Cryptocurrency Ban In India
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RBI Releases Financial Stability Report With Mention of DeFi, US Efforts to Regulate Crypto Sector
The crypto sector was briefly mentioned in RBI’s recently released Financial Stability Report. Talking in particular about DeFi, the report said that global regulatory bodies like the Financial Action Task Force and the International Organisation of Securities Commissions (IOSCO) are constantly examining developments around DeFi.
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Thailand Takes Decision to Ban Unlicenced Crypto Exchanges to Prevent Online Crime
This week, the Securities and Exchange Commission of Thailand released a public order that said that it was coordinating with the Thai government to block unauthorised providers of digital assets services.
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Binance Plans to Get India Ban Revoked, Working on Compliance Mandates: Report
Binance is looking to re-enter the Indian market, but this time as an entity registered by the Financial Intelligence Unit (FIU). The exchange is also reportedly gearing up to pay $2 million (roughly Rs. 16.7 crore) to the Indian government in penalties.
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Delhi Cops Bust Gang Sending Activated SIM Cards To Vietnam For Gaming Apps
Four people have been arrested here for allegedly sending activated SIM cards to Vietnam to be used for gaming and social media applications and they received payments on a cryptocurrency platform banned in India, police said on Sunday.
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Cryptocurrency Ponzi Scam Unearthed in Odisha, Head of ‘Yes World Crypto Token’ Arrested
The Economic Offences Wing (EOW) of Odisha has arrested the Country Head of "Yes World Crypto Token," namely Sandeep Choudhary (40) from Jaipur. Choudhary is a native of Rajasthan's Jhunjhunu. The case was registered on October 16 under sections 420, 467, 468, 471 and 120-B of the Indian Penal Code and sections 4, 5 and 6 of the Prize Chits and Mon...
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India's Push to Regulate Cryptocurrency Gets Support From IMF, US at G20
A push by Group of 20 (G20) president India to regulate cryptocurrencies gained support from both the International Monetary Fund and the United States on Saturday as finance chiefs of the bloc wrap up two-days of talks. US Treasury Secretary Janet Yellen said it was "critical" to put in place a strong regulatory framework but added that the Unite...
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BCCI Prohibits Women’s Premier League Teams from Featuring Crypto Ads
The Board of Control for Cricket in India (BCCI) has banned all the participating WPL teams from engaging with crypto-related sponsors. In its advisory to the five registered teams, the Indian cricket body said that “no franchisee shall undertake a partnership or any kind of association with an entity that is in any way connected/related to an en...
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WazirX Accuses Binance of Spreading False Claims as Tussle Between Crypto Firms Intensifies
WazirX on Wednesday, February 8, accused Binance of spreading false and misleading information against it in the market. Binance, on February 3, published a blog post saying that it had decided to ban WazirX from using its services. Binance has alleged that its ultimatum to WazirX to retract its statements have gone unanswered, leading it to sever ...
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‘Was Expected’: No Mention of Crypto in India’s 2023 Budget Explained by Insiders
The crypto sector did not make it to Finance Minister Nirmala Sitharaman’s Union Budget 2023-24 speech on Wednesday, February 1. The turn of events left industry insiders a tad disappointed, but yet relieved that the country is not rushing to shut all doors against the industry like China.
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What Is 'Margin' Crypto Trading and Why Do Experts Think It Should Be Banned in India?
Margin trading, also called leverage trading allows people to borrow capital from a broker to invest in crypto assets. The broker can be an individual as well as an entity such as a crypto exchange that offers the service. This practice enables traders to access more capital based on a collateral, than what they originally have to bet on a crypto a...
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Nigeria Rallies on Promoting CBDC Use, Bans Monthly ATM Withdrawals Over $225
The Nigerian government has now banned weekly ATM withdrawals over $225 (roughly Rs. 18,565), aiming to promote the use of its CBDC among its citizens. The eNaira was launched on October 25. The CBDC garnered over 840,000 downloads in over 270,000 active wallets within the first few weeks of its launch.
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China’s CBDC Bets on User Privacy and Fund Safety, Central Bank Governor Explains Design
China’s CBDC was designed to focus on user privacy and ensuring financial security. Safeguarding user privacy and zeroing-in on ensuring financial security for the people were the two key features that were given most importance, Yi Gang, the governor of the People’s Bank of China (PBOC) revealed to the media. China launched a special app of e-...
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India Ranks Above US, Russia on Global Crypto Adoption Index: Chainalysis
India has secured the fourth rank on the 2022 Global Crypto Adoption Index compiled by blockchain research firm Chainalysis. With this, India has surpassed Russia and the US on the index, hinting that the Indian crypto community is not very far behind in driving more adoption of the technology.
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US Crypto Exchange Coinbase Wins Regulatory Nod in Italy
Coinbase, a major US crypto exchange, has won approval from Italian regulators to continue to serve customers in Italy. Coinbase said it had met requirements from the Organismo Agenti e Mediatori (OAM), which oversees financial agents and credit brokers in Italy and implements anti-money laundering controls.
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India Calls for Global Support to Regulate Crypto as RBI Favours Ban, Details Here
Indian finance minister Nirmala Sitharaman told the parliament on Monday that the RBI favours a ban on cryptocurrencies. The development comes at a time when the tax laws around virtual digital assets went live in India, slashing trade volumes on Indian exchanges. At this point, India still awaits laws on the crypto sector.
