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Indian Government Breaks Silence on Crypto Regulation

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The Indian government has finally spoken up about the regulatory framework for cryptocurrency it has been deliberating, providing answers to questions presented in the upper house of the Parliament of India. The government also confirmed that the report with the recommended crypto regulation has already been submitted by the interministerial committee tasked with drafting the regulation.

Also read: G20 Leaders Issue Declaration on Crypto Assets – A Look at Their Commitments

Crypto Not Prohibited in India

At a sitting on July 16 of the Rajya Sabha, the upper house of the Indian Parliament, five questions were directed at the Minister of Finance by Parliament member Shri Dharmapuri Srinivas regarding the “Prohibition of cryptocurrency” in India.  Read more...

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Indian Police Spoil Kidnappers’ $100,000 Ransom Party to Rescue Bitcoin Traders

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Two Bitcoin traders who had been held in captivity for over two weeks in Jaipur, India have been freed. According to the Hindustan Times, the two Bitcoin traders, Luftan Shaikh and Mohammad Shazad had been kidnapped alongside a nonprofit employee. The abductors had been demanding 80 Bitcoins from the family members of the kidnapping victims, […]

The post Indian Police Spoil Kidnappers’ $ 100,000 Ransom Party to Rescue Bitcoin Traders appeared first on CCN Markets

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Indian Government Shed Light on Proposed Crypto Regulation

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Indian Government Shed Light on Proposed Crypto Regulation

Since leaked information regarding India’s cryptocurrency bill emerged, there have been constant discussions about what it entails. Four different government bodies have been asked about their involvement in the drafting of the bill. South Korea went through a similar situation, causing confusion to the public.

Also read: Indian Cryptocurrency Regulation Is Ready, Official Confirms

RTIs Filed Seeking Answers

Since local media started reporting on the leaked information of India’s unannounced cryptocurrency bill, numerous discussions have ensued over what it entails.  Read more...

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What Bitcoin Ban? Indian Central Bank Denies Involvement in Crypto Ban Bill

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By CCN Markets: The Reserve Bank of India (RBI) has denied knowledge of a proposed bill which would see Bitcoin and crypto ownership in India made entirely illegal. Reports surfaced last week that lawmakers in India were working on legislation that could carry a 10-year prison sentence for anyone caught holding cryptocurrency. Amid these reports, the RBI has responded to a Right to Information request filed on June 4 by a lawyer specializing in blockchain matters. The bank states that it was not in communication with governmental agencies during the legislative process and had not received a copy of the  Read more...

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Indian Government in Dizzying Reversal Sponsors Free Crypto Course

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By CCN Markets: The Indian government continues to project a deep level of hypocrisy as it turns its attention to sponsoring a blockchain and cryptocurrency course. As CCN recently reported, the government is simultaneously proposing an insane anti-crypto bill with hard jail-time for bitcoin users. The undergraduate course, which is entitled Blockchain Architecture Design and Use Cases, is completely free unless you want a relatively inexpensive certificate. Cryptocurrency is hugely popular in India, and the government’s indecision on the blockchain is no doubt leaving many local enthusiasts confused. Building on Closed Blockchains? SWAYAM, or Study Webs of Active Learning for  Read more...

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Indian Call Center Scam Milks $1.7 Million in Bitcoin From US Citizens

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By CCN Markets: A gang in India’s Madhya Pradesh state which scammed U.S. citizens hundreds of thousands of dollars through Bitcoin and other methods has been busted and its members arrested. The gang which ran its operations out of a call center is estimated to have made around $ 1.7 million. According to the Business Standard, the gang consisted of 78 people who operated out of three call centers. The gang had reportedly obtained the social security numbers of around 100,000 U.S. citizens. They had also obtained cell phone numbers and other identifying information. Per the police, the duties of most  Read more...

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Indian Cryptocurrency Regulation Is Ready, Official Confirms

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Indian Cryptocurrency Regulation Is Ready, Official Confirms

Ahead of the G20 summit, India’s new finance secretary has confirmed that the report detailing the country’s crypto regulation is now ready. It will soon be submitted to the finance minister for approval. Since Arun Jaitley opted out of cabinet responsibilities, Prime Minister Narendra Modi has appointed a new finance minister.

