be numerous airdrops and more events similar to this one.

This is only a teaser airdrop so the snapshots have already been taken but don't worry! The main airdrop is still coming so go in the HeLa Labs community for a chance to partake and get qualified.

Before that, let us discuss what an airdrop is. ↓

The world of cryptocurrencies is exciting, and airdrops offer both opportunities and threats. You can decide whether or not to take part in airdrops by being aware of what they are, doing thorough research, and exercising caution. Remember that the cryptocurrency environment continues to evolve, and airdrops are only one of many ways to participate. Always put your security first and keep up with the latest developments in the cryptocurrency world, regardless of whether you choose to take part in airdrops or not.

You may effectively manage this interesting element of cryptocurrencies while reducing potential risks and optimizing the advantages it can bring for you and the cryptocurrency community at general by approaching airdrops with a fair and understanding perspective. Airdrops serve several purposes:

Building Communities
→ Building and expanding a community around a specific cryptocurrency project can be accomplished more successfully through airdrops. The project could attract new users, backers, and possible investors by distributing tokens to a large audience who show interest in the project's goals and innovation.

Raising Awareness
→ A marketing strategy used to promote a cryptocurrency project is airdrops. When users get free tokens, they frequently tap into the project to learn about its objectives and opportunities. It is possible that more people will become active participants of the project's ecosystem as a result of this increased awareness.

Promoting Engagement
→ Certain airdrops have requirements or conditions that participants must achieve. For example, to take part in a project, one must have a required quantity of its current tokens, finish particular tasks, and follow the project on social media. This encourages involvement and engagement in the community.

Giving Incentives to Early Adopters
→ Projects may choose to reward early backers or investors with airdrops. Token distribution can encourage long-term involvement and commitment by rewarding early adopters or individuals who exhibited a strong interest in the project.

#HeLa #helalabs #blockchain #crypto #innovation
Every on-chain transaction has a gas fee that is required by the blockchain as a way to reward block miners. These gas fees are determined by the supply side of each token's economics and are used to cover the operational costs associated with maintaining the nodes, or computers, that mine these blocks in order to create a chain and complete a transaction.

To pay for the gas fees associated with each transaction, several blockchains use various tokens or coins. Before transactions can be completed, ETH must be used as gas fees on the network for decentralized applications running on the Ethereum ecosystem. Similar to Hela chain transactions, users making transactions would require an amount of HLUSD to complete Hela chain-related transactions in their wallet. In this case, both chains use their native token to settle gas fees; however, HLUSD is a stablecoin while ETH on the Ethereum chain is a volatile coin.

Stablecoins are backed by reserves and issuance systems and pegged in the ratio of 1:1 which gives stability for its users. Hela USD (HLUSD), being the stablecoin of the Hela Network, is designed for the settlement of gas fees within the ecosystem. It is a fiat-collateralized currency backed by the USD dollar, similar to Tether and Circle USD.

In order to encourage users who live in areas where the US dollar isn't the main currency of exchange, Hela Labs is introducing additional regional stablecoins. These stablecoins will be used as gas fees. You can instantly settle gas fees with these stablecoins instead of converting your national corresponding stablecoin.

Due of the reliability that stablecoins provide to blockchain users' everyday lives, their adoption into the Hela ecosystem will be functional through their use as gas fees.

With national stablecoins, users can now determine transaction fees, the amount needed each time due to possible inflationary market activity on fiat, and the possibility of cross-regional exchanges. This marks the beginning of providing blockchain users with a truly exceptional experience and bringing widespread adoption to the Hela Ecosystem.

#HeLa #helalabs #blockchain #crypto #innovation
The first Layer 1 blockchain, Hela, was created by renowned engineers and scientists and is powered by the HLUSD stablecoin. Its seamless integration, unparalleled scalability, and interoperability, combined with its real-world adoption goal, make it an excellent choice for both developers and users. HLUSD is not just another stablecoin; it represents a monument to the future of scalable and secure blockchain protocols, built with precision and backed by currency.

A key component of the Hela blockchain ecosystem is the Hela stablecoin (HLUSD). compared with some other cryptocurrencies, whose value is subject to sudden changes in the market, HLUSD provides users with a stable and reassuring experience. Because HLUSD is backed by standard fiat money, stability is ensured and users can benefit from digital currencies without experiencing the usual volatility associated with cryptocurrency markets.

This essentially means that you can depend on HLUSD to maintain a consistent value when holding it, which makes it an excellent choice for day-to-day transactions, investments, and financial planning. Hela stablecoin (HLUSD) offers a reliable and secure choice that's in line with your financial expectations, whether you're making payments, setting funds down for the future, or simply discovering about the possibilities of digital currencies.

In the world of digital assets, HLUSD is an innovative development designed to bring together the flexibility and accessibility of cryptocurrencies with the stability of existing financial systems. Hela aspires to create a cryptocurrency that is both user-friendly and widely utilized by achieving the right balance. As time moves on, HLUSD has the potential to significantly influence how finance develops, enabling global access to the advantages of blockchain technology and allowing people to take part in the digital economy.