Blockchain & crypto news from India
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…
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…
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…
The postponement in the government establishing the regulation on crypto has given rise to intense lobbying, with agencies anxious over the risks emerging from an unregulated section with utmost price unpredictability, posing a threat to investors, the majority of who don’t understand the instrument. In addition to this, there are issues over the instrument being…
The much-anticipated legislation to regulate virtual currency in India, the crypto bill is anticipated to be taken up by the Union Cabinet soon. During a conversation with the reporters, the finance minister Nirmala Sitharaman said that the cabinet note is ready on the crypto bill. She added that she is awaiting Cabinet to clear that….