Blockchain & crypto news from India
After the termination of the Blockchain and Crypto Assets Council (BACC) by the Internet and Mobile Association of India (IAMAI), blockchain firms and cryptocurrency exchanges are working to create an independent think tank on upcoming issues within the sector.
Finance Minister of India, Nirmala Sitharaman has tuned to the G20 nations to include cryptocurrency within the ‘Automatic Exchange of Information’ framework. Over 100 nations have adopted the Common Reporting Standard under the framework. The finance minister discussed crypto during the G20 Ministerial Symposium on Tax and Development in Bali, Indonesia on Friday.
The IAMAI (Internet and Mobile Association of India) has made it clear to dismantle the BACC (Blockchain and Crypto Assets Council), which was created to represent cryptocurrency exchanges before authorities such as RBI (Reserve Bank of India) and other main government departments. As per two sources, IAMAI decided to distance itself from crypto.
‘Building Future Cities’, a 2-day blockchain hackathon will be organized in Bengaluru from August 5.
In a letter, the Blockchain and Crypto Assets Council has requested a meeting with the inter-bank retail settlements and payments body to understand and discuss the issues around the cryptocurrency trade. BACC has also asked NPCI that many of the cryptocurrency exchanges strictly adhere to NPCI protocols and KYC and asked it to restore the…
The CBDT (Central Board of Direct Taxes) has shared clear guidelines on the newly introduced TDS on crypto transfers which will be applicable from July 1. The guideline was published on 22nd June evening, and in this blog and we’ll break it down for Blockmagic readers. The Income Tax department has published much-needed guidelines to throw…
The Indian Institute of Technology (Kanpur) has requested applications for admission into its Professional Certificate Program in Blockchain. The next cohort of the program started on June 9. Candidates can send their applications through the Simplilearn website. As part of this program, candidates will have the opportunity to learn the fundamentals and technical aspects needed…
In the annual report for the year 2021-22, the Reserve Bank of India has said it was proceeding to take the path of a “graded approach” towards the preliminary intro of the Central Bank Digital Currency. It said that the structure of the central digital coin requires to be in line with the goals of…
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The crypto space like other derivatives markets is faced with volatility. Great development has been made as regard decentralized finance (Defi); crypto savvy individuals can earn passively. With massive trends on cross-chain transactions, liquidity mining, governance token, integration of traditional finance (TradFi) into Defi, among others, the crypto space shows more reason while banning isn’t…