Facebook’s newly announced cryptocurrency, libra, may not be available in India due to the current ban of blockchain-based currency transactions, as stated in a report by local publication The Economic Times on June 20. Citing people familiar with the matter, the report says that the social media giant has not applied for approval with the Reserve Bank of India (RBI) to operate its digital currency in the country. As Cointelegraph reported yesterday, a Facebook spokesperson has underlined that Facebook’s digital wallet, Calibra, “won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies,” potentially preventing its use in some of …

The Reserve Bank of India (RBI) has denied having any knowledge or involvement in a draft government bill that would ban cryptocurrencies, an official document released on June 4 shows. Varun Sethi, a lawyer specializing in blockchain, filed a Right to Information request with the RBI following a report by India media outlet the Economic Times in April that suggested several government departments have backed a complete ban on the “sale, purchase and issuance of all types of cryptocurrency.” Although the RBI refused to answer some of Sethi’s questions, the bank confirmed it has had no communication from central government …

Lobbying groups are urging the Reserve Bank of India (RBI) to allow crypto-related products to be tested in its regulatory sandbox, Indian daily The Economic Times reported on May 16. The RBI’s proposed framework, unveiled last month, would allow blockchain technology to be tested on a small number of consumers — but cryptocurrencies, exchanges and initial coin offerings are excluded. Nasscom, a trade association of Indian IT companies, is calling for the regulator to rethink, and argues the RBI would better understand the risks associated with crypto by including it in the sandbox. The organization said: “Since cryptocoins and tokens …

A blow was struck to the crypto community in India in late April as reports circulated regarding a proposed ban on cryptocurrencies. India has a strong and passionate community of crypto enthusiasts, however, their steadfast belief in the value of cryptocurrency does not appeared to be mirrored in the diverse organs of the Indian state. Cointelegraph takes a deep dive into the latest developments in the Indian crypto sector and speaks to the experts determined to stick out this turbulent period for investors. Ban rumor shakes Indian crypto community In a development set to further consolidate the Indian government’s reputation …

The United Kingdom’s Financial Conduct Authority (FCA) has allowed three blockchain-based businesses to join the latest cohort of its regulatory sandbox, the organization announced on April 29. Diro Labs is one of the blockchain-driven companies accepted by the FCA for performing tests on a “short-term and small-scale basis.” According to the regulator, the startup uses a “central blockchain-based store of information” to verify identities and documents online from original sources. Meanwhile, Fintech Delivery Panel Partners has been given permission to test a “decentralized digital identity platform using machine learning identity verification and blockchain-based key management.” Finally, e-commerce payments and verified …

The Reserve Bank of India (RBI) has announced the terms of its regulatory sandbox in report on April 18. Per the terms of the sandbox, various applications of blockchain technology can be tested, while cryptocurrency-related projects are clearly excluded. Sandboxes are used by regulators around the world, including the Financial Conduct Authority in the U.K., so fintech companies can put their innovations to the test with a small number of consumers over a set time period. Almost three years after the RBI began reviewing its framework to respond to the dynamics of the “rapidly evolving” fintech market, India’s central bank …

The Supreme Court of India has reportedly granted four weeks to Indian authorities to come up with cryptocurrency regulation policies, local news outlet Inc42 reports on Feb. 25. If the Indian government does not provide a crypto regulatory framework in four weeks, the Supreme Court is set to release their own judgement, the article states. At the hearing on Feb. 25, the court has given one last opportunity to the Union of India to develop crypto regulation, stressing that afterwards, the Court will stop hearing crypto-related cases, including the parties who demand to reverse the crypto circular released by the …

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. …

The Reserve Bank of India (RBI) is pausing its plans to release a digital currency, Indian business news outlet the Hindu Business Line reported on Jan. 1. India’s central bank had originally announced its intentions to consider a central bank digital currency (CBDC) in April of this year, at the time noting the establishment of an interdepartmental group to look into potential advantages and feasibility. In August, RBI confirmed the creation of the group, specifying that it was researching a CBDC that would be backed the rupee for reasons including the cost of printing paper and the rising popularity of …

A governmental committee in India has reportedly suggested that cryptocurrencies be legalized in the country, English-language local media TheNewIndianExpress (TNIE) reported on Dec. 26. According to the article, an unnamed senior official who reportedly attended the panel’s meetings on cryptocurrencies stated: “There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders.” Previous Indian government panel meetings had reportedly suggested a complete ban on cryptocurrencies in the country earlier in December, stating that “any kind of dealing in such currencies should be treated as ‘illegal.’” India’s government reportedly set up …

An Indian government panel has reportedly suggested a new legal framework within the Reserve Bank of India (RBI) that completely bans cryptocurrencies in the country. English-language Indian media outlet CNBC TV18 reported on the framework on Dec. 6. The article cites an unnamed source as noting that “the panel has categorically said that all such currencies should be treated as illegal” and that “any kind of dealing in such currencies should be treated as [such].” CNBC TV18 notes that the Indian government had created a panel to create “norms” for digital currencies — headed by Secretary of the Department of …

India’s central bank, the Reserve Bank of India’s (RBI), has confirmed the creation of an inter-departmental group tasked with analyzing the feasibility of issuing a rupee-backed central bank digital currency (CBDC), the Economics Times reports August 30. The group’s establishment and focus was detailed in the bank’s Annual Report 2017-18, confirming earlier details that followed a meeting of India’s Monetary Policy Committee (MPC) in April. The impetus for investigating the issuance of a fiat-tethered CBDC reportedly derives in largely from cost considerations: the Economic Times cites statistics that suggest the cost of printing paper notes in India was 6.3 billion …