'Time for India's CBDC is nigh,' but why is the RBI keeping Bitcoin at bay

The Indian cryptocurrency community is fighting the lack of regulatory clarity actively, but the government seems to be more enthused about the development of its digital rupee.

Indian regulator probes crypto exchange for alleged forex law violations

The Directorate of Enforcement issued a show-cause notice to the crypto exchange for allowing clients to transfer cryptocurrencies without following the law of the land. Mumbai-based crypto exchange WazirX has been the target of much of India’s regulatory heat as the company continues to attract local investors. In the latest run-in with the government, the Directorate of Enforcement (ED) issued a show-cause notice to WazirX for allegedly violating the Foreign Exchange Management Act in relation to transactions worth 2,790.74 crore rupees (~$372 million).As per The Economic Times, the Binance-owned cryptocurrency exchange came into the spotlight after the ED questioned its capability to allow users to make cross-border payments without direct oversight of the government.

WazirX needs to explain why withdrawals from crypto wallets were NOT in violation of FEMA

Binance-owned Indian cryptocurrency exchange, WazirX was on the receiving end of yet another notice from the Enforcement Directorate [ED].

Indian high court seeks ad disclaimers from crypto exchanges

India’s Delhi High Court is looking to put a clear voiceover and a disclaimer covering 80% of the screen on crypto ads on national TV. Amid the ongoing regulatory uncertainty to cryptocurrencies in India, a high court in the country’s capital is taking action to regulate advertising by local crypto exchanges.The Delhi High Court has issued notices to local authorities and crypto firms in an effort to enforce guidelines for crypto exchanges advertising on national television, the New Indian Express reported Wednesday.The court is seeking responses from the Securities and Exchange Board of India (SEBI), the Ministry of Information and Broadcasting, as well as major Indian crypto exchanges including CoinDCX and WasirX, and aims to discuss the issue in August.According to the report, lawyers Ayush Shukla and Vikash Kumar have urged the court to ask the SEBI to issue ad guidelines requiring crypto audio-visual ads to include a disclaimer covering 80% of the screen, accompanied with a voiceover reading lasting at least five seconds.

Indian Bank Blocks Use of RBI’s Remittance System for Crypto While Government Delays Bill

Major Indian bank ICICI has asked customers not to use the Reserve Bank of India (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments.

India To Consider Banning Private Crypto Ownership Amid Meteoric Rise in Digital Asset Investments: Report

Legislators in India are reportedly gearing up to present a cryptocurrency bill that will prohibit the ownership of private digital assets in the country.  According to PRS Legislative Research, a non-profit organization that tracks the activities of the Indian Parliament, the proposed Cryptocurrency and Regulation of Official Digital Currency Bill is listed for introduction, consideration and […] The post India To Consider Banning Private Crypto Ownership Amid Meteoric Rise in Digital Asset Investments: Report appeared first on The Daily Hodl.

Marshall Wace hedge fund giant to reportedly dive into crypto

Marshall Wace is reportedly still discussing the size of its new digital currency-related portfolio with potential investors. Marshall Wace, a London-based hedge fund giant managing about $55 billion in assets, is reportedly planning a major move into cryptocurrency and blockchain investment.The hedge fund firm is preparing to launch a dedicated portfolio targeting investments in the digital asset industry, the Financial Times reported Tuesday.Citing anonymous people familiar with the matter, the report notes that the new initiative will focus on investing in privately owned digital finance companies working in areas like blockchain technology and payments systems for digital currencies and stablecoins.It is believed that Marshall Wace’s new digital finance portfolio will be headed up by Amit Rajpal, chief executive of Marshall Wace Asia and co-founder of Indian fintech firm Niyogin.According to the report, the portfolio will adopt a similar approach to a newly-launched healthcare fund targeting investment in firms before flotation and then holding on to them after they list. People familiar with the matter reportedly said that the portfolio will make a particular focus on late-stage venture capital investments and the infrastructure around stablecoins.Related: $22B hedge fund Point72 reportedly searching for a ‘head of crypto’The hedge fund firm is reportedly still discussing the size of the new portfolio with potential investors.

India’s Finance Minister Says Crypto Bill Ready for Cabinet

India’s finance minister has provided a status update on the country’s cryptocurrency bill that the government has been working on.

India may see the crypto bill discussion in Monsoon session of Parliament

Indian crypto businesses may find some relief in the news that the cabinet note for the crypto bill is 'ready'.

