The rise of crypto fraud in India
Crypto fraud in India has seen a dramatic increase, spotlighting the urgent need for robust cybersecurity measures. This growing concern was further highlighted recently when a consultancy executive from the Indian city of Gurugram was deceived out of over $45,000 through a crypto scam. Such incidents have sparked a nationwide discussion on the efficacy of […]
Reserve Bank of India’s crypto alternative is here: How can one use the e-Rupi?
The Reserve Bank of India (RBI) has launched a pilot program for its new digital currency, the e-Rupi. This will be a digital version of the Indian native currency. RBI’s initiative is to establish an electronic version of cash that can be primarily used for retail transactions. The pilot program launched on Thursday will initially […]
India crypto adoption surge 30 percent amidst regulation crisis
TL;DR Breakdown India crypto adoption surge by 30 percent. Crypto future in India uncertain. Crypto sporadic upsurge in 2021 has seen Bitcoin price surge by over 400 percent this year. This has played a huge role in India’s crypto adoption rise, which has moved up by 30 percent since March 2020 till now. Bitcoin (BTC), […]
Crypto advocate urges Indian government to improve regulation
TL;DR Breakdown Crypto advocate calls for improved regulation in India. Nilekani indifferent about CBDC in India. Nandan Nilekani, a crypto advocate in India and co-founder of major Indian tech company Infosys, has called on the government to improve crypto regulation in the country. This comes up, as regulatory uncertainties emanate from the Reserve Bank of […]
Crypto ban is like rejecting the U.S. Dollar – Indian entrepreneur
TL;DR Breakdown Indian entrepreneur, Raj Chowdry, says the incoming ban will affect India’s economy. Amid the crisis, India pushes for its central bank-issued currency, the digital Rupee. Indian crypto experts speak out over crypto ban Amid the controversy in India over the looming ban concerning cryptocurrency, Industry experts have spoken up about the collateral damage […]
Diploma certificate verification in India to be done using Ethereum blockchain
TL;DR Breakdown The diploma certification verification in India to be done using Ethereum blockchain technology. A recent partnership was announced by LegitDoc with the Maharashtra Government. Maharashtra State Board of Skill Development (MSBSD) has made a quite a bold move despite crypto ban threats. The crypto movement in India came into full effect in India […]
WazirX data shows that 65 percent of total sign-ups on the exchange are women
TL;DR Breakdown WazirX, India’s biggest crypto service provider, has seen a 2,648 percent surge in sign-ups on the platform. The organization has reported that the significant contributors to this surge are women from small cities in India. According to the data provided, the organization has around 55 percent sign-ups from Tier-III and II cities of the nation. […]
Amidst uncertainty, crypto investment rises by 19,900% in India this year
TL;DR Breakdown The stance of the authorities in India has been unclear on the crypto market. Despite multiple rumors of the crypto ban and the bearish market, people made their investments. From the last year, there has been an increase of 19,900 percent in the amount of investment. Crypto investment has been a major point […]
India will allow commercial use of the RBI digital currency in 2023
India’s finance minister has indicated that the government is exploring several commercial use cases of its digital currency. The Reserve Bank of India (RBI) will issue a new digital currency labelled the ‘digital rupee’ by 2023. The Indian government wants to position its digital currency as a regulated alternative to cryptocurrencies in the country. According […]
Indian traders frustrated over UPI deposit suspension
TL; DR Breakdown Indian traders show concerns over UPI deposit suspension Users can only withdraw funds Traders want a timeframe to solve the issue Indian traders are presently in panic mode going by the situation going on across the country in recent times. The country has not been able to drum up a crypto regulatory […]
Coinbase stops UPI payments in India only 3 days after its launch
TL;DR Breakdown Coinbase has halted UPI payment option in India. The decision was taken based on the warning and statement from the NPCI. Currently only the IMPS payment option is available on the app. The popular exchange plans to triple its workforce in India. Only three days after launching UPI (Unified Payments Interface) for purchasing […]
The first crypto index in India: IC15 by CryptoWire
TL;DR Breakdown CryptoWire launches the first crypto index in India. The IC15 index will track and measure the performance of 15 major cryptocurrencies. The index will help investors to make more informed and conscious decisions in the crypto space. CryptoWire, the Mumbai-based all-rounder crypto app has launched India’s first crypto index called the IC15. The […]
The ‘Big 4’ accounting firms ask for crypto investment disclosure from employees
TL;DR Breakdown Deloitte, EY, PwC, and KPMG have asked their employees and partners to disclose all crypto investments. The disclosure should also include investments made by family members. The disclosure is important as these firms are actively working with the RBI. The four largest global accounting firms have asked their employees, partners, and executives to […]
The Reserve Bank of India (RBI) keeps pushing for a complete crypto ban
