An Indian governmental committee is concerned by the impact that cryptocurrency could have on the rupee, if it is allowed to be used for payments, according to a report published by Quartz on Feb. 4. The article refers to government panel led by Indian Economic Affairs Secretary and former Executive Director at the World Bank, Subhash Chandra Garg, which was reportedly set up in November 2017. An anonymous source active in the crypto industry — and who reportedly recently met with the committee — is quoted by Quartz as saying: “If Bitcoin and other digital currencies are going to be …

Banks in India are collaborating on a new blockchain platform to remove financing hurdles for micro, small and medium size businesses (MSMEs), local daily news outlet Economic Times reported Jan. 28. A total of eleven banks — including second-biggest lender Kotak Mahindra Bank, State Bank of India and ICICI Bank — are already meeting to discuss the implementation of a platform that will make it easier for businesses with smaller turnover to raise funds transparently. The move is being organized under a consortium dubbed the “Blockchain Infrastructure Company.” “Credit penetration is low for the [MSME] sector where the ticket size …

India’s Institute for Development and Research in Banking Technology (IDRBT) has published a blueprint on blockchain implementation in the banking sector, Indian daily newspaper the Financial Express reported on Tuesday, Jan. 22. IDRBT was established by the Reserve Bank of India (RBI) in 1996 in order to conduct research and experiments in the banking sector. The organization is reportedly working with the Indian government, banks and industry players to build an interoperable blockchain platform. Since there is no relevant regulation for the blockchain sphere in India, the blueprint purportedly presents a roadmap on the technology’s adoption in several areas and …

Chevron, one of largest American multinational energy corporations, and two other major energy companies have joined Vakt, a United Kingdom-based blockchain platform for energy commodity trading. Reuters reported on the development on Jan. 16. Along with Chevron, Total, a leading French multinational integrated oil and gas company, and major Indian refiner Reliance Industries have become members of the Vakt platform. The article stresses that the agreement is a step towards quicker and safer logistical operations. The Vakt platform, backed by JPMorgan’s Quorum blockchain technology, aims to become a digital transaction platform that would transform the oil business worldwide. Thomas Waymel, …

India’s first digital bank, Digibank, is allegedly closing accounts involved in cryptocurrency-related activity. The claim was made by Twitter user “Indian CryptoGirl” (@Desicryptohodlr) in a tweet posted Jan. 14. As previously reported, the same Twitter user had just recently posted details of alleged anti-crypto restrictions being imposed on account holders by Kotak Mahindra Bank, India's second largest private sector bank by market cap. Both banks’ reported measures come in the context of a prohibition on domestic banks’ dealings with crypto-related businesses, which was announced by India’s central bank, the Reserve Bank of India (RBI) last April, taking effect in July. …

Top Stories This Week Altcoin Ethereum Classic Reportedly Undergoes 51 Percent Attack Earlier this week, the Ethereum Classic (ETC) reportedly underwent a 51 percent attack. In the aftermath, crypto exchange Coinbase noted that upwards of $1.1 million in crypto was double spent during the time of the deep blockchain reorganization. Coinbase and several other cryptocurrency exchanges temporarily paused deposits and withdrawals of the altcoin to prevent loss of funds. Crypto exchange Gate.io confirmed that the attack was carried out and promised refunds, stating that around 54,200 ETC in total (worth around $271,500 at the time) was transferred during the attack. …

This article has been updated to include a recent tweet from Indian CryptoGirl about the reported closure of her RBI account. Kotak Mahindra Bank — India's second largest private sector bank by market cap — is allegedly requiring account holders to refrain from dealings in cryptocurrency. The claim was made by Twitter user “Indian CryptoGirl” (@Desicryptohodlr) in a tweet posted Jan. 8. According to the screenshot provided in Indian CryptoGirl’s tweet, Kotak Mahindra Bank makes explicit reference to the Reserve Bank of India’s (RBI) regulations in its apparent terms and conditions for account holders, which allegedly demand consent to the …

The number of crypto automated teller machines (ATMs) installed worldwide has surged past the 4,000 mark, data from industry statistics aggregator Coin ATM Radar indicates on Jan. 10. The current rate of growth is 4.9 new ATMs installed each day, according to Coin ATM Radar’s gauge scale — tipping into the highest speed class, despite persistently bearish market action. Crypto ATM installation speed. Source: coinatmradar.com Out of a total of 4167 crypto ATMs worldwide, 71.8 percent are located in North America — 56 percent in the United States and 15 percent in Canada — 23 percent are in Europe, and …

Indian police have arrested an associate of a group accused of conducting a crypto scam involving 5 billion rupees (about $71.6 million), English-language local media The Indian Express reports Jan. 7. This is the fourth arrest of the ongoing case and reportedly occurred a year after Thane police uncovered the alleged scam in Mumbai. The man, Rohit Kumar, has reportedly been arrested by Delhi police acting on a complaint from a Kanpur resident. According to the police, Amit Lakhanpal — the man who launched the allegedly scam cryptocurrency — is the CEO of a real estate firm. The police also …

Top Stories This Week Georgia State Senator Reports to Jail Over Alleged Theft of Crypto Mining Equipment Republican state senator of Georgia has reported to jail in the United States for allegedly lying about the theft of cryptocurrency mining equipment worth around $300,000. State senator Michael Williams had disclosed the theft in May, and is reporting to jail now over his false police reports and statement. Williams had declared that a server that was used to mine unnamed cryptocurrencies had disappeared from his office premises, but last month was indicted by grand jury on three counts. NYSE Operator’s Bakkt Announces …

The Reserve Bank of India (RBI) has stated that cryptocurrencies currently pose no threat to financial stability in its recent financial report, published Dec. 28. The document entitled “Report on Trend and Progress of Banking in India 2017-18” reads: “[C]rypto-assets do not pose risks to global financial stability currently. The market continues to evolve rapidly, however, and this initial assessment could change if crypto-assets were to become more widely used or interconnected with the core of the regulated financial system. RBI quoted a conclusion drawn from a recent report by the Financial Stability Board (FSB) — an international agency consisting …

The police of the Indian state of Jammu and Kashmir have issued a public statement, warning the public against investing in cryptocurrencies, local business news daily the Business Standard reported on Jan. 2. Police reportedly warned the public against the “heightened risk” of investments like Bitcoin (BTC) and reminded investors that cryptocurrencies are not sanctioned by the government. The Business Standard quoted the branch’s inspector general as saying: "The general public is informed not to make any type of investment in cryptocurrencies, virtual currencies such as Bitcoin because there is a real and heightened risk associated with them." The inspector …