India has developed a somewhat paradoxical relationship with cryptocurrencies, blockchain and other emerging technologies. On one hand, the Indian government is a huge proponent of distributed ledger technology, with several government-led initiatives gaining ground across the country. On the other hand, the Reserve Bank of India issued a de facto ban on cryptocurrencies when it prohibited banks from conducting any transactions or dealings involving digital assets and related services in 2018. Related: Cryptocurrency Regulation: An Indian Perspective Grappling for legitimacy This measure came as a huge blow to the country’s crypto ecosystem, and since then, India’s crypto community has been …

Despite regulatory uncertainty and banking restrictions imposed by the Reserve Bank of India, WazirX — the Indian cryptocurrency exchange recently acquired by Binance — launched its WRX coin through an initial exchange offering on Binance Launchpad. On Feb. 5, 2020, WRX coin became available for live trading on Binance. The move was dubbed as a big achievement for the Indian crypto industry, as it will likely lead to global recognition. Earlier, Cointelegraph reported that the 9,033 winners of WazirX’s token sale on Binance Launchpad were announced. Over 20,000 users participated and more than 136,000 tickets were claimed. In a conversation …

Back in April 2018, the Reserve Bank of India decided to go ahead and issue a notice prohibiting all of India’s banking and financial institutions from offering their services to crypto exchanges, companies operating within the space, and individuals seeking to explore the nascent asset class. Following the ban, India’s crypto ecosystem was brought to its knees, with a majority of operational exchanges either folding up completely or relocating to other nations with more hospitable regulations. Additionally, the notice resulted in digital currencies being maligned across India’s investment landscape, with many casual enthusiasts starting to view the overall sector with …

Binance Launchpad, as the name suggests, is Binance’s token launch platform, which has just announced WazirX’s token sale results. It is the first token sale of this year. According to a Feb. 4 press release from Binance, there were 10,000 winning tickets held by a total of 9,033 winners. More than 20,000 users participated to try to win the lottery. Eventually, more than 136,000 tickets were claimed. Chances of winning for all the participants are at 44 percent and this also puts the percentage of winning tickets at 7.31%. The WazirX token sale was conducted through a single session where …

A policy think tank of the Indian government, NITI Aayog, has released its national blockchain policy draft paper dubbed “Blockchain — The India Strategy” which explains different use cases of blockchain in India along with some conclusions from ongoing pilot projects. NITI Aayog was established with the aim to achieve sustainable development goals by fostering the involvement of state governments of India in the economic policy-making process. Strategy presents a two-part plan The strategy document targets stakeholders such as government, enterprise leaders and citizens with the aim of demystifying the concepts surrounding blockchain technology. It aims to create a concrete …

Since the end of World War II, the United States has been an undisputed global leader in innovation. From putting a man on the moon to the “Traitorous Eight” of Fairchild and the birth of today’s Silicon Valley, the U.S. has been at the forefront of embracing emerging technology. This position has given the country a strategic advantage in dictating how technology is adopted and setting the basic standards for its use. However, as we enter the new decade, the U.S. is at risk of losing its place as the leading innovator to Asia, impacting our technological future significantly. The …

Singapore-based crypto exchange Zebpay reportedly returns to the Indian market more than a year after an Indian Reserve Bank crackdown led to the exchange’s closure in the country. “We're committed to working with the Government of India and regulators to operate within the law and also improve the laws regarding crypto,” Zebpay CEO Rahul Pagidipati said in an email to Cointelegraph, adding: “ZebPay was the pioneer in anti-money laundering and security so we have a lot of data and experience to share. I'm a lawyer, licensed in the Florida (USA) bar, so obviously I'm committed to helping create long-term policy …

A draft of India’s national strategy on blockchain and distributed ledger technology suggests a central bank digital currency (CBDC), the digital Indian rupee, and a national blockchain. The National Institute for Smart Governance (NISG), a non-profit public body incorporated by the government of India, has published a draft document on the country’s national blockchain strategy. Issued on Dec. 30, the document appears to have been published recently as major local publications such as The Economic Times of India reported on the draft strategy on Jan. 28. Digital rupee should be issued on a national blockchain of India In the document, …

Cash is unlikely to disappear anytime soon despite declining use as a payment method and the surge of digital currencies, Germany’s largest bank says. Deutsche Bank, a German multinational investment bank that previously predicted that cryptocurrencies will replace fiat by 2030, now claims that cash “will be around for a long time” as a preferred method of payment. Deutsche Bank Research issues three reports on the future of payments The bank has forecast a tentative future for cash in one of its recent “The Future of Payments” reports carried out by Deutsche Bank’s research arm Deutsche Bank Research. Titled “Cash: …

India’s Prime Minister Narendra Modi awarded young entrepreneur Harshita Arora, the developer of a cryptocurrency price tracking application, amid an ongoing battle in her home country over the status of cryptocurrency. In a tweet on Jan. 24, Modi said that Arora’s “passion towards science, technology and human welfare are clearly visible.” She received the Bal Shakti Puraskar 2020: an award recognizing youth’s contributions in the fields of social service, innovation, bravery, sports, art and culture and scholastics. Arora was born on Oct. 2, 2001, and “created an app to safeguard investors from scammers,” according to Modi’s tweet. Her app, Crypto …

The Supreme Court of India has this week listened to further hearings in the landmark case against the Reserve Bank of India’s ban on banks’ dealings with crypto-related businesses. On Jan. 22 and Jan. 23, proceedings continued with arguments presented by Ashim Sood, the legal counsel for the Internet & Mobile Association of India (IAMAI). In the wake of both public and industry-led petitions, the IAMAI brought a consolidated case against RBI’s imposition of a blanket ban on banks’ services to crypto businesses back in April 2018, which came into effect in July of that year. This week, Sood appeared …

The Chairman of Security and Exchange Board of India(SEBI), Ajay Tyagi makes a bet on blockchain technology and urges exploration of the best possible usage of blockchain in securities markets. SEBI is the regulator of the Indian securities market. On Jan 23, speaking at a research conference on 'Changing Landscape of Securities Market' organized by the National Institute of Securities Markets, Patalganj, Tyagi said that applications of blockchain, artificial intelligence and machine learning have the potential to bring a paradigm shift in the securities markets landscape. “Blockchain could be used in clearing, settlement and record-keeping given its benefits in maintaining …