Indian authorities raid cryptocurrency exchanges over alleged tax evasion

    On Saturday, Central Goods and Services Tax (CGST) Mumbai Zone detected massive evasion of around 700 million rupees during the crackdown on cryptocurrency service provider – WazirX. A local media report has confirmed that major cryptocurrency service providers are under investigation in India on suspicion of possible tax evasion. According to NTDV, the director-general GST…

    India on the crypto world map

    Two major Asian cryptocurrency markets – the Persian Gulf and India – seem destined to interact. The combination of Gulf countries’ capitals and a large number of crypto owners and promising crypto-related IT startups in India could prove incredibly profitable. India is a huge region in the middle of a venture capital investment boom. The…

    Indian сrypto ban rumors crash local crypto markets

    India is on track to ban all but a few private cryptocurrencies after the government announced Tuesday the upcoming introduction of a new financial regulation bill. Indian crypto exchanges have already suffered panic selling over crypto bill confusion. The Cryptocurrency and Regulation of Official Digital Currency bill will create a facilitative framework for an official…

    Shiba Inu becomes the crypto star in India, disrupting local exchange WazirX

    WazirX, India’s largest cryptocurrency exchange, which is headquartered in Mumbai, recorded its highest daily trading volume of $562 million between Wednesday and Thursday. Meme-coin Shiba Inu’s volume alone was about $338 million of the total, the company said. Frantic trading in meme-coins has even disrupted the crypto exchange. WazirX chief executive Nischal Shetty said its…

    How India’s new cryptocurrency bill will tax crypto investments?

    According to the Economic Times, the Indian government is planning to compartmentalize virtual currencies and their tax treatment based on their use cases —payments, investment, or utility. Although the Reserve Bank of India (RBI) has not granted legal tender status to Bitcoin and other cryptocurrencies, it is eager to charge tax on cryptocurrency investment gains….

    Reserve Bank of India to start CBDC pilot in December

    The Reserve Bank of India has announced its first digital currency trials may launch yet in December 2021. RBI governor said that central bank digital currency (CBDC) was being discussed for a while now, and the authorities remained cautious regarding its scale. Speaking on Thursday, the central bank governor Shaktikanta Das told CNBC that the…