Tag Archives: india

The Twitter account of one of the leading news channels in India – News24 – became a victim of a recent cryptocurrency scheme. Hackers breached their security to post phishing links of a fake XRP drop, urging people to click and potentially get conned.  Crypto scammers have previously compromised the Twitter account of India’s Prime Minister – Narendra Modi – and the profiles of the Indian Medical Association (IMA), the Indian Council of World Affairs (ICWA), and Mann Deshi...

A second-year B.Com student from the Indian city Lucknow reportedly hanged himself after losing a bitcoin investment worth ₹3.5 lahks ($4,200). The local police assured they will investigate the tragic event once the victim’s family filed a complaint.  Depression and Then Suicide According to coverage by Hindustan Times, the boy distributed the sum through an online crypto investment company which he previously found while using Telegram. The firm promised high returns, and...

Union Finance Minister Nirmala Sitharaman of India commented that crypto regulation has become a major priority for several finance ministers and central bank governors of G20 countries. She commented that during this year’s summit, crypto regulation is likely to be a hot topic that many of them will discuss. Nirmala Sitharaman: Crypto Regulation Must Be Enforced By All Nations Sitharaman also commented that crypto regulation will likely have to be a group effort. There...

Indian crypto exchange WazirX has wound up its NFT marketplace operations with immediate effect. Currently, the WazirX NFT site displays a message to this effect.  WazirX NFT Sunsetted “The WazirX NFT marketplace has been sunsetted. You can still trade your NFTs on OpenSea,” the message reads.  In a statement on its site, Wazir said despite creating a “safe and secure” marketplace, the business “did not gain much traction.”         “NFTs are decentralized, and owners have...

The Minister of State for IT Rajeev Chandrasekhar is going against the ideas set forth on crypto by the Reserve Bank of India (RBI). In a recent interview, he claimed that should all crypto-based laws set forth by the country’s present regulators be obeyed by investors and traders alike, all digital currency trading activity should be fine. What Will India Decide? This completely contradicts a recent statement offered by the RBI, which claimed that all digital currencies...

India’s retail CBDC pilot, launched on December 1, has onboarded 50,000 users and 5,000 merchants. In the two-month period, 0.77 million e-rupee transactions were carried out, the Reserve Bank of India (RBI) said. Right now, digital rupee (e-rupee) transactions are available in a closed group of banks, cities, and merchants. India CBDC Plan will Go Slow “We want the process to happen, but we want the process to happen gradually and slowly. We are in no hurry to make something...

The opaque and intriguing ownership of the Indian crypto exchange WazirX continues to baffle investors and crypto honchos alike. Over the past two weeks, Binance and WazirX top executives once again came to blows over the issue. In August 2022, Binance CEO Changpeng Zhoa and WazirX CEO Nischal Shetty publicly accused each other of lying about the latter’s ownership. WazirX Threatens Binance With Legal Action In the latest, WazirX described the allegations made by Binance’s...

The world’s leading crypto exchange has given an ultimatum to the operator of WazirX to withdraw all customer funds stored on Binance’s infrastructure and wallets. This comes as Zanmai has supposedly refused to retract a previous “false public statement” against Binance. The spat between the two crypto trading platforms began last year when the Indian government went after WazirX, raided offices belonging to Zanmai (the exchange’s operator), and froze over $8 million in...

In a significant development that indicates that the Indian government may not fully chime with the central bank’s overly hostile stance against cryptocurrencies, a junior minister explained that such activities are fine as long as they follow existing laws.  This is in sharp contrast to the Reserve Bank of India’s (RBI) ban on crypto in 2018 and not fully opening up to the sector even when the Supreme Court scrapped the RBI order in 2022, calling it illegal.   Crypto Is...

While Indian crypto exchanges lost a significant portion of their trading volume after new taxes for the sector came into force, the losses, so far, were referred to in percentage terms, with most estimates quoting them to be above 90%, compared to the previous year. Now, a new study has quantified the value of cumulative trading that shifted from Indian to foreign crypto exchanges after the new taxes kicked in. CryptoPotato reported earlier that Indian traders are flocking...