Founder of Indian cryptocurrency exchange Cryptokart Gaurang Poddar announced that his company is shutting down in a LinkedIn post published last week. In his post, Poddar described the shutdown of the exchange as “difficult, given the hard work we've put in” but concluded that overall the experience was positive and that he was proud of the platform and seemed intent on remaining in the field, asking, “If you know anyone interested in launching their own exchange, please let me know.” Poddar announced that he was looking for opportunities in product management, and asked anyone who knew about such opportunities to …

India’s Minister of State for Finance Anurag Thakur has said that there is no law in India expressly prohibiting the use of cryptocurrencies. Local media outlet Inc42 reported Thakur’s statement on July 19, The statement came during a recent exchange between a Member of Parliament (MP) and Thakur inside of Rajya Sabha — the Council of States or upper house of Indian legislature. MP Dharmapuri Srinivas reportedly asked Thakur about whether cryptocurrency was actually illegal. Srinivas apparently followed up his first question on legality with others on information and enforcement, asking: “Whether the government has taken note about the prevalence …

Bitcoin (BTC) proponent and Tezos investor Tim Draper hit out at the Indian government on Twitter July 16 after alleged evidence appeared it was preparing to ban cryptocurrency. Draper Appears To Mistake Draft Law For Genuine Ban In a strongly-worded message, Draper, who recently took Bitcoin advocacy to Argentina’s government, called Delhi “pathetic and corrupt.” “People behaving badly! India's government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership,” he wrote. The comments attracted immediate pushback from Twitter users, many of them from India, who argued Draper was not …

Draft legislation that would allegedly impose a ban on the use of cryptocurrencies in India is being circulated by local blockchain legal experts on social media. An unverified document published to Scribd by tech lawyer Varun Sethi on July 15 appears to reveal a draft bill entitled “Banning of Cryptocurrency & Regulation of Official Digital Currencies.” Even if authentic, the bill will not allegedly be debated during the 2019 Monsoon session of the Indian parliament, according to one local crypto industry figure. Running at 18 pages, the document proposes a definition of cryptocurrencies as “any information or code or number …

India’s authorities have expressed concern over Facebook’s forthcoming stablecoin Libra, Bloomberg reported on July 8. Subhash Garg, Economic Affairs Secretary at India’s Ministry of Finance, told Bloomberg that the “design of the Facebook currency has not been fully explained. But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.” Facebook’s Libra is set to be a stablecoin pegged to a reserve of assets which would purportedly preclude the coin from volatility. In late June, Dovey Wan of Primitive Ventures argued that Libra carries the risk of becoming a financial monopoly as …

The Criminal Investigation Department (CID) of India has arrested Vijay Prajapati, Dhiraj Patel, Kamruddin Syed, and Ashiq Shaikh, the alleged creators of the cryptocurrency KBC Coin, according to a report by The Times of India on July 4. As per the report, the CID argues that KBC is a Ponzi Scheme. KBC reportedly launched 6 months ago, and its price has not moved since. KBC coins were reportedly issued at 10 paisas apiece, with the promise that they would skyrocket in value to 10 rupees in a short time ⁠— a 100-fold return on investment. According to a CID member, …

Indian crypto exchange Koinex has ceased operations effective immediately, co-founder Rahul Raj confirmed in a blog post on June 27. Raj said multiple delays by government agencies in clarifying crypto regulation have played a factor in the decision to close. This month’s proposal to introduce a 10-year jail sentence for Indian citizens who use cryptocurrencies had also contributed to a “sharp decline in trading volumes.” According to Raj, Koinex had experienced “regular disruption,” including denials when attempting to use payment services. He alleged this disruption extended to non-crypto transactions as well – with exchange employees asked questions by banks whenever …

Facebook’s newly announced cryptocurrency, libra, may not be available in India due to the current ban of blockchain-based currency transactions, as stated in a report by local publication The Economic Times on June 20. Citing people familiar with the matter, the report says that the social media giant has not applied for approval with the Reserve Bank of India (RBI) to operate its digital currency in the country. As Cointelegraph reported yesterday, a Facebook spokesperson has underlined that Facebook’s digital wallet, Calibra, “won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies,” potentially preventing its use in some of …

Major global banking group HSBC has implemented tokenization technology into its receivables infrastructure for corporate clients in India, according to an announcement on June 18. The British multinational financial services company has reportedly launched its Digital Accounts Receivable Tool (HSBC DART), based on tokenization technology developed by Australian blockchain-powered Fintech company Identitii Ltd., the firm said in the announcement. According to the statement, HSBC DART was developed for HSBC’s Global Liquidity and Cash Management (GLCM) business and deploys Identitii’s approach to tokenization within HSBC’s existing infrastructure of receivables to enhance involved processes. The instrument is designed to automate the accounts …

This article has been updated to reflect that RBI has expanded on its earlier statement regarding a blockchain system for banks. Those who mine, trade or own cryptocurrency in India are currently on the edge of their seats, as rumors keep swirling around a draft regulation called the Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019. As its ominous title indicates, the bill allegedly calls for harsh penalties of up to 10 years in jail for those who deal in crypto, clearly intending to rid the country of digital tokens. However, whether the bill will become a law …

Indian lawmakers have reportedly proposed to enforce a 10-year jail term for citizens who deal with cryptocurrencies, local financial news agency BloombergQuint reports on June 6. The new tough crypto regulation is a part of a recently proposed draft bill called “Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019,” according to a report by crypto news outlet The Block. The regulation will reportedly relate to those who mine, hold, buy and sell cryptocurrencies, as well as those who deal with cryptocurrencies directly or indirectly in the country. If passed, India’s bill will order cryptocurrency holders to declare their …

Microsoft has registered a suite of applications in Brazil that are designed to improve efficiency in the agriculture sector, according to an exclusive report by Cointelegraph Brazil on June 6. The technology, known as FarmBeats, uses blockchain, drones, IoT, artificial intelligence and big data to improve productivity. It has already been rolled out on farms in the United States, India, New Zealand and Kenya, achieving a 30% reduction in water consumption. Ranveer Chandra, the scientist who created FarmBeats, recently said that the agriculture sector had been left behind by the benefits big data, AI and blockchain can bring — even …