Indian rupee outperforms emerging market currencies despite approaching its all-time low
The Indian rupee is on the brink of a historic low but still maintains its status as a preferred choice among certain investors within emerging markets. Factors such as a substantial reserve of $600 billion, foreign inflows into stocks amounting to over $16 billion this year, and a projected economic growth rate of 6.5% contribute […]
RBI survey shows households anticipate prices moderating over next 3 months
The Reserve Bank of India(RBI) has released a survey showing that the Indian households anticipate a moderation in inflation over the upcoming months. This anticipation follows a recent surge, primarily in food prices. The RBI research reveals that in a survey spanning from July 1 to July 10, involving 6,025 urban households across 19 major […]
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 […]
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 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 […]
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 […]
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 […]
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 […]
Indian government contemplates possible taxing of crypto gains
TL;DR Breakdown India may begin to tax crypto gains, i.e, profit from crypto trading. The Indian government has a controversial stance on crypto industry. 18 percent tax would be imposed on foreign crypto exchange firms in India Authorities in India have begun working on how they will tax crypto gains, i.e., profits made from cryptocurrency […]
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 […]
Ripple threatens Indian banks, says EY report – Should you buy XRP?
The rise of Ripple in the global remittance market is putting excessive competitive pressure on the Indian banks. A report by consultancy firm Ernst & Young states that blockchain-based Ripple payments, particularly in the remittance and cross-border sector, can increase the competition for Indian banks. The report has been prepared for the Competition Commission of […]
New bill to ban crypto in India threatens crypto unicorns
The Indian government will discuss a bill to ban crypto in India during the ongoing parliament session. As the lawmakers gather together for the monsoon session of the parliament, the country faces various issues such as GDP downturn, a surge in Coronavirus cases, and border disputes with China. Amid such an important session, crypto does […]
DeFi and the Unbanked – the Biggest Assault on Power Ever?
DeFi could be the biggest help to the global poor there is, but it will take some changes to get it into action.
Crypto ban in India to become effective once more
Crypto ban in India after being lifted by the country’s apex court appears to be underway again according to local sources. Reportedly, the Indian government are working towards putting a new law in place that would ensure crypto ban in India. An anonymous government official who made this reveal claimed that two ministries alongside the […]
Indian banks remain anti-crypto despite the Supreme Court’s ban lift
The Reserve Bank of India (RBI) has placed no prohibition on banks to provide accounts to cryptocurrency traders; however, many banks remain anti-crypto and deny services to cryptocurrency users. The Reserve Bank of India uses monetary policy to create financial stability in India, and it is charged with regulating the country’s currency and credit systems. In a recent […]
Cryptocurrency exchanges in India seek tax clarity from RBI
The cryptocurrency exchanges in India, which had witnessed a renewed wave of interest and enthusiasm after the Supreme Court’s landmark ruling against the RBI, have written to the central bank of India for seeking clarity on the tax front. Following the abolishing of RBI’s ruling that dramatically reduced the scope of cryptocurrency exchanges in India […]
Crypto firms legal status exposed by Indian minister Faizal
Due to the illicit activities going on within crypto firms in India, an Indian minister is taking bold steps to conduct investigations to expose these firms. According to a filing received by Lok Sabha, Mohammed Faizal of the government’s lower house provided three different questions to Anurag Thakur, Finance and Corporate Affairs State Minister in […]
Bitbns finishes pre-public BNS token sale within 18 seconds
One of India’s most preferred and trusted cryptocurrency exchanges Bitbns recently conducted a pre-public BNS token sale and completed phase one in record time – eighteen seconds! The Supreme Court of India’s verdict quashing the Reserve Bank of India (RBI) imposed restrictions on cryptocurrencies was a milestone moment for the Indian cryptocurrency industry. Soon after, […]
