Virtual Currencies

The Supreme Court has refused to entertain a petition seeking a direction to the Centre and others to frame guidelines for regulation of trading and mining of cryptocurrencies. A bench headed by Chief Justice D Y Chandrachud said the main reliefs sought in the plea were more in nature of a legislative direction.

The Enforcement Directorate (ED) has has attached, seized, or frozen proceeds of crime amounting to Rs 936.89 crore as on January 31, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Lok Sabha on Monday. The minister also said the ED is probing several cryptocurrency and digital fraud cases in the country, while some cr...

The Swedish regulators have approved Binance Nordics AB to facilitate the management and trading of virtual currencies for its nationals. Crypto investors in Sweden will now have options to purchase digital assets in Euros and utilise Binance Visa card as well as Binance NFT services.

Authorities in Estonia have arrested two men on suspicion of defrauding $575 million (roughly Rs. 4,700 crore) from hundreds of thousands of people, police said on Monday. The joint operation involved more than 100 police officers, including around 15 US federal agents. According to a statement by the authorities, "invited people to invest in their...

JP Morgan is looking to launch a crypto wallet in the coming days. The bank is interested in bulking its crypto wallet with capabilities of virtual currency transfer, exchange, and a crypto payment processor. Michael Kondoudis, a US Patent and Trademark Attorney shared details about JP Morgan’s crypto wallet patent on Twitter.

Cryptocurrency markets around the world are reeling from recent shocks caused by the collapse of crypto exchange FTX, by investors in India have been largely spared from the crypto meltdown that has taken the total market value of cryptocurrencies below $1 trillion (roughly Rs. 81,23,700 crore) in just a year from $3 trillion (roughly Rs. 2,43,68...

Western Union has filed for a bunch of trademarks in the US, seeking approvals to provide exchange and transfer services for virtual currencies. The platform is also planning to offer crypto trading services in the coming days. For now, Western Union is waiting for approvals from the US authorities to revamp its services.

Payments giant Visa has now teamed up with FTX crypto exchange to bring crypto debit card services to its users in over 40 nations. Visa intends to keep its services linked to the crypto assets because the company believes that virtual currencies are here to stay and will eventually have a lasting impact on the future of financial services around t...

Australia’s Treasury, or Department of the Treasury, "token mapping", or cataloguing the types and uses of digital currency owned within the country, as a first step to identifying which cryptocurrency assets to regulate. The government is preparing for the virtual stocktake of the country's cryptocurrency holdings before it regulates the $1 tril...

Dutch authorities have arrested a 29-year-old man suspected of being a developer for the crypto mixing service Tornado Cash. The cryptocurrency blending service was put on a US sanctions list on Monday, over allegations that it has been used to launder more than $7 billion (roughly Rs. 55,700 crore) worth of virtual currency since 2019.

The US Department of the Treasury has announced sanctions against the virtual currency mixer Tornado Cash, which it claims has helped launder more than $455 million (roughly Rs. 3,618 crore) for the Lazarus Group, a hacking organisation associated with the North Korean government.

The United States on Monday imposed sanctions on virtual currency mixer Tornado Cash, accusing it of helping hackers, including from North Korea, to launder proceeds from their cyber crimes.

A new bipartisan bill has been introduced in the US Senate that allows tax exemption for crypto transactions under $50 (roughly Rs. 4,000), done for personal uses like paying for goods and services. The name of this bill is the “Virtual Currency Tax Fairness Act”. The proposal aims to make the day-to-day use of cryptocurrencies easier for the p...

Issuers of so-called "stablecoins," virtual currencies whose value is pegged to traditional currencies, would face bank-like regulation and oversight under a draft bill from senior U.S. House lawmakers, according to a source familiar with the matter.

The Reserve Bank of India (RBI) is in the process of implementing the Central Bank Digital Currency (CBDC) in a phased manner for the wholesale and retail segments, an official said. CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies or cryptocurrency.

