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India’s finance minister, Nirmala Sitharaman, has urged the International Monetary Fund (IMF) to take “a lead role” in regulating crypto assets. IMF Managing Director Kristalina Georgieva says the global organization stands ready to work with India on climate change, crypto regulation, and other global challenges of our times. India Wants IMF
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The police arrested Ritesh Dilip Kumar Sikligar, alias Pancha, and Mohan Patil, an agent who lured customers from around the country into the scheme, said an EOW officer investigating the case. The Economic Offences Wing secured custody of Kumar, thought to be the mastermind, and Patil till Aug. 20th for
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India’s Enforcement Directorate (ED) has conducted searches at five premises linked to popular cryptocurrency trading platform Coinswitch Kuber. The company says its engagement with the ED was not related to any money laundering inquiry. The federal agency recently froze the assets of two other crypto firms, Wazirx and Vauld. Coinswitch Kuber
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Twice in the Twitter thread, CoinSwitch Kuber CEO Ashish Singhal sought to clarify that the "engagement with the ED" is not about money laundering. CryptoX has reported the searches have been in connection with India's Foreign Exchange Management Act (FEMA). Source
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Indian crypto exchange CoinDCX has launched Okto, a Decentralised Finance (DeFi) mobile app, Friday, aimed at easing the transition of crypto consumers to DeFi, co-founder Neeraj Khandelwal told CoinDesk. Source
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"We are looking into multiple possible contraventions under FEMA and other entities that are connected to it," the official said. "Since we did not receive the desired cooperation we have conducted searches on (residences) of Directors, the CEO and the official premises (of the exchange)." Original Source
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India is now home to an estimated 115 million cryptocurrency investors despite a historically negative attitude toward the sector from the government, according to new data.The latest gauge on the number of users in India comes from cryptocurrency exchange KuCoin, which released the findings of its ‘Into The Cryptoverse India
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The Indian police have launched an investigation into Bitconnect and booked its founder after a bitcoin investor reported being defrauded by the global crypto “Ponzi scheme.” According to U.S. authorities, the scheme reached a market capitalization of $3.4 billion at its peak. The founder and his co-conspirators allegedly obtained about
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The saga of BitConnect, a major cryptocurrency scam scheme, is taking another twist as one of the BitConnect co-founders is now wanted by the Indian state police.Satish Kumbhani, an Indian national and the alleged founder of the crypto Ponzi scheme BitConnect, reportedly became subject to a new police investigation in
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