Indian banks to embrace AI and blockchain revolution
Mahesh Kumar Jain, the Deputy Governor of the Reserve Bank of India (RBI), has urged the country’s banking sector to embrace the transformative potential of artificial intelligence (AI) and blockchain technologies. This advice, underpinning the vital role of innovation in fostering sustainable growth and stability, came during a recent conference organized by the RBI for […]
India-Russia bond tested by Moscow’s growing ties with China
India’s steadfast relationship with Russia is under pressure as Moscow’s growing ties with China raise national security concerns for New Delhi. While both India and Russia seek to deepen their economic ties, the changing geopolitical landscape is leading to increased scrutiny of their long-standing partnership. India’s concerns over Russia-China relations Despite India’s external affairs minister, […]
Is crypto the culprit? RBI governor links U.S. bank crisis to digital currency
The governor of India’s central bank, the Reserve Bank of India (RBI), has raised concerns about the risks posed by cryptocurrencies to the financial system, citing the recent U.S. banking crisis as an example. Speaking at the 17th K P Hormis Commemorative Lecture on Friday, RBI Governor Shaktikanta Das emphasized the need for robust regulators, […]
Crypto regulation tightens in India as lawmaker makes this move
Crypto regulation in India is tightening as the finance ministry has notified that crypto or virtual asset businesses will now be under the ambit of the Prevention of Money Laundering Act, 2002 (PMLA). This means Indian crypto exchanges will have to report suspicious activity to the Financial Intelligence Unit India (FIU-IND) and follow the same […]
Indian retailers adopt the digital rupee in record numbers
The Reserve Bank of India (RBI) recently made an announcement about the progress of its pilot program for digital currency. According to RBI Deputy Governor T. Rabi Sankar, CBDC (the RBI’s digital currency) has 50,000 users and is accepted at 5,000 shops. On December 1, 2022, five Indian cities began participating in a pilot program […]
Web3 goes to school in India: Algorand announces game-changing partnerships
The Algorand Foundation, the organization focused on growing the ecosystem for the world’s most advanced, secure, and reliable layer-1 blockchain, has recently announced broad-reaching partnerships in India. The Foundation is committed to promoting job opportunities and solutions that are tailored to India’s dynamic population as a result of the fact that India will soon overtake […]
Indian retail giant Reliance will be accepting CBDC digital rupee
One of the largest merchants in India has announced that it would enable consumers to make payments using digital versions of the Indian rupee called digital rupee. During the period in which it is being tested, the Central Bank Digital Currency (CBDC) will be accepted by a number of merchants, one of which will be […]
India envisions a unified G20 approach to crypto regulation
On Thursday, Economic Affairs Secretary Ajay Seth stated that India is working closely with the Financial Stability Board (FSB) to reach a consensus on regulations for virtual assets during India’s G20 presidency in 2023. The G20 plays an essential function within global economic governance and provides a major platform for international financial collaboration. It is […]
India’s Union Budget 2023 disappoints millions of crypto holders
India’s Union Budget of 2023 failed to recognize cryptocurrency and blockchain technology, dashing the expectations of Indian crypto holders across the country. After India implemented high taxes on cryptocurrencies in March 2022, many had hoped for a reduction in this year’s budget, but unfortunately, they were disappointed. On February 1st, Indian Finance Minister Nirmala Sitharaman […]
Crypto in India: Expectations from Budget 2023
Crypto in India has been one of the most debated topics because of the great turbulence it has seen over recent years. The decline of various major names and the devaluation of cryptocurrencies forced the Indian government to take some bold steps. One of these is the harsh crypto tax policy that was introduced in […]
RBI Governor slams crypto, ‘calls it nothing but speculation’
On January 13, the Governor of the Reserve Bank of India (RBI), Shaktikanta Das, reaffirmed his support for an absolute ban on cryptocurrencies. He said that cryptocurrencies are nothing more than a kind of gambling, and their apparent worth is nothing more than speculation. RBI wants crypto banned Das, while participating in a panel discussion […]
India Central Bank Governor’s bold prediction on crypto’s impact on the nation
