News
Indian crypto investors will reportedly be given a specific time frame to declare their crypto holdings and hold their assets on crypto exchanges regulated by SEBI.
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India News
India today is no stranger to the concept of Bitcoin (BTC) and cryptocurrency. Home to over 1 billion people, the South Asian country touts a population rivaling that of China. India, officially known as the Republic of India, is the second-largest country by population after China. The industry of cryptocurrency in India today still shows a country that is uncertain about the asset class.
In India, government bodies have discussed the country’s stance on cryptocurrencies for years. Although headlines have mentioned various possible cryptocurrency-related bans and regulatory moves — with people often asking, “Is Bitcoin legal in India?” — the country has yet to officially outlaw crypto on the whole. Companies focused on digital assets could not work with banks for a time, thanks to a 2018 ruling from the Reserve Bank of India, or RBI — the country’s central bank — but those restrictions were removed in 2020.
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Former finance secretary of India Subhash Garg clarified that “it is misleading to say that private cryptocurrencies will be banned.”
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The world's sixth-largest economy could adopt a hardline stance against decentralized cryptocurrencies as soon as this winter.
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CoinDCX reached a $1.1 billion valuation by raising $90 million in a Series C funding round in August.
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Singapore’s Coinstore crypto exchange has allotted $20 million to open three new offices in the Indian market.
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Previous documents from the Indian government indicate that it believes any cryptocurrencies not issued by the government are considered private and, therefore, could be banned.
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The token prices on the Indian crypto exchange WazirX crashed following the announcement of a bill that would ban all private crypto.
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The Cryptocurrency and Regulation of Official Digital Currency Bill is one of 26 new pieces of legislation for India's lower house of parliament to consider when it convenes next Monday.
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Despite the growing popularity of cryptocurrencies in India, lawmakers remain deeply divided on implementing a proper regulatory framework.
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In India, the regulatory environment surrounding Bitcoin is still in a "grey area."
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Co-founded by Coinbase’s head of operations in India, Agara helps Coinbase with customer service using AI and machine learning.
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Officials from India's Finance Ministry said any potential law on cryptocurrencies would likely come around the time the government submits the Union Budget of India in February.
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The leader of the conservative Hindu group has called for proper policing of the crypto space along with other stricter measures targeted at the digital space.
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“What Axie Infinity did for gaming, we want to do for social media,” Chingari co-founder and CEO Sumit Ghosh says.
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Valued at $1.9 billion, CoinSwitch Kuber has become the largest crypto company in India, CEO Ashish Singhal said.
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