Reserve Bank of India warns digital currencies will ‘dollarize’ economy
The central bank says that digital currencies will seriously undermine its ability to determine monetary policy and contribute to money laundering and terrorism funding.
The central bank says that digital currencies will seriously undermine its ability to determine monetary policy and contribute to money laundering and terrorism funding.
SEBI made the proposal in response to a call for comments on the recently unveiled guidelines for digital currency advertising released by the ASCI, according to local reports.
India is weighing a 28% Goods and Service Tax (GST) for digital asset transactions, just a month after imposing a 30% tax on personal income from digital assets.
Indian police thought they were curbing a simple job scam but stumbled upon one of the largest digital asset scams, with Binance and OKCoin reportedly at the heart of it.
The directive, which is set to come into force on June 22, also applies to data centers, Virtual Private Server (VPS), cloud service, and Virtual Private Network Service (VPN Service) providers.
Investors and traders are bearing the strict regulations on digital currency in India—with some transferring their digital currencies to overseas wallets and opening accounts abroad.
Following the news between Coinbase and NPCI, MobiKwik wallet also withdraws its UPI payments for digital currency trading, paving a difficult road for digital currency traders in the country.
The U.S.-based exchange announced that it has temporarily disabled buying digital currencies via Unified Payments Interface (UPI) less than four days after launching the trading service in India.
Ronin Bridge, the Ethereum sidechain used by popular NFT game Axie Infinity, lost over $600 million in what appears to be one of the largest digital currency heists in the world.
The Indian Parliament passed the Finance Bill 2022-2023, which confirmed the 30% tax rate on all virtual digital assets (VDAs) that will take effect from April 1 in addition to other regulations.
All virtual digital assets advertisements must follow the Advertising Standards Council of India guidelines, which include carrying a disclaimer, removing misleading statements and including the advertiser’s name and contact details.
Indian teens are taking an unusual approach to beat the pandemic by investing in digital currency—fueling the digital currency market, which stood at $6.6B last year