India goes after Andreessen Horowitz-backed CoinSwitch exchange over forex laws violations
India’s Enforcement Directorate reportedly raided five premises owned by CoinSwitch as it cracks down on the exchange for KYC and forex laws violations.
India’s Enforcement Directorate reportedly raided five premises owned by CoinSwitch as it cracks down on the exchange for KYC and forex laws violations.
A report titled "Cryptoverse India Report," published last August 23, stated that more than 54% Indians seek to invest even more in digital currencies over the next six months.
The Reserve Bank of India insisted on banning digital assets due to heightened risks, as it continues to warn potential investors of the consequences of jumping onboard the highly volatile market.
Key stakeholders collaborate in launching the India Blockchain Forum, a platform that pushes for Web 3.0 adoption, with help from the government and major industry players.
A senior NPCI official attempts to persuade the Indian government to adopt blockchain technology, arguing that the development goes beyond digital assets and can improve public service.
The adoption of CBDCs in India will be conducted in phases on FY 2022-2023, beginning with wholesale businesses, as the Reserve Bank of India mulls the digital rupees' anonymity level.
According to India’s former finance secretary Subhash Chandra Garg, "blockchain was always seen as something innovative," but the technology is deeply masked by digital currencies.
According to a 2021 NASSCOM Industry report, over 800,000 new Web3 jobs could be created by 2030 in India; however, the ambiguity of this industry could likely lead to further brain drain.
Satish Kumbhani, co-founder of BitConnect, plunged into deeper trouble as Indian police put him under investigation over a $2.4 billion scam that could land him 70 years in jail if proven guilty.
The low latency, high speeds, and immense capacity of 5G will make smart cities, driverless vehicles, smart homes, and other sensor-driven enhancements for industrial use cases all possible.
In a blog post, Bitbns' CEO Gaurav Dahake said that exchanges have been forced to operate with bank accounts since payment service providers do not support them.
The Enforcement Directorate accuses WazirX of using an opaque management setup and poor KYC programs to allow exploitative loan apps to launder millions between India and China.