Coinbase Luring 'Hundreds' of Indian Engineers With $1,000 Crypto Bonuses

Cryptocurrency exchange Coinbase is planning a hiring spree in India, with new engineers receiving a one-time payment of $1,000 in crypto.

Indian IT giant Tech Mahindra partners on blockchain system for vaccine tracing

Aiming to tackle the supply chain issues that impact the stock and expiry of COVID-19 vaccines, Tech Mahindra and blockchain firm StaTwig will roll out a “VaccineLedger” solution worldwide. As mass vaccination programs against COVID-19 become increasingly critical to many governments' strategies for pandemic management, blockchain firms are acting fast to propose ways in which the technology could offer solutions to some of the logistical hurdles involved.Blockchain company StaTwig — a graduate of the UNICEF Innovation Fund — was already trialing its blockchain-based solution VaccineLedger in 2019, in both India and the United States.

The Dean of Valuation: Bitcoin Failed as a Good Currency

The Indian professor Aswath Damodaran believes BTC is not an example of a good currency as most people do not choose it as a means of payment.

Foreign Cryptocurrency Exchanges Could Face 18% Tax in India: Report

Foreign cryptocurrency exchanges operating in the large Indian market could soon start to pay a new tax of 18%.

Indian Crypto exchanges: Getting to the bottom of 'the problem the industry is facing'

Indian crypto businesses have been struggling with unclear regulations and now, exchanges are seeking secure, viable, permanent payment solutions.

Slow, but not steady: India’s stance on Bitcoin and crypto is evolving

India’s regulatory stance on crypto has been shaky at best and prejudiced at worst, but what is India actually doing about crypto? India’s reserve bank has long since condemned the use of cryptocurrencies, but other than the Supreme Court striking down its 2018 bill last year, the Indian government’s stance on cryptocurrencies has been largely uncertain. On one hand, top sources tracking the government’s stance say it has shifted away from the idea of a complete ban.

Did the Indian govt's 'Bitcoin ban' campaign backfire?

India's stance towards cryptocurrencies has been steadily changing over the past year: indications of ebbing hostility towards this sector have been widely covered.

Indian Investments In Crypto Grow Rapidly As $40 Billion Milestone Is Reached

India is seeing explosive growth in crypto investments compared to last year as the $40 billion milestone is crossed.

Despite regulatory uncertainty, Indian crypto investment surges 19,900% in one year

Unperturbed by persistent threats of a renewed crypto crackdown from lawmakers, Indian investors have piled $38.8 billion into cryptocurrency over the past year. Despite India’s uncertain regulatory climate regarding crypto assets, nationwide investments in digital assets have increased by roughly 19,900% over the past year.According to data from blockchain analytics firm Chanalysis that was reported by Bloomberg on June 28, crypto investments increased during mid-2020 before going parabolic as the markets surged into new all-time highs towards the end of the fourth quarter.Chainalysis estimates the total invested in crypto across India grew from $200 million to $40 billion over roughly the past year, with the firm estimating 15 million Indians are exposed to cryptocurrency.Monthly value of fiat invested into crypto by Indians: ChainalysisThe data illustrates the positive impact of the Indian Supreme Court’s March 2020 decision to overturn the Reserve Bank of India’s ban on financial institutions providing banking services to firms operating with digital assets.However, it has not been entirely smooth sailing for India’s crypto sector since the Supreme Court repealed the RBI ban last March, with lawmakers frequently threatening new legislation prohibiting crypto assets over the past 15 months.In spite of the persistent threats of a renewed regulatory crackdown, Sandeep Goenka, the co-founder of local exchange ZebPay, highlighted growing appetites for digital assets among Indian’s aged 18 to 35, noting a preference to invest in crypto over gold.

Indian Banks Halting Services to Crypto Industry Post RBI Clarification

Several Indian banks have reportedly halted services to customers dealing in cryptocurrencies despite the central bank, the Reserve Bank of India (RBI), informing them that the banning circular is no longer valid.

India May Imposes 2% "Equalization Levy" on Offshore Crypto Exchanges

According to local media sources in India, the regulator intends to impose a 2% "equalization levy" on investors for cryptocurrency trading services from offshore exchanges that provide services to the Indian market.

Existing Indian law could impose 2% levy on crypto bought from offshore exchanges

Existing law in India could mandate a 2% levy on cryptocurrency purchases from offshore-based exchanges servicing India’s market. According to local sources, the Indian Government’s 2% “equalisation levy” could be extended to crypto-assets purchased from off-shore exchanges.

