The Telecom Regulatory Authority of India (Trai) is planning to use blockchain to prevent unsolicited telemarketing communications, Business Standard reports today, May 30. Trai claims that the technology will enable regulators to accurately track ‘pesky’ telemarketing spammers, who often use unregistered 10-digit phone numbers to evade tracking. Trai Chairman RS Sharma claimed that Trai is “probably the first organization” to implement blockchain as a RegTech (regulatory technology) “on such a large scale,” explaining: “Blockchain will ensure two things — non-repudiation and confidentiality. Only those authorized will be able to access details of a subscriber and only when they need to …

On April 5, India’s Central Bank, the Reserve Bank of India (RBI) made a big move in the ongoing global regulatory push on cryptocurrencies as it decided to no longer provide services to any person or business that deals with cryptocurrencies. Since then, there has been a battle building up, with the latest skirmish set for July 20 - the Supreme Court of India’s next hearing date for the latest petitions against the bank’s decisions. This decision followed confrontation between banks and Bitcoiners, and also came off the back of the Indian government claiming that “Bitcoin is a ‘ponzi scheme”, …

India is working on proposals to make cryptocurrency transactions subject to goods and services tax (GST), sources told Bloomberg May 23. According to the anonymous parties with “direct knowledge” of the plans, the government’s Central Board of Indirect Taxes is considering applying the 18 percent tax to exchange operations, which it would view as “intangible goods.” “Purchase or sale of cryptocurrencies should be considered as supply of goods, and those facilitating transactions like supply, transfer, storage, accounting, among others, will be treated as services,” the publication reports in a summary. India has so far refrained from issuing regulations on cryptocurrency, …

The Supreme Court of India has decided that no petitions can be filed in any High Court of India against the Reserve Bank of India’s (RBI) April 6 circular about ending all dealings with cryptocurrency, according to local news outlet Inc42. Citing a Twitter post May 17 from a team of Indian lawyers involved in crypto regulatory analysis, Inc42 reports that the Supreme Court has refused to pause RBI’s crypto ban and has ruled that no further petitions against RBI’s ban can be filed in any High Court. The Supreme Court has also reportedly set the next hearing date for …

Seven of India’s largest banks have joined a Blockchain-powered trade finance initiative led by Indian IT giant InfoSys, a press release announced May 16. The collective, known as India Trade Connect, includes institutions such as Axis Bank, ICICI and South Indian Bank. It was reportedly formed to conduct testing of InfoSys’ Finacle Trade Connect, a blockchain platform designed to “address the trade finance process requirements of banks.” Finance Trade Connect meanwhile already contains its fair share of bullish sentiment from participants. “We believe, this will enable automation, increase transparency as well as enhance efficiency across trade and supply chain operations,” …

The Supreme Court of India declined to grant an interim injunction against the Reserve Bank of India (RBI) circular banning banking services for companies dealing in cryptocurrency, according to a Twitter post by Crypto Kanoon May 11. Crypto Kanoon is a team of Indian lawyers engaged in crypto regulatory analysis and legal awareness. Supreme Court declined to grant interim injunction against RBI banking restriction. Fixed the matter for hearing on 17th May. #bitcoin #RBI https://t.co/bDpQ73cAC9 — Crypto Kanoon (@cryptokanoon) May 11, 2018 11 different representatives from various crypto-related businesses who filed a petition with the Indian Supreme Court sought an …

Indian banking giant ICICI Bank has consigned more than 250 corporates to its Blockchain platform for domestic and international trade finance transactions, according to a press release published April 17. ICICI Bank started exploring Blockchain opportunities for their business in 2016. In June of that year, the bank created the position of Chief Technology and Digital Officer (CTDO) for that express purpose. In August 2016, the bank began implementing pilot transactions in international trade finance and remittance using a Blockchain in India. Chandra Kochhar, MD and CEO at ICICI Bank, says that integration of Blockchain technology has the potential to …

Bitcoin captured global curiosity when its’ value skyrocketed in 2017. Yet, financial institutions have been slow to add operational value to the crypto market. The common denominator among places where governments and banks have restrained digital markets is the lack of transparency and control they have in exchanges. Many research initiatives launched by global fintech leaders remain in developmental stages, while government officials and financial actors grapple with the learning curve of the new technology. The two biggest crypto concerns of global banks are debt liability from customers who have no protection from market volatility; and security risks associated with …

Tech investor Tim Draper, whose recent re-entry to India’s market was prompted by Prime Minister Narendra Modi’s promise to crackdown on corruption, nevertheless criticized India’s negative stance on cryptocurrencies during an interview with The Economic Times published yesterday, April 6. Draper had returned to the Indian market in February 2017 - having exited it in 2016 due to a perceived lack of “rule of law” prompting Draper Fisher Jurvetson to sell their entire Indian portfolio - when the Mumbai-based startup backer Blume Ventures joined the Draper Venture Network. India’s central bank had announced on April 5 that they would no …

The Reserve Bank of India (RBI) has announced that it is looking into issuing its own central bank digital currency (CBDC), after a meeting of the Monetary Policy Committee (MPC), according to a Statement on Developmental and Regulatory Policies released Thursday, April 5. RBI has established an inter-departmental group to investigate the potential advantages and feasibility of its CBDC, which will submit its findings in a report in June 2018, the statement says. “Technological innovations, including virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system,” RBI Deputy Governor B P Kanungo told The Times …

On Jan.10 the Securities and Exchange Board of India (SEBI) barred PricewaterhouseCoopers (PwC), one of the “Big Four” accounting firms, from auditing India listed firms for two years for failing to spot $1.7 bln accounting fraud at IT services company Satyam Computer Services. The Satyam accounting fraud scandal followed by its downfall broke on Jan. 7, 2009 when Satyam’s then chairman, Byrraju Ramalinga Raju admitted to fictitiously overstating the company’s cash balance by $1.7 bln or by 94 percent with the help of its auditor PwC. Due to this accounting scandal, Satyam’s shareholders lost as much as $2.2 bln as …

The demand for Bitcoin and the rush to invest in the digital coin are growing daily. Despite the criticism and ‘fraud’ accusations, great names like Goldman Sachs Group Inc. are thinking about introducing a cryptocurrencies trading desk and what kind of legal bottlenecks are involved. Image: the street It was reported earlier that the company is considering the possibility for its investors to trade in Bitcoin. The bank is yet to commence cryptocurrency trading and is looking into the legal implications. A bank as experienced as Goldman Sachs wouldn’t want to jump into a business that may face regulations in …