CRYPTO CURRENCY
ED arrests Rakesh Kumar Gupta, chairman of media broadcast company in insolvency-linked case
Rakesh Kumar Gupta, chairman of Sadhna Group, was arrested under the Prevention of Money Laundering Act. The Enforcement Directorate claims he manipulated insolvency processes to settle large tax dues for a fraction of the owed amount. Allegations include substantial cash transactions linked to cryptocurrency and questionable payments to connected creditors. The court rejected Gupta's defense arguments and deemed the investigation lawful and necessary.
US drone company backed by Trump's sons signs deal with Pakistan Army, meets Gen Munir in Rawalpindi
A US drone firm linked to Donald Trump's sons has signed a deal with Pakistan's military. This agreement involves selling unmanned systems and potential joint manufacturing in Pakistan. Previously, the company announced a deal for oil and gas infrastructure protection. Trump's family-backed firms are also working with Pakistan on cryptocurrency payments. These developments follow Pakistan's reliance on China and Turkey for military hardware.
BTC crash today: Why is Bitcoin down today by 8% and will crypto currency go below $71,000 or rise again? Here's what should investors do
BTC crash today has raised market concern after Bitcoin fell by nearly 8% and slipped near $71,000. The fall followed global tech stock losses and policy comments in the US. Investors are watching if crypto currency will fall below $71,000 or recover soon.
Crypto currency may render recognised money untraceable: Delhi HC
Justice Girish Kathpalia therefore denied bail to a businessman in a corruption case related to crypto currency. "Dealing in crypto currency has profound implications on economy of our country by way of dissolution of recognised money into the dark unknown and untraceable money," the court said.
What are the chances of Kamala Harris replacing Joe Biden? Find out what does this crypto-currency prediction market say
Polymarket which is a crypto-currency prediction market has predicted that VP Kamala Harris is surging ahead in the presidential race. She may replace Biden.
Crypto currencies have no underlying value, says RBI official
P. Vasudevan, an executive director at the Reserve Bank of India (RBI), stated that cryptocurrencies lack underlying value and therefore cannot be considered as currencies. The RBI has expressed concerns about cryptocurrencies like Bitcoin, citing potential systemic risks to financial systems. The government needs to decide on how to address cryptocurrencies.
South Korea prosecutors raid crypto exchanges, offices for Luna investigation
Investors have made fraud accusations against Korean developers Do Kwon and Daniel Shin, co-founders of blockchain platform Terraform Labs, which is affiliated with the failed crypto-currency.
Only reason to buy cryptocurrencies is the price, and if the price falls, then that reason gets weaker
The most mind boggling idea is that investors should stick to ‘conservative options’ such as Bitcoin instead of fringe ones like Luna. Strangely, even today, there are many who are saying that since crypto has fallen so much, it is now much better value. This is a complete perversion of what ‘value’ means in investing.
Cryptos may revolutionise micro payments, but we are not there yet, says Raghuram Rajan
The former RBI governor said the notion that cryptocurrencies are more reliable than fiat currencies was a little overstretched. There is a limited supply of bitcoins, but that does not give them any value.
2 Indian-origin Singaporean entrepreneurs urge India to not ban crypto currencies
"The point was to show Indians and people of colour that they too could be patrons, that crypto was an equalising power between the West and the Rest, and that the global south was rising," the Singapore-based newspaper quoted the duo as saying.
Govt to soon bring bill on crypto currencies
Replying to a question in the Upper House, Thakur said regulatory bodies like RBI and Sebi do not have any legal framework to directly regulate crypto currencies as they are not currencies, assets, securities or commodities issued by identifiable users.
Crypto trading legitimate biz, lobby group tells Apex court
Advocate Ashim Sood argued that crypto currencies were more like commodities rather than currency and that it was beyond the RBI’s jurisdiction to regulate the field.
Crypto currency is 'ponzi scheme', should be banned in India: Govt official
Crypto currencies are based on blockchain technology and there are concerns about its viability in the long-term and risk to investors, especially considering steep fluctuations in the prices.
Crypto-currency exchange Zebpay shuts shop
Zebpay said the exchange was unable to find a reasonable way to conduct the crypto-currency exchange business.
U-turn on bitcoin? Government panel may allow cryptos with riders
Popular crypto-currency bitcoin fell to a two-month low on Tuesday.
Is Modi government killing bitcoin to launch its own Lakshmi?
The RBI has formed a panel which will submit a report by June on the desirability and feasibility of introducing a virtual currency backed by the government.
SBI Card cautions customers against Bitcoin investment
Virtual currencies are stored in digital/electronic format, making them vulnerable to hacking, loss of password and malware attack which may also result in permanent loss of money.
Read to know how the government is planning to nip Bitcoin in the bud
Finance Minister Arun Jaitley clarified in his Budget speech that crypto currencies were illegal and the government would not recognise them.
IMF looking into crypto currencies; US says won't allow
"We have already started analysing the issues concerning crypto currencies including risks and potential benefits," Christine Lagarde said.
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