Why Bitcoin, cryptocurrencies often face political heat? Virtual currency's legal status, its future explained
4 months, 1 week ago

Why Bitcoin, cryptocurrencies often face political heat? Virtual currency's legal status, its future explained

India TV News  

Amit intense poll battle in Maharashtra, just a day before crucial voting in the state assembly elections, the Bharatiya Janata Party alleged National Congress Party leader Supriya Sule and state Congress chief Nana Patole's involvement in a cryptocurrency fraud. The Reserve Bank of India too has been skeptical about the use of private crypto assets and considers it as a major threat to macroeconomic and financial stability of the country. In July last year, Finance Minister Nirmala Sitharaman had said that "international collaboration" would be needed for any effective regulation or ban on cryptocurrency. RBI Governor Shaktikanta Das had last month said that such virtual assets may create a situation where the central bank may lose control of money supply in the economy.

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History of this topic

Crypto Can’t Stop Fighting Itself
3 weeks, 5 days ago

Crypto Can’t Stop Fighting Itself

Politico  

“They all hate each other,” Carter said, adding: “But they hate outsiders more.” Hopes have surged that crypto-friendly legislation can make it through Congress after years of negotiations, as prominent firms push for rules tailored more specifically to digital assets. Paolo Ardoino, whose company Tether issues the world’s largest stablecoin, posted on X that the draft legislation was an effort …

India reviewing crypto position due to global changes, senior official says
1 month, 4 weeks ago

India reviewing crypto position due to global changes, senior official says

The Hindu  

India is reviewing its stance on cryptocurrencies due to shifting attitudes towards the virtual asset in other countries, a senior government official told Reuters on Sunday. He did not specifically mention the United States, where Mr. Trump last week ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a …

Government is reportedly thinking about changing its stance on cryptocurrency
1 month, 4 weeks ago

Government is reportedly thinking about changing its stance on cryptocurrency

India Today  

India has a rigid cryptocurrency environment, and its stance on the digital currency has been anything but consistent. In December 2023, the Financial Intelligence Unit in India issued show-cause notices to 9 offshore crypto exchanges, including Binance and Kucoin, for non-compliance with local regulations. In 2023, former RBI Governor Shaktikanta Das also represented a critical stand against cryptocurrency in India. …

India reviewing crypto stance amid global policy shift: Report
1 month, 4 weeks ago

India reviewing crypto stance amid global policy shift: Report

India Today  

India is reviewing its stance on cryptocurrencies due to shifting attitudes towards virtual asset in other countries, a senior government official told Reuters on Sunday. He did not specifically mention the United States, where Trump last week ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency …

Governments and banks once mocked Bitcoin. Now they want in on it
3 months, 1 week ago

Governments and banks once mocked Bitcoin. Now they want in on it

Al Jazeera  

After topping $100,000, Bitcoin supporters see the cryptocurrency soaring even higher. Despite once labelling Bitcoin “a scam”, Trump has emerged as arguably the world’s most powerful advocate for the asset. “There’s now this growing feeling that the 21st century will be the century of Bitcoin.” Keiser spotted Bitcoin’s potential early on and advised people to buy it when its value …

Bitcoin, cryptocurrencies not legal in India
Trending News
4 months, 1 week ago

Bitcoin, cryptocurrencies not legal in India

Deccan Chronicle  

New Delhi: Bitcoin and cryptocurrency are in news again after allegations were levelled against Congress's Maharashtra president Nana Patole and NCP 's Supriya Sule of being involved in "illegal bitcoin activities" to fund their poll campaign. - Cryptocurrency has no intrinsic value and is not redeemable for another commodity, such as gold - has no physical form and exists only …

Will Bitcoin's revival boost India's appetite for cryptos despite high taxes?
4 months, 1 week ago

Will Bitcoin's revival boost India's appetite for cryptos despite high taxes?

