Proposed bill banning crypto payments could mean jail for violations

Mumbai: According to a source and summary of the bill seen by Reuters, the proposed law that would ban the use of cryptocurrencies as a method of payment in India also seeks to make those who violate the law and arrest without warrant. and are caught without bail. , Prime Minister Narendra Modi’s government has … Read more

India is said to be considering a capital markets regulator for crypto

By Abhijit Roy Chowdhury and Shruti Srivastava According to people familiar with the matter, India is considering appointing its capital markets regulator to oversee cryptocurrencies, as the authorities want to classify them as financial assets. Prime Minister Narendra Modi’s government, which plans to introduce the law in the ongoing parliament session, will probably give crypto … Read more

Crypto Bill will give SEBI, RBI, taxman power to verify KYC data of exchanges

The new cryptocurrency bill is designed to allow regulators and government agencies including the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the tax department to scrutinize their Know Your Customer (KYC) data of investors who hold crypto exchanges. Huh. collected from customers. According to two people aware of … Read more

Cabinet may discuss crypto bill this week

The Union Cabinet is likely to discuss a legal framework for cryptocurrencies later this week, proposing a complete ban on private digital currencies as legal tender. The government has held extensive discussions on the legal framework for cryptocurrencies, including a meeting chaired by the prime minister last month. The government is of the view that … Read more

Will the crypto bill even pave a way for NFTs?

New Delhi: Non-Fungible Tokens (NFTs) are the latest craze among cryptocurrency investors to buy the latest artifacts in digital form. NFTs are digital art collectibles that derive value from being unique and rare digital collectibles. The value of NFTs depends on the buyer’s interest and bid in the auction. The concept is in the early … Read more

Crypto Industry On Wait-and-Watch Mode, Says WazirX’s Nischal Shetty

“I do not agree with the idea of ​​entry barriers in terms of money being a parameter for entry into crypto. That would be an elitist approach,” says Nischal Shetty, Founder and Chief Executive Officer, WazirX. Are we expecting further taxation for crypto investments? Is this something the industry is ready for now?Taxation is certainly … Read more

RBI-backed CBDC likely to be included in crypto bill: Officials

New Delhi: A top government official told ET that the proposal for a Central Bank Digital Currency (CBDC) backed by the country’s banking regulator may be included in the upcoming bill. Describing the Centre’s bill as a response to the central bank’s concerns about macro-economic stability, an official familiar with discussions on the upcoming legislation … Read more

Fear, Uncertainty, Doubt: The FUD Reality Of Crypto Users

Gopal Somani, a 26-year-old Delhi-based textile exporter and part-time crypto trader, spent Tuesday night trying to sell a portion of his cryptocurrency portfolio, but the trade didn’t work out. He could not buy any more coins as the money was not added to the wallet. The panic sell-off started after a government bulletin announced that … Read more

Get rich-quick crypto wave could lead to more meaningful crypto products

The crypto craze generated a sort of lure of easy money that few other things could match. An overnight growth of 64,000% percent is almost unimaginable and defies any logic of investment and growth. This, coupled with the ever-increasing advice of crypto exchanges, began to attract everyone to this crypto maze. Then came NFT crypto. … Read more

Crypto companies, investors wait with bated breath as India moves to ban ‘private’ tokens

New Delhi: The prices of bitcoin and other major cryptocurrencies fell sharply on Indian exchanges after the government listed a bill to ban all “private” tokens. But entrepreneurs and investors are hopeful that things won’t get too bad. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which aims to ban all private cryptocurrencies … Read more