Indian Police Arrested ”Crypto King” Who Traded Drugs for Bitcoin

The ''Crypto King'' will wait to hear his punishment after being arrested for trading drugs with bitcoin on the Darknet.

Indian Rapper Raftaar to Be Paid in Cryptocurrency for Upcoming Performance in Canada

Indian rapper Raftaar is reportedly accepting cryptocurrency for his upcoming performance in Canada.

Indian ‘Crypto King’ Arrested by Narcotics Control Bureau — Wazirx Says Not Our User

India’s Narcotics Control Bureau (NCB) has arrested a Mumbai resident known as “crypto king,” who allegedly used bitcoin to purchase narcotics on the dark web.

India Consults Stakeholders Related to Cryptocurrency Ban

The Indian government is exploring an alternative approach to handling digital currencies, rather than a blanket ban.

Indian Government May Regulate Crypto as Asset Class: Report

India may be regulating crypto as an asset class under the purview of the Securities and Exchange Board of India (SEBI).

India’s Enforcement Directorate Issues Investigation Notice to WazirX Exchange

Indian crypto exchange WazirX is under investigation by the Enforcement Directorate for alleged illicit transactions involving cryptocurrencies.

Binance-owned Indian exchange WazirX investigated for alleged AML failings

India's Enforcement Directorate will probe crypto exchange WazirX for alleged violations of AML laws and FEMA, in connection with crypto transactions worth $389 million.

WazirX Reportedly Investigated by India’s Enforcement Directorate

One of the largest Indian crypto exchanges, WazirX, is reportedly being investigated by the country's financial crime-fighting agency.

India: Binance-acquired WazirX gets show-cause notice claiming it's 'safe haven for money laundering'

India's Directorate of Enforcement, on Friday, issued a show-cause notice to Indian crypto-exchange WazirX for violating FEMA guidelines for transactions involving cryptocurrencies worth Rs.

Major Cryptocurrency Exchanges Explore Entering Indian Crypto Market

Several major global cryptocurrency exchanges are reportedly exploring ways to enter the Indian crypto market.

India to reportedly ditch Bitcoin ban agenda in favor of asset classification

Indian state officials are reportedly no longer keen on banning Bitcoin and a crypto regulatory bill may be up for discussion during the Monsoon Session of Parliament. The tide may have finally turned for cryptocurrencies in India as reports indicate a softer stance by the government towards crypto.According to a report by The New Indian Express on Thursday, the government’s hostile stance towards Bitcoin (BTC) appears to be shifting towards more common-sense regulatory policies for cryptocurrencies.According to inside sources quoted by the publication, authorities have dropped earlier plans for a blanket Bitcoin ban in favor of classifying cryptocurrencies as an alternative asset class.The Securities and Exchange Board of India will reportedly be tasked with overseeing crypto regulations in the country in collaboration with the finance ministry.These inside sources also claim that Parliament will debate a comprehensive crypto regulatory bill during the Monsoon Session beginning in July.

Crypto exchange giants mulling India foray despite regulatory uncertainty

Kraken, Bitfinex and KuCoin could become the next major crypto exchanges to attempt to service India’s estimated 15 million crypto investors. Some of the biggest names in the crypto exchange business are reportedly eager to capture India’s cryptocurrency trading market, even as the government is yet to issue clear-cut regulatory policies.According to Reuters, sources say Kraken, Bitfinex and KuCoin are examining the potential for setting up shop in India.Crypto exchange giant Binance entered the Indian market back in 2019, acquiring one of the country’s most recognizable cryptocurrency trading platforms WazirX.The aforementioned trio could also pursue a similar entry strategy by acquiring or forming strategic partnerships with other Indian crypto exchanges.According to the Reuters source, these global exchanges are already in the process of understanding the operating conditions in India including preliminary due diligence for acquiring local crypto exchanges.Apart from partnering with Indian crypto exchanges, these platforms could also elect to go the subsidiary route to establish their presence in the country.As previously reported by Cointelegraph, United States exchange behemoth Coinbase announced plans to extend its business to India and has since begun hiring engineering, customer support and software development experts in the country.

Crypto Exchanges Kraken, KuCoin, and Bitfinex Eye Entry Into India: Report

Three major crypto exchanges are looking at ways to enter the Indian market, as the country’s lawmakers wrestle with a potential ban on crypto.

India Could Benefit if Crypto is Treated Like Gold, Says Infosys Co-Founder

The Indian billionaire Nandan Nilekani surmised that treating crypto as a commodity could add wealth to the country's economy.

