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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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Indian Government Confirms Cryptocurrency Regulation in Final Stages

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Indian Government Confirms Cryptocurrency Regulation in Final Stages

The government of India has told the country’s supreme court that the committee tasked with drafting crypto regulation is in the final stages of deliberations. The court plans to hear the petitions against the banking ban by the central bank after the government produces crypto regulation.

Also read: Indian Supreme Court Gives Government 4 Weeks to Produce Crypto Regulation

Crypto Regulation in Final Stages

The Indian supreme court briefly heard the crypto case on Monday. Lawyer Jaideep Reddy of Nishith Desai Associates was at the court representing the Internet and Mobile Association of India (IAMAI) in its writ petition against the crypto banking ban by the central bank, the Reserve Bank of India (RBI). He told news.Bitcoin.com on Friday that “The matter was heard for a very short period of time,” elaborating:  Read more...

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Indian Supreme Court Gives Government Deadline to Reach Decision on Crypto Regulations

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India deadline.jpg

The Supreme Court of India made a decision on February 25, 2019, to present the government with an ultimatum: Develop crypto regulations within the next four weeks or the court will make its own judgement.

In addition to setting this deadline, the court has refused to hear further argument from parties in the ongoing legal battle, instead forwarding the issue to the Union of India, the legal term for the federal government of India, per local media sources.  Read more...

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Indian Government Inaugurates National Cryptocurrency Forensic Lab

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Indian Government Inaugurates National Cryptocurrency Forensic Lab

The government of India has inaugurated a national cyber forensics lab which includes a cryptocurrency forensic lab to perform crypto-related analyses. Alongside this is the inauguration of the Delhi Police’s cybercrime unit which will deal with fraud involving cryptocurrencies. It is the first cybercrime awareness and detection center in the country, according to a commissioner.

Also read: Indian Blockchain Summit Draws Policy Makers to Speed up Crypto Regulation

Indian Government’s Crypto Forensic Lab

India’s Union Home Minister Rajnath Singh inaugurated a national cyber forensic lab and the Delhi Police’s cybercrime unit called the Cyber Protection Awareness and Detection Center (Cypad) on Monday, The Hindu reported.  Read more...

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Indian Blockchain Summit Draws Policy Makers to Speed up Crypto Regulation

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Indian Blockchain Summit Draws Policy Makers to Speed Up Cryptocurrency Regulation

An Indian government-supported blockchain summit is drawing many policy makers with the aim to speed up the development of cryptocurrency regulation in the country. Among expected participants are officials from the Indian Ministry of Finance and the panel currently tasked with drafting the regulatory framework for cryptocurrencies.

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

Fostering Crypto Ecosystem

Blockchain Summit India 2019 is supported by the Indian government’s Department of Science and Technology and the State Government of Uttar Pradesh. Taking place on Feb. 22 and 23, the event aims to accelerate blockchain and cryptocurrency policy formation for India. According to its website:  Read more...

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Report: Indian Government Concerned Cryptocurrencies Could Undermine the Rupee

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Report: Indian Government Concerned Cryptocurrencies Could Undermine the Rupee

The Indian government panel tasked with drafting crypto regulation is reportedly worried that cryptocurrencies could destabilize the rupee if they are accepted as payments. Its concern came to light despite evidence that cryptocurrencies do not currently pose a threat to financial stability.

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

Impact on the Rupee

The Indian government committee tasked with developing the regulatory framework for cryptocurrencies is reportedly “obsessed” with the impact they may have on the rupee if they are allowed to be used in payments, Quartz India reported. The committee is headed by Subhash Chandra Garg, Secretary of the Department of Economic Affairs.  Read more...

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Report: Indian Government Finalizing Crypto Regulatory Framework

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Report: Indian Government Finalizing Crypto Regulatory Framework

The Indian government has reportedly confirmed that the report containing a regulatory framework for cryptocurrencies by an inter-ministerial committee is being finalized. This confirmation is in response to a Right to Information filing by a local news outlet.

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

Report in ‘Finalization Stage’

Indian Government Confirms Crypto Regulatory Report Is Being Finalized
Subhash Chandra Garg

The Indian government has been working on crypto regulation for quite some time. The Inter-Ministerial Committee (IMC) headed by Subhash Chandra Garg, Secretary of the Department of Economic Affairs, is tasked with developing the country’s crypto regulatory framework.  Read more...

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Indian Supreme Court Pushes Crypto Case Against RBI to End of February

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Indian Supreme Court Pushes Crypto Case Against RBI to End of February

The case against the crypto banking ban by the Reserve Bank of India (RBI) was unexpectedly heard at the country’s supreme court on Thursday. However, senior advocates for the parties were reportedly absent, so a new date has been set and the crypto case will be “top of the list” on that date.

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

Caught by Surprise

The Indian supreme court was scheduled to hear the petitions against the crypto banking ban imposed by the country’s central bank, the RBI, on Tuesday after repeatedly postponing it last year.  Read more...

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