India Today  

Bitcoin has taken the financial world by storm once again, this time surging to a record-breaking $90,000 following Donald Trump's unexpected victory in the US presidential election. TRUMP'S IMPACT ON THE CRYPTO SURGE The crypto market has been riding a wave of optimism following Donald Trump's election as US president, with hopes that his administration will adopt a crypto-friendly stance. …

RBI Governor Shantikanta Das Warns of Huge Risks to Financial Stability from Cryptocurrencies
5 months ago

RBI Governor Shantikanta Das Warns of Huge Risks to Financial Stability from Cryptocurrencies

New Indian Express  

RBI Governor Shantikanta Das expresses concerns about cryptocurrencies, stating that they pose significant risks to financial stability. He argues that cryptocurrencies have the characteristics of money and could undermine the central bank's control over the monetary system. Das emphasizes the need for careful consideration and a cautious approach towards cryptocurrencies, considering the potential for instability and financial sector instability.

Crypto currencies have no underlying value, says RBI official
1 year, 1 month ago

Crypto currencies have no underlying value, says RBI official

The Hindu  

Crypto currencies cannot be referred to as "currencies" as they have no underlying value, a central bank official said. "Crypto currencies cannot be called currencies as they don't have any underlying value," P Vasudevan, an executive director at the RBI, said during a panel discussion organised by IIM-Kozhikode here. Ultimately it is a call that the government has to take …

Explained | What is the crypto awareness campaign?
2 years, 2 months ago

Explained | What is the crypto awareness campaign?

The Hindu  

The story so far: The Investor Education and Protection Fund will launch an outreach programme soon to create awareness of cryptocurrencies and online gaming. People may presume incorrectly that it is illegal,” he states, adding, “One may be indulging in unlawful transactions like money laundering using crypto assets. As for the allegations, Mr. Menon told The Hindu, “The immutable, public …

After more than a decade flying under the radar, cryptocurrencies are finally facing official scrutiny — but why do we never learn?
2 years, 4 months ago

After more than a decade flying under the radar, cryptocurrencies are finally facing official scrutiny — but why do we never learn?

ABC  

And now a word from our sponsor. It became the official cryptocurrency sponsor to the FIFA World Cup earlier this year in a deal that allegedly cost around $US40 million but would deliver the outfit's name into the homes of more than 3 billion soccer fans around the globe. Satyajit Das on the FTX crypto bust One of the few …

Understanding cryptocurrencies
2 years, 8 months ago

Understanding cryptocurrencies

Hindustan Times  

There is a need for a broader international collaboration before cryptocurrency regulations can be drawn up in India, finance minister Nirmala Sitharaman told Parliament this week. In May, an entire currency — known as the Terra/Luna stablecoin pair — and a crypto-based lending platform known as Celsius crashed, wiping out tens of millions of dollars of wealth. Searching with just …

Cryptocurrencies clear danger, says RBI Governor
2 years, 9 months ago

Cryptocurrencies clear danger, says RBI Governor

The Hindu  

The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions. In the foreword to the 25th issue of the Financial Stability Report released on Thursday, Das also said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention. In the foreword of the …

Cryptocurrency to be banned in India? What we know so far
3 years, 1 month ago

Cryptocurrency to be banned in India? What we know so far

India Today  

The question over the legality of cryptocurrencies in India has garnered eyeballs, especially after the government's move to tax virtual digital assets. Apart from providing clarity on taxation on virtual digital assets, Union Finance Minister Nirmala Sitharaman and top officials of the government have given statements on the future of cryptocurrency in the country. The proposed bill TAXATION ON VIRTUAL …

Cryptocurrencies worse than Ponzi schemes, banning them advisable: RBI Deputy Governor
3 years, 1 month ago

Cryptocurrencies worse than Ponzi schemes, banning them advisable: RBI Deputy Governor

India Today  

Reserve Bank of India Deputy Governor T Rabi Sankar on Monday said that banning cryptocurrencies is the most advisable choice for India as they are akin to Ponzi schemes and "may even be worse". FM Nirmala Sitharaman replies Rabi Sankar said that cryptocurrencies can wreck the currency system, the monetary authority, the banking system, and in general, the government’s ability …

