India

While regulatory clarity on the question of cryptocurrencies is still lacking, India is ramping up its efforts to develop its own central bank digital currency [CBDC]. According to T Rabi Sankar, Deputy Governor of the Reserve Bank of India, the model of a prospective CBDC might be launched by the end of 2021. During aContinue reading “India might launch its CBDC model by December 2021, but here’s the problem”

Bitcoin, the world’s largest cryptocurrency, has found a new use for itself in the form of rewards for successful Olympians in India. In its bid to celebrate India’s champions at the Tokyo Olympics, India’s Bitbns has announced Bitcoin SIP plans. As per the announcement, Bitbns has offered to create systematic investment plans denominated in BitcoinContinue reading “Bitcoin, Ethereum-centric SIPs could be a reality for India’s winning Olympians”

Popular Indian cryptocurrency exchange, CoinDCX, is looking to close a new financing round of $100-$120 million from investors. This round will reportedly be led by Facebook co-founder Eduardo Saverin’s B Capital Group. According to reports, its existing investors, Polychain Capital and Coinbase Ventures, will also be participating in the round. This will push its valuationContinue reading “India’s CoinDCX, WazirX take major steps despite lack of regulatory clarity”

India may not be charging a 2% equalization levy on crypto investors. Finance Minister of India, Nirmala Sitharaman was responding to a query by the deputy chief minister of the eastern state of Bihar about data concerning crypto exchanges and their investors in the country. Sitharaman noted that the current administration did not collect anyContinue reading “Indian crypto investors may not be charged this tax”

The Indian cryptocurrency community is fighting the lack of regulatory clarity actively, but the government seems to be more enthused about the development of its digital rupee. Today, the Reserve Bank of India took another major step forward and shed light on its nascent digital rupee project. In doing so, the RBI announced a “phasedContinue reading “‘Time for India’s CBDC is nigh,’ but why is the RBI keeping Bitcoin at bay”

Binance-owned Indian cryptocurrency exchange, WazirX was on the receiving end of yet another notice from the Enforcement Directorate [ED]. As per reports, the notice questioned “withdrawals from crypto wallet” and sought an explanation from the exchange as to why the same is not in violation of The Foreign Exchange Management Act (FEMA). ED was alreadyContinue reading “WazirX needs to explain why withdrawals from crypto wallets were NOT in violation of FEMA”

Indian crypto businesses may find some relief in the news that the cabinet note for the crypto bill is ‘ready’. This information was disclosed by the Finance Minister, Nirmala Sitharaman during an interview. When asked about the progress of the ‘ Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’, Sitharamn noted that they haveContinue reading “India may see the crypto bill discussion in Monsoon session of Parliament”

The last few months of the year have been interesting yet dramatic for the cryptocurrency market. Not only due to the wider price volatility, but on the regulation front as well. On one hand, while El Salvador legalized BTC as legal tender, China on the other hand cracked down on cryptos and mining once again.Continue reading “Is India mulling the taxation of foreign crypto-exchanges to the tune of 18%?”

Indian crypto businesses have been struggling with unclear regulations and now, exchanges are seeking secure, viable, permanent payment solutions. This comes at a time banks and payment gateways began severing ties with these crypto businesses, as per reports. The cryptocurrency exchanges were facing a tough time when rumors about a total crypto ban were floatingContinue reading “Indian Crypto exchanges: Getting to the bottom of ‘the problem the industry is facing’”