About cryptocurrency in india
There are two tracks of concern — one around financial stability and how consumer and investor protection can be ensured. The other is around money laundering and terrorism finance. This time the cops themselves are connected with it. It appears that in January this year Karnataka police seized 31 stolen Bitcoins , worth Rs 9 crore from Srikrishna alias Sriki, arrested in November for hacking crypto exchanges. Sriki then appears to have tricked the police into believing he had transferred the Bitcoins to a police wallet for seizure.
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- From ban to regulation, cryptocurrency’s journey so far in India
- Indian government set to ban cryptocurrencies
- India plans law that will prohibit ‘all private cryptocurrencies,’ with ‘certain exceptions’
- India’s cryptocurrency enthusiasts call New Delhi’s bluff on ban
- Cryptocurrency in India: What's the govt's stand, legal status, its future
- Cryptocurrency in India : to be or not to be
From ban to regulation, cryptocurrency’s journey so far in India
Bitcoin BTC witnesses fall of over 1. Or, what is hope? We, as people, expect miracles development, welfare, freedom from our princes The political history of Goa is littered with stories of smaller regional parties rising, battling and falling to the might of The poll-bound states have a handful of small parties in the fray.
The government of India may recognise crypto as an asset not currency and plans to regulate private cryptocurrency rather than ban it, according to a cabinet note on the proposed cryptocurrency Bill, said an NDTV report. The note adds that crypto will not be recognised as a legal currency in India.
The price of Bitcoin BTC , the top cryptocurrency by market capitalisation, fell 1. Ethereum ETH , the second-largest cryptocurrency by market value, lost 1. Solana SOL increased 0. Prince Floki V2 PrinceFloki became the biggest gainer in the last 24 hours, recording a rise of Top meme coin by market value Dogecoin fell 0. In a cabinet note, the government of India said crypto exchanges will be dealing with crypto assets but they will be regulated by the Securities and Exchange Board of India Sebi , according to an NDTV reported.
Once the cabinet gives consent to the note, the Cryptocurrency and Regulation of Official Digital Currency Bill, can be tabled in Parliament.
Once the bill is tabled before Parliament, clauses and sub clauses can be discussed. Given the complexity involved, reaching consensus will be an uphill task for both treasuries as well as the opposition benches.
The bill is likely to be referred to the standing committee of Parliament," says Sharat Chandra, a blockchain and emerging tech evangelist. The central bank, on the other hand, will regulate issues related to cryptocurrency, the cabinet note added, as per NDTV.
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Indian government set to ban cryptocurrencies
While Turkey hit the headlines last week with a ban on paying for items with cryptocurrency, the government of India appears to be moving towards outlawing cryptocurrency completely. If the Indian government plans to effectively police its own draconian rules, it would need to seek to block, disrupt, and spy on Internet traffic. If rumors of a complete ban accurately describe the bill, it would be a drastic and over-reaching prohibition that would require draconian oversight and control to enforce. But it would also be in keeping with previous overreactions to cryptocurrency by regulators and politicians in India. The central bank issued a circular prohibiting all regulated entities, including banks, from servicing businesses dealing in virtual currencies.
India plans law that will prohibit ‘all private cryptocurrencies,’ with ‘certain exceptions’
It is time to add the fastest emerging asset to your portfolios. Explore how cryptocurrency can add value gain complete knowledge from top financial experts. Stay Tuned! From facing a ban to now being on the verge of strict regulations, the virtual asset has faced a series of threats. Despite uncertainty around the future of cryptocurrencies in India, investments in the unregulated digital asset, especially Bitcoin, has shown a breathtaking upward trend since Dogecoin rode through volatility ahead of the Cryptocurrency Bill due to be introduced in the ongoing winter session of the Parliament. The correction, however, has proved to be an entry point for a range of Dogecoin investors. While the naysayers are of the opinion that the government could announce a ban on private digital currencies, such as Dogecoin, cryptocurrency enthusiasts view regulations positively. This is the first Bitcoin upgrade in four years after the SegWit upgrade in The upgrade will add enhanced scalability, security.
India’s cryptocurrency enthusiasts call New Delhi’s bluff on ban
Support Scroll. In recent weeks, discussions about cryptocurrency have been everywhere. Decentralised digital currencies secured by cryptography were the subject of a prime ministerial meeting , a statement by the Reserve Bank of India governor and were featured in a barrage of advertisements during cricket matches. On November 23 came the news that the Lok Sabha is set to table a draft legislation on cryptocurrencies.
Cryptocurrency in India: What's the govt's stand, legal status, its future
The Narendra Modi-led government has listed a bill for the upcoming Parliament session that reportedly seeks to prohibit all private cryptocurrencies in India, but with certain exceptions. The Cryptocurrency and Regulation of Official Digital Currency Bill, , is among the 26 new bills that have been listed for the government's legislative agenda. The development comes days after Prime Minister Narendra Modi raised concerns about cryptocurrencies and called for regulating them. India has been one of the countries where investments in cryptocurrencies have been growing exponentially with expectations of higher returns. The Indian government has repeatedly stressed that a regulatory mechanism was needed to regulate cryptocurrency investments. While addressing the Sydney Dialogue—a forum on emerging, critical and cyber technologies—Modi called upon all the countries to join hands to ensure that the cryptocurrency is not misused.
Cryptocurrency in India : to be or not to be
In the year , we expect to see more solutions coming up that will make decentralised blockchains cheaper, faster, scalable and sustainable. In the past year, the crypto industry witnessed Bitcoin hitting several new all-time high prices and major institutional buy-ins from mainstream companies. Crypto is now also a part of pop culture, with Elon Musk becoming perhaps its most famous face. Since the RBI lifted the crypto ban back in March , Indian crypto exchanges have noted a surge in user registrations and daily trading volumes, and this influx continued in Case in point, despite the initial lack of clarity regarding crypto regulation in India and the price volatility cryptos have witnessed in the last few months, India rose to have the second highest crypto adoption rate in the world, only behind Vietnam. Among other developments for crypto in the past year, Bitcoin, which remains the top crypto based on the market cap in , gained over 50 per cent since the beginning of the year. Finance minister Nirmala Sitharaman has recently stated that a new crypto bill is going to be brought up in the House after approval from the Cabinet. This bill is expected to positively regulate the crypto markets in India, and permit crypto investments and trades with reasonable restrictions for aspects like risk management and investor protection.
Despite regulatory uncertainty, why are so many cryptocurrency startups cropping up? While regulatory uncertainty continues to linger, many—from Bollywood icons to tech entrepreneurs—like crypto; everyone wants to learn about crypto. Some even believe cryptocurrencies, and the underlying blockchain architecture, will set off a new wave of financial innovation once the level of adoption rises.
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Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy. The use of cryptocurrency has always been a point of contention with its legality being a mystery to public. Bitcoins are a form of digital currency and are not considered to be legal tender. However, these are capable of functioning as a medium of exchange akin to money. The lack of a traditional government or bank-backed system to regulate its use makes cryptocurrencies the target of several concerns such as it being a conduit for black money or anonymously funding terrorism. Despite the odds, cryptocurrencies have gained popularity worldwide and the cryptocurrency market in India has also been slowly gathering momentum.
A daily roundup of news and information about Bitcoin, Ethereum, Dogecoin and more, this page has everything you need to know about cryptocurrency. The pricing of cryptocurrency changes very frequently and remains highly volatile. Even looking at only the most well-known crypto tokens such as Bitcoin , Ether not to be confused with the Ethereum network for which it is the native token , Dogecoin , Litecoin and Ripple , there has been a lot of movement in their value.
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