Cryptocurrencies to be banned in India? FM Nirmala Sitharaman replies
3 years, 1 month ago

Cryptocurrencies to be banned in India? FM Nirmala Sitharaman replies

India Today  

Finance Minister Nirmala Sitharaman on Friday said that a decision on "banning or not banning" cryptocurrencies will be taken after consultations. She also said that the government's move to levy a 30 per cent tax on gains from cryptocurrencies has nothing to do with the legality of private digital currencies in the market. "Banning or not banning cryptocurrencies will come …

As of 2021, Over 50 Countries Have Bans on Cryptocurrency
3 years, 2 months ago

As of 2021, Over 50 Countries Have Bans on Cryptocurrency

News 18  

Cryptocurrencies gained extraordinary popularity in 2021. In May 2021, the Asian country decided to ban Chinese financial institutions from providing services relating to cryptocurrencies. According to the Law Library of Congress report of November 2021, 51 countries have taken the step of banning cryptocurrencies, either implicitly or absolutely. In its report, the Law Library of Congress lists 103 countries that …

Neither ban nor regulate crypto
3 years, 3 months ago

Neither ban nor regulate crypto

The Hindu  

“India has officially adopted bitcoin as legal tender,” tweeted the Prime Minister at 2 a.m. on December 12. For now, the Indian government must be explicit that India will never recognise cryptocurrencies as currency. The argument for regulating cryptocurrencies is the notion that millions of investors indulge in risky cryptocurrency trading which can cause losses, increase volatility, spur shadow finance …

Govt may not ban cryptocurrencies, regulation likely: Reports
3 years, 3 months ago

Govt may not ban cryptocurrencies, regulation likely: Reports

India Today  

Cryptocurrencies may not be completely banned in India and the government may create a framework to regulate highly risky virtual assets, as per multiple reports. The development comes at a crucial time as the government’s upcoming cryptocurrency bill has spooked investors and other stakeholders. Read | Cryptocurrency Bill: Raining on India's crypto parade A few days ago, Finance Minister Nirmala …

Why regulating cryptocurrencies is a big challenge for govt | OPINION
3 years, 4 months ago

Why regulating cryptocurrencies is a big challenge for govt | OPINION

India Today  

Much has been debated over the cryptocurrencies that has posed a significant regulatory challenge to policymakers. As free people of free nations, one is free to buy anything that they want with their tax-paid money, and hence people are free to buy cryptos. But why did the rest of the world give credence to such a currency, to the extent …

Regulation, not ban: on cryptocurrencies
3 years, 4 months ago

Regulation, not ban: on cryptocurrencies

The Hindu  

Eight years after the RBI issued its first advisory cautioning holders of virtual currencies about the potential financial and security risks, and two years after drafting a Bill to ban cryptocurrencies, the Government is set to introduce legislation that would, if passed, officially proscribe such currencies. Prime Minister Narendra Modi had in a video address to the Sydney Dialogue earlier …

Is A Blanket Ban Possible On Cryptocurrency In India? Know How It May Impact
3 years, 4 months ago

Is A Blanket Ban Possible On Cryptocurrency In India? Know How It May Impact

ABP News  

New Delhi: Everyone speculating a ban on cryptocurrencies in India may take it easy as the government is set to introduce a Bill in the upcoming winter session of Parliament which, if passed, will only ban the ‘private’ digital currencies. Investors trading in Bitcoin, Ethereum, and the likes may not be worried because these are public blockchain-based cryptocurrencies, which offer …

Cryptocurrency and India: Busting the myths and conspiracy theories as Govt tables the Bill in winter session
3 years, 4 months ago

Cryptocurrency and India: Busting the myths and conspiracy theories as Govt tables the Bill in winter session

Op India  

The Indian government has announced that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is expected to be tabled in the Winter Session of Parliament. The bill looks to “prohibit certain private cryptocurrencies while allowing certain exceptions to promote the underlying technology and its uses.” The Central Bank digital currency is a systematic first step towards adoption of …

