By CCN Markets: Facebook’s cryptocurrency Libra is expected to change the way payments are made across the globe when it launches next year, but there’s one market that the social media giant might be giving a miss – India. The Economic Times, India’s biggest business daily, reports that Libra will not be available in India, citing people with direct knowledge of the matter: “The social network’s digital wallet, Calibra, won’t be available in markets where “cryptocurrencies are banned or Facebook is restricted from operating in,” the person said. “Facebook has not filed any application with RBI (Reserve Bank of India) for
An Indian supreme court advocate has shared some thoughts on the kind of cryptocurrency regulation India can benefit from. The right regulatory framework “would ensure transparency, oversight and accountability,” but a “one size fits all” regulation would be a mistake, she explains. Meanwhile, the Indian crypto community and industry bodies have urged the central bank to allow crypto businesses to participate in its new regulatory sandbox.
US-based Blockfi has expanded into India, offering a high rate on its interest-bearing account for two cryptocurrencies. News.Bitcoin.com talked to Blockfi and a local Indian crypto exchange offering a similar program to find out how the two products differ.
Blockfi Launching in India
New Jersey-based crypto startup Blockfi announced Tuesday that it has expanded service to users in India. Its flagship Blockfi Interest Account (BIA) for BTC and ETH is now available in 65 countries.
New York-based crypto loan startup BlockFi announced on Tuesday that it is now available to investors in India, bringing the company’s total country count to 65. Additionally, BlockFi has retroactively lowered the minimum account holding requirement for investors to earn interest on their Bitcoin (BTC) holdings. The BlockFI Interest Account is now over $ 53MM in deposits! […]
An EY executive who recently visited India and met with a number of government agencies has voiced his opinion about the future of cryptocurrencies in the country. He believes that bitcoin has no practical use, is just another “foreign” currency, and its widespread adoption could be “very damaging to the global economy.”
‘No Practical Use’
Paul R. Brody, EY’s Global Innovation Leader (Blockchain), has shared his thoughts on the future of the crypto industry in India after his recent visit to the country. EY is one of the world’s largest professional services firms and one of the “Big Four” audit firms.
Several Indian crypto exchanges have shared data with news.Bitcoin.com on the most traded cryptocurrencies on their platforms so far this year. Crypto enthusiasts in India have been buying and selling a wide range of cryptocurrencies despite the central bank’s roadblock which stops crypto exchanges from accessing banking services.
The most-traded cryptocurrency year-to-date on Indian exchanges Wazirx, Coindcx, and Instashift is BTC. On Bitbns exchange, it is the third most-traded cryptocurrency this year. Wazirx facilitated $ 6.5 million worth of BTC trades between Jan. 1 and March 7. Coindcx swapped 792 BTC for its users in the same time period, while Instashift’s BTC trades accounted for 77.76% of its total buy volume and 67.58% of its total sell volume.
A social media campaign for positive cryptocurrency regulation in India has passed 100 days with growing support from the community. Despite the ongoing banking restriction imposed by the country’s central bank, local crypto exchanges are reporting increased volumes and optimism about the upcoming regulation.
Campaign for Positive Crypto Regulation
Friday marks the 100th day of a Twitter campaign for positive cryptocurrency regulation for India. The CEO of local crypto exchange Wazirx, Nischal Shetty, began his campaign on Oct. 31 last year, coinciding with the 10th anniversary of Satoshi’s whitepaper. Each day he tweets to lawmakers urging them to introduce positive regulation for India using hashtags “Indiawantscrypto” and “Isupportcrypto.”
The post [Guest Post] Why India Needs a Native Blockchain Protocol appeared first on CoinReport.
A lawyer representing the Internet and Mobile Association of India in its writ petition against the RBI banking ban has shared new details of the progress to lift the ban with news.Bitcoin.com. The supreme court recognizes the urgency of hearing the RBI case without waiting for the Indian government to introduce crypto regulation.
The Urgency of Hearing RBI Ban Case
The Indian supreme court is hearing two crypto-related issues. The first concerns the crypto banking ban by the country’s central bank, the Reserve Bank of India (RBI). The other concerns the Indian government’s cryptocurrency regulation, lawyer Jaideep Reddy explained to news.Bitcoin.com on Monday.