The Supreme Court has refused to entertain a petition seeking a direction to the Centre and others to frame guidelines for regulation of trading and mining of cryptocurrencies. A bench headed by Chief Justice D Y Chandrachud said the main reliefs sought in the plea were more in nature of a legislative direction.

The Enforcement Directorate (ED) has has attached, seized, or frozen proceeds of crime amounting to Rs 936.89 crore as on January 31, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Lok Sabha on Monday. The minister also said the ED is probing several cryptocurrency and digital fraud cases in the country, while some cr...

The Swedish regulators have approved Binance Nordics AB to facilitate the management and trading of virtual currencies for its nationals. Crypto investors in Sweden will now have options to purchase digital assets in Euros and utilise Binance Visa card as well as Binance NFT services.

Authorities in Estonia have arrested two men on suspicion of defrauding $575 million (roughly Rs. 4,700 crore) from hundreds of thousands of people, police said on Monday. The joint operation involved more than 100 police officers, including around 15 US federal agents. According to a statement by the authorities, "invited people to invest in their...

JP Morgan is looking to launch a crypto wallet in the coming days. The bank is interested in bulking its crypto wallet with capabilities of virtual currency transfer, exchange, and a crypto payment processor. Michael Kondoudis, a US Patent and Trademark Attorney shared details about JP Morgan’s crypto wallet patent on Twitter.

Cryptocurrency markets around the world are reeling from recent shocks caused by the collapse of crypto exchange FTX, by investors in India have been largely spared from the crypto meltdown that has taken the total market value of cryptocurrencies below $1 trillion (roughly Rs. 81,23,700 crore) in just a year from $3 trillion (roughly Rs. 2,43,68...

Western Union has filed for a bunch of trademarks in the US, seeking approvals to provide exchange and transfer services for virtual currencies. The platform is also planning to offer crypto trading services in the coming days. For now, Western Union is waiting for approvals from the US authorities to revamp its services.

Payments giant Visa has now teamed up with FTX crypto exchange to bring crypto debit card services to its users in over 40 nations. Visa intends to keep its services linked to the crypto assets because the company believes that virtual currencies are here to stay and will eventually have a lasting impact on the future of financial services around t...

Australia’s Treasury, or Department of the Treasury, "token mapping", or cataloguing the types and uses of digital currency owned within the country, as a first step to identifying which cryptocurrency assets to regulate. The government is preparing for the virtual stocktake of the country's cryptocurrency holdings before it regulates the $1 tril...

Dutch authorities have arrested a 29-year-old man suspected of being a developer for the crypto mixing service Tornado Cash. The cryptocurrency blending service was put on a US sanctions list on Monday, over allegations that it has been used to launder more than $7 billion (roughly Rs. 55,700 crore) worth of virtual currency since 2019.

The US Department of the Treasury has announced sanctions against the virtual currency mixer Tornado Cash, which it claims has helped launder more than $455 million (roughly Rs. 3,618 crore) for the Lazarus Group, a hacking organisation associated with the North Korean government.

The United States on Monday imposed sanctions on virtual currency mixer Tornado Cash, accusing it of helping hackers, including from North Korea, to launder proceeds from their cyber crimes.

A new bipartisan bill has been introduced in the US Senate that allows tax exemption for crypto transactions under $50 (roughly Rs. 4,000), done for personal uses like paying for goods and services. The name of this bill is the “Virtual Currency Tax Fairness Act”. The proposal aims to make the day-to-day use of cryptocurrencies easier for the p...

Issuers of so-called "stablecoins," virtual currencies whose value is pegged to traditional currencies, would face bank-like regulation and oversight under a draft bill from senior U.S. House lawmakers, according to a source familiar with the matter.

The Reserve Bank of India (RBI) is in the process of implementing the Central Bank Digital Currency (CBDC) in a phased manner for the wholesale and retail segments, an official said. CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies or cryptocurrency.