TronWeekly

Crypto World News

You are here: Home / Archives for cryptocurrency india

cryptocurrency india

Bitcoin ETF, a first in India

by

The launch of India’s first Bitcoin and Ethereum Futures ETF and Metaverse US-listed Large-cap Discount Certificates by Torus Kling Blockchain IFSC, a 50:50 joint venture between Sam Ghosh endorsed Cosmea Financial Holdings (CFH) and Kling Trading India, signed an MOU with India INX has been the hot topic of the hour in the nation, as reported by local media.

These Exchange Traded Funds (ETF) Futures will be barraged under a Sandbox design of IFSCA. This will be the fircrypto-supportedted futures ETF outside of the US and the first Asian Discount certificates trailing Metaverse Large Cap stocks in US and Europe markets.

Torus Kling Blockchain will be at the financial end providing liquidity to India INX by catering to the all-time necessity of deep liquidity with smart order routing. The Torus global distribution team and its partners are accountable for the distribution of the products, according to reports.

Mr. V.Balasubramaniam, the Managing Director and CEO of India INX, said,

“India INX at GIFT IFSC is looking at exploring the launch of Digital Asset based products and has already made an application to IFSCA under Regulatory Sandbox. This is a part of our product innovation initiative to benchmark offerings with other internatiofinancialance centers. We will be launching products in these new-age assets in compliance with the prevailing laws after receiving all required post regulatory approvals”

Bitcoin ETF’s big struggle in the U.S

There have been big battles that were faced to launch the first Bitcoin ETF in the U.S. The reason was that Bitcoin, the largest cryptocurrency in the world, seemed to be unregulated. In addition, the Securities and Exchange Commission (SEC) was hesitant to allow an ETF focused on the then-new and broadly unproven cryptocurrency market to make its way into the community.

After 8 long years of struggle, the first application for a Bitcoin ETF trade, at the New York Stock Exchange (NYSE), was filed in the U.S. The first Bitcoin ETF in the United States began trading on 19 October 2021.

Now, India escalated its game by permitting the launch of not only Bitcoin ETF but also Ethereum futures ETF. This being a first, crypto enthusiasts look forward to more ETFs being launched.

Cryptocurrency bill opposed by more than a third of urban Indians

by

According to data collected by market researcher YouGov on the Indian cryptocurrency bill, more than a third (36%) of urban Indians oppose the Government’s plan to regulate crypto assets.

It has come to light that among the opposers the rate of people who own a digital asset is higher than that of those who don’t. As per the survey, approximately the ratio is around 52% to 28%.

Among the opposers of the bill, of the crypto investors, 27% of the distress over the bill is about the expensive taxation policy and around 26% of total worry about the ban on other private currencies that they have invested in so far. Some of them (23%) are scared of losing their investments in the assets; only 1 in 10 are glad about the legalization of the crypto market.

This Bill that is yet to get a nod from the Indian government, has been constantly receiving a lot of indecisiveness from its people, it almost leaves its people disoriented and agitated.

Indians’ cryptocurrency investments to stall until market stabilization

With so many frivolous opinions among the holders, further investments seem like a very unlikely move. When surveyed about future investments, more than half (51%) of the present asset holders have said that they will hold their further plans of investing in crypto until the market stabilizes.

One in six people has affirmed to stop investing and instead sell their digital assets, while a few others (4%) have decided to move on to other investment tools. While the majority of them (26%) have decided to stay optimistic and continue or increase their stakes in crypto.

Furthermore, among the optimistic bunch, three in five (60%) believe in an elite forthcoming of Cryptocurrency and think a faster adoption of the asset will put them at advantage. Nearly 45% of the bunch conceive it to be a favorable long-term investment, but others (35%) are willing to expand their investments.

With so many events and data coming to light, the anticipation of the ‘Indian Cryptocurrency Bill’ makes it all the more analytical and inquisitive. The bill is set to be up for discussion in the next session of the Indian parliament, ideally around late January or early February of 2022.

This is how crypto scammers are duping Indian public

by

Fraudsters are increasingly exploiting Indian crypto investors, taking advantage of the craze for the digital asset industry despite regulatory uncertainty. As per sources, in March 2021, Kapil Singh, a 24-year-old employee at a private firm in the country’s capital Delhi, decided to invest in Bitcoin and Ethereum, through a US-based trading firm that seemed legitimate. Months later, Singh found out the site was fake.

