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Report: Indian Government Panel Submits Crypto Recommendations

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Report: Indian Government Panel Submits Cryptocurrency Recommendations

The Indian government panel appointed to recommend cryptocurrency measures has reportedly submitted its report to the country’s finance minister, suggesting a new legal framework for cryptocurrencies. The actual content of the report has yet to be announced publicly. Industry participants weigh in on speculation about the report’s content.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Panel Report Submitted

The panel appointed by the Indian government to draft a set of standards for cryptocurrencies has submitted its report to the finance minister, Cnbc Tv18 reported on Friday. Quoting anonymous sources, the news outlet wrote:  Read more...

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South Indian Government’s ‘Innovation Society’ to Promote Blockchain Development

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It seems not every government official in India has an eye toward draconian or restrictive blockchain regulation, as we’ve seen this year from some in the country’s government. In the southern state of Andhra Pradesh, where they have the APIS – Andhra Pradesh Innovation Society, blockchain is being actively promoted at various levels of government.

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Major Indian Business School Issues Blockchain Certs to Combat Fake Degrees

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India’s top ten business school, SP Jain School of Global Management, has issued 1,189 blockchain-based certificates to graduands who recently obtained degrees and professional certifications. The certificates which are now live on the Ethereum blockchain will allow prospective employers and other parties to verify the authenticity of a job seeker’s educational qualifications without having to … Continued

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Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

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Indian Court Moves Crypto Hearing, Community Calls for Positive Regulations

India’s supreme court has set a new date to hear the petitions against the cryptocurrency banking ban by the country’s central bank. Meanwhile, the crypto community in India is campaigning on social media for “positive regulations” and the rollback of the banking ban.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

New Supreme Court Hearing Date

Indian Court Moves Crypto Hearing, Community Calls for Positive RegulationsThe Supreme Court of India has reportedly set a new date to hear the petitions against the crypto banking ban by the Reserve Bank of India (RBI). The central bank issued a circular in April banning all regulated financial institutions from providing services to crypto businesses. Banks complied and closed accounts of crypto exchanges by July.  Read more...

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Indian Police File Charges Against Masterminds of $60 Million Bitcoin Scam

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Indian police in the city of Pune have charged Amit Bharadwaj along with three other individuals – Vivek Bharadwaj, Pankaj Adlakha and Hemant Bhope, involved in a multi-level marketing (MLM) crypto scam. It is alleged that Amit who is the central character of the trial collected about Rs 10 crore (about $ 1.42 million) from unsuspecting

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Indian Government Expects to Finalize Cryptocurrency Bill Next Month

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Indian Government Expects to Finalize Cryptocurrency Bill Next Month

The Indian government has reportedly filed an affidavit with the country’s supreme court detailing its progress on cryptocurrency regulations. “Serious efforts are going on” to prepare the draft crypto bill and report, the government explained. The two are expected to be discussed by the inter-ministerial committee by next month.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space  Read more...

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Indian Teen Threatens to Blow Up Miami Airport after Losing Bitcoin

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An 18-year old Indian teen has threatened to blow up Miami International Airport (MIA) as a retaliatory move for the U.S. Federal Bureau of Investigation FBI’s uncooperative stance to help him track down an American fraudster who duped him of $ 1,000 worth of bitcoin on a popular online forum. Based on reports on local news

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MasterCard Indian Government of Protectionism in Favor of Native RuPay

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Reuters reports that Mastercard has formally complained to the US government that the Indian government is deliberately promoting domestic payment networks over international ones like Mastercard and that the Prime Minister, Narendra Modi, has actively used nationalism in promotion of payment processing network RuPay. According to the report, Mastercard and Visa are not the dominant

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Indian Officials Consider Ban on “Private Cryptocurrencies”

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India crypto ban

Agents of the Indian government have met to formally discuss a possible ban on private cryptocurrency holdings in the nation.

On October 30, 2018, the Financial Stability and Development Council (FSDC) issued a press release detailing their recent meeting where they “reviewed the current global and domestic economic situation and financial sector performance.”

The council seemed deeply concerned about “the need for identifying and securing critical information infrastructure,” under the guise of “strengthening security in the financial sector.”  Read more...

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Indian Supreme Court Gives Government Two Weeks to Submit Cryptocurrency Report

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Indian Supreme Court Gives Government 2 Weeks to Submit Cryptocurrency Report for RBI Ban Case

India’s supreme court has brought up the case against the cryptocurrency banking ban by the Reserve Bank of India after one-and-a-half months of delay. The court has reportedly asked the government to submit a report of the findings from the committee it had set up to understand the crypto space and recommend regulatory measures.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Supreme Court Hearing

Indian Supreme Court Gives Government 2 Weeks to Submit Cryptocurrency Report for RBI Ban CaseThe Supreme Court of India originally planned to hear the petitions against the cryptocurrency banking ban imposed by the country’s central bank, the Reserve Bank of India (RBI), on Sept. 11. After repeatedly postponing the case, the court finally brought it up on Thursday, Oct. 25.  Read more...

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Indian Police Seize Unocoin’s ATM, Arrest Two Founders

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One week after Indian cryptocurrency exchange Unocoin announced the launch of its ATM, local police have reportedly seized the machine and arrested two founders of the company, including the CEO. Police say the machine was set up without approvals.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Several Items Seized

Indian Police Seize Unocoin's ATM, Arrest Two FoundersIndian police have seized a recently-installed kiosk operated by Bengaluru-based cryptocurrency exchange Unocoin, the Times of India reported on Wednesday.