TL;DR Breakdown: The Reserve Bank of India supports the idea of a complete crypto ban. RBI presented the negative impact of crypto to the central board in the latest board meeting. The Indian crypto community is fearful about a potential ban like China. India’s central bank RBI has communicated its support to the central board […]
WazirX partners $64 billion bank to offer India crypto services
TL; DR Breakdown WazirX has agreed to partner with Kotak bank to provide crypto services. The partnership comes amid a reluctance by banks to offer the service. Indian’s will soon be able to transact cryptos through a mainstream bank. This follows the signing of a deal between WazirX India’s leading crypto exchange and Kotak. The […]
India dismisses plans to ban cryptocurrencies
TL;DR Breakdown India says it is not banning cryptocurrencies. Instead of a ban, govt says it will regulate crypto. Finance secretary supports regulation of crypto other than a ban. Contrary to popular reports that India would be placing a ban on cryptocurrencies, the government has dispelled the news noting that rather regulations would be put […]
CoinDCX IPO: India’s first crypto unicorn plans to launch
TL: DR Breakdown India’s first crypto exchange CoinDCX says it has no ‘immediate plans’ to launch an Initial Public (IPO). According to their spokesperson, the exchange platform, however, hopes to go public one day. Indian crypto exchange platform CoinDCX says it has no immediate plans to launch an IPO. They also said that they are […]
India crypto ban FUD: 20% arbitrage between local and global exchanges
TL;DR Breakdown: Indian crypto exchanges experience massive crypto sell-off. Panic selling causes major coin prices to dip 20% in local currency. WazirX platform crashes after too many sell requests. Indian crypto exchanges witnessed massive crypto sell-offs overnight after reports of a potential India crypto ban emerged yesterday. According to the agenda brief of the Indian […]
India to ban all private cryptocurrencies: How will this impact the global crypto industry?
TL;DR Breakdown: The Indian government will introduce a new crypto regulation bill in the upcoming parliament session. The bill aims to ban all private cryptocurrencies in the country. The Reserve Bank of India will develop its own digital currency according to the bill. There might be major crypto sell-offs in the region if the bill […]
PM Narendra Modi wary of potential cryptocurrency uses
TL;DR Breakdown • Modi believes that it is reasonable to use new cryptocurrency-based technologies.• PM Narendra Modi thinks that all countries should come together to study the crypto industry. India is going through a tense time in crypto trading due to PM Narendra Modi’s quotes on the topic. Modi said he hopes the virtual market […]
India apex bank raises more concern over cryptocurrency
TL;DR Breakdown India RBI governor, Das raises concern over crypto. Says investors should be cautious. Crypto continues to thrive in the Asian country amidst regulatory uncertainty. Governor of the Reserve Bank of India, Shaktikanta Das, has again raised concern over cryptocurrency. He cautioned investors on the potential pitfalls of the digital currency on Wednesday. Speaking […]
Bitcoin scam: Police open new investigation into Srikrishna Ramesh
TL;DR Breakdown • Srikrishna Ramesh was arrested for being responsible for drug sales on the dark web.• Ramesh used encrypted data to perform Bitcoin scams. It is almost a year since the police arrested Srikrishna Ramesh, aka “Sriki,” a Bengaluru-born hacker. Today begins the new investigation into the attacks on one of the most important […]
Non-fungible token fever touches India
TL;DR Breakdown • Non-fungible token fans in India may pay up to $50 per piece.• India could become the next focus country for non-fungible tokens. Since the non-fungible token market was launched in 2017 with the CryptoPunk collection, many countries have adopted them, including India. According to reports, South Asia has increased its adoption rate […]
India to create new crypto regulatory framework
TL;DR Breakdown India wants to create a crypto regulatory framework. This new framework will eliminate the previous outright ban proposed. Top players in the country want the new crypto regulatory framework to go live by the next fiscal year/ The crypto sector is very diverse, with users in the space trading nothing less than 1,000 […]
India second on list of countries with the highest crypto use
TL;DR Breakdown • Crypto investments in India have surpassed 400 percent since last year.• Indians have adapt to cryptocurrencies and the Blockchain network. India is high on the list of the highest cryptocurrency holders in the world. However, these crypto adoptions in the region have not been easy as the Reserve Bank has attacked them […]
Reserve Bank of India claims that India has serious concerns about crypto adoption
TL;DR Breakdown The situation of crypto adoption in India remains unclear. The Reserve Bank of India, the nation’s central authority, remains critical of digital assets. The Governor of the monetary authority believes that cryptocurrency adoption is a ‘concern.’ Despite the regulatory unrest, India has seen a massive surge in crypto investors. The recent statements by […]
India might launch digital rupee pilot programs in December
TL; DR Breakdown: The Indian central bank may begin testing the digital rupee in December. The RBI is “extremely careful” with the developmental processes, according to the governor. The central bank of India is considering launching pilot programs for a potential digital rupee, the nation’s legal tender, starting December 2021. India is among the list […]
