The Reserve Bank of India (RBI) said regulated entities cannot offer crypto assets in the country, but that does not equate to an overall digital asset ban. In a Jan. 21 article, The Economic Times of India cited a document the RBI submitted to the country’s supreme court in September, which said: “Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs” India ban drama In an effort of regulation, India’s central bank (RBI) issued …

The Indian Telecoms and IT Minister, Ravi Shankar Prasad, has tasked the National Informatics Centre (NIC) with developing a blockchain-based solution for improving the quality of government schools. According to a Jan. 20 report by the Press Trust of India, the minister made the request at the inauguration of a blockchain technology center of excellence, set up by NIC in Bengaluru, on Jan. 18. Blockchain challenged to transform education The NIC and local state authorities should open their doors for startups working under defined norms, said Prasad. "I am very keen how we can leverage blockchain in primary education. In …

Following the session that took place last August, a three-judge panel from India’s Supreme Court reconvened once again this week to discuss the much-hyped Crypto v. RBI case. During the last hearing, the Supreme Court had asked the Reserve Bank of India (RBI) to clarify its position as to why exactly it enforced a nationwide banking ban on the country’s crypto market, as well as to discuss the seemingly unconstitutional nature of its aforementioned move. Ever since the RBI decided to go ahead and issue its controversial prohibition order, a number of public and industry-led petitions have been filed by …

The Supreme Court of India has wrapped up the first three days in a hearing on a landmark case brought against the country’s central bank against its ban on banks’ dealings with cryptocurrency-related businesses. From Jan. 14 through 16, proceedings were focused on arguments presented by Ashim Sood, the legal counsel for the the Internet & Mobile Association of India (IAMAI). IAMAI is a not-for-profit industry body whose mandate is to appeal to governments on behalf of internet industry consumers, shareholders and investors. Members include Yahoo! India, Apple, eBay, Unocoin and Etsy. On the heels of both public and industry-led …

The Supreme Court of India has chosen to delay its full hearing of a high-profile case against the Reserve Bank of India’s (RBI) ban on banks’ dealings with crypto-related businesses. In an interview with Cointelegraph on Jan. 14, Kashif Raza — co-founder of the Indian crypto regulatory news and analysis platform Crypto Kanoon — recapped what is at stake in the case and argued that news of the delay need not dishearten the local crypto community. Constitutional contentions As previously reported, Indian crypto exchanges and other industry firms have faced a moratorium on banking services since the Indian central bank, …

This is the second part of a three-part series that covers the regulatory landscape for digital currencies in 2019 and looks at the prospects of 2020. While the first chapter in the series looked at the "Insiders," this installment covers the prospects for the so-called “Outsiders” — i.e., China, Russia, India and the developing world. Unlike the Insiders, which built the modern financial system on top of the U.S. dollar in the 1940s, the Outsiders pay for access to that system due to varying historical and geopolitical reasons. Related: 2019 to 2020: Insiders, Outsiders and Experimenters in Crypto Regulation: Part …

While the Indian government is uncertain about the use of cryptocurrency, the National Payment Corporation of India, or NPCI, officially announced its permissioned blockchain-based platform, Vajra, to make the payment process easier, faster and more transparent. After detailed research, the NPCI has developed a distributed ledger technology mechanism to provide a highly secure, tamper-proof database for various payment procedures. The NPCI is an umbrella organization for retail payments and settlement systems in India. It is an initiative of the Reserve Bank of India and Indian Banks’ Association under the provisions of the Payment and Settlement Systems Act 2007, aimed at …

Thailand, one of the most-visited countries in the world, will soon apply blockchain to its Electronic Visa On Arrival (eVOA). Thailand’s new blockchain-powered eVOA system intends to speed up and protect the digital visa application process and will soon be available for five million visitors from 20 countries. eVOA operator partners with Australian travel firm for the blockchain-enabled service The upcoming eVOA feature is a joint effort of Australian travel company ShareRing and Gateway Services, an entity that owns the license to process eVOA for Thailand, according to a press release shared with Cointelegraph on Dec. 19. According to the …

The Income Tax Department of India is secretly training its officials to investigate cryptocurrencies. An internal guidebook circulated by the department explains cryptocurrencies, their characteristics, the “dark side of Bitcoin” and the best investigation practices for tax officials. The Indian government doesn’t consider cryptocurrencies as legal tender, but it also hasn’t declared them outright illegal. Crypto investors are therefore still doubtful on how to show their investments in their annual income tax returns. Due to all these circumstances, earning through cryptocurrencies is a gray area for the Indian crypto community. Earlier this year, the Income Tax Department sent detailed notices …

It’s the issue that never seems to go away: regulation. Some crypto advocates insist it is good for the industry, paving the way for mainstream adoption among consumers and businesses alike. Others warn a legal framework will only end in tears — stifling innovation and putting digital currencies at a disadvantage to fiat, which central banks remain determined to protect. Ultimately, we have seen both scenarios come true in the real world. Switzerland has been forming a reputation for being a crypto-friendly nation. Two institutions focused on providing banking services for crypto clients have been granted licenses by the Swiss …

Consensys founder Joseph Lubin has informed teams in India and the Philippines that their offices will be closing down. Consensys confirmed to Cointelegraph that local offices in India and the Philippines would indeed be shut down and that 11 employees are being laid off. A spokesperson for ConsenSys said: "A total of 11 roles were eliminated in India and the Philippines due to a realignment of the sales and services team in those countries." ConsenSys supports seven new Ethereum-based projects with $175,000 of funding Despite the recent rumors of ConsenSys closing down its offices in India and the Philippines, the …

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Crypto exchange Upbit confirms theft of 342,000 ETH Another week, another hack — leaving us all with a distinct sense of déjà vu. On Wednesday, the major South Korean crypto exchange Upbit confirmed that a whopping 342,000 Ether (ETH) had been stolen from its hot wallet — funds worth an estimated $50 million at the …