Blockchain & crypto news from India
A detailed bill on cryptos is expected to be presented for clearance at a meeting of the Union Cabinet prior to or during the winter session beginning from November 29. According to sources, once the bill describing the regulation of cryptos, the purpose to tax earnings from them and their classification gets Cabinet’s nod, it…
On Thursday, in his first public comments on cryptos, PM Modi cautioned that bitcoin presents a risk to younger generations as his government gets ready to introduce legislation to regulate digital currencies. The PM’s warning comes days after he had discussions on how to step ahead regarding crypto in India, with problems raised on unregulated…
Twitter has always been the hot topic of all discussions around cryptos. It appears that the social media platform understands its importance in the crypto world, as it has now decided to operate on blockchain and crypto solutions for the platform. The announcement comes through a tweet by an engineer who has joined Twitter to…
Prior to Diwali, two of the leading stars of Bollywood are setting up another alternative during India’s annual gold shopping spree: cryptos. Two of the prominent crypto platforms in India have each tapped Bollywood stars – one, Amitabh Bachchan, the most prominent Indian actor of all time – to foster cryptos as a simple and…
Crypto exchanges in India have begun blocking and reporting trading accounts, which handle dubious trades after government agencies raised red flags over cryptos being utilized for money laundering. Self-regulation is introduced during the time frame when the country is yet to settle on any regulations around cryptos or the method to tax them. Industry analysts…
On October 6, US-based AMC Entertainment Holdings declared to accept online payments in Dogecoin for buying AMC theatre digital gift cards. Adam Aron, CEO addressed Dogecoin users on October 6 in a tweet mentioning the good news that will enable them to purchase digital gift cards with Dogecoins and other cryptos up to $200 daily…
Visa, the worldwide payments giant has launched a project that targets to be a ‘universal adapter’ of blockchain that can link various cryptos, central bank digital currencies (CBDC) as well as stablecoin. On Thursday, an official announcement made it clear that the research team of Visa is working on a ‘Universal Payment Channel’ (UPC) initiative,…
India’s largest lender, State Bank of India has banned crypto exchanges from receiving funds through its UPI platform and has asked payment processors to disable SBI UPI on their platform also. SBI’s stance came after a slew of banks imposed alike bans on cryptocurrency exchanges over the previous few years. In May, HDFC Bank has…
According to a tweet posted on Monday by ET Now, the Indian government is anticipating taxing crypto trades and ecosystem in the nation. The tax department is in favor of taxing crypto trades and exchanges and the government believes that any task that results in income must pay tax. The development comes in as the…
The government is aiming to define cryptos in the latest draft bill that also suggests to categories cryptos on the basis of their use cases. According to reports, cryptos will be regarded as a commodity/asset for all reasons, including taxation and according to use case – investment, payments or utility. This would be the first…