Infosys Chairman Advocates Regulation of Crypto Assets as Commodities in India

The chairman of major Indian company Infosys says that crypto should be regulated as an asset, like a commodity.

Infosys Co-Founder Nilekani: 'Crypto Too Energy Intensive for Payments'

While the Indian crypto bill is in the works, the country’s top tech executive chimes in.

Lawmakers should treat crypto like gold or real estate: Indian tech magnate

Indian tech mogul, Nandan Nilekani, believes the country should be seeking to attract investment from the $1.7 trillion crypto asset industry. Indian technology mogul, Nandan Nilekani, has urged local lawmakers to allow citizens to speculate on crypto assets.The co-founder and chair of Infosys, an Indian multinational information technology firm, has urged regulators to embrace digital assets and get a handle on accommodating the technology.Speaking to the Financial Times, Nilekani warned that prohibitive regulations could result in significant missed opportunites for India, asserting that a more permissive approach would let the country to tap into the $1.7 trillion digital asset market and allow “crypto guys to put their wealth into India’s economy.However, Nilekani is not bullish on an unfettered crypto market for India, asserting cryptocurrencies are too volatile and energy-intensive to use as a means of payment.

India’s Central Bank RBI Still Has ‘Major Concerns’ About Crypto After Saying Ban No Longer Valid

The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has clarified the central bank’s position regarding cryptocurrency.

Indian central bank remains anti-crypto, affirming ‘no change’ in its stance

The Reserve Bank of India's ban on banks' dealings with crypto may be defunct but the institution remains apprehensive of — if not outright hostile to — cryptocurrencies. Its infamous circular directing banks to cease servicing crypto firms may have been overturned in the courts but India's central bank is showing no signs of softening its stance towards cryptocurrencies.Reserve Bank of India Governor Shaktikanta Das reiterated the institution's position in a recent press conference following a statement on monetary policy, stressing:“We have major concerns around cryptocurrency, which we have conveyed to the government.”The governor's comments come after the Reserve Bank of India had been prompted to clarify that banks should not continue to cite the Reserve Bank of India's now-defunct circular as grounds for refusing services to crypto firms.

Major Indian Bank HDFC Says ‘It’s a Matter of Time Before Indian Investors Have Legal Access to Crypto Plays’

One of India’s leading private banks with 5,608 branches and 16,087 ATMs, HDFC Bank, has published a report stating that “it is just a matter of time before Indian investors have legal access to crypto plays.” This statement came as the bank scrutinizes crypto transactions in customer accounts.

India’s Central Bank RBI Confirms Crypto Banking Ban ‘No Longer Valid’ — Asks Banks to Stop Quoting It

Indian central bank, the Reserve Bank of India (RBI), has officially advised banks that its banking ban circular is no longer valid as it was set aside by the country’s supreme court more than one year ago.

Finally, India's RBI breaks its silence on 'crypto ban'

Indian cryptocurrency holders and users can finally breathe a sigh of relief as RBI released its objection to banks using its old circular to refrain from processing crypto payments.

Indian central bank clarifies regulations as local banks shun crypto

Banks like HDFC and the State Bank of India reportedly cautioned customers against crypto, citing the RBI’s quashed crypto circular.

How Polygon Became the Indian Tiger of Blockchain Platforms

The conspicuous lack of Indian presence in the blockchain and cryptocurrency space has always seemed relatively incongruous.

Indian Government to Set up Panel of Experts to Take a Fresh Look at Regulating Cryptocurrencies: Report

The Indian government is reportedly looking to form a new “panel of experts” to focus on ways to regulate the cryptocurrency industry in the country.

Indian Government Mulls Regulatory Panel as Crypto Ban Looms

The Indian government is reportedly convening a panel of experts to study crypto regulation, as the country mulls a ban on crypto.

Indian Government Reportedly Considering Crypto Regulations Instead of a Ban

India could be having a "change of heart" moment on the crypto industry as a new report suggests regulations instead of a ban.

India Will Regulate Crypto as Ban Talk Binned - Report

Source: Adobe/Patange_R While the bitcoin (BTC) bloodbath continues on the markets with reports of newer investors panic-selling, glimmers of cheer have appeared in India, where joyful crypto advocates have been welcoming reports that the government may be set to scrap talk of a ban – and instead take a regulatory route. The Indian authorities have been talking ominously about a ban for years,

Indian government is rethinking crypto ban: The Economic Times

A new panel will be formed to address "outdated" recommendations on crypto trading.

