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Posts tagged as “India”

We asked an expert in Cyber Law Why he wants Bitcoin to be Banned in India!

Na. Vijayashankar has been a vocal critic of Bitcoin since many years. He believes Bitcoin should be completely banned in India. We asked him why! Naavi, as Vijayshankar is known in the Cyber space in India, is an “Information Assurance consultant and Operates from Bengalooru (Bangalore)”. Naavi writes about Cyber laws on his website, and a good portion of it is dedicated to Bitcoin as well. He has authored several books and…

Government Examining IMC’s Crypto Report says Anurag Thakur in Parliament

There is no separate law to deal with Cryptocurrencies currently. Government examining the IMC report and Draft Bill, confirms Minister of State to Ministry of Finance Anurag Thakur in an answer in Rajyasabha. The latest Cryptocurrency related questions answered in the upper house of the parliament, Rajyasabha shed some more light on the on-going discussion around the Report submitted by the IMC recommending a complete ban on Cryptocurrencies in India.…

“Futuristic and Well Thought Out” Finance Minister on India’s Cryptocurrency Report

Nirmala Sitharaman, the Finance Minister of India said she was presented the Cryptocurrency report by the IMC and she considers it well thought out, but they will be looking into it again before making their position clear. In an interview with the Finance Minister of India published on Economic Times, the former was asked about the latest report on Cryptocurrencies that advocates a complete ban on trading, mining, holding Cryptocurrencies.…

History is being written in India and we are part of it!

History is being written in India and we, as writers and journalists, have the responsibility to document this. On July 25, 2019, after a year of looming uncertainty, the bill is finally known and the crypto industry is desperately trying to reason with the government in a one-sided conversation. This article is to document who spoke, who did not speak, and who spoke out of ignorance. What is the government…

Crypto is not currently Prohibited in India: Ministry of Finance

In Rajyasabha, Minister of State to Ministry of Finance Anurag Singh Thakur answered “No” to a question whether Government has prohibited crypto currency in India. It has been a roller coaster ride for Indian Crypto community this past week that started with the leak of the alleged draft of a bill for banning cryptocurrencies. However, Crypto lovers in the country can now calm down given that a minister in the…

Koinex Users sent 36 Lakh XRP to Binance, 15 lakh to Bitbns & 10 lakh to WazirX after Shut Down

It has been over 5 days since India’s largest Cryptocurrency exchange Koinex shut down. Users have been moving their funds to different exchanges. We followed the outgoing transactions on XRP and XLM Ledger Following the trail of XRP XRP is undoubtedly one of the easiest cryptocurrency asset to track. All exchanges have one or two addresses and all the users of the exchanges have unique tags. That makes tracking the…

Building and Managing a Cryptocurrency exchange in India  and the  Challenges

A lot of stress is going around in the Indian crypto space lately, mainly due to lack of proper communication from the government. Also, due to negative news about the possible ban. Before jumping directly on to the technical part of building and managing a crypto currency exchange in India, one must understand the actual regulatory stress for the founders of such a business. We must not forget that in…

Ban: Implications of the Crypto Bill in India

Yesterday, a hot-headlined article spread like wildfire in the traditional media claiming that holding and trading in cryptocurrencies could land people in jail for 10 years. It is yet to be confirmed by any source from the government but the article portrays it to be official. Garg Committee has yet to release any official draft or statement. According to this draft bill, holding, mining, and trading of cryptocurrencies could be…

Fact Check: Does India Want to Jail Cryptocurrency Traders and Miners?

Barely a few days after a refusal from government to answer questions about a Cryptocurrency regulation bill, a new report now claims to have seen the draft bill known as “Banning of Cryptocurrencies and Regulation of Official Digital Currency Bill 2019”. The Draft Bill proposes a penalty along with a jail term of up to 10 years, for those who “mine, generate, hold, sell, transfer, dispose, issue or deal in…