Singh is among several people to have been fallen victims of scammers, who are using fake cryptocurrency or apps to cheat people. As per data from the National Cybercrime Reporting Portal, more than 50 complaints were registered in the capital from January to June in 2021. Maharashtra recorded the highest with 72 cases lodged. Delhi reported the second-highest complaints of crypto scams. That being said, the unofficial number might be higher.

According to Delhi Police, several of these gangs operating fake apps, phishing websites, or call centers claiming to deal in the crypto market have been busted over the last year. In the last 12 months, Deputy Commissioner of Police [DCP] KPS Malhotra said, more than 20 individuals have been arrested in three cases and $4 million in assets was frozen by the CyPad team in Delhi. The duped money is estimated to be roughly $26 million.

How to avoid falling for such crypto scams?

Similar to the stock market, the crypto market has exchanges or brokers that act as facilitators. These trading platforms often charge a fee or commission for each transaction. Some even offer rewards for hitting a milestone, others provide a joining bonus. Police said a majority of fraudsters use the rewards scheme along with the promise of high returns to lure investors. They create fake apps and invite people using social media bulk messaging and marketing to invest.

In a note of caution, DCP Malhotra said,

“We have advised the public to invest wisely. Check websites and accounts and do their research. Most of the accused present rosy pictures and schemes that aren’t valid. One must check for valid schemes and not invest money to get instant returns. There are platforms or exchanges to invest in cryptocurrencies that have authentic websites. We also have a helpline to prevent such scams.”

Crypto Betting and Its Infrastructure in India

by

Is Online Betting with Crypto Possible and Safe in India?

When it comes to online betting, one of the important factors to check on a site is the payment options. This determines how convenient your gaming experience will be. Fortunately, the majority of online betting sites today offer customers a plethora of payment solutions but now that many online industries are starting to adopt the use of cryptocurrencies, can you also bet with Bitcoin and other cryptos?

Definitely!

Cryptocurrency gambling has been practiced for a while now and many would say that it is convenient and safe. Cryptocurrency holders find that using Bitcoin or other cryptos is the best way to avoid restrictions or limitations that are in place in their location when it comes to gambling.

For example, in India, betting sites that don’t allow transactions if Rupees are prohibited. However, there is still no law that prohibits the use of cryptocurrencies in online casinos and bookies. This is why 10CRIC India Bitcoin betting is a hit in the country.

What to Consider When Betting with Crypto

While it is already possible to bet with Bitcoin, Ethereum, Cardano, and many other altcoins, there are still betting sites that don’t have this option yet. There are also gaming sites that only transact with their customers through the use of cryptocurrencies but most of the time, gaming options on those sites are a bit limited.

Aside from checking if you can use cryptos when betting on certain casino sites or bookies, there are also other important factors to consider. One of these is the reputation of the operator. You can easily check on this by visiting casino review sites. What’s great about going through review sites is that you get to have a deep insight as to how an operator treats its customers.

Most review sites these days are thorough when it comes to giving you all the details you need. It’s a one-stop place to check on details that matter like what payment options are available on the site, what real money games are offered, what kind of sports you can bet on, and many more.

It’s also best that you check on a site’s timelines for giving payouts to their customers. If you’ve been using cryptos for a while now, you probably already know that you may have to pay fees when processing payments. Generally, expect that minimal fees may apply when purchasing cryptos and transacting with them.

Many bettors would also consider how generous a bookie is concerning promos and bonuses. There are many types of bonuses that bookies would offer. Typically, for Bitcoin casinos and bookies, more bonuses are offered because they can afford to do so. On the business side of things, it’s mostly cheaper to process crypto payments compared to fiat currencies. With that, many of them are also trying to promote crypto transactions. Hence offering better bonuses to crypto users.

How Safe is Crypto Betting and What Are Its Other Advantages?

The majority of cryptocurrency users are quick to claim that usage of cryptocurrencies is the safest payment method. It is hard to manipulate Bitcoin transactions because it utilizes blockchain technology. Blockchain is a system of recording information that is impossible to change, hack, or cheat. Every transaction ever made with crypto is recorded and can easily be traced when needed.

