India needs to make up its mind over crypto
Although India hoped that taxation would be a step toward regulation rather than a ban, the high tax rates and proposed rules seem to be geared toward dissuading crypto trading.
-
-
11 arrested in India’s five-year, $5.4M crypto scam
Indian authorities arrested 11 individuals over the weekend, connected with a crypto scam case that allegedly used the allure of high gains to dupe 2,000 investors out of US$5.4 million (INR 400 million), local media reported. Fast facts Four of the accused were apprehended on Saturday after being on the run since March last year,…
-
Indian media giant’s Fully Faltoo NFTs sell out in 48 hours
Indian media staple Viacom18’s Youth, Music and English Entertainment Cluster (YME) released 3,000 Fully Faltoo non-fungible tokens (NFTs) that sold out within 48 hours since launching, the company said in a press release on Wednesday. See related article: WazirX launches India’s first NFT marketplace Fast facts Fully Faltoo is a local award-winning sitcom program that…
-
RBI is causing crypto hesitancy among Indian banks
India’s crypto tax plan was expected to bolster adoption, but the central bank’s hold on the banking sector puts a check on crypto-related services.
-
RBI calls for crypto ban in India, again
T Rabi Shankar, the deputy governor of the Reserve Bank of India, the country’s central bank, proposed an outright ban on cryptocurrencies on Monday, assuring the central bank’s position to prohibit digital assets has not changed since the 30% tax on crypto income was announced. Fast facts Shankar said he found no merit in the…
-
India government, central bank in ‘complete harmony’ on crypto: FM
The Indian government and the Reserve Bank of India (RBI) are working in “complete harmony” and any decision on cryptocurrency will be made jointly, finance minister Nirmala Sitharaman said in a press conference on Monday. Fast facts Discussions on crypto have been ongoing between the government and the RBI — India’s central bank — even…
-
Indian exchanges scramble to implement crypto tax by April 1 deadline
Exchanges say the crypto tax was announced without key directives. While exchanges await clarity, they struggle to figure out their role in the tax system.
-
Cryptocurrencies are not legal in India, future uncertain: Union minister
Union minister Bhagwat Karad said on Saturday that cryptocurrencies are not legal in India and that their future is uncertain at the moment. Fast facts Many investors and exchanges had viewed a decision to impose a 30% tax on cryptocurrency profits as a step toward validating the industry. Finance minister Nirmala Sitharaman, however, clarified last…
-
Crypto is ‘not even a tulip,’ India’s central bank chief says
Reserve Bank of India Governor Shaktikanta Das said in a press conference that cryptocurrencies have no underlying value and that they are “not even a tulip,” warning investors of its risks. Fast facts Das’s comments come just over a week after India’s central government announced a 30% taxation plan on income from crypto assets as well…