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Indian Retail Chain Enables CBDC Payments In Stores

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Digital currency is becoming popular as several countries have begun launching their own central bank digital currency (CBDC) while promoting its adoption. In today’s news, India’s largest retail chain, Reliance Retail, announced that it had added support for the CBDC digital rupee payments in its stores’ lines. 

According to the retail chain, it plans to further expand the support to its other businesses in the future. Reliance Retail is one of the first firms in India to accept the country’s CBDC as a payment method. Currently, the digital rupee is accepted in Reliance Retail gourmet store line, Freshpik.  Read more...

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Can Crypto Cause A Financial Crisis? – Indian Central Bank Chief Thinks So

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The Indian government has displayed antipathy and opposition towards cryptocurrency for a long time and Indian central bank governor Shaktikanta Das had stated earlier that he wants crypto to be banned.

The reason behind this antagonism is that Das believed that if crypto was allowed to flourish in a country like India, which happens to be plagued with financial ill-practices, it could disrupt and hamper the traditional financial system.

Very recently, speaking at the BFSI Insight Summit 2022, Shaktikanta Das said that the private digital asset market can cause a potential local financial crisis. He also referred to the recent colossal fall of FTX, the crypto exchange, as proof of the industry’s “inherent risks.”  Read more...

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Indian Law Enforcement Agency Confiscated $1.2 Million In A Scam

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India’s financial watchdog, Enforcement Directorate (ED), confiscated $ 1.2 million in an investigation of a fraud scheme relying on an App-based token, HPZ. Per an official press release published on September 29, several apps offered users to buy the HPZ tokens to have higher returns. And the investigations revealed that the “Chinese-controlled entities” were behind the scam.

Cryptocurrency has seen wide adoption in recent years. And since digital assets became the mainstream exchange source in everyday life, it opened a way for fraudsters to deceive people and wipe out their money anonymously in the crypto. Consequently, the increasing number of crypto scams and fraud activities awakened the global law enforcement agencies to protect users and fight illegal operators.  Read more...

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Indian Crypto Traders Move To Binance And FTX, Here’s Why!

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Changpeng Zhao, crypto platform Binance’s CEO, is serious about securing its position in the Indian market for crypto trading owing to a shift in the tax structure in India.

Binance currently has an edge over its competitors in the Indian market because it doesn’t include the high taxes or difficulty in moving money in and out of the trading platforms.

The number of downloads of the Binance app in India has increased to 429,000 in the month of August.

It has been the highest this year and is close to triple that of the second-ranked CoinDCX, according to data from market intelligence firm Sensor Tower.  Read more...

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Indian FM Sitharaman To Discuss Crypto Regulation With IMF Chief

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Nirmala Sitharaman, finance minister of India discussed the significance of crypto regulation with the managing director of the International Monetary Fund (IMF) Kristalina Georgieva.

India has long focussed on the need for regulation along with global coordination with a mutually agreed approach to this issue.

Sitharaman also mentioned that the IMF should take lead in terms of ensuring proper regulation in this sector.

IMF managing director, Kristalian Georgieva and India’s FM has had a discussion regarding a wide variety of issues which included India’s incoming G20 presidency and IMF’s support.  Read more...

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What Does This Kucoin Report Say About Indian Crypto Investors

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Crypto exchange Kucoin recently published a report that provided insight into the cryptocurrency space in India.

This survey conducted published information about the new developments in India’s blockchain space

According to the Cryptoverse Report India, the number of investors in the country was in the range of 115 Million as of June 2022.

The basis of the report is that the users have either traded or held assets over the last six months.

According to the report, the crypto economy of India has been rapidly growing. This is even when the crypto market has experienced a market downturn.  Read more...

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CoinSwitch CEO, in Wake of Searches by Indian Authorities, Says the Crypto Exchange Is ‘Fully Cooperating’

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Twice in the Twitter thread, CoinSwitch Kuber CEO Ashish Singhal sought to clarify that the “engagement with the ED” is not about money laundering. CoinDesk has reported the searches have been in connection with India’s Foreign Exchange Management Act (FEMA).
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Over Half Of Indian Bitcoin, Crypto Investors Say It Is The Future Of Finance: Survey

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KuCoin’s Into The Cryptoverse survey showcases Indian adoption of bitcoin and crypto with 56% of respondents saying the asset class is the future of finance.

  • KuCoin released a survey detailing bitcoin and crypto adoption in India.
  • 56% of surveyed investors believe bitcoin and crypto are the future of finance.
  • India’s investor class is becoming increasingly younger with time.

Cryptocurrency exchange KuCoin published a survey titled “Into The Cryptoverse” showcasing the rising bitcoin and cryptocurrency adoption in India, per a blog post from the company.  Read more...

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Crypto Volume On Indian Exchanges Drops By More Than 70% After 1% TDS Rule

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Trading volume on crypto exchanges in India has taken a large hit of more than 70% since the start of the 1% TDS rule.

Crypto Trading Volumes On WazirX, ZebPay, And CoinDCX Decline 70% Or More

As reported by The Economic Times, following the start of the 1% TDS rule, exchange trading volumes in India have plunged down.

TDS here stands for “tax deducted at source.” The 1% TDS rule that went live on the 1st of July requires the sender of any type of crypto transaction in India, to pay 1% of the total amount as tax.  Read more...

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Indian Government Unveils Draft Crypto Bill Ahead of Supreme Court Hearing

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Indian Government Unveils Draft Crypto Bill Ahead of Supreme Court Hearing

The Indian government has officially released the report by the interministerial committee tasked with proposing crypto measures. The announcement came one day before the country’s supreme court was scheduled to hear the writ petitions against the crypto banking restriction. The report contains the draft bill which proposes a ban on cryptocurrency.

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

Draft Bill Now Public, Supreme Court Hearing Delayed

The Indian supreme court was scheduled to hear the crypto case on July 23. It was expected to address the banking restriction by the central bank, the Reserve Bank of India (RBI). However, the case was not heard by the court on Tuesday.  Read more...

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Newsflash: Indian Regulators Officially Propose Total Cryptocurrency Ban

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An Indian inter-ministerial committee on cryptocurrency and blockchain technology has finalized a report recommending both the establishment of a digital Rupee and a ban of cryptocurrencies. Ban Crypto, Establish E-Rupee The roughly 200-page report spends thousands of words breaking down and praising the potential uses of blockchain technology, specifically in areas like land management. Ultimately […]

The post Newsflash: Indian Regulators Officially Propose Total Cryptocurrency Ban appeared first on CCN Markets

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Indian Police Seize $3 Million in Bitcoin from Sh**ty Bitconnect Scammers

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Property worth over Rs 38 Crore ($ 5.5 million) has been seized in the Indian state of Gujarati from promoters of the Bitconnect cryptocurrency scam. According to the Times of India, the property includes 280 Bitcoins which at the current prices are worth nearly $ 2.9 million. The seizure of the properties follows the arrest of Bitconnect […]

The post Indian Police Seize $ 3 Million in Bitcoin from Sh**ty Bitconnect Scammers appeared first on CCN Markets

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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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