By CCN.com: A publication by accounting firm PwC has placed India on track for a 7.6 percent growth in 2019, setting a path for the country to surpass both the U.K. and France in terms of economy. But ask any economist, and they would point towards why the coveted Gross Domestic Product (GDP) – which
The United States will fall to a third place in the ranking of the largest economies in the world. China and India will overtake the U.S. by 2030, and it is unlikely that we will ever get the throne back. UK based financial services giant Standard Chartered Plc. predicted in its annual ranking of the
CCN had a conversation with Prashanth Swaminathan, the founding CEO of XDAT, a new Malta-based crypto exchange with eyes toward India and other markets. A native of India, he is an adviser to the Eleven01 project, which is an attempt at developing a regulated native blockchain in the country. Developing a Regulated Exchange in India
The post Interview: Crypto Exchange CEO on Bringing Bitcoin Adoption to India appeared first on CCN
Plans to issue a state-backed cryptocurrency in India have stalled, months after the country’s central bank gave indications that it was considering the idea. According to The Hindu Business Line, the government is no longer interested in the state-backed digital rupee. Citing a source, the report by the publication indicated that the idea of a
The post ‘Too Early’ for Central Bank Digital Currency: India Shelves Plans for a Crypto Rupee appeared first on CCN
India could be making a U-turn on its directives for cryptocurrencies. Per reports from the New India Express, a second interdisciplinary committee set up by the Indian government is considering making cryptocurrencies legal in the country again but with more stringent rules.
This revelation comes just a few months after a government panel suggested the creation of a new regulatory framework within the Reserve Bank of India (RBI) that bans digital assets and declares crypto transactions illegal in India.
According to an unnamed senior official who spoke with the New India Express, the committee had met twice, but deliberations were still ongoing.
Police in India have cracked a crypto Ponzi scheme in the city of Pune that defrauded over 8,000 investors, seizing nearly $ 2 million worth of bitcoin in the process. According to a news report from The Times of India, police have been on the trail of the scammers since January and have now arrested the
The post India: Police Bust Bitcoin Ponzi Scheme that Defrauded 8,000 Crypto Investors appeared first on CCN
After months of public uncertainty bought on by years of deliberation by the Indian government, authorities have discussed the framework to legally ban the usage of ‘private’ cryptocurrencies like bitcoin. In the 19th meeting of the Financial Stability and Development Council (FSDC) headed by India’s finance minister Arun Jaitley on Tuesday, the subject of cryptocurrencies
The post India is Considering a Ban on the ‘Use’ of Cryptocurrencies appeared first on CCN
Indian cryptocurrency trading platform Unocoin has found itself amidst heated controversy over the launch of its first cryptocurrency kiosk in Bengaluru. While the existence of the machine had already been leaked prior, the company officially unveiled it roughly ten days ago, on October 14. This is the first time that a physical machine has aided
The post Unocoin Rolls Back First Crypto ATM in India Amidst Controversy appeared first on CCN
Zebpay is reportedly expanding its global presence after suspending cryptocurrency trading operations in India due to the banking ban imposed by the country’s central bank. According to information on its website, an entity has been set up to operate the Zebpay exchange in Malta to serve 20 countries.
Malta-registered Exchange Serving 20 Countries
Cryptocurrency service provider Zebpay has posted information on its website regarding its overseas operations but has yet to make any announcements about them.
A major crypto exchange in India, Unocoin, has officially announced the launch of its crypto ATMs. CEO Sathvik Vishwanath told news.Bitcoin.com that, initially, the company plans to deploy 30 machines in three Indian cities. “These ATMs help people to cash in and cash out which was not possible before” due to the crypto banking ban imposed by the country’s central bank.
30 Crypto ATMs in 3 Cities
Unocoin has officially announced the launch of its cryptocurrency automated teller machines (ATMs). Last week, the exchange confirmed the existence of the project after someone spotted one of the machines and posted a picture of it on social media.
Bank frauds in India have opened a can of worms this year, leaving the public questioning concepts such as board, governance, public sector, bankruptcy, and investor transparency with anxiety and anger. As a former RBI Governor raises more questions with the Prime Minister’s Office, it’s time to bring crypto finance to the debate.
Rajan and RBI – Fraud Concerns Continue
In a note to the Chairman of Estimates Committee, former RBI Governor Raghuram Rajan has put together a list of high profile cases of banking frauds. It has been sent to the Prime Minister’s Office (PMO) for a coordinated action.