U.S. authorities are likely updating their imminent indictments against top execs at the troubled Binance cryptocurrency exchange after a report exposed local traders accessing forbidden crypto fruit.
Rabi Sankar, deputy governor at the Reserve Bank of India, noted the need for India to keep pace with other major economies in financial innovation, especially with 86% of central banks researching CBDCs.
The Enforcement Directorate is going after digital currency exchange WazirX after it allegedly allowed users to transact digital currencies without proper documentation.
The Delhi High Court has issued notices to regulators and some of the leading exchanges as it seeks to reign in what it believes are misleading ads on television and other digital media.
ICICI Bank has been gradually shutting out digital currency ties in recent months, in line with actions taken by its peers including Yes Bank and IDFC First Bank.
India is a technologically advanced nation that also struggles with poverty and a massive divide between the rich and the poor, Nidhi Arora writes.
The Indian government charges a 2% tax, known as the equalization levy, to online entities servicing Indians but which are based elsewhere—and this could be extended to digital currency trading.
The Cryptocurrency and Regulation of Official Digital Currency Bill was brought before parliament in early 2021, but the government failed to progress with the bill.
The Reserve Bank of India recently clarified that digital currencies aren’t banned in India, which means that banks must refrain from referring to an outdated memorandum to deny their Bitcoin clients services.
The government is reportedly in the early stages of establishing a panel of experts to review the matter, though has yet to formally commit to plans.
According to sources in India, the apex bank is warning commercial banks against servicing digital currency-related businesses, including exchanges and traders as well.
Indian Minister Anurag Thakur said the government would put investors at the forefront of their legislative effort, though it remains unclear exactly how they intend to protect investors.
