“You can buy gold, diamond, crypto, but that will have not have the value authorization by government,” said T.V. Somanathan. T.V. Somanathan, the finance secretary for the Indian government, is reportedly pushing back against the narrative that cryptocurrencies will be widely accepted in the country — by dismissing the possibility of using them as legal…
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The Indian tax department head said crypto taxation will help the department evaluate the exact depth of the digital asset market. The head of the Central Board of Direct Taxes (CBDT) in India said the recent announcement of a 30% tax on crypto holdings doesn’t necessarily make the crypto trade legal in India. The finance…
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Government officials from CGST Mumbai Zone recovered the funds from crypto exchange WazirX after detecting a GST evasion of $5.43 million on trade commissions. Indian crypto exchange WazirX has reportedly paid over $6.6 million (49.2 crore rupees) following non-payment of Goods and Services Tax (GST) on trade commissions. The total recovery includes the pending tax…
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While the regulatory environment for cryptocurrencies in India is currently murky, the country has already witnessed an exponential rise in crypto popularity. The Chairman of the Securities and Exchange Board of India (SEBI) Ajay Tyagi urged mutual funds to avoid investing in crypto-related assets as the government considers new cryptocurrency rules. Speaking at a press…
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The Swadeshi Jagran Manch (SJM), an affiliate of the nationalist Rashtriya Swayamsevak Sangh, has reportedly passed a resolution demanding a ban on cryptocurrency in India. “Disobeying the ban should make person/entity liable to financial penalty,” the resolution states. Swadeshi Jagran Manch Wants Crypto Outrightly Banned in India The Swadeshi Jagran Manch (SJM), the Indian economic,…
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On behalf of the Hyderabad City Police, Addl. Commissioner Shikha Goel asked Indian citizens to invest in crypto only through reputed and long-established players in this field. Goel highlighted the various methods that are actively being used by fraudsters to dupe investors such as lucrative investment opportunities, illegitimate bank transfers and cryptocurrencies. Acknowledging the growth…
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The Cryptocurrency and Regulation of Official Digital Currency Bill doesn’t appear among the bills that India’s lower house will consider as it concludes the winter session. The Indian government may still be considering a bill that could ban certain cryptocurrencies in the country, but lawmakers are unlikely to vote on any legislation in the current…
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Telangana will launch the blockchain accelerator program in partnership with CoinSwitch Kuber and Lumos Labs. The state government of Telangana announced the launch of the India Blockchain Accelerator program to foster early-stage Web2 and Web3 startups and blockchain developers aimed at solving real-world challenges. The program will be launched in partnership with unicorn crypto exchange…
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India’s central bank, the Reserve Bank of India (RBI), has reportedly told the central board of directors that it favors a complete ban on cryptocurrencies, stating that a partial ban will not work. The central bank reiterates that it has serious concerns regarding crypto. Meanwhile, the Indian government is reportedly making additional changes to the…
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Narendra Modi also called for a global standard on cryptocurrencies and major social media platforms in an effort to facilitate free and fair elections and governance. Cryptocurrency made an appearance at a global online summit for world leaders in a speech from Indian Prime Minister Narendra Modi. At Friday’s events for the Summit for Democracy…
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