-
RBI Releases Financial Stability Report With Mention of DeFi, US Efforts to Regulate Crypto Sector
The crypto sector was briefly mentioned in RBI’s recently released Financial Stability Report. Talking in particular about DeFi, the report said that global regulatory bodies like the Financial Action Task Force and the International Organisation of Securities Commissions (IOSCO) are constantly examining developments around DeFi.
-
Thailand Takes Decision to Ban Unlicenced Crypto Exchanges to Prevent Online Crime
This week, the Securities and Exchange Commission of Thailand released a public order that said that it was coordinating with the Thai government to block unauthorised providers of digital assets services.
-
Binance Plans to Get India Ban Revoked, Working on Compliance Mandates: Report
Binance is looking to re-enter the Indian market, but this time as an entity registered by the Financial Intelligence Unit (FIU). The exchange is also reportedly gearing up to pay $2 million (roughly Rs. 16.7 crore) to the Indian government in penalties.
-
Delhi Cops Bust Gang Sending Activated SIM Cards To Vietnam For Gaming Apps
Four people have been arrested here for allegedly sending activated SIM cards to Vietnam to be used for gaming and social media applications and they received payments on a cryptocurrency platform banned in India, police said on Sunday.
-
Cryptocurrency Ponzi Scam Unearthed in Odisha, Head of ‘Yes World Crypto Token’ Arrested
The Economic Offences Wing (EOW) of Odisha has arrested the Country Head of "Yes World Crypto Token," namely Sandeep Choudhary (40) from Jaipur. Choudhary is a native of Rajasthan's Jhunjhunu. The case was registered on October 16 under sections 420, 467, 468, 471 and 120-B of the Indian Penal Code and sections 4, 5 and 6 of the Prize Chits and Mon...
-
India's Push to Regulate Cryptocurrency Gets Support From IMF, US at G20
A push by Group of 20 (G20) president India to regulate cryptocurrencies gained support from both the International Monetary Fund and the United States on Saturday as finance chiefs of the bloc wrap up two-days of talks. US Treasury Secretary Janet Yellen said it was "critical" to put in place a strong regulatory framework but added that the Unite...
-
BCCI Prohibits Women’s Premier League Teams from Featuring Crypto Ads
The Board of Control for Cricket in India (BCCI) has banned all the participating WPL teams from engaging with crypto-related sponsors. In its advisory to the five registered teams, the Indian cricket body said that “no franchisee shall undertake a partnership or any kind of association with an entity that is in any way connected/related to an en...
-
WazirX Accuses Binance of Spreading False Claims as Tussle Between Crypto Firms Intensifies
WazirX on Wednesday, February 8, accused Binance of spreading false and misleading information against it in the market. Binance, on February 3, published a blog post saying that it had decided to ban WazirX from using its services. Binance has alleged that its ultimatum to WazirX to retract its statements have gone unanswered, leading it to sever ...
-
‘Was Expected’: No Mention of Crypto in India’s 2023 Budget Explained by Insiders
The crypto sector did not make it to Finance Minister Nirmala Sitharaman’s Union Budget 2023-24 speech on Wednesday, February 1. The turn of events left industry insiders a tad disappointed, but yet relieved that the country is not rushing to shut all doors against the industry like China.
-
What Is 'Margin' Crypto Trading and Why Do Experts Think It Should Be Banned in India?
Margin trading, also called leverage trading allows people to borrow capital from a broker to invest in crypto assets. The broker can be an individual as well as an entity such as a crypto exchange that offers the service. This practice enables traders to access more capital based on a collateral, than what they originally have to bet on a crypto a...
-
Nigeria Rallies on Promoting CBDC Use, Bans Monthly ATM Withdrawals Over $225
The Nigerian government has now banned weekly ATM withdrawals over $225 (roughly Rs. 18,565), aiming to promote the use of its CBDC among its citizens. The eNaira was launched on October 25. The CBDC garnered over 840,000 downloads in over 270,000 active wallets within the first few weeks of its launch.
-
China’s CBDC Bets on User Privacy and Fund Safety, Central Bank Governor Explains Design
China’s CBDC was designed to focus on user privacy and ensuring financial security. Safeguarding user privacy and zeroing-in on ensuring financial security for the people were the two key features that were given most importance, Yi Gang, the governor of the People’s Bank of China (PBOC) revealed to the media. China launched a special app of e-...
-
India Ranks Above US, Russia on Global Crypto Adoption Index: Chainalysis
India has secured the fourth rank on the 2022 Global Crypto Adoption Index compiled by blockchain research firm Chainalysis. With this, India has surpassed Russia and the US on the index, hinting that the Indian crypto community is not very far behind in driving more adoption of the technology.
-
US Crypto Exchange Coinbase Wins Regulatory Nod in Italy
Coinbase, a major US crypto exchange, has won approval from Italian regulators to continue to serve customers in Italy. Coinbase said it had met requirements from the Organismo Agenti e Mediatori (OAM), which oversees financial agents and credit brokers in Italy and implements anti-money laundering controls.
-
India Calls for Global Support to Regulate Crypto as RBI Favours Ban, Details Here
Indian finance minister Nirmala Sitharaman told the parliament on Monday that the RBI favours a ban on cryptocurrencies. The development comes at a time when the tax laws around virtual digital assets went live in India, slashing trade volumes on Indian exchanges. At this point, India still awaits laws on the crypto sector.