Cryptocurrencies are rubbish and a ban may save many from future shock | OPINION
3 years, 4 months ago

Cryptocurrencies are rubbish and a ban may save many from future shock | OPINION

India Today  

Essentially there are two kinds of currencies: real and fictional. For example, a piece of bread can serve as a currency, like it had in the abject conditions of concentration camps, because it has a tangible and universal value. Cryptocurrencies right now -- and that includes big daddies like BitCoin and Ethereum as well as jokes such as DogeCoin and …

Cryptocurrency Curbs in India: How Other Nations are Treading the Digital Currency Path
3 years, 4 months ago

Cryptocurrency Curbs in India: How Other Nations are Treading the Digital Currency Path

News 18  

India is all set to bring in new rules to regulate cryptocurrency as the Union government plans to introduce a Bill to ban all private cryptocurrencies in the upcoming winter session of Parliament. As per the Lok Sabha Bulletin released on Tuesday, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to create a facilitative framework for the …

Is Cryptocurrency Legal in India? Crypto Bill, Private Cryptos, all Questions Answered
3 years, 4 months ago

Is Cryptocurrency Legal in India? Crypto Bill, Private Cryptos, all Questions Answered

News 18  

With more and more people investing in popular Bitcoin and relatively lesser know Shiba Inu, all thanks to Elon Musk probably, cryptocurrency craze has indeed gripped India. While new age investors, especially millennials, taking to crypto with such gusto, the million dollar question is right now — is cryptocurrency legal in India? To mend this lack of regulatory framework in …

What is cryptocurrency row all about as India heads to have a law?
3 years, 4 months ago

What is cryptocurrency row all about as India heads to have a law?

India Today  

The world of money is changing with a strong push for private currency in the form of cryptocurrency. India’s is one such government that is bringing a law to regulate cryptocurrency, which is till date unregulated in the country with a growing investment in this form of currency. This is a whole new world of currency, much different from the …

Centre to introduce cryptocurrency bill among 26 legislations in Parliament's Winter Session
3 years, 4 months ago

Centre to introduce cryptocurrency bill among 26 legislations in Parliament's Winter Session

Firstpost  

The Cryptocurrency & Regulation of Official Digital Currency Bill 2021 seeks to create a facilitative framework for creation of official digital currency to be issued by the Reserve Bank of India The Cryptocurrency and Regulation of Official Digital Currency Bill 2021- the official bill to regulate the digital currency will be introduced in the Parliament during the winter session that …

Govt to move bill in Parliament to ban crypto-currencies
3 years, 4 months ago

Govt to move bill in Parliament to ban crypto-currencies

Live Mint  

Days after Reserve Bank of India governor Shaktikanta Das sounded alarm on crypto-currencies warning very serious risk it poses for macro economy and financial stability of the country, the government’s legislative agenda for the upcoming winter session of Parliament showed it plans to ban private crypto-currencies such as bitcoin. Government is set to introduce “The Cryptocurrency and Regulation of Official …

Government to bring bill to ban cryptocurrencies, push RBI's digital currency
3 years, 4 months ago

Government to bring bill to ban cryptocurrencies, push RBI's digital currency

India TV News  

Government to bring bill to ban cryptocurrencies, push RBI's digital currency Currently, there is no regulation or any ban on the use of cryptocurrencies in the country. PM Narendra Modi had earlier held a meeting on cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue. Highlights Govt lists 'The Farm …

Regulating cryptocurrencies: Treating them as speculative assets
3 years, 4 months ago

Regulating cryptocurrencies: Treating them as speculative assets

The Hindu  

The story so far: The Union Government is said to be considering a proposal to tax cryptocurrency transactions in the country. THE GIST With cryptocurrencies such as Bitcoin gaining popularity among citizens, the Centre has been compelled to take a stance on the legal status of these private currencies. The Centre might not be so keen on banning private cryptocurrencies …

