When it comes to cryptocurrency, the Indian government has always been wary because of its decentralized aspect. The recent bankruptcies of many cryptocurrency enterprises, however, have only amplified the voices of others who disagree. To add insult to injury, crypto frauds have caused significant harm to individuals curious about cryptocurrency
The latest action by the Indian government to tighten control over digital assets is the imposition of anti-money laundering regulations on the cryptocurrency industry. According to reports, the Finance Ministry specified that the regulation against money laundering has been applied to cryptocurrency trading, storage. And also associated financial services. The
Despite the fact that the Indian government and central bank have been skeptical of the cryptocurrency market, they are now striving to provide some regulatory clarity to the topic. Crypto and NFT businesses in India are considered “reporting entities” under the country’s Prevention of Money Laundering Act (PMLA), according to
Ajay Kumar Choudhary, Executive Director of the Reserve Bank of India (RBI) let out glimpses of the CBDC plan. The central government of the nation and the union bank are in process of building CBDC as a replacement for crypto. Ajay is confident over the fact, CBDC will emerge as
A portion of BitBNS’s money was compromised on February 1, 2022, although the exchange’s founder, Gaurav Dahake, indicated on March 1 that this wasn’t an unusual occurrence. This comes after the cryptocurrency exchange allegedly hid a $7.5 million hack under the pretext of system maintenance, as tweeted by independent crypto
After Robinhood and Azuki, hackers have now targeted the account of an Indian government official in an effort to spread their cryptocurrency hoax. Tuesday afternoon around 4 PM (EST), the official account of Madhya Pradesh’s governor began reacting to a flurry of tweets that claimed Ripple Labs CEO Brad Garlinghouse
Key financial stability and regulatory concerns were covered during the inaugural G20. During Finance Ministers and Central Bank Governors (FMCBG) conference under India’s chairmanship. In a recent report, India asked other countries to consider the long-term effects of crypto assets on the global economy. And called for the development of
Despite the challenging global economic conditions, central bank officials strive to stabilize Asia’s third-largest economy. As the Indian Finance Minister Nirmala Sitharaman stated in a LokSabha question hour, the Group of 20 (G20) big economies are exploring “the possibility of regulating cryptocurrencies and crypto mining” as a group. While China
Although it has only been a few months since India joined the CBDC race. The government has no plans to accelerate its central bank digital currency (CBDC) trial. On February 8th, as per reports, the country’s new CBDC trial has already attracted 50,000 customers. And 5,000 merchants since the Reserve
Interestingly, the web 3.0 wallet MetaMask has now announced that it would support bank transfers for customers in India. Users in India may now utilize the country’s premier payments system, Unified Payments Interface (UPI), to have immediate access to crypto assets. MetaMask users will be able to buy cryptocurrency using
