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Tag Archives: Indias

India’s Govt Considers Allowing Crypto Tokens for Metro Cards, Airline Tickets: Report

India’s government is reportedly mulling the launch of crypto tokens of its own for financial transactions in the country despite an ongoing banking ban on decentralized cryptocurrencies. An inter-governmental committee tasked to study and propose a regulatory roadmap for the cryptocurrency sector is also examining the usability of crypto tokens in the public sector, domestic publication DNA India reports citing ...

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Ban U-Turn? India’s Central Bank Admits Cryptocurrency Regulation is Necessary

In a first, India’s central bank has called for the regulation of the domestic cryptocurrency sector during Friday’s hearing at the Supreme Court, weeks after enforcing a banking ban against crypto companies. Earlier in April, the Reserve Bank of India (RBI) issued a circular that forbade all financial institutions – banks included – from offering services to businesses in the ...

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India’s Supreme Court Sets September Date for Final Cryptocurrency Petition Hearing

India’s Supreme Court has upheld the central bank’s directive of prohibiting banks from offering services to the domestic cryptocurrency sector following a hearing today. On Friday, India’s Supreme Court held its latest hearing of the case against the Reserve Bank of India’s (RBI) circular forbidding all regulated financial institutions, including banks, to provide services to business in the cryptocurrency sector. ...

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India’s KoinEx Loop Platform Offers INR Trading Despite Central Bank Ban

The cryptocurrency market situation in India is changing fairly quickly. The country’s Reserve Bank maintains a ban on cryptocurrency trading with the INR, but a new business model is emerging. KoinEx, one of the many platforms in the country, is now launching a LocalBitcoins competitor to continue exposing clients to Bitcoin and select altcoins. KoinEx Loop Is a Game Changer ...

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India’s Central Bank Spells Out Crypto Objections as Panel Readies Regulations

The Reserve Bank of India (RBI), which admitted last month that it clamped down on cryptocurrencies without much discussion, has expanded on its objections, as a government panel considers a draft of regulations. The central bank instructed banks in April to close cryptocurrency accounts in the first week of July. The concerns include the currencies’ insufficient intrinsic value, investor protection ...

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India’s Cryptocurrency Banking Ban May Be a Bust

After much waiting and speculation on the July 5 deadline, India may forgo banning investment in cryptocurrency after all. Indian Ban May Be a Bust The three-month time span from the Reserve Bank of India’s initial announcement that all RBI regulated entities must cease any crypto related activities, including both individuals and firms, was filled with speculation on how the authorities would ...

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Local Crypto Exchanges are Circumventing India’s New Bitcoin Ban, Here’s How

According to Coindelta co-founder Shubham Yadav, cryptocurrency exchanges in India can no longer process fiat-to-crypto trades and have shifted their business model to crypto-to-crypto trading. Central Bank’s Ban on Crypto Stands In April, CCN reported that the Reserve Bank of India, the country’s central bank, first imposed its ban on cryptocurrency trading, effectively disallowing local banks from providing banking services ...

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India’s Ruling Political Party Allegedly Involved in $763 Million Bitcoin Scam: Report

India’s ruling government, the Bharatiya Janata Party (BJP), was accused by former rulers Congress after a bitcoin scam amounting to Rs. 5,000 crore ($763 million) surfaced in the state of Gujarat. Estimated to Cross $12 Billion As reported by local news NDTV on July 6, a few Congress leaders from Gujarat demanded a Supreme Court intervention in the matter after ...

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Reserve Bank of India’s Ban on Cryptos Upheld by Supreme Court

The long-awaited decision by India’s highest court finally arrived, and the crypto community has lost. The drama began when the Reserve Bank issued a directive to all financial institutions in the country to cease offering financial services to the crypto industry. The crypto community swiftly went to court to challenge the decision, led by crypto exchanges which were the most ...

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