Some of the biggest names in the crypto exchange business are reportedly eager to capture India’s cryptocurrency trading market, even as the government is yet to issue clear-cut regulatory policies. According to Reuters, sources say Kraken, Bitfinex and KuCoin are examining the potential for setting up shop in India. Crypto exchange giant Binance entered the Indian market back in 2019, acquiring one of the country’s most recognizable cryptocurrency trading platforms WazirX. The aforementioned trio could also pursue a similar entry strategy by acquiring or forming strategic partnerships with other Indian crypto exchanges. According to the Reuters source, these global exchanges …

Its infamous circular directing banks to cease servicing crypto firms may have been overturned in the courts but India's central bank is showing no signs of softening its stance towards cryptocurrencies. Reserve Bank of India Governor Shaktikanta Das reiterated the institution's position in a recent press conference following a statement on monetary policy, stressing: “We have major concerns around cryptocurrency, which we have conveyed to the government.” The governor's comments come after the Reserve Bank of India had been prompted to clarify that banks should not continue to cite the Reserve Bank of India's now-defunct circular as grounds for refusing …

Nischal Shetty, CEO of Indian crypto exchange WazirX, and other stakeholders in the industry are reportedly working toward convincing the government to adopt more nuanced cryptocurrency regulations. According to a report by The Economic Times, the country’s Blockchain and Crypto Council has drafted a presentation note highlighting recommendations for cryptocurrency regulations in India. The regulatory framework proposed by the council — which is an arm of the Internet and Mobile Association of India, or IAMAI — reportedly contains measures to address issues like money laundering and threats to rupee monetary sovereignty in the country. For Shetty, the proactive approach adopted …

An Indian cryptocurrency ban would have grave implications for the future of the country’s economy, and would result in currency devaluation “of the worst form,” says blockchain entrepreneur and HashCash CEO Raj Chowdhury. Chowdhury, also the managing director of the United States-based PayBito cryptocurrency exchange, said India’s rejection of Bitcoin (BTC) and other cryptocurrencies would be the equivalent of rejecting the U.S. dollar. Without regulating and eventually adopting cryptocurrency as a reserve currency, Chowdhury believes India’s economy would suffer in the long term. “Maintaining Cryptocurrency reserves are as important as maintaining dollar reserves. By banning crypto, India will end up …

Leading U.S. cryptocurrency exchange Coinbase has announced it is “establishing a business presence in India” despite uncertain regulatory headwinds for crypto in the country. In a March 25 blog post, Coinbase revealed it is planning to house “some IT services, including engineering, software development and customer support operations in India,“ noting the country’s “huge pool of world-class engineering talent.” “India has long been known as a hub for engineering and technology innovation, and we look forward to finding that world-class talent to help the Coinbase group develop new ways for our customers to interact with the cryptoeconomy.” Despite the announcement, …

Tata Power DDL, a leading electricity distribution company that serves over seven million residents in North Delhi, is piloting a solar energy trading project together with Australian blockchain firm PowerLedger and the India Smart Grid Forum, or ISGF. The pilot, which runs until June, aims to enable the development of distributed energy infrastructure and electronic trading resources that will encourage consumers to become prosumers — consumers who also produce — by selling their excess rooftop solar power in a peer-to-peer marketplace. Using PowerLedger's blockchain technology to provide transparent settlement of energy trades, the pilot will test out various trading algorithms, …

Indian authorities continue to express support for a government-backed digital currency to replace privately-issued cryptocurrencies. According to Bloomberg, RBI governor Shaktikanta Das has expressed the central bank’s determination to create a digital rupee. According to Das, India’s central bank is “very much in the game” and wants to emulate China’s digital currency electronic project, the digital yuan. The RBI chief also revealed that the digital rupee project is a major focus for the central bank. While there has been no official release date for the proposed CBDC, Das said that the RBI is currently finetuning the technological and procedural protocols …

In what seems to be another anti-crypto move by regulators in India, initial public offering promoters may soon be forced to sell their crypto holdings before being allowed to participate in raising funds. According to a report by the Economic Times, the Securities Board of India may disqualify IPO promoters from raising funds if they hold cryptocurrencies. This move is reportedly an extension of SEBI’s instructions to securities lawyers, merchant banks and other stakeholders in the IPO ecosystem regarding cryptocurrencies. According to a securities lawyer quoted by the Economic Times, “There could be a direction from the government in this …

The Indian government may be taking a legislative shortcut to pass a bill recently proposed to regulate digital currencies in the country. According to a report from news outlet CNBC-TV18, the Indian government may take the “ordinance route” to ban the use of private cryptocurrencies in the country as well as create a regulatory framework for a digital rupee issued by the Reserve Bank of India. Passing the measures within the proposed crypto bill using this method would require the President of India, Ram Nath Kovind, to issue an ordinance when Parliament is not in session. The news outlet said …

Kumar Gaurav, founder and CEO of cryptocurrency exchange Cashaa, believes the Indian government’s latest efforts to regulate digital currencies are more of an attempt to prevent illicit activities in the industry rather than outright ban crypto. According to a bulletin released by the Parliament of India on Friday, the governing body will be considering a bill intended to "prohibit all private cryptocurrencies" while also creating a regulatory framework for a digital rupee issued by the Reserve Bank of India, or RBI. The central bank announced last week that it would be "exploring the possibility" of a digital currency. However, the …

Trials of blockchain-aided voting in India that would enable voters to post ballots from outside their home provinces are to begin soon. Chief Election Commissioner Sunil Arora said that research using the cutting-edge technology had already started and that mock trials were to be launched in the very near future, as reported by The Wire. India’s Election Commission worked alongside researchers from the Indian Institute of Technology Madras in creating a secure way to verify identities and enable voting from far-flung regions of the country, and beyond. On the same day, Arora confirmed a proposal that would give Indians living …