Even if this is the case, privacy is still guaranteed because records will only show wallet addresses instead of the user’s actual information. That’s why many gamblers prefer using Bitcoin when playing online.

They get to avoid gambling-related transactions on their bank records. In some countries, people with gambling transactions in the past few months may not be allowed to take out loans or mortgages. With cryptos, this is something that they can avoid. Another advantage is that cryptos are still invulnerable to the impact of geopolitical tensions and government policies. There are only a few countries that have imposed a ban on the use of digital currencies and cryptos are decentralized in nature. This makes Bitcoin a versatile payment option.

If you’re traveling and you want to bet online, fiat currency exchange could be a hassle. You may also end up having less money value once you have your currency exchanged. All that can be avoided if you make transactions with cryptos instead. Since the recent all-time high of Bitcoin, many people showed more interest in cryptocurrencies and even NFT gaming. With that, we can expect that crypto usage will increase in the coming years. As this happens, more businesses including betting sites will be motivated to use cryptocurrencies too.

Cryptocurrency bill discussion delayed; Indian government does not want to rush on the law

by

The cryptocurrency bill that was ideally scheduled to be discussed in the Indian Parliament today has been delayed, this procrastination was a foreseen one. The other probability for the discussion of the bill and the cabinet approval would be the last day of the winter session, 22 December 2021.

It seems like the most awaited bill in India, the Cryptocurrency bill, might not be discussed in the parliament until the next session begins, which might be around late January or the beginning of February. The government doesn’t want to rush on the law, according to NDTV.

More likely changes in the Cryptocurrency bill

According to the Media cited sources, there might be more changes to the anticipated bill. They have also stated that the Central Government of India (GOI) might consider bringing in more ordinances or a special order after the session.

Since there are 5 Indian states that are slated for elections, it is guesstimated that the ordinance for the crypto bill will be discussed after the elections. GOI conjectures its cryptocurrency regulations to be in accordance with the global framework.

This bill allows cryptocurrency as only an asset and completely ban the use of it as currency or payments. It also proposes an establishment of a framework to record, share and synchronize transactions, and to set the foundation to create a new digital currency to be issued by the Reserve Bank of India (RBI) and regulated under the RBI Act.

The cryptocurrency bill scouts to reduce the financial stability risks by guarding the former financial sector from crypto assets. The Bill also discusses that the crypto regulator will be the RBI and it will be regulated by the market regulator, Securities, and Exchange Board of India (SEBI). It also proposes to prohibit all other private cryptocurrencies in India and to facilitate regulation.

India has a high size of crypto assets in India that is about ₹45,000 crore with 15 million investors. This gives hope the GOI can announce an ordinance even before presenting a bill if the need arises.

India welcomes Coinstore despite regulatory ambiguity

by

At a time when India’s leadership is seeking to impose curbs on most of the private cryptocurrencies, Singapore-based digital exchange Coinstore’s latest venture into the country is reflective of the growing adoption among the netizens in the digital asset industry. According to the blog post, the crypto exchange has set up its web and application platform and is planning to open branches in Delhi, Mumbai, and Bangalore that will serve as a foundation for expansion in the future.

Citing the latest development, Charles Tan, head of the marketing division at Coinstore stated,

With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market. There have been policy flip-flops but we hope things are going to be positive and we are optimistic that the Indian government will come out with a healthy framework for cryptocurrencies.

In addition to that, Tan revealed that the crypto exchange is planning to hire roughly 100 individuals in India and would allocate $20 million for advertising, recruiting, and development of crypto-related products and services exclusively for the domestic market. Apart from India, Coinstore is also planning to expand into countries such as Japan, Korea, Indonesia, and Vietnam, as per the marketing Exec.

Interestingly, Coinstore is the second foreign exchange to gain entry in the subcontinent in recent months, after CrossTower, a US-based trading platform launched its operations in the country back in last September this year.

Latest buzz in India’s crypto environment

India’s first crypto unicorn, CoinDCX, is considering to launch an initial public offering [IPO] after the country’s regulation permits it, as per the trading platform’s co-founder, Neeraj Khandelwal. In an interview held with Bloomberg, Khandelwal revealed that sale of the share would mirror US largest Crypto exchange, Coinbase Global Inc.’s listing on Nasdaq on April this year.

