Tag Archives: india

Early this week, KuCoin released a survey regarding the new developments in India’s blockchain and crypto space – Into The Cryptoverse Report India, which revealed the number of crypto investors in the country to be in the range of 115 million as of June 2022. These people have either traded or held crypto assets in the past six months, the study claimed. Crypto Investors Have a Youthful Profile The KuCoin’s India survey presents a cheerful crypto investment landscape in the...

India’s Directorate of Enforcement (ED) on Thursday conducted searches at the offices and residences of CoinSwitch Kuber as well as its CEO and directors. The financial crime investigating agency is reportedly investigating a possible violation of the Foreign Exchange Maintenance Act (FEMA). The searches were carried out after the ED officials found that the top executives of CoinSwtich Kuber, an India-focused a16z-backed crypto exchange, were not cooperating with the...

A group of leading Indian blockchain influencers with expertise in trading, NFT, Metaverse, cybercrime, etc., recently announced the formation of the India Blockchain Forum (IBF). The event at Hyderabad in India’s Telangana state was attended by the state government’s principal secretary for industry, commerce, and information technology, Jayesh Ranjan, said media reports. Hyderabad is India’s second largest tech hub after Bengaluru. IBF to Adopt Collaborative Model The...

The Internet and Mobile Association of India (IAMAI) has released a statement saying that its Blockchain and Crypto Council (BACC) is now fully dissolved. Apparently, blockchain isn’t that big of a deal within the country. The BACC in India Is Dissolving The BACC was first established in 2017. Things appeared to be booming throughout the last four years, but now that the crypto space is experiencing its harshest bull market to date, regulators have decided that the BACC...

Rockefeller International managing director and chairman Ruchir Sharma thinks bitcoin is going to endure a serious comeback in the coming months. Ruchir Sharma on the Future of BTC At the time of writing, bitcoin is enduring one of the worst bear markets in history. The world’s number one digital currency by market cap shot up to roughly $68,000 per unit last November, thus achieving a new all-time high. However, the asset has since fallen by more than 70 percent and is...

Crypto exchanges in India are doing very poorly as of late. Companies like Wazir X, Coin DCX, and Zebpay are experiencing their lowest trading volumes, and executives don’t know what to do. Crypto Exchanges in India Are Not Doing Well Things have taken a nasty turn in recent weeks as the crypto market continues to slump. Bitcoin, for example, has fallen to about $21,000 per unit at the time of writing when just nine months ago, the currency was trading for around...

During a time when crypto prices appear to be tanking like never before, India is dealing with heavy crypto-related tax woes. India Is Hiking Its Crypto Tax Enforcement Right now, regulators in India are imposing new taxes on all kinds of crypto activity. There is a one percent tax on all crypto trades that occur within the country’s borders. In addition, there is going to be a 30 percent digital income tax put in place. Thus, it looks like anyone who engages in crypto...

Four men in India have been indicted for potentially running a crypto scam. The individuals are believed to have promoted a fake loan-conversion firm that potentially secured online loans and converted them into digital assets like BTC. Four Men in India Indicted on Crypto Scam Charges Police authorities are working with the National Cybercrime Reporting Portal to obtain the data they need on the men. They are Deepak Patwa (23 years of age), Dev Kishan (32 years of age),...

Shaktikanta Das – the governor of the Reserve Bank of India (RBI) – is not a fan of cryptocurrencies, having recently insulted them and practically cursed them in an interview. He even went so far as to suggest they present “danger” to society and the financial industry as we know it. Das Has No Love for Crypto Das commented: We must be mindful of the emerging risks on the horizon. Cryptocurrencies are a clear danger. Anything that derives value based on make believe,...

The call for reducing Tax Deduction at Source (TDS) on crypto transactions is intensifying among the crypto ecosystem players in India. A TDS of 1% on virtual digital assets has been approved by the Union budget 2022-23. Terming this too high as it can drive traders away from the market and hurt volumes, industry representatives are demanding to bring it down in the range of 0.01% to 0.05%.  Unocoin, CoinDCX CEOs Call for TDS Reduction Sathvik Vishwanath, co-founder and CEO...