Cryptocurrency exchange Okx has notified its users in India that the platform is shutting down services in the country “due to local regulations.” The exchange has advised users in India to “withdraw all funds” from their accounts by the end of April. The Indian government has not regulated crypto and the country’s finance minister recently…
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Listening to the plea, the bench headed by the Chief Justice of India (CJI) remarked that the petitioner’s demands are more legislative in nature. The Indian Supreme Court declined to consider a Public Interest Litigation (PIL) that aimed to establish regulations and a framework of guidelines for cryptocurrency trading in India. According to a report,…
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Numerous initiatives by local and state governments in India — from data management systems to verifiable certificate issuances — currently use blockchain technology. Ever since Bitcoin (BTC) popularized blockchain technology worldwide, the tech has found its way into myriad processes, from finance to public administration. What started as a flex statement for early adopters has…
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The lower house in the parliament of India approved updates to a bill that would ease data storage, processing and transfer standards for BigTech companies. The lower house of India’s parliament voted in approval of a bill that will ease data compliance regulations for Big Tech companies, according to a report from Bloomberg. On Aug.…
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Reserve Bank of India Deputy Governor Mahesh Kumar Jain has told Indian bank directors they should “adopt innovative technologies such as AI and blockchain.” A top federal official representing India’s central bank has recommended all banks adopt artificial intelligence and blockchain technology to ensure sustainable growth and stability. At a conference organized by the Reserve…
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The Indian government has responded to parliamentary questions about the legalization of cryptocurrency and the steps it has taken to prevent crypto-related fraud. “Crypto assets are currently unregulated in India. Frauds relating to crypto are dealt with under extant laws against fraud and cybercrime,” the Minister of State for the Ministry of Finance told parliament.…
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One of the banking partners in the cross-border remittance service is also part of the government’s CBDC program. India’s national payment network, the unified payments interface (UPI), is expanding its services beyond Indian borders, integrating with Singapore’s PayNow rapid payment system. Shaktikanta Das, governor of the Reserve Bank of India, and Ravi Menon, managing director of…
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The Indian government is planning to introduce “measures around crypto” this year, according to the country’s Economic Affairs Secretary Ajay Seth. India’s finance minister says cryptocurrency regulation will be discussed in her upcoming G20 meeting of finance ministers and central bank governors. India Could Introduce Crypto Measures This Year India’s Economic Affairs Secretary Ajay Seth…
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An Indian government official says that there is currently nothing that outlaws crypto in India “as long as you follow the legal process.” Meanwhile, the country’s central bank, the Reserve Bank of India (RBI), has stressed that “cryptocurrency does not have any underlying value.” Indian Government Official on Crypto Indian government official Rajeev Chandrasekhar talked…
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The government of India is launching a crypto awareness campaign that will educate investors about the legality of cryptocurrencies in the country while highlighting the risks of investing in crypto assets. Indian Government’s Cryptocurrency Awareness Campaign The Indian government is reportedly launching a first-of-its-kind crypto awareness campaign. It will be conducted by the Investor Protection…
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