Archive | rbi

Indian Entrepreneurs Rush to Launch Crypto Companies Following Bitcoin Boom

Despite the government ramping up regulatory measures for bitcoin traders and exchanges, Indian entrepreneurs are rushing to set up companies with bitcoin or cryptocurrency-related words in their names. Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions Capitalizing on Crypto Indian entrepreneurs have been rushing to register businesses with the […]

India: Officials “Survey” Nine Crypto Exchanges

Just a month after the Indian Supreme Court issued a warning to the financial interests of the nation, “surveys” have begun on nine of the country’s cryptocurrency exchanges. An undisclosed source explained to local news outlet DNA: “We are collecting the name of investors and their transaction details. The survey under Section 133A of the Income Tax […]

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation taskforce have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency. Also read: India Considers Issuing Its Own Bitcoin-Like Cryptocurrency as Legal […]

Reserve Bank of India May Grant Legal Tender Status to Bitcoin

It appears the Indian government is finally ready to make a decision about Bitcoin and other cryptocurrencies. For a nation with such a strong focus on financial innovation, its leadership remains rather indecisive when it comes to Bitcoin and cryptocurrency. Indeed, there is no official regulation or legal recognition for such currencies in the country whatsoever. However, that situation […]

Reserve Bank of India’s Demonitization Effort Shows why Bitcoin is the only Solution

Most people with an interest in finance know about India’s demonetization plans. A few months ago, the government decided to make certain bills invalid overnight and replace them with higher-denomination ones. Considering India mostly uses cash to store wealth instead of banks, that move caused a lot of civil unrest and ultimately caused more issues […]

Indian Multi-Industry Survey Shows 97% Awareness of Bitcoin

A survey released on Wednesday by a leading Indian trade and industry body found that 97% of respondents across multiple industries are aware of bitcoin. While the group calls for more regulations, the survey sheds light on the opportunities Bitcoin can offer the country. Also read: Indian Bitcoin Hotspot Bangalore Sees 50+ Merchants Added This Month […]

India’s Supreme Court Seeks Answers as Bitcoin Legalization Focus Turns to Taxation

While Indian government officials discuss ways to legalize bitcoin for tax purposes, the Supreme Court has given lawmakers four weeks to examine all security issues relating to digital currencies. Last month, Bitcoin.com reported on the government setting up a task force to evaluate whether to regulate and legalize bitcoin, which is expected to take 6 […]

Indian Government to Recommend Bitcoin Regulation Within 6 Months

The Indian government will meet to discuss the regulatory framework of Bitcoin and other digital currencies next week, according to a local publication. Bitcoin.com talked with India’s leading bitcoin exchanges to find out what to really expect from the meeting. Also read: India’s Government Divided Over Bitcoin Legalization Government Working on Bitcoin Framework Next Week […]

India’s Government Seeks Public Comments on How Bitcoin Should Be Regulated

India is in the process of establishing a regulatory framework for digital currencies including bitcoin. Last week, the Indian government started soliciting public comments on how digital currencies should be regulated. Also read: India’s Government Forms Committee to Investigate Bitcoin, Report Due in 3 Months  Indian Government Wants Public Opinions The Indian Government’s Ministry of Finance […]

Zebpay Bullish About India’s Bitcoin Outlook, Experiences Strong Growth

Zebpay has achieved its goal of 500,000 Bitcoin-app downloads and has been adding more than 2,500 users daily. While the Indian government is drafting Bitcoin regulations, the bitcoin exchange is bullish about the outlook of the Indian bitcoin market. Also read: India’s Government Forms Committee to Investigate Bitcoin, Report Due in 3 Months Strong Growth and Growing […]

India’s Government May Be Preparing to Legalize and Regulate Bitcoin This Summer

Over the past few years, India and bitcoin has had a positive relationship as the decentralized currency has grown in popularity within the country. Now a few regional news outlets are reporting that India’s government may be preparing to legalize and regulate bitcoin as a form of payment this summer. Also read: Markets Update: Bitcoin Price […]

Bitcoin Demand Continues to Rise in India as Cash Reserves Run Dry

This week all eyes are watching India as citizens are having trouble accessing cash reserves as ATMs run dry throughout the country. Alongside these troublesome economic times, bitcoin trading is increasing substantially in India, as the country is one of the hottest bitcoin regions in the world right now next to China and Japan. Also […]

India’s Government Forms Committee to Investigate Bitcoin, Report Due in 3 Months

The Indian Ministry of Finance on Wednesday announced that the government has constituted a committee to study digital currencies including bitcoin, with a report due in three months. Also read: Drug Enforcement Officer From India Accused of Stealing Bitcoins About the Committee The inter-disciplinary committee was established by the Department of Economic Affairs of the Ministry […]

Indian Politician Thinks Bitcoin Is a Ponzi Scheme

A recent statement made by one of the Indian politicians shows the lack of awareness about the digital currency among many. The politician in question is Kirit Somaiya, a Member of Parliament from the ruling party. He was reported calling Bitcoin a “hypothetical currency” and a “Ponzi scheme”. Bitcoin is one of the first and […]