'Crypto for COVID': Indian neobank aims to feed those affected by pandemic

In the middle of a spike in cases, more than 4,000 people are dying in India every day as a direct result of the pandemic. Cashaa, a crypto banking platform with physical branches across India, is launching an initiative aimed at bringing crypto enthusiasts together to provide food supplies to those most affected by the COVID-19 pandemic.According to an announcement from Cashaa on Tuesday, the platform’s "Crypto for COVID" plan involves building a community of crypto users who will give underprivileged families in India the food they need for a month.

3 Major Indian Cricket Teams Join Fan Token Platform Socios.com

Popular Indian cricketers are looking for new ways to engage with fans amid the Indian Premier League's emergency suspension.

Chiliz, Socios announce partnerships with three major Indian cricket franchises

In what is a major development, Chiliz and Socios.com, two of the leading entities in the space of fan engagement, have announced partnerships with three franchises of the Indian Premier League.

Former Finance Secretary Urges Indian Government to Encourage Crypto Services, Regulate Cryptocurrencies

Former Finance Secretary Subhash Chandra Garg, who headed the committee that drafted India’s cryptocurrency bill, says that the government should not ban cryptocurrencies but regulate them instead.

National Payments Corporation of India Says It Will Not Ban Cryptocurrencies Through UPI

India’s payments authority, the National Payments Corporation of India, has reportedly said that it will not ban cryptocurrency transactions.

Dogecoin gave this Indian exchange a 'ruff' time: what went wrong?

Dogecoin, without a doubt, gave one of India's largest crypto trading platforms a "ruff" time with its price surge.

Indian startup organization proposes regulatory framework for crypto

An internet startup association in India has asked the government to define cryptocurrencies like Bitcoin as digital assets and not currencies. IndiaTech.org, an industry association representing India’s consumer internet startups and investors, wants to provide clear definitions for the cryptocurrency industry. On Wednesday, the association released a white paper including a policy proposal with recommendations for a regulatory framework for crypto assets and crypto exchanges in India. The proposed framework suggests to define cryptocurrencies like Bitcoin (BTC) as digital assets and not currencies.

Vitalik Buterin and Balaji Srinivasan Donate to Indian Covid Relief Fund Despite Country’s Intentions to Ban Cryptos

The covid-19 crisis is worsening every day in India, as the country keeps hitting record daily numbers of cases and its death toll.

Ethereum creator donates 100 Ether and Maker to Indian COVID-19 relief

Vitalik Buterin made the donation after the co-founder of Polygon set up a charity drive to aid COVID-19 relief amid India's second coronavirus wave. Ethereum creator Vitalik Buterin has contributed 100 Ether (ETH) and 100 MKR tokens to a COVID-19 relief fund for India as the country finds itself embroiled in the virus’s second wave.

Mercurial on crypto: Will India’s latest stance lead to positive regulation?

Indian officials are switching their stance on crypto, but the country’s regulatory environment may have additional bottlenecks in store. For most of the last decade, India’s stance on cryptocurrencies has been uncertain, to say the least.

Why cryptocurrency is booming in India despite national ban fears

Cryptocurrency is taking off in India despite regulatory fears, which many are now dismissing as nothing but FUD. India has been the subject of intense speculation regarding the future legal status of Bitcoin (BTC) and other cryptocurrencies in recent months. Speculation went into overdrive in February when an anonymous Indian minister told Bloomberg that a nationwide blanket ban on cryptocurrency was imminent and that holders would be given a matter of months to dispense with their coins and tokens.

India: Government to keep an 'open mind' regarding Bitcoin and crypto in the country

The Indian cryptocurrency community has been witnessing tremendous growth but a lack of regulatory clarity has been a significant roadblock.

Revolutionizing the crypto-market in India with CryptoBiz exchange

The Indian cryptocurrency industry has been growing rapidly as the economy recovers from battling the ongoing global pandemic.  The crypto-sector in India is showing significant growth with severa The post Revolutionizing the crypto-market in India with CryptoBiz exchange appeared first on AMBCrypto.