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request  Read more...

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Indian Crypto Traders Undeterred by Ban Rumor

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Indian Crypto Traders Undeterred by Ban Rumor

The Indian crypto community is undeterred by the widespread rumor that its government is discussing a bill which could ban some cryptocurrencies. Local crypto exchanges have revealed to news.Bitcoin.com that their trading volumes have been increasing despite this report. Meanwhile, experts have weighed in on this possible bill, and another crypto exchange may be shutting down due to the banking restriction by the central bank.

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request  Read more...

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11 Cryptocurrency Initiatives Indian Government Has Taken

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11 Cryptocurrency Initiatives Indian Government Has Taken

The Indian government has engaged in numerous crypto-related initiatives and projects while actively drafting the regulatory framework for cryptocurrencies. Below are 11 crypto-specific initiatives that the government has been involved in.

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request

Committee to Draft Crypto Law

An interministerial committee under the chairmanship of Subhash Chandra Garg, Secretary of the Department of Economic Affairs, has been constituted to draft the regulatory framework for cryptocurrencies. Included on the committee are representatives from the Ministry of Electronics and Information Technology, the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the Central Board of Direct Taxes.  Read more...

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Indian Government Progressing on Crypto Regulation Amid Ban Rumor

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India Progressing on Crypto Regulation Amid Ban Rumor

The Indian government has been progressing on cryptocurrency regulation. A recent report from the Ministry of Finance confirms some recommendations. Meanwhile, local media reported Friday that a draft bill on the regulatory framework for cryptocurrencies is being circulated among relevant government departments.

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request

Ministry of Finance’s Confirmation

The Ministry of Finance recently published a summary report of the government’s activities in 2018. “An inter-ministerial committee under the chairmanship of Secretary, Department of Economic Affairs with representatives from concerned departments has been constituted for considering all aspects related to virtual currencies and crypto assets,” the document begins to explain.  Read more...

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RBI Excludes Cryptocurrency From Indian Regulatory Sandbox

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RBI Excludes Cryptocurrency From Indian Regulatory Sandbox

India’s central bank, the Reserve Bank of India (RBI), has unveiled its framework for a fintech regulatory sandbox. While blockchain and smart contracts are welcomed, the bank stated that cryptocurrency and related services “may not be accepted for testing.”

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request

RBI Welcomes Blockchain Tech

The RBI published its draft framework for a fintech regulatory sandbox Thursday. The central bank explained that one of the recommendations the inter-regulatory fintech working group, which it set up in July 2016, came up with is to introduce a framework for a regulatory sandbox (RS). The RBI clarified that this framework includes “a well-defined space and duration where the financial sector regulator will provide the requisite regulatory guidance, so as to increase efficiency, manage risks and create new opportunities for consumers.”  Read more...

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These Indian Crypto Exchanges Share What Sets Their P2P Platforms Apart

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These Indian Crypto Exchanges Share What Sets Their ‘P2P’ Platforms Apart

Many cryptocurrency exchanges in India offer some kind of peer-to-peer (P2P) trading. News.Bitcoin.com talked to several of them to find out what is unique about each platform, most of which were launched in response to the banking restriction imposed by the country’s central bank.

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request

P2P With Tether

A number of Indian crypto exchanges launched exchange-escrowed P2P trading following the banking restriction imposed by the Reserve Bank of India (RBI) which went into effect in July last year. Some of them use dollar-pegged stablecoin tether (USDT) as an extra step between rupees and buying or selling other cryptocurrencies on their P2P platforms.  Read more...

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Crypto Town Hall Meetings Grow to 8 Indian Cities for More to Voice Regulatory Ideas

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Crypto Town Hall Meetings Grow to 8 Indian Cities for More to Voice Regulatory Ideas

The number of open town hall meetings for the Indian crypto community to voice regulatory suggestions has grown from four cities to eight. The organizer of the meetings has shared details with news.Bitcoin.com. Meetings will be hosted in four new cities in April and the best suggestions for crypto regulation will be submitted to the government, the organizer has explained.

