India appears to be taking a progressive stance on Bitcoin (BTC). Especially given the fact that the country is attempting to reach a uniform viewpoint on the categorization and legality of this new asset class. Amid a slew of cabinet meetings, industry debriefings and mounting banking issues, the country's prime minister has grown increasingly vocal about cryptocurrencies. At the Sydney Dialogue, Prime Minister Narendra Modi called for democratic countries to work together to get the most out of cryptocurrencies and blockchain technology. He also stated that they should not be used for unethical purposes. Take crypto-currency or bitcoin for example. …

According to a report from CNBC TV18 India, the nation's government plans to reclassify cryptocurrency exchanges as e-commerce platforms, which will reduce the Goods and Services Taxes (GST) users must pay per transaction, or per trade, to 1%. Currently, the Indian Government levies an 18% GST on transactions conducted on registered cryptocurrency exchanges, which is passed to users as trading fees. The process is similar to the tax protocol of stock brokerages in the country. However, depending on the legal domicile of the exchange, the new GST proposal could actually result in more tax liabilities for certain users. Back in …

The Indian government may be looking into establishing a legal framework for crypto as early as February based on digital currencies as an "asset." According to an Oct. 26 report from Indian news outlet Business Today, officials with the country's Finance Ministry said the potential legal framework would treat cryptocurrencies closer to commodities than currencies. If this legislation comes to fruition, it would represent a different approach than an outright ban on digital assets in the country which some Indian lawmakers have reportedly been considering. The officials added any potential law on cryptocurrencies in the country would likely come around …

Mohan Bhagwat, the head of the Rashtriya Swayamsevak Sangh, or RSS — a right-wing Hindu nationalist society — has urged India’s government to pursue crypto regulations “in the larger interest of society.” According to Asian News International, the RSS chief made these remarks during his speech marking the celebration of the Hindu festive Dussehra. Despite numerous reports of looming crypto bans, the narrative from government sources has been that stakeholders prefer to create a framework for regulating the market. A coalition of pro-crypto entities was even able to secure a Supreme Court ruling that overturned a previous ban imposed by …

The Indian Institute of Technology Madras (IITM) has become a member of the Hedera Hashgraph council for decentralized governance. IITM is one of the top institutes for technical education in India, which falls under the direct jurisdiction of India’s Ministry of Education. As a member of the Hedera Governing Council, IITM has become one of the 39 global organizations that run initial network nodes for governing the Hedera public ledger built on distributed ledger technology (DLT). In addition to advancing DLTs capabilities in education and research, IITM plans to test use cases around public blockchains for payments via Hedera Consensus …

The Government of Maharashtra recently announced a partnership with Indian blockchain startup LegitDoc to implement a credentialing system powered by Ethereum to provide tamper-proof diploma certificates. To counter the rise in document forgery, the Maharashtra State Board of Skill Development (MSBSD) opposes India’s crypto ban narrative of using Ethereum-based public blockchains. In an exclusive statement with Cointelegraph, LegitDoc CEO Neil Martis highlighted that while the certificates are verified using traditional manual methods, MSBSD will start advocating only the digital verification method for all the manual verification requests starting next year. Showcasing interest from other local government authorities, Martis added: “We …

Mumbai-based crypto exchange WazirX has been the target of much of India’s regulatory heat as the company continues to attract local investors. In the latest run-in with the government, the Directorate of Enforcement (ED) issued a show-cause notice to WazirX for allegedly violating the Foreign Exchange Management Act in relation to transactions worth 2,790.74 crore rupees (~$372 million). As per The Economic Times, the Binance-owned cryptocurrency exchange came into the spotlight after the ED questioned its capability to allow users to make cross-border payments without direct oversight of the government. An official from the ED highlighted: “These were carried out …

Commercial banks in India are reportedly reluctant to do business with crypto exchanges in the country. According to Reuters on Thursday, crypto trading platforms in India are still finding it difficult to open accounts with financial institutions. While there is no crypto ban in India, banks are reportedly acting on the advice of the Reserve Bank of India (RBI) to shun cryptocurrency exchanges. Back in May, the RBI clarified its position on the matter, stating that there was no prohibition against banks servicing crypto exchanges. Indeed, India’s Supreme Court overturned a previous RBI rule that prevented banks from offering account …

According to local sources, the Indian Government’s 2% “equalisation levy” could be extended to crypto-assets purchased from off-shore exchanges. According to a June 22 report from Economic Times, analysts are inferring that existing law could require a 2% levy to be added onto the settlement price of crypto bought from overseas-based crypto exchanges operating in India’s market. The equalisation levy was first introduced by the government in 2016, imposing a 6% tariff on payments for e-commerce supply and services to non-resident companies without a permanent establishment in India. However, the equalisation levy was updated in mid-2020. Now dubbed the “Google …

Cryptocurrency exchange Zebpay and others doing business in India will reportedly be joining IndiaTech, an association aimed at providing regulatory clarity for crypto in the country. According to a Monday report from The Economic Times, executives from some of India’s crypto exchanges said their businesses are considering joining IndiaTech in an effort to pressure the government to regulate crypto, with Zebpay confirming it would be doing so. The report comes one month after the organization published a white paper which included policy recommendations for a regulatory framework for crypto assets and exchanges in India. “The exchanges liked the approach we …

India’s government is reportedly reviewing modalities for banning or regulating cryptocurrencies in the country. According to Bloomberg Quint, reports indicate that the government is in talks with financial regulators and industry stakeholders to examine the provisions of an earlier proposal that effectively called for a blanket prohibition of crypto in India. Back in February, several reports out of India stoked fears of a possible crypto ban that has so far failed to materialize. Instead, the emerging narrative out of the country is that the authorities are considering a more nuanced approach to cryptocurrency regulations, with blanker prohibitions out of the …

The tide may have finally turned for cryptocurrencies in India as reports indicate a softer stance by the government toward crypto. According to a report by The New Indian Express on Thursday, the government’s hostile stance toward Bitcoin (BTC) appears to be shifting toward more common-sense regulatory policies for cryptocurrencies. According to inside sources quoted by the publication, authorities have dropped earlier plans for a blanket Bitcoin ban in favor of classifying cryptocurrencies as an alternative asset class. The Securities and Exchange Board of India will reportedly be tasked with overseeing crypto regulations in the country in collaboration with the …