Cryptocurrencies are a “clear danger” and have the potential to disrupt financial stability, Reserve Bank of India (RBI) governor Shaktikanta Das said. See related article: Crypto crash justifies RBI’s stance: central bank chief Fast facts “Anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name,” Das said…
India’s government can’t seem to decide on following China with an outright ban on crypto trading. So is it bent instead on suffocating traders and exchanges with taxes?
“There is a larger compliance requirement due to evolving regulatory needs resulting in increased scrutiny,” a senior executive at the Coinbase Ventures and B Capital backed cryptocurrency exchange said. See related article: CoinDCX double downs as the going gets tough in India Fast facts “We have restricted crypto withdrawal from our platform,” with users being…
The Reserve Bank of India (RBI) has launched a blockchain-based trade financing pilot project in collaboration with top lenders including HDFC bank, ICICI Bank and State Bank of India, among several others, Economic Times reported, citing unidentified sources. See related article: India FM: RBI to issue blockchain-based digital rupee Fast facts Belgium-based SettleMint, U.S.-based Corda…
Indian tax authorities will meet for two days starting June 28 to discuss a goods and services tax (GST) on cryptocurrency transactions, according to a Bloomberg report that cited unidentified sources. See related article: India’s tax bogeyman is scaring off young crypto investors Fast facts A panel comprising federal and state finance ministers will meet…
High taxes amid a bear market are tempering the enthusiasm for NFTs among Indians. But industry participants expect the country’s unique cultural and demographic characteristics to provide a long-term fillip to the industry.
The job cuts in India were much lower than the global average of about 18%, a senior executive at the Nasdaq-listed cryptocurrency exchange said. See related article: Coinbase, biggest US crypto exchange, cuts workforce by 18% Fast facts The largest cryptocurrency exchange by trading volume in the U.S. Wednesday said about 8% of its India…
Indian crypto investors got lucky after February’s tax announcements reduced trading activities ahead of the market crash, Nithin Kamath, founder and CEO of online stockbroker Zerodha said. See related article: Short selling is good for any market, including crypto: Jim Rogers Fast facts “Even when trading stocks, the biggest reason for losses is trying to…
The Reserve Bank of India (RBI) is planning to introduce a central bank digital currency (CBDC) in stages this fiscal year, T Rabi Shankar, deputy governor of the central bank, said in a press conference on Wednesday. See related article: RBI wants its CBDC to bring ‘little or no disruption’ Fast facts “Process of [the]…
India’s chief economic adviser V. Anantha Nageswaran compared cryptocurrencies to the “world of Caribbean pirates” in the absence of regulation where “winners take it all” from somebody else, local media reported. Fast facts See related article: Coinbase blames India’s central bank for exit Cryptocurrencies fail to satisfy basic requirements such as having store value, widespread…