CoinDCX raises $90 million, becoming India’s first crypto exchange with unicorn status
TL;DR Breakdown • CoinDCX services promise to renew the crypto market in India.• CoinDCX platform offers investment leverage services. The most secure cryptocurrency platform in India, CoinDCX, has finally closed a C-line race valued at $90 million. The Capital Group Company guided this round. Also included are the contribution of other companies such as Jump […]
Crypto Bank Cashaa to operate in India and offer clients savings in crypto
TL;DR Breakdown • Crypto Bank tries to create a unique FD and RD scheme in cryptocurrencies.• Regulations in India do not stop cryptocurrency bank operations. Cashaa, a UK-based crypto bank, is organizing to expand its operations in India. This launch is scheduled for August with Unicas, a company linked to Cashaa and United. The Unicas […]
Indian authorities seek to implement a whopping 18% tax on foreign crypto exchanges
TL;DR Breaking The stance of Indian authorities on foreign crypto exchanges was unclear until now. According to reports, the government is considering implementing 18 percent duty on exchanges. Another duty of around 2 percent is also being recognized for payments within the exchanges. According to Business Insider, the government of India is currently planning to enhance […]
Crypto exchange struggles in India as banks cut ties
TL;DR Breakdown Crypto exchange in India frustrated as banks withdraw payment support Exchanges find alternatives to banks Crypto exchange firms in India are beginning to lament as banks are have stopped providing support for them. This is in the wake of regulatory uncertainty from the Indian central bank – Reserve Bank of India (RBI). Reuters […]
Indians undisturbed by rigid regulation as crypto investment surge by 19,000%
TL;DR Breakdown Investment in crypto by Indians surge YoY India remains tough on crypto There has been a massive rise in crypto investment in India despite rigid regulations put in place by authorities in the country. Indians are also undisturbed by threats from lawmakers in the country that they could outlaw cryptocurrencies. Instead, they have […]
Crypto king, notorious drug lord nabbed in India
TL;DR Breakdown Notorious drug lord nabbed in India for BTC transactions US jails illegal Bitcoin ATM operator Crypto King, a notorious drug criminal has been arrested in India for paying for hard drugs with Bitcoin both locally and internationally on the Darknet. Crypto king is a pseudo name for Makarand Pardeep Adivirkar, arrested by India’s […]
India to ban crypto? Crypto ban legislation under review, regulations might follow
TL;DR Breakdown The Indian government is looking for options when it comes to the crypto ban. There are talks regarding crypto regulation with prominent regulators over the issue. The result of these talks might result in a blanket prohibition of crypto in the country. Crypto ban has been a major issue in several countries because […]
Kraken, KuCoin, Bitfinex to expand to India
TL;DR Breakdown Exchanges set to debut in India Hot and cold crypto environment in India Amidst stern regulatory concerns for the crypto industry in India, Kraken, KuCoin and Bitfinex are planning their launch in the Asian country. Reports by Reuters suggest that the exchange firms are “exploring ways to get set up in India.” Quoting […]
Cryptocurrency restrictions: SBI Card and HDFC Bank advise their clients not to use cryptocurrencies
TL;DR Breakdown • HDFC Bank alerts on cryptocurrency restrictions by email.• SBI Cards and Payment services join the restrictions in the decentralized market. HDFC Bank has been warning its clients about cryptocurrency restrictions. In emails, HDFC Bank asks its customers about crypto transactions, and they advise against using them. HDFC Bank cites a circular created […]
Cryptocurrency ban may end soon in India, according to HDFC Bank
TL;DR Breakdown • The cryptocurrency ban in India does not have a solid foundation.• India attempting to create digital currency along with Dubai, China, or the United States. The HDFC Bank reports that it is time the Indians give legal access to cryptocurrencies. The cryptocurrency ban is very confusing in India due to the announcements […]
Paytm Payments Bank will no longer work with 3 crypto exchanges
TL;DR Breakdown • PayTm restricts business with crypto exchanges.• WazirX will include two banking channels. Paytm Payments Bank, India’s exchange system, has stopped supporting various crypto exchange platforms. Crypto exchange systems which include ZebPay, WaziX, and CoinSwitch Kuber are no longer backed by the Uttar Pradesh, India-based company. The move is another setback for the […]
India wants to study crypto regulations in a panel
TL;DR Breakdown • The Indian government will regulate but not prohibit trading in cryptocurrencies.• Subhash Garg will lead the committee to talk about crypto regulations. The central government of India could establish a new panel of analysts to regularize crypto trading. This move comes from Subhash Garg, a former finance secretary in 2019, who heads […]
How can you buy Bitcoin in India?
TL;DR Breakdown • Since 2018, the RBI has tried to ban Bitcoin in India.• Bitcoins in India are an alternative trading source. India has been on and off regarding Bitcoin and decentralized currencies in general. The government has issued warnings against crypto investments. Based on this many people wonder if their commercialization is legal. History […]