CoinDCX latest announcement comes at a crucial time in the Indian crypto landscape as the administration plans to introduce a bill to regulate cryptocurrencies. With respect to the Reserve Bank of India [RBI] stance on imposing ban to all private cryptoassets while it works on creating a digital currency. The government’s recent publication of banning most private crypto assets has too dampened the hopes for a friendlier approach.

India inches closer to acquiring regulations on Cryptocurrency

by

India’s road map in regulating cryptocurrency is gradually taking its shape. As per government sources, an all-encompassing bill on digital assets might be submitted for Cabinet approval before the Parliament session, beginning on November 29 this year. The much-anticipated bill would reportedly contain detailed aspects of crypto regulation, classification of these assets, and intent to tax earnings from them.

According to the sources, after the intent to tax earnings gets clearance, the provisions for implementation would be formally announced in the finance bill at the time of the Budget session, starting in January next year. Sources further said that India’s Finance Minister Nirmala Sitharaman’s budget might finally remove the regulatory ambiguity among the growing crypto enthusiasts in the country.

India working on the Crypo Tax framework

On the taxation aspect, a top government representative revealed that the authorities are currently working on framing legislation on the crypto assets. That being said, any profits or gains that arise from cryptocurrencies would be taxed in accordance with the rules of capital gains and might attract the regular Good and Services Tax [GST].

Reiterating similar sentiment, Revenue Secretary Tarun Bajaj recently stated,

We will take a call. I understand that people are already paying taxes on it. Now that it has really grown a lot, we will see whether we can actually bring in some changes in the law or not. But that would be a Budget activity. We are already nearing the Budget; we have to look into it at that point in time. if we come up with a new law, then we will see what is to be done. But yes, if you make money you have to pay taxes. We have already got some taxes. Some have treated it as an asset and paid capital gains tax on it.

Nevertheless, the latest developments with regards to regulating the cryptocurrencies and taxing the earnings from them are positive signs that the administration is adopting a more ‘balanced approach,’ unlike the Reserve Bank of India‘s [RBI] conservative stance. However, It needs to be seen whether the government’s position would follow the example of the moderate regulations in the European countries or be entirely unique in nature.

Indian Banks Hesitating to Embrace Crypto Industry Albeit RBI Consent

by

The Reserve Bank of India (RBI) reversal of the outright crypto-currency ban in March was a gift to the flourishing Indian crypto-industry. The country’s emergence of new exchange platforms has been the incentive to the industry ‘s steady and healthy growth.

While India is one of the most affected nations by the coronavirus pandemic, this significant growth is noticeable. Indeed, the epidemic has led to a downward economic disaster across the nation. In such crisis-ridden times, blockchain and digital currencies have proved the desperately needed remedy for both investors and fintech ground-breakers alike.

Crypto regulatory wariness

Nevertheless, lifting the blanket ban seems was not the ultimate solution to the regulatory uncertainty that most had hoped to be. There have been alleged incidents where Indian banks have denied financial services to crypto-related firms. The good thing is that the industry has a more explicit regulatory structure than there was in 2017; the extent of cynicism and turmoil was sky-high.

Notably, a rumour emerged within the Indian Ministry of Finance for interdepartmental consultation on a law proposing all crypto operations to be abashed. The draft law proposal involved a heavy financial penalty for guilty individuals and a prolonged prison sentence. Recently, the rumour was refuted.

According to a business consultancy firm, AKM Global, if the proposal for a blanket ban passes into law in its current fashion, it would “completely decimate the crypto-industry in India.” Rumor has aroused the already fading fears in the crypto-currency industry in India. Regardless of the recent rumors, Nischal Shetty, CEO of WazirX, still maintains confidence with the government.

An email sent to Cointelegraph’s crypto media outlet quoted:

“On the day the news about the ‘note’ broke out, it created some panic among the community. But that’s all. We are not seeing any difference in the trading behaviour on WazirX since then. There have been speculations about crypto ban in the past as well. With more than 5 million crypto users in India, I’m confident that our Prime Minister won’t let us down.”

Indian Banks reluctance to embrace crypto industry

In addition to RBI, certain private commercial banks in India have refused to process cryptocurrency transactions. However, a large percentage of speculations suggest the reason why the cryptocurrency sector lacks knowledge; as noted within various government bodies.