As the crypto industry continues to expand despite sporadic hiccups, not everyone is on board with the emerging asset class. Governor of India’s central bank, Shaktikanta Das, has forecast that “private cryptocurrencies” will cause the next financial crisis. In addition, when addressing the Business Standard BFSI Insight Summit on Wednesday, Das demanded that these cryptocurrencies […]
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 […]
Polygon will power the 1st-ever blockchain-based police complaint portal in India
We all know that blockchain technology is reaching new innovative feats every day. However, its latest use case in India is astonishing, to say the least. The Firozabad police force has launched a new complaint portal using the polygon chain, which will allow the public to file and track complaints in real time on the […]
According to the RBI, the digital rupee will arrive in the first quarter of 2023
India bet on the digital rupee and plans to launch it in the first quarter of 2023. The Indian government’s battle against crypto trading has proven that the national authority does not have the power to regulate the virtual industry. The flow of people who use cryptos and base their commercial activities on the decentralized […]
Reserve Bank of India plans crypto regulation
Recently, the Reserve Bank of India and the national government agreed on the crypto’s future. On the one hand, the highest authority in India applied taxes on crypto transactions that will reach 30 percent. Likewise, the RBI and the Financial agent Sithraman Nirmala told parliament that cryptos should be prohibited. It is good to know […]
Crypto exchanges suffer since 2021, but RBI doesn’t give up
The global crypto market especially crypto exchanges have seen a downturn in value as the gains have lowered. The changes have resulted in the loss of more than half of its value in the global market cap. The changes were not limited to any specific country or market. Instead, they extended to the different parts […]
Crypto consultation paper: Indian government ‘fairly ready’
The legislation process regarding crypto has continued for a while, and various governments have moved forward. They have the motive of making crypto investments easier and safer for investors. The Indian government has also been working on crypto consultation, taking all stakeholders’ views. The process continued for a while, and now the economic affairs secretary […]
India crypto company wants to reduce the TDS imposed by the government
Recently, the leading exponents of the crypto industry in India, such as CoinDCX, spoke out to discuss the TDS rates. The South Asian country is again in the crypto spotlight after its tax rate was well above the measure. As crypto trading experiences a downturn, India debates its TDS rates looking to strike a deal […]
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 banks seek NPCI clarification on crypto UPI payments
TL;DR Breakdown Indian banks have written to the NPCI asking for clarification on UPI payments for cryptocurrency traders. The NPCI is yet to respond to the banks’ queries. Coinbase stops UPI payment three days after launch in India. Recently, the National Payments Corporation of India (NPCI) countered the use of its Unified Payments Interface (UPI), […]
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 […]
Uttar Pradesh Government’s Account ‘Temporarily’ Hacked, NFT Tweets Posted.
TL;DR Breakdown The Twitter account of the Uttar Pradesh Government was hijacked briefly by hackers this morning. This cyberattack joins the list of recently hacked Indian governmental Twitter accounts. The official Twitter handle of the Government of Uttar Pradesh – India’s most populous state – is reported to have been attacked by hackers this morning. […]
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 […]
Coinbase ignores risk, makes Crypto trading in India official
TL;DR Breakdown Crypto in India is showing strength with Coinbase’s arrival Crypto trading in India might hit new levels Crypto activists continue to call out India’s crypto tax regime Despite the market’s uncertainty, crypto trading in India is getting a significant boost with more entrants. Coinbase, the second-largest crypto-exchange by trading volume, has announced that […]
India sees “clear advantages” in CBDC
TL; DR Breakdown Indian’s finance minister, Nirmala Sitharaman says she sees benefits of the central bank-led digital currency. The minister says the government would be discuss crypto regulation after consultation. India’s Finance Minister, Nirmala Sitharaman, has expressed her approval for a central bank-led digital currency. She sees several benefits to such a system, which she […]
ASCI publishes new rules to restrict ‘misleading’ crypto-ads