The kiosk was reportedly located at Kemp Fort Mall on Old Airport Road in Bengaluru. It was launched on Oct. 15 as an automated teller machine (ATM). According to the police, the machine is “illegal as it had been set up without approvals,” the news outlet detailed, elaborating:  Read more...

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Indian Govt. Panel Could Propose Illegalizing Holding of Unregulated Crypto Assets: Report

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It could soon be illegal in the world’s largest democracy to hold cryptocurrencies that lack the government’s seal of approval. According to Moneycontrol, a report which is being prepared by a committee headed by India’s Economic Affairs Secretary, Subhash Chandra Garg, may propose amendments to the existing laws with a view of making it illegal

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Major Indian Bitcoin Exchange Zebpay Shuts Down Due to Banking Freeze

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Zebpay, one of India’s biggest cryptocurrency exchanges, has announced the shuttering of all exchange services on Friday following the central bank’s banking ban on the crypto industry. Launch in 2015, Zebpay started trading with an app-only service that quickly became one of India’s most-downloaded bitcoin wallet and exchange apps. With a know your customer (KYC)

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Bitcoins For Secured Loans – Indian Industry Still Doubtful

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Bitcoins For Secured Loans – Indian Industry, Still Doubtful

Secured loans in the digital lending space are witnessing a lot of innovations. But thinking of cryptocurrencies as collateral forms for these loans is still a big question, one full of regulatory and practical concerns.

Also read: Japanese Corporation Begins Offering Loans Secured by Cryptocurrency

Loans Secured Against Bitcoins

If there is anything that has undergone a change, thanks to digital players in the BFSI space in India, it is – everything. Just pick lending and you can see how big data, social media weight, machine learning, etc. have made KYC (Know Your Customer) and credit-checks different. Add to that the use of APIs (Application Program Interfaces) and virtual elements for fast disbursement, and one can see why speed and ease are making digital loans stand apart.  Read more...

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$300M Bitcoin Ponzi Scheme: Indian Scammers Face Justice

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$ 300M Bitcoin Ponzi Scheme: Indian Scammers Face Justice

Money attracts thieves and masterminds of what could be the largest Bitcoin Ponzi scheme in history are facing justice. Vivek Bhardwaj, a software developer and brother of Gain Bitcoin founder and CEO Amit Bhardwaj, was brought to Delhi, India on Sept. 20 to face questioning and likely criminal prosecution. One estimate puts the stolen amount at $ 300 million USD that affected more than 2,000 victims, although the exact figure is unknown because Indian police have been unable to gather electronic records after the suspects destroyed at least three databases.

Continue reading $ 300M Bitcoin Ponzi Scheme: Indian Scammers Face Justice at Crypto Daily™.  Read more...

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Indian Authorities Round up on Bitcoin Scammer’s Properties Worth $60 Million

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The Directorate of Enforcement (ED) attached $ 60 million worth of assets in connection with its probe against Amit Bhardwaj in the alleged Bitcoin Ponzi fraud of $ 5.26 billion. The Indian law enforcement agency has attached immovable properties of the owner of GainBitcoin.com, including six offices in Dubai and the residential apartments and bank balances of

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Cryptojacking: Attackers Hijack Indian Government Websites to Mine Cryptocurrency

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Hackers stole the processing power of several Indian government websites to mine cryptocurrencies, researchers found. Citizen portals such as that of the municipal administration of Andhra Pradesh (AP), Tirupati Municipal Corporation and Macherla municipality are among the hundreds of Indian websites that are found to be infected by cryptojacking malware. Cryptojacking, as the term indicates,

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U.S. States Ask Indian Authorities to Seize Property of BitConnect Promoters

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News of cryptocurrency investment fraud has hit the community again, as authorities of two U.S. states, Illinois and Arizona, have asked the Criminal Investigation Department (CID) in India to seize the property of several BitConnect promoters, per reports from the Times of India. BitConnect was an open-source cryptocurrency and an investment program accused of running

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Indian Officials Visit Regulators in Japan, UK, Switzerland to Study Crypto

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Indian Officials Visit Regulators in Japan, UK, Switzerland to Study Crypto

The Securities and Exchange Board of India has sent officials to Japan, the UK, and Switzerland to study cryptocurrency and initial coin offerings from each of the three countries’ financial regulators. The securities watchdog aims to engage with international regulators and gain a deeper understanding of their crypto mechanisms and systems in order to improve its own process.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Officials Sent to Japan, UK, and Switzerland

The Securities and Exchange Board of India (SEBI) revealed in its annual report 2017-18 that it sent some officials to three countries to study how the regulators there deal with cryptocurrencies.  Read more...

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Indian Exchange Resumes Fiat Deposits and Withdrawals Using New Method

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Indian Exchange Resumes Fiat Deposits and Withdrawals Using New Method

An Indian cryptocurrency exchange has come up with a new method to allow its users to deposit and withdraw rupees despite the crypto banking ban by the country’s central bank. The exchange also guarantees that rupee requests will be processed within 30 minutes or the user will receive ten free XRP credited to their account.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space  Read more...

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