Also read: Indian Supreme Court Set to Hear Crypto Case on March 29  Read more...

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How Indian Crypto Enthusiasts Can Help Influence Regulation

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How Indian Crypto Enthusiasts Can Help Influence Regulation and Lift the RBI Ban

The Indian crypto community is ramping up its efforts to bring about positive crypto regulation and an end to the banking ban imposed by the country’s central bank. There are several ways Indian crypto enthusiasts can join in on the efforts, the CEO of a local crypto exchange, who has been running a popular social media campaign for the two causes, has shared with news.Bitcoin.com.

Also read: Indian Supreme Court Set to Hear Crypto Case on March 29  Read more...

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Indian Supreme Court Set to Hear Crypto Case on March 29

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Indian Supreme Court Set to Hear Crypto Case on March 29

The four-week window that the Indian supreme court has given the government to come up with crypto regulation is coming to an end. According to the court’s Advance List, the crypto case is listed for March 29. Meanwhile, the community is ramping up efforts to bring about positive crypto regulation and the end of the banking ban imposed by the central bank.

Also read: Indian Exchange Launches Lending Program for 5 Cryptocurrencies  Read more...

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Indian Exchange Launches Lending Program for 5 Cryptocurrencies

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Indian Exchange Launches Lending Program for BTC and USDT

An Indian crypto exchange has launched a program that allows its users to earn interest on their cryptocurrencies held at the exchange. Initially, users can lend BTC, USDT, BNB, XRP, and ETH. The CEO of the exchange has shared details about this new offering with news.Bitcoin.com.

Also read: Crypto Enthusiasts Unite in 4 Indian Cities to Voice Regulatory Suggestions

Lending Cryptocurrencies

Coindcx announced Thursday that its crypto lending program called Dcxlend has come out of the beta testing phase and is now fully launched. Five cryptocurrencies are supported: BTC, USDT, ETH, XRP, and BNB.  Read more...

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Crypto Enthusiasts Unite in 4 Indian Cities to Voice Regulatory Suggestions

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Crypto Enthusiasts Unite in 4 Indian Cities to Voice Regulatory Suggestions

A community roadshow has been uniting crypto enthusiasts in several cities in India to share their ideas on the country’s crypto regulation. “The best ones will be included in the report to be submitted to the decision makers amongst the government,” the organizer of the events explained.

Also read: Indian Government Confirms Cryptocurrency Regulation in Final Stages

Uniting Crypto Enthusiasts

Blockchained India has been hosting a series of roadshow meetups in a number of cities in the country where it has chapters. The theme of the meetings is “Does India need crypto regulations?” These events are part of a run-up to the group’s larger event called the “India Dapp Fest” which is planned for May.  Read more...

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Indian Crypto Exchange Wazirx Taking Auto-Matching P2P Services Global

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Indian Crypto Exchange Wazirx Taking Auto-Matching P2P Services Global

Cryptocurrency exchange Wazirx is expanding globally. “While India has a banking ban,” the CEO of the exchange told news.Bitcoin.com, “we realized there’s banking trouble in a lot more countries.” Over 40 cryptocurrencies will be available to all major countries, with the exchange’s auto-matching P2P services to launch one country at a time based on user demand.

Also read: Indian Government Confirms Cryptocurrency Regulation in Final Stages

Wazirx Going Global

Wazirx has announced its plans to expand to international markets. CEO Nischal Shetty told news.Bitcoin.com on Sunday:  Read more...

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Bahrain Courts Indian Crypto Businesses in Collaboration With Government

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Bahrain Courts Indian Crypto Businesses in Collaboration With Government

The Bahrain Economic Development Board is inviting Indian firms to take advantage of the opportunities its country has to offer including for crypto businesses. The board has been collaborating with the Indian government on a number of issues. The Central Bank of Bahrain recently published its final rules on crypto assets.

Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

Indian Companies Invited to Bahrain

The Bahrain Economic Development Board (EDB) has invited Indian companies to set up base in its country by providing “a plethora of opportunities to Indian fintech firms for open banking, blockchain, crypto assets, robo advisory and remittances,” The Economic Times reported Sunday.  Read more...

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