Tag: India

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…

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…

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….

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…

India’s Ministry of Finance has clarified some questions concerning the status of cryptocurrency, crypto regulation, and crypto investor protection in the country. The minister also indicated that the recommendations in the draft bill proposed by the interministerial committee are still being considered. The Indian minister of finance, Shri Pankaj Chaudhary, answered Monday some questions about…

This week, several central banks at once released announcements regarding national digital money. Financial regulators of Canada, India, and Nigeria made moves toward launching their own central bank digital currencies (CBDCs). The Central Bank of Nigeria (CBN) has this week redoubled its investment and research into crypto’s underlying technology, blockchain, and has set a clear…