Friday , December 9 2022
Home / Tag Archives: india

Tag Archives: india

Indian Crypto Association Seeks Relief from High Taxes

A prominent Indian cryptocurrency trade body – Bharat Web3 Association (BWA) – has red-flagged the high taxes and regulatory uncertainty in its draft of concerns and recommendations submitted to the Indian Finance Ministry, which is holding consultations in the run-up to the budget for 2023-24. A meeting between the BWA representatives and the Indian finance ministry officials, particularly with officials of the Central Board of Direct Taxes (CBDT), is expected to take place...

Read More »

Indian CBDC Fails to Impress Bankers in Initial Trials: Report

The initial excitement among Indian bankers over the launch of a central bank-sponsored digital rupee seems to be fizzling out. They find it adding to their paper and accounting work without bringing any significant benefits over the existing procedures. Bankers point out that the real benefit of e-rupee may be in the retail and consumer sectors. Bankers Not Enthused It has been one month since the launch of the e-rupee for the wholesale segment, but bankers don’t seem to be...

Read More »

The RBI Is Getting Its Digital Rupee Ready

The Reserve Bank of India (RBI) has unveiled its new pilot program that will see various consumers testing out the latest version of its digital rupee. A CBDC (central bank digital currency), the digital rupee is slated to be used for purchases of goods and items amongst everyday residents. The RBI Is Boosting the Use of Its Digital Rupee Pratik Gauri – co-founder and CEO of 5ire, a blockchain company – explained in a recent interview: I believe blockchain and decentralization are necessary...

Read More »

Crypto Ransom Demanded to Restore Compromised Servers of Indian Hospital: Report 

India’s largest and most advanced government-run hospital, more popularly known by its acronym AIIMS (The All India Institute of Medical Sciences), suffered a hack of its servers on November 23.  Even as they remained out of order for the sixth consecutive day, a new twist emerged in the ongoing multi-agency investigation and restoration effort.  A leading news agency on Monday claimed that Rs 200 million ($25 million) in ransom has been asked by the attackers to restore...

Read More »

Indian Crypto Companies’ Response to the FTX Collapse

The quick downfall of FTX with an $8-10 billion deficit in its balance sheet has left the broader cryptocurrency market reeling under its cascading effects. Besides Proof of Reserves (PoR) and Reserves to Liability (R2L) Ratio data, Indian crypto exchanges, battling low volume caused by high taxation and an unfriendly regulatory environment, have responded to the evolving situation with some fresh initiatives. Polygon CEO’s Self-Custody Buzz Polygon CEO Sandeep Nailwal was...

Read More »

Binance Has No Big Plans for India Due to High Taxation, Says CZ

Binance CEO Changpeng Zhao (CZ) has all but given up on India. Pointing out the 1% transaction tax that came into force on 1 July 2022, CZ said it makes crypto trading unviable in India. Speaking at the TechCrunch Session: Crypto 2022 on November 17 in Miami, CZ further pointed out that Binance is engaged with blockchain associations and influential persons in India to present the industry’s stance before the policymakers, a TechCrunch report said. CZ Red Flags 1% Transaction...

Read More »

High Taxes Can Kill the Crypto Industry in India, CZ Cautions

India’s anti-crypto policy came into sharp focus at the prestigious Singapore Fintech Festival (2-4 November), where Binance CEO flagged high tax rates as undoing the fledgling crypto business in the country.  With over 60,000 participants and 850 speakers representing top global financial services, banks, and policymaking bodies, Singapore Fintech Festival (SFF) is one of the most awaited events in the digital assets and fintech industry.  CZ on Indian Crypto Taxes Binance...

Read More »

The RBI Could Issue a Digital Rupee Soon

The Reserve Bank of India (RBI) is considering the release of a new digital version of the rupee, the national currency of India. The RBI Could Soon Unveil the Digital Rupee In a document explaining the process, the RBI stated the following: E-rupee or digital rupee will provide an additional option to the currently available forms of money. It is substantially not different from banknotes, but being digital, it is likely to be easier, faster, and cheaper. The RBI says...

Read More »

3 Indian Crypto Exchanges on Investigators’ Radar for $3.5B Illegal Drug Transactions

Indian investigation agencies are probing three crypto exchanges for their roles in illegal drug trade transactions after they were alerted by the Financial Intelligence Unit (FIU), which has zeroed in on nearly 200 such transactions. These financial dealings for suspected drug deals in Nigeria, the Cayman Islands, and the British Virgin Islands were reportedly carried out through three Indian digital asset management companies, a report in the Economic Times said.  Illegal...

Read More »

Rapid Tech Adoption and Talents Make India a Key Player in Global Web3 Market: Study

A series of enabling factors places India at the forefront of global Web3 transformation, said a report by Nasscom, a no-profit apex body of the $227-billion Indian tech industry. It identifies the rapid adoption of new technologies, vast talent pool, and robust startup ecosystem as the key drivers of the nation’s push for a key role in the global Web3 market.  India Web3 Landscape Launched in Bengaluru last week, the report – The India Web3 Startup Landscape: An Emerging...

Read More »