Bitcoin Ban in India: What Experts Say on Crypto Future in Country Amid Govt Plans
3 years, 4 months ago

Bitcoin Ban in India: What Experts Say on Crypto Future in Country Amid Govt Plans

News 18  

India has recently taken a more keen note on cryptocurrencies, thanks to its robust growth in the country amid a lack of regulations. On Thursday, November 18, Prime Minister Narendra Modi said cryptocurrencies must not fall into the “wrong hands and spoil our youth”, urging all democratic nations to come together and ensure things like these do not happen. Speaking …

Cryptocurrency: What is the virtual currency system and its challenges for governments
3 years, 4 months ago

Cryptocurrency: What is the virtual currency system and its challenges for governments

Op India  

PM Modi on Saturday chaired a meeting on the path ahead for managing the cryptocurrency sector where a consensus was reached on the Centre needing to take “progressive and forward-looking” steps while ensuring that an unregulated crypto market does not lead to “money laundering and terror financing”. The government will keep a close watch on cryptocurrency as this is an …

RBI governor Shaktikanta Das says cryptocurrencies are serious threat to any financial system till they are regulated
3 years, 4 months ago

RBI governor Shaktikanta Das says cryptocurrencies are serious threat to any financial system till they are regulated

India Today  

RBI governor Shaktikanta Das has once again underlined the concerns around cryptocurrencies, calling them a threat to any financial system, at least till they are regulated. He said that cryptocurrencies are serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well as their claimed market value. But …

Government unlikely to ban Bitcoin and other cryptocurrencies, finding middle path
3 years, 4 months ago

Government unlikely to ban Bitcoin and other cryptocurrencies, finding middle path

India Today  

The Indian government was really close to imposing a blanket ban on cryptocurrencies last year. According to a report by Economic Times, the government is now considering making cryptocurrencies a digital asset and introducing regulations to safeguard investors. The government believes that Indian investors have put large volumes of investments in cryptocurrencies to outrightly ban them. If the bill is …

Explained | Why are so many investors rallying behind bitcoin?
3 years, 5 months ago

Explained | Why are so many investors rallying behind bitcoin?

The Hindu  

The story so far: Bitcoin, the most popular private cryptocurrency in the world, has been rallying this year, hitting an all-time high of over $66,000 last week. Bitcoin enthusiasts see the rise in the price as a validation of their belief that private cryptocurrencies are a viable alternative to fiat currencies such as the dollar and the rupee. Their core …

India's Crypto Quandary
3 years, 7 months ago

India's Crypto Quandary

Live Law  

The recent boom in the cryptocurrency industry worldwide has encouraged countries to evolve the legal landscape that governs virtual currencies. However, a new bill titled 'The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021' that reaffirms the ban, is ready to be tabled in the monsoon session of the Parliament. A rundown of crypto related concerns Considering that India …

Money changer: The Hindu Editorial on need for an official digital currency
3 years, 8 months ago

Money changer: The Hindu Editorial on need for an official digital currency

The Hindu  

In contrast to India’s continued ambiguity over the legality of cryptocurrencies, its stance on introducing an official digital currency has been reassuringly clear and consistent over time. In a speech a few days ago, T. Rabi Sankar, Deputy Governor, RBI, said, “RBI is currently working towards a phased implementation strategy and examining use cases which could be implemented with little …

As Centre readies cryptocurrency bill for Parliament's Monsoon Session, here's what you need to know
3 years, 8 months ago

As Centre readies cryptocurrency bill for Parliament's Monsoon Session, here's what you need to know

Firstpost  

The government has talked about banning all cryptocurrencies in India but that has not stopped millions of Indians from trading in the digital asset After narrowly missing out on being tabled in the Budget Session of Parliament earlier this year, the cryptocurrency bill is reportedly ready for being taken up for debate during the upcoming Monsoon Session. In a bulletin …

