The Reserve Bank of India (RBI) has denied having any knowledge or involvement in a draft government bill that would ban cryptocurrencies, an official document released on June 4 shows. Varun Sethi, a lawyer specializing in blockchain, filed a Right to Information request with the RBI following a report by India media outlet the Economic Times in April that suggested several government departments have backed a complete ban on the “sale, purchase and issuance of all types of cryptocurrency.” Although the RBI refused to answer some of Sethi’s questions, the bank confirmed it has had no communication from central government …

Indian police have reportedly discovered an alleged multi-million dollar cryptocurrency scam, involving a BitConnect promoter, local media outlet the Times of India reported on June 3. The Criminal Investigation Department (CID) in Gujarat, India, has accused Divyesh Darji — a promoter of now-defunct cryptocurrency investment program BitConnect that ceased its operations in January of last year — of luring people to invest into “Regal Coin,” promising unrealistic returns of as high as 5,000% on investment. A CID official said that the estimated amount of the scam reaches into the tens of millions of rupees. Per the CID, Darji began offering …

Indian tech firm Mphasis — majority-owned by the American multinational private equity firm Blackstone Group — has partnered with blockchain tech giant Bitfury on a trade finance project, Reuters reported on May 28. The report notes that Blackstone owns 52.3% of Mphasis, which is listed on the National Stock Exchange of India. According to Reuters, details of the Mphasis-Bitfury project are still evolving, but Mphasis’ senior vice president and global head of payments Andres Ricaurte has reportedly stated that: “Our goal is to accelerate the disruption and transformation in the trade finance space. The exact end-goal — whether it’s a …

The Southern Indian state of Telangana plans to establish the country’s ostensibly first blockchain district, local newspaper The Hindu Business Line reported on May 27. The planned district will reportedly aim to establish an ecosystem for blockchain startups and research institutes. While it will seek to attract a host of different blockchain projects, the initiative reportedly has a particular focus on those working to develop blockchain applications for the banking sector, financial services and insurance, pharma and healthcare, logistics and supply chain management and solutions for government sectors. According to The Hindu Business Line, the main strategy to establish the …

Indian cryptocurrency exchange Coinome has announced it will be halting operations as of May 15, ostensibly due to regulatory difficulties. The development was announced in an official tweet from the exchange on May 9. As Cointelegraph has reported, exchanges in the country have faced a moratorium on banking services since the central bank, the Reserve Bank of India (RBI), implemented a ban on dealings with crypto businesses last year. Recent weeks have seen a further shake-up of community sentiment, with local media alleging in late April that various government divisions are considering tabling an absolute ban on crypto in all …

A blow was struck to the crypto community in India in late April as reports circulated regarding a proposed ban on cryptocurrencies. India has a strong and passionate community of crypto enthusiasts, however, their steadfast belief in the value of cryptocurrency does not appeared to be mirrored in the diverse organs of the Indian state. Cointelegraph takes a deep dive into the latest developments in the Indian crypto sector and speaks to the experts determined to stick out this turbulent period for investors. Ban rumor shakes Indian crypto community In a development set to further consolidate the Indian government’s reputation …

Major international Indian technology company Tech Mahindra will be implementing an anti-spam call solution powered by blockchain, Indian business daily Business Today reports on May 2. This solution will allow phone companies to comply with the Telecom Regulatory Authority of India (TRAI)'s regulations to protect mobile phone subscribers from unsolicited Commercial Communication (UCC), which will come into effect in the last week of May. Rajesh Dhuddu, Global Practice Leader of Blockchain at Tech Mahindra said that the TRAI regulations will affect 800 million subscribers. The solution uses blockchain tech to save and share a user’s incoming contact settings, i.e. who …

A draft bill that would outright ban cryptocurrency is reportedly circulating among various departments of the Indian government, local media outlet The Economic Times reported on April 25. An official familiar with the matter reportedly told the Economic Times that the government has begun inter-ministerial consultations on the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019" draft bill. A committee consisting of the Department of Economic Affairs (DEA), the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA), among others, has reportedly …

The Reserve Bank of India (RBI) has announced the terms of its regulatory sandbox in report on April 18. Per the terms of the sandbox, various applications of blockchain technology can be tested, while cryptocurrency-related projects are clearly excluded. Sandboxes are used by regulators around the world, including the Financial Conduct Authority in the U.K., so fintech companies can put their innovations to the test with a small number of consumers over a set time period. Almost three years after the RBI began reviewing its framework to respond to the dynamics of the “rapidly evolving” fintech market, India’s central bank …

Major American cryptocurrency exchange and wallet provider Coinbase has expanded its crypto-to-crypto trading to more countries, according to a blog post published on April 17. Coinbase and its professional trading platform Coinbase Pro have introduced crypto-to-crypto conversions and trading to 11 more countries in Latin America and Southeast Asia. The product is now also available to Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines and New Zealand. Coinbase customers in the aforementioned countries can now store, trade, send, and receive cryptocurrencies. The exchange suggests in the post that cryptocurrencies’ are moving from the current “investment …

Indian cryptocurrency exchange Unocoin has fired half its staff, leaving the company with 14 workers, Indian daily news outlet The Economic Times reported on April 16. Citing regulatory uncertainty in the industry, Unocoin said it had made the decision prior to a Supreme Court hearing on cryptocurrency’s legal status in India, set for July. As Cointelegraph reported, exchanges in the country have faced a moratorium on banking services since the central bank, the Reserve Bank of India (RBI), implemented a ban on dealings with crypto businesses last year. The industry is in the process of fighting RBI’s decision, which has …

Samsung SDS has reportedly agreed to cooperate with Indian IT giant Tech Mahindra in an attempt to enter the overseas blockchain market, The Korea Times writes Sunday, April 14. SDS, the systems integration arm of Korean tech behemoth Samsung, allegedly plans to expand the use of its Nexledger blockchain platform in India, the United States and Europe. As per the agreement, the two companies will reportedly seek more business opportunities in the region. Moreover, Samsung SDS will cooperate with Tech Mahindra on further Nexledger updates. Nexledger, a blockchain security platform launched in 2017, has since been used in finance, manufacturing, …