Indian IT giant Tech Mahindra to launch stablecoin tool for banks

Tech Mahindra wants to provide US banks with a stablecoin solution after the OCC authorized federally chartered banks to use stablecoins for settlement in January. Indian multinational technology firm Tech Mahindra is developing a new stablecoin service targeting banks and financial institutions. The tech giant announced Monday that it has entered into an agreement with Dutch blockchain application incubator Quantoz to launch a “stablecoin-as-a-service” tool to reduce transaction costs and processing times. The new collaboration targets potential clients from the banking and financial sector as the United States’ Office of the Comptroller of the Currency officially allowed federally chartered US banks to use public blockchains and stablecoins for settlements in January 2021. Rajesh Dhuddu, blockchain and cybersecurity leader at Tech Mahindra, said: “The recent OCC announcement promoting the use of stablecoins for the settlement of financial transactions by banks will spur demand and drive innovation in global payments.”  As part of the strategic collaboration, Tech Mahindra will help customers integrate Quantoz’s Nexus transaction processing platform into their legacy infrastructure.

Yellen & Global Tax Plan, Russian Crypto Consultation, Indian NFT Marketplace + More News

Janet Yellen. Source: A video screenshot, Youtube/Credit Suisse Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. Tax news Janet Yellen will use her first major address as US Treasury secretary to argue for a global minimum corporate tax rate, as she makes the case for President Joe Biden’s

Indian crypto exchange WazirX launches NFT marketplace

Prominent Indian exchange WazirX has jumped on the non-fungible token [NFT] bandwagon and launched India's first marketplace for it.

WazirX (WRX) Price Soars 250% to ATH Following NFT Platform Launch

The native token for Indian crypto exchange WazirX has surged to a new all-time high following the news that it will be launching a NFT platform for the Indian market.

Users of top Indian crypto exchange report seeing '0' funds during outage

"The load on our systems are way too much," said CEO Nischal Shetty. Major Indian crypto exchange WazirX experienced disruptions caused by system failures for more than four hours Sunday.  In a tweet at 5:24 PM UTC, WazirX CEO Nischal Shetty reported that the crypto exchange had “hit some internal limits” set by one of the infrastructure providers.

Indian crypto users suspect Flipkart's Bitcoin announcement is an April Fools joke

True or not, the timing of the announcement is suspect given many companies' apparent fondness for pranking customers on April 1. Flipkart, India's largest e-commerce company by sales, has said it will be accepting Bitcoin payments in what many suspect is an April Fools’ Day prank. In an announcement on Twitter today at 11:30 pm India Standard Time, Flipkart said it would be accepting Bitcoin (BTC) “as a convenient mode of payment” for its online marketplace.

Indian crypto exchange execs intensify lobbying efforts to prevent ban

Cryptocurrency exchange operators in India are attempting to dissuade the government from banning digital currencies. Nischal Shetty, CEO of Indian crypto exchange WazirX, and other stakeholders in the industry are reportedly working toward convincing the government to adopt more nuanced cryptocurrency regulations. According to a report by The Economic Times, the country’s Blockchain and Crypto Council has drafted a presentation note highlighting recommendations for cryptocurrency regulations in India.

India’s Crypto Exchanges Join Forces in Face of Looming Bitcoin Ban

Indian crypto exchanges are reaching out to the country's finance minister and central bank, to explain how the crypto market could be regulated.

Indian Government Now Requires Companies to Disclose Cryptocurrency Holdings

The Indian government has introduced new cryptocurrency disclosure rules.

Indian Gov: Companies Must Disclose Crypto Holdings

As the Indian government requires companies to disclose crypto holdings, the industry welcomes the move but keeps its expectations low.

Indian Companies Required to Report Crypto Transactions

As India's authorities still dabble with a potential crypto ban, a newly-implemented document urges traders and companies to report all digital asset activities.

India's central bank claims govt. shares its 'major concerns' about cryptos

Indian government and regulators have been trying to take a firm position on the use and supply of cryptocurrencies in the country.

India's government orders companies to disclose crypto holdings

Recent amendments to India’s Companies Act will see firms in the country include their crypto involvement in all public financial reporting. While the legal status of cryptocurrencies remains undecided in India, companies in the country involved in virtual assets must now report their activities as part of their financial statements. The new rule follows amendments made by the country’s Ministry of Corporate Affairs to Schedule III of the 2013 Companies Act. According to the document published on Wednesday, Indian firms both public and private that have invested or traded in crypto during the financial year must disclose their profits or losses. Other crypto-related disclosures include the amount of cryptocurrency held by the company as of the reporting date as well as additional advance deposits made by customers for the purpose of cryptocurrency investment or trading. The amendments to the Companies Act of 2013 will come into effect at the start of April.