Virtual currencies face more oversight
3 years, 9 months ago

Virtual currencies face more oversight

China Daily  

China is expected to issue tougher measures to intensify the crackdown on illegal mining and trading of virtual currencies, after the central bank reinforced a ban on related services provided by financial institutions, experts said on Tuesday. Virtual currency speculation disrupts economic and financial order, increases the risks of illegal and criminal activities, such as illicit cross-border asset transfers and …

Why India Has A Love-Hate Relationship With Cryptocurrency
3 years, 9 months ago

Why India Has A Love-Hate Relationship With Cryptocurrency

News 18  

The value of one Bitcoin, the first and the largest cryptocurrency, is hovering around Rs 27 lakh. In March last year, the Supreme Court had struck down a 2018 circular by the Reserve Bank of India to banks and financial institutions saying they should desist from facilitating transactions involving cryptocurrencies. “In view of the order of the Hon’ble Supreme Court, …

Experts back govt's hard line on cryptocurrencies
3 years, 10 months ago

Experts back govt's hard line on cryptocurrencies

China Daily  

Chinese regulators have long seen cryptocurrencies, including Bitcoin and Ethereum, as crypto assets, instead of real currencies. China should maintain its hard line on controlling virtual currencies to prevent wild speculation that may cause major financial losses to investors, according to experts. Financial institutions, including online payment platforms, should not offer clients any service involving cryptocurrencies such as registration, trading …

Virtual currencies pose a real threat
3 years, 10 months ago

Virtual currencies pose a real threat

China Daily  

The China Banking Association together with the National Internet Finance Association of China issued a notice on Tuesday forbidding financial companies and payment-service providers from running virtual currency-related businesses. The notice said virtual currencies have no real value support and their prices can be easily manipulated, creating bubbles and false assets leading to business failures. Unregulated growth of a virtual …

What India’s proposed cryptocurrency ban means for Bitcoin investors
3 years, 11 months ago

What India’s proposed cryptocurrency ban means for Bitcoin investors

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. However, while banning private digital currencies, the country’s central …

Turkey bans Bitcoin and other crypto coins for payments, will India follow?
3 years, 11 months ago

Turkey bans Bitcoin and other crypto coins for payments, will India follow?

India Today  

Turkey’s central bank has banned the use of cryptocurrencies and crypto assets including Bitcoin to purchase goods and services, citing possible "irreparable" damage and significant transaction risks. In a statement, the central bank said crypto assets were "neither subject to any regulation and supervision mechanisms nor a central regulatory authority," among other security risks. "Payment service providers will not be …

India to propose cryptocurrency ban, penalising miners, traders
4 years ago

India to propose cryptocurrency ban, penalising miners, traders

The Hindu  

India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class. The bill, one of the world's strictest policies against cryptocurrencies, would criminalise possession, issuance,mining, trading and transferring crypto-assets, said the official, …

India to Propose Cryptocurrency Ban, Penalising Miners, Traders: Report
4 years ago

India to Propose Cryptocurrency Ban, Penalising Miners, Traders: Report

News 18  

India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class. The bill, one of the world’s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the …

Don't miss the cryptocurrency boat, experts say on India's proposed regulations
4 years, 1 month ago

Don't miss the cryptocurrency boat, experts say on India's proposed regulations

India Today  

India’s cryptocurrency investors are staring at a new set of regulations that may stifle the trading and existence of global cryptocurrencies in the country. The government plans to introduce a bill — The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 — in Parliament to ban companies and individuals from trading in cryptocurrencies. Bought some Dogecoin for lil X, …

RBI has 'major concerns' over cryptocurrencies: Governor Shaktikanta Das
4 years, 1 month ago

RBI has 'major concerns' over cryptocurrencies: Governor Shaktikanta Das

India Today  

The Reserve Bank of India has “major concerns” about cryptocurrencies, Governor Shaktikanta Das said on Wednesday, flagging potential risks to financial stability. “We have major concerns from the financial stability angle,” Das told news channel CNBC-TV18 in an interview, adding that the RBI was “targeting to launch” a digital currency. “In order to ensure that there is financial stability we …

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