Siddharth Sogani, the founder of Crebaco research firm, believes that there may be further conflicting interests at play. According to him, “Banks will always be globally opposed to this industry because if crypto comes into action; P2P transactions will eliminate the need for third-party bankers.”

Regardless, in response to a request for information from the co-founder of the crypto exchange Unocoin, Harish BV, the RBI did not, in fact, indicate any limitations on banks offering crypto-related companies and individual traders to account. This was the major RBI statement that presumably banks were waiting for, but the actual quantifiable effects remain.

Binance Becomes the Latest Member of the Indian Internet Association

by

The top cryptocurrency trading and exchange platform, Binance, has become the newest member of the Indian Cryptocurrency Exchange Committee of the Internet and Mobile Association (IAMAI). Although uncertainty is looming over the Indian cryptocurrency sector, leading cryptocurrency exchanges have joined the nation’s top Internet association.

The association is the leading trading body that speaks on behalf of Indian crypto firms. In particular, the association was a key advocate of petitioning Indian legislators to Reserve Bank of India to the previous banking bank. The Supreme Court of India overturned the rule at the beginning of 2020.

Binance expanding its operations to India’s budding industry

Binance’s membership comes at a crucial time when the Indian Ministry of Finance progresses with its proposal to permanently ban digital currencies in the country, about seven days ago. 

The top exchange on platform announced its IAMAI membership on June 18, stating that it will work to carry out the best international enactments to trigger the growth of the Indian cryptocurrency industry. According to the founder of Binance, Changpeng ‘CZ’ Zhao:

“Binance is honored and excited to join IAMAI and contribute our part in shaping the Indian blockchain industry for sustainable growth and development.”

 

India’s cryptocurrency industry facing uncertainty

Following the partnership, Binance will roll out a ‘Blockchain for India Fund’ to finance development and innovation in India’s blockchain sector. Binance will work together with the Indian authorities and regulators to advise on the best regulatory structure of cryptocurrencies in India. 

Although the ban on providing banking services to crypto-related firms was lifted in March, India’s blossoming crypto industry is still under threat. For instance, banks in India continue to marginalize crypto-related activities and unclear taxation structure of crypto assets. Notably, the most significant danger is presented by the latest proposal to impose a blanket ban on India’s digital currencies. 

Ripple offers Recommendations to Indian Legislators on Transparent Crypto Regulatory Frameworks

by

Ripple ‘s new white paper offers a crypto-regulatory frameworks to the Indian legislature in response to the Supreme Court’s decision on cryptocurrencies. The Indian crypto sector is currently clouded with precariousness; despite the country ‘s apex court’s reversal of the previous Indian Reserve Bank ban.

The Supreme Court’s lifting of the ban on banking services did not provide a legal policy for legitimizing the country’s digital currencies. Nevertheless, the cross-border settlement network, Ripple, has published a white paper summarizing the recommended legal structure for cryptocurrencies in the country.

 

Ripple’s crypto regulatory recommendations to India

According to regulatory head for Ripple in Asia, Sagar Sarbhai noted that:

“India is currently presented with an opportunity to develop a regulatory framework for a native digital assets ecosystem. We are optimistic about that after a careful deliberation and consultation with industry participants.” 

According to him, the new Indian digital asset legal policy should be technologically cynical, principle-based, and risk-adjusted to provide clarity on the legal structure that can guide, maintain, and mitigate any related risks.

The Crypto Regulatory Recommendations provided by Ripple would sort out the cloud of uncertainty surrounding the Indian cryptocurrency industry. Although the Supreme Court lifted India’s RBI crypto ban on legal grounds that the administration could not suppress commodities that individuals choose to hold, it did not provide a clear legal guideline for digital currencies.

India Awaiting Legal Clarity

To fulfill the legal desires, Ripple’s crypto regulatory recommendations propose a digital asset taxonomy in line with international guidelines, and an adjustment on the central bank’s Regulatory Sandbox Framework to exclude “cryptocurrency” and “cryptoasset services” from the negative records.

Indian lawmakers will head back to parliament in July, with cryptocurrency legal concerns in mind. Despite the uncertainty, Ripple is still optimistic that India will reap the economic benefits of shrewd regulation and create a structure that encourages development and growth.