Banning Bitcoin is like rejecting the US dollar, entrepreneur warns India

Rejecting crypto as a reserve currency will lead to an Indian currency devaluation of the worst kind, warns blockchain entrepreneur Raj Chowdry. An Indian cryptocurrency ban would have grave implications for the future of the country’s economy, and would result in currency devaluation “of the worst form,” says blockchain entrepreneur and HashCash CEO Raj Chowdry. Chowdry, also the managing director of the United States-based PayBito cryptocurrency exchange, said India’s rejection of Bitcoin (BTC) and other cryptocurrencies would be the equivalent of rejecting the US dollar.

Coinbase hiring in India despite potential crypto crackdown

Coinbase plans to base some of its “IT services” in India, including engineering, software development, and customer support. Leading US cryptocurrency exchange Coinbase has announced it is “establishing a business presence in India” despite uncertain regulatory headwinds for crypto in the country. In a March 25 blog post, Coinbase revealed it is planning to house “some IT services, including engineering, software development and customer support operations in India,“ noting the country’s “huge pool of world-class engineering talent.” “India has long been known as a hub for engineering and technology innovation, and we look forward to finding that world-class talent to help the Coinbase group develop new ways for our customers to interact with the cryptoeconomy.” Despite the announcement, no job positions appear to have been uploaded to Coinbase’s careers portal that are country specific to India, and a search of the site for the term 'India' came up empty at the time of writing.  The blog post added that Coinbase is also actively hiring in Japan, Singapore, the Philippines, Ireland, Canada, and the UK to expand the geographic diversity of its “remote-first” workforce. The news comes as uncertainty hangs over India's crypto sector, with Reuters reporting anonymous sources in the Indian government claiming the country’s lawmakers are preparing a bill that would criminalize the “possession, issuance, mining, trading and transferring crypto-assets.” However, India’s minister of finance, Nirmala Sitharaman, stated the government will not be “shutting all options off” for the crypto industry less than two weeks ago.

Indian State Eyes Blockchain Technology to Facilitate Remote Voting

The government of Telangana, a southern Indian state, is moving forward with its objective of making the voting process seamless and trustworthy with the help of blockchain technology.

Indian Government May Block IP Addresses of Crypto Exchanges

As the Indian government prepares to introduce the cryptocurrency bill, there are reports that it is considering blocking the IP addresses of cryptocurrency exchanges.

Amid ban rumors, billionaire Nandan Nilekani says crypto can help Indians

Co-founder of major Indian tech company Infosys Nandan Nilekani has urged the government to help MSMEs access capital using Bitcoin. Prominent Indian entrepreneur and government advisor Nandan Nilekani has spoken in favor of cryptocurrencies as the government reportedly mulls a ban on private digital assets.  Nilekani joined a Clubhouse session with angel investor Balaji Srinivasan to discuss the state of crypto in India, local business news publication Moneycontrol reported Monday.

New Details About India Banning Cryptocurrency Emerge — Crypto Community Sees Mixed Messages

New details have emerged suggesting that the Indian government will go ahead with banning cryptocurrency, in contrast to what the crypto community believes.

India's Finance Minister Says a "Window" for Bitcoin is Coming

A new bill could see Indian crypto users face harsh penalties.

Latest Episode of India’s Crypto Ban Soap Draws Decidedly Mixed Reviews

Yet another “unnamed Indian government source” has come forward with forecasts of doom – telling Reuters that New Delhi is set to unveil a law “banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets,” and stamping out mining. But, once again, everything may not be quite as it seems, according to one of the crypto

Indian Government Open to Exploring Cryptocurrencies — Finance Minister Offers New Clues About Crypto Regulation

The Indian finance minister has finally revealed clues about what is in the cryptocurrency bill that is due to be introduced in parliament.

Indian Crypto Players Want Bigger Role In Shaping Regulation As Ban Is Less Likely

Source: Adobe/Patange_R As India's Finance Minister and a member of the Lower House of Parliament both gave encouraging statements over the past weekend, local crypto industry players want to have a bigger role in shaping the regulatory landscape. The news came from India, as on March 5, as the country's Finance Minister Nirmala Sitharaman said that the government is not looking to go to the

India to take a "calibrated" approach regarding crypto acc. to FM

The Indian cryptocurrency users seem to have found hope at the end of the tunnel when Finance minister Nirmala Sitharaman spoke about taking a "calibrated" approach with regards to crypto trading in t The post India to take a "calibrated" approach regarding crypto acc.