TR; DR Breakdown ASCI releases new rules for crypto-ads ASCI says in a statement that these standards were developed through extensive consultation The Advertising Standard Council of India (ASCI) has issued new rules for cryptocurrency-related advertisements which will be effective from 1 June. While the Consumer Complaints Council (CCC), an ASCI committee, did acknowledge that […]
Indian cryptocurrency scam: Authorities arrest 11 individuals over alleged $5.4 million fraud
TR; DR Breakdown Eleven people arrested in India for alleged $5.4 million fraud The accused alleged lured investors with promises of high returns In what is being touted as India’s largest cryptocurrency scam to date, authorities have arrested 11 individuals over the weekend in connection with an alleged fraud that saw 2,000 people lose US$5.4 […]
The Bank of India could take further action against crypto
TL;DR Breakdown • T-Rabi Snankar brands cryptos as Ponzi schemes.• Bank of India executive believes cryptos should be banned immediately. Recently the deputy governor of the Bank of India, T-Rabi Shankar, has compared the cryptocurrency market to scam Ponzi schemes. Shankar believes that decentralized trading in India should be banned even though some individuals from […]
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 […]
Cryptocurrency tax evasion in India motivates regulators to create new policies
TL;DR Breakdown • Regulators in India blame Exchange WazirX for Tax evasion.• Cryptocurrencies start the year 2022 with a balanced figure in their price. After WazirX, a crypto exchange in India made the largest tax evasion worth 40,000,000 Rupees; national regulators have put measures into place to increase the regulations. India has always had an […]
Binance owned WaziriX alleged of tax evasion in India
TL;DR Breakdown WaziriX alleged of tax evasion by Indian authorities. Exchange says allegation is a case of lax in clarity, regulation. Other exchanges also being investigated in India. Binance-owned crypto exchange WazirX, domiciled in India, has been identified by tax authorities who allege the firm of evading tax. In a statement, GST Mumbai East Commissionerate […]
Indian political group calls for outright ban on cryptocurrencies
TL;DR Breakdown Group calls for outright ban of crypto in India. SJM says locals that does not comply with ban should be fined. RBI also support calls to ban crypto. Indian political group, the Swadeshi Jagran Manch (SJM), has called on the government to ban cryptocurrency in the country outrightly. SJM, an economic, political, and […]
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 […]
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 […]
Indian Prime Minister believes cryptos are spoiling the youth
TL;DR Breakdown The Indian PM thinks states should regulate virtual assets. He is calling upon Democratic states to bring their efforts together to streamline digital assets. Indian Prime Minister Narendra Modi is urging Democratic countries to prevent cryptos from straying the youth. The majority of Indians began investing in digital assets during the lockdown. The handsome returns attracted them. […]
CBDCs: 17 countries launch pilot projects
The world is moving towards digitization in almost every field. Banking and finance are no exception to that digitization. Central Bank Digital Currency is the newly emerging concept of digitization of money. It is an attempt to properly regulate the money and bring all citizens into a process of inclusion. It can be taken as […]
Crypto India: Parliament speaks with stakeholders on way forward
TL;DR Breakdown Parliament meets with crypto India stakeholders on Industry future. Meeting was to hear views of industry expert on cryptofinance. Lawmakers and crypto India resolved that crypto needs to be regulated. Towards determining the future of crypto India, the parliamentary committee on finance held a meeting with representatives from the crypto industry and other […]
Crypto India: Government holds meeting on future of cryptocurrencies
TL;DR Breakdown Indian prime minister holds meeting with stakeholders on crypto future. Crypto India should be worried as govt is disturbed by deceitful crypto ads. Parliament to hold more meeting to decide future of crypto in India. The Indian government on Saturday held a meeting described by crypto India as what may have determined the […]
Shiba Inu gets listed on another exchange in India
TL;DR Breakdown Indian unicorn, CoinCDX lists Shiba Inu. High demand makes exchange list meme coin. CoinCDX becomes second exchange in India to list SHIB. Indian crypto unicorn, CoinDCX has listed popular memecoin Shiba Inu on its market, allowing retail investors on the platform access to the trending altcoin. CoinDCX is one of India’s leading cryptocurrency […]
