Regulatory discussions in India around a crypto ban caused panic selling on major crypto exchange WazirX, resulting in massive price drop on leading cryptocurrencies including Bitcoin (BTC) and Ether (ETH). Crypto prices in India crashed soon after the parliament announced to introduce and list 26 new bills in the Winter Session, which included the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. As Cointelegraph reported, the bill seeks a legislative vote on creating an official digital currency while imposing a ban on “all private cryptocurrencies,” starting Nov. 29. A mass sell-off on WazirX in the morning of Nov. 24 …

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 …

Paytm, India's leading digital payments company, has said Thursday that it would consider Bitcoin services if the country's regulatory framework for cryptocurrencies was more definite. Speaking to Haslinda Amin and Rishaad Salamat during an interview on Bloomberg TV, Paytm's Chief Financial Officer Madhur Deora stated that the rules surrounding Bitcoin (BTC) remain in a “grey area” in India. “Bitcoin is still in a regulatory grey area if not a regulatory ban in India. [...] At the moment Paytm does not do Bitcoin. If it was ever to become fully legal in the country then clearly there could be offerings we …

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 …

A former deputy governor of the Reserve Bank of India (RBI) has spoken out about the nation’s financial and crypto ecosystem and stated that digital assets need to be accepted. Speaking at the inaugural Hodl 2021 virtual conference organized by the Blockchain and Crypto Assets Council of the Internet and Mobile Association of India on Tuesday, Rama Subramaniam Gandhi said that crypto could be used for payments for economic activities, but he sees them more as an asset class. The regulatory situation in India remains unclear, with bills and legislation still being mulled by politicians. Earlier this month, the government …

The Reserve Bank of India (RBI) could commence preliminary central bank digital currency (CBDC) trials before the end of the year. Speaking to CNBC on Thursday, RBI governor Shaktikanta Das said that the central bank was “being extremely careful” in its handling of a potential digital rupee, even as its counterparts around the world have been exploring their own sovereign digital currencies. According to Das, the RBI’s focus is on examining the potential impact of a digital rupee on India’s financial sector, with issues such a monetary policy control high on the agenda. On the technical side, the RBI governor …

Bitcoin (BTC) rewards company GoSats has launched a new cashback rewards card for customers in India, potentially setting the stage for wider mainstream adoption of digital assets in the world’s second-most populated country. The new product is being introduced in partnership with the National Payments Corporation of India, also known as NPCI, which is a not-for-profit organization dedicated to promoting digital payments and settlement systems across the country. The organization was founded in December 2008 and is an initiative of the Reserve Bank of India. The GoSats rewards card, which is accessible through mobile app and browser extension, allows users …

The Reserve Bank of India, or RBI, continues to investigate the issuance of a central bank digital currency, or CBDC. T Rabi Sankar, the deputy governor of RBI, said in a speech organized by the Vidhi Center for Legal Policy that private digital currencies could be part of what makes CBDCs ultimately necessary. He felt that the RBI’s development of it’s own CBDC could provide the public with many of the same uses as digital currencies such as Bitcoin, while limiting the average user’s exposure to volatility. He stated: “Indeed, this could be the key factor nudging central banks from …

India’s stance on crypto adoption has been a gray area ever since the birth of Bitcoin (BTC). In what seems like another blow for the Indian crypto community, one of the biggest financial services, ICICI Bank, has warned users not to use their remittance services for transferring any form of crypto or digital currency. In ICICI’s latest iteration of the Retail Outward Remittance Application form, the bank has clearly stated its intent to stop users from using the service for crypto transfers. Based on the Foreign Exchange Management Act (FEMA) 1999, the declaration states: “The above remittance is NOT for …

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 …

India’s reserve bank has long since condemned the use of cryptocurrencies, but other than the Supreme Court striking down its 2018 bill last year, the Indian government’s stance on cryptocurrencies has been largely uncertain. On one hand, top sources tracking the government’s stance say it has shifted away from the idea of a complete ban. On the other hand, more banks have started barring cryptocurrency-related businesses from accessing their services, including ICICI Bank, Paytm Payments, Yes Bank and, most recently, IDFC First Bank. The Reserve Bank of India’s (RBI) stance is understandable. As the body responsible for ensuring the country’s …