No crypto ban in India: Finance Minister predicts “very calibrated” stance

No blanket ban on the horizon, with an open "window" for experimentation in India says Nirmala Sitharaman Yet another “crypto ban” turns out to be temporary FUD. In an interview with CNBC this morning, Indian Finance Minister Nirmala Sitharaman said that reports of a blanket ban on cryptocurrencies are overstated.

India's Bitcoin Exchanges Breathe Sigh of Relief As Gov Reconsiders Crypto Ban

As the Indian finance minister tones down the government's previous position that fuelled fears of a total crypto ban, India's crypto industry welcome the remarks as a sign that a regulatory framework is in the making.

Indian Central Bank Informs Government of Major Crypto Concerns — Digital Rupee ‘Receiving Our Full Attention’

India’s central bank governor Shaktikanta Das has revealed that the bank has “major concerns” about cryptocurrencies, and it has informed the government of them.

Indian Central Bank Playing by Same Anti-Crypto, Pro-CBDC Rules as China, EU

The head of the Reserve Bank of India (RBI), the subcontinent’s central bank, has again indicated that the government might seek to enact a crypto crackdown – while attempting to gazump the crypto sector by releasing a digital rupee. In an interview with CNBC-TV18, RBI Governor Shaktikanta Das appeared to take the same kind of tack that central banks

India’s Warren Buffett Wants Regulators to Ban Bitcoin and Focus on Digital Rupee

Indian billionaire Rakesh Jhunjhunwala, sometimes referred to as the Warren Buffett of India, says that the government should ban bitcoin.

Indian banks put crypto traders' accounts under the microscope

HSBC, HDFC and Citi are now requiring crypto traders in India to provide information about their activities or risk losing their funds. Cryptocurrency traders and investors in India are among the latest casualties in an increasing trend of personal account closures by global banking operations.  India’s parliament is currently contemplating a nation-wide crypto ban which local industry critics, such as former Coinbase CTO Balaji Srinivasan have compared to “banning the internet for five years.” The Economic Times reports that customers of private banks in India, such as HDFC, HSBC and Citi, have been receiving notices this year asking them to clarify crypto-related transactions, often requiring them to visit their local bank branch in person.

Here's why this billionaire wants regulators to ban Bitcoin in India

As regulators in India mulling over a bill that could ban cryptocurrencies, an Indian billionaire is looking forward to the same.  Rakesh Jhunjhunwala, who has a $3.8 billion net worth, called for The post Here's why this billionaire wants regulators to ban Bitcoin in India appeared first on AMBCrypto.

State Bank of India joins JPMorgan’s blockchain payments network

A major government-owned bank, the State Bank of India, has become the first Indian bank to join JPMorgan’s blockchain network Liink. The State Bank of India, or SBI, a major Indian government-owned bank, is looking to improve cross-border payments with a blockchain solution by American investment bank JPMorgan Chase. According to a Feb.

Inside the Fight Against India’s Proposed Crypto Ban

As the Indian government’s crypto ban draft bill looms large, Indian crypto businesses are coordinating efforts to convince the government that regulation is the better approach.

Indian Official Provides Updates on Crypto Bill and Transition Period for Crypto Holders: Report

As the Indian government gets closer to moving forward with the cryptocurrency bill, an official from the Ministry of Finance reportedly explained what discussions the government has been having regarding the crypto bill and the impending legislation.

More harm than good? Nigerian crypto users in disbelief over CBN ban

Crypto and blockchain stakeholders in Nigeria have criticized the central bank’s decision to ban banks from servicing crypto firms. The Central Bank of Nigeria has banned banks from servicing crypto exchanges in the country in a move that echoes actions taken by its Indian counterpart back in 2018.

India’s Crypto Community Fights Back As Ban Bill Turns Into Tiresome Soap Opera

Crypto enthusiasts in India have run out of patience with unsourced reports of the government’s alleged forthcoming crypto crackdown – and have challenged New Dehli to come clean with its intentions. On Twitter, Indian crypto community members say that they are tired of the government allegedly leaking info to reporters about crypto “bans” – and want a

India's crypto ban is coming, hodlers to be given transition period: Bloomberg

An anonymous Indian official has claimed the country’s parliament will soon introduce a blanket bank on crypto assets, and give hodlers three-to-six months to liquidate. An anonymous source claiming to be a senior Indian Finance Ministry official has claimed that the use of crypto assets will soon be completely banned in the world’s second most populated country. Speaking to Bloomberg, the source claimed that the use of cryptocurrency in all its forms will be banned under a new law expected to soon be introduced in the parliament.