Blockchain & crypto news from India
India has recently declared its provisions for taxation on crypto assets. Within a month of Union Budget 2021-22, an intense comment on the digital currency has been made by the Reserve Bank of India (RBI) Deputy Governor – T Rabi Sankar. Sankar has advocated a complete ban on cryptocurrency in India, citing that it has no…
On Friday, Finance Minister Nirmala Sitharaman said that the government has sovereign right to tax profit made from crypto transactions and the decision on prohibiting or not prohibiting will be taken depending on the feedback from consultations. Responding to the general discussion on Union Budget, the finance minister said that she is not going to…
A day after announcing taxing crypto transactions just the same as winnings from gambling, the government said it doesn’t treat trading in crypto assets as illegal. Finance Secretary T V Somanathan said that the cryptos are in a grey area. It is not illegal to sell and buy crypto. He added that they have now…
On Monday, Nirmala Sitharaman, Finance Minister said that the central government has no intention to accept Bitcoin as legal tender in India. Responding to whether the government is aware that Bitcoin transaction is quietly flourishing in the country in recent years, FM said that the Centre doesn’t gather any info on Bitcoin transactions in the…
The Centre is expected to move a revamped bill on crypto at the beginning of the Winter Session of the Parliament. According to sources, officials of the ministry of finance are working towards altering the recommended crypto legislation. A previous draft of the bill suggested a ban on the utilization of digital currency in India….
The government is tracking crypto floating in the market based out of the nation subsequent to a warning that agencies responsible to monitor financial fraud are eyeing a firm called Hyper Fund. According to sources, a DEFI by Hyper Tech Group, Hyper Fund has come under the radar currently. The Group avows to have introduced…
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…
RBI, (the Reserve Bank of India) has said that it is working towards a phased implementation master plan for its digital currency and inspecting use cases where it can be utilized with minimum disturbance. Presenting a strong justification in favor of a central bank digital currency (CBDC) for India, the RBI has said that it…
After prime private sector banks started commanding payment gateway companies to abort services to many crypto exchanges in India over the past month, Paytm Payments Banks Ltd. (PPBL) had come to rescue the exchanges. But Paytm too has now halted servicing the exchanges via payment gateway channels. The effect was visible and one exchange, Zebpay…
National Payments Corporation of India which runs UPI in India has denied banning crypto transactions. The domestic payments authority has instead asked banks to take a stand considering their risk assessment. The decision should be taken based on the advice of the banks’ compliance and legal departments. The NPCI’s suggestion is important at a time…