CRYPTOCURRENCY IN INDIA
UPI fee issue raised at finance panel meet; crypto report in final stage
A parliamentary committee convened to evaluate the fees associated with UPI transactions and explore revenue strategies. Opposition members expressed strong concerns regarding the government's choice to impose such charges. Previously, the committee had advocated for a sustainable financial model to support UPI. Furthermore, officials reiterated that cryptocurrency does not align with India's economic goals. The committee is poised to complete its report on virtual digital assets shortly.
Indians can use crypto to buy groceries, fuel and gold through overseas gift-card platforms
Indians can use cryptocurrencies to buy goods and services domestically through overseas fintech platforms that convert stablecoins and other virtual digital assets into vouchers and gift cards. The mechanism, involving foreign platforms and Indian voucher partners, has drawn regulatory attention over potential gaps in cross-border payment, tax and AML oversight.
Divorce dispute turns into legal battle: The financial costs a husband may face
The aftermath of matrimonial disputes often lingers long after a marriage has ended, imposing hefty financial and legal challenges on men. While protective laws exist for women, they can be misapplied, leading to significant turmoil for husbands. Awareness of legal rights and sound financial management is key. Consulting with experienced legal counsel and compiling solid evidence are important first steps.
‘Crypto today is where mutual funds were in 1995’: BitDelta India CEO on digital assets and their role in your portfolio
Vikaas M. Sachdeva, CEO of BitDelta India, talks to Abhinav Kaul about his journey from mutual funds and PMS to crypto, and where digital assets fit in an investor’s portfolio.
The economic potential of cryptocurrencies in India's $7 trillion vision
India's cryptocurrency market is expanding rapidly, driven by financial inclusion and digital innovation. However, regulatory uncertainty and high taxes hinder growth. Clear policies, education, and supportive regulations can unlock crypto’s economic potential, fostering blockchain adoption and financial efficiency.
How can I trade cryptocurrencies in India
All crypto exchanges in India are required to be registered with the FIU (Financial Intelligence Unit- India). You'll be required to do the KYC (Know Your Customer) by the an Aadhar Card and PAN card to the platform.
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Advantages and disadvantages of cryptocurrency
Cryptocurrency in India offers financial inclusion, protection against inflation, remittance benefits, new investment avenues, fast transactions, and decentralization. However, it faces regulatory challenges, volatility, fraud risk, power consumption, and impact on traditional banking. The Supreme Court ruling and government regulations shape the future of cryptocurrency in India.
Union Budget 2023: The way forward for cryptocurrencies in India
Union Budget 2023: Being a fairly new and predominantly unregulated sector, crypto-assets/cryptocurrencies can be a pathway to a whole new world of innovation as it introduces newer ways of how one interacts on the internet. On the other hand, virtual currencies, like any other human invention, are not free from the risk of misutilization. Such risks in the crypto industry include market instability and illicit financing.
Will the levy of GST be the last nail in the coffin for cryptocurrencies in India?
Under the GST law, ‘goods’ inter alia means every kind of movable property other than ‘money’ and ‘securities’.
HNIs shifting cryptocurrency assets to wallets outside India
Industry trackers say while HNIs and family offices may look to hedge their cryptocurrency bets amid regulatory uncertainty in India, this could lead to some regulatory complications.
Millions more will answer the call of crypto in 2022
Unprecedented interest from retail as well as risk investors has made 2021 the year of cryptocurrency in India, much like the rest of the world. This has also pushed regulators to take note.
How Bitcoin and other cryptocurrencies fared in 2021: Explained in 3 charts
Bitcoin, up more than 60% this year, absorbed much of the attention but had to share more of the limelight with the likes of Ether and Binance Coin as well as meme tokens such as Dogecoin and Shiba Inu.
Crypto body IndiaTech recommends data sharing among exchanges, tighter KYC norms
IndiaTech has recommended an evolved approach to Know Your Customer (KYC) guidelines and for cryptocurrency exchanges to share customer details with each other to map all users engaged in crypto transactions in India.
Udaan gets going on groceries; crypto players feel the heat
Scrappy B2B ecommerce upstart Udaan and Tata Digital-owned BigBasket are taking different approaches to corner as much as possible of India’s burgeoning online grocery space.
Cryptocurrency regulation: Indian govt taking forward-looking steps, says report
Prime Minister Narendra Modi led a review meeting on the digital currency on Saturday, and it was decided that the government will continue to proactively engage with experts and other stakeholders on the evolving technology, the people said, asking not to be identified.
ZebPay launches electronic OTC desk for HNIs and institutional investors
The Electronic OTC desk also offers sophisticated APIs for automated trading which suits the needs of trading firms, quant funds, institutions, brokers, corporates, and algorithmic traders.
Crypto as commodity: What does it mean for you and the industry?
This would be the first time that the cryptocurrencies will be categorised as per the technology used by them, but the government’s focus would be based on the end use of the asset class for regulatory purposes.
Lenskart gets fuel for overseas boost
In today’s ETtech Morning Dispatch: Lenskart gets $220 million from Temasek, Falcon Edge Capital; BigBasket plans return of express deliveries; and ED notice raises concerns about crypto in India.
ED stance strikes at the heart of cryptocurrency in India
The Enforcement Directorate has asked WazirX to explain why “withdrawal from crypto wallets” is not a FEMA violation.
How Falcon got the edge
In today's ETtech Morning Dispatch: How Falcon Edge became one of the most active startup investors; The government may set up a cryptocurrency regulation panel; and Made-in-India Polygon (Matic) is now among the Top 20 crypto coins.
Crypto exchanges want Sebi or a new entity as regulator, not RBI
Nature of the assets is closer to a commodity and not a currency and hence falls within the domain of the capital markets regulator as opposed to the central bank, they argue
Follow Singapore model to regulate cryptocurrency in India: Experts
Singapore had proactively taken measures to prevent nefarious activity without impending technology innovation, which India could learn from, Blockchain and Crypto Assets Council (BACC) says at a virtual conference.
Cryptocurrency in India: Don’t bite it, make it legit
The tussle between sovereigns and crypto communities will play out over the next few decades, and intensify as crises strike, governments run of ideas and mismanage economies, and central banks appear less and less powerful.
Cryptocurrency in India: The past, present and uncertain future
To understand the ongoing controversy over cryptocurrency in India, we need to examine how we got here.
Inter-ministerial group suggests banning of private cryptocurrencies in India
It, however, pitched for introduction of an official digital currency with a status of a legal tender and appropriately regulated by the Reserve Bank of India.
No separate law yet to ban cryptocurrency in India: Anurag Singh Thakur
The minister’s response comes at a time when the Supreme Court is set to hear a case related to the ban on cryptobanking next week.
Facebook has no plans for Calibra or cryptocurrency in India
The Reserve Bank of India has banned banks from dealing in cryptocurrencies but informal networks abound.
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