Cryptocurrency Analysis and News Portal
First, once digital fiat bearer instruments, be they CBDCs or stablecoins, are used for payments inside other blockchain-based services such as supply chain management, gaming or non-fungible tokens (NFT), it will boost that wider crypto ecosystem – the decentralized metaverse of Web 3 – as it goes mainstream. Original Source
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At the WEF’s 2022 Davos agenda, Narendra Modi, Indian Prime Minister, called for a united global stand to tackle the issues emerging from the cryptocurrencies’ increasing adoption. The key takeaway of the Indian PM’s talk was, “A single country cannot tackle the challenges from crypto well enough.” Call For A Standard
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India’s prime minister, Narendra Modi, has called on governments worldwide to collaborate on cryptocurrency. He pointed out that “The kind of technology that is associated with it, the decisions taken by a single country will be insufficient to deal with its challenges.” Indian Prime Minister Urges ‘Every Country, Every Global Agency’
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According to an internal administrative circular viewed by coindesk, the upgrading of that unit into its own department is aimed at promoting innovation in the sector, identifying the challenges and opportunities associated with it and addressing them in a timely manner, and providing a framework for further research on the
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The TakeawayTax agencies have several other crypto exchanges on their radar but expect these “inspections” to serve as a deterrent that will make the industry voluntarily fall in line.Agencies have been examining crypto exchanges’ finances in India since August 2021, the investigation is still ongoing and currently focused on evaluating
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India’s central bank, the Reserve Bank of India (RBI), has warned about multiple risks cryptocurrency poses to the country’s financial stability. “They are also prone to frauds and to extreme price volatility,” the apex bank claims, stressing that “cryptocurrencies pose immediate risks to customer protection and anti-money laundering (AML) /
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India’s tax authorities have conducted searches at some of India’s biggest cryptocurrency exchanges including “Coinswitch Kuber, CoinDCX, BuyUCoin, and Unocoin after what they deemed tax evasion of Rs. 40.5 Crores (400 million INR or 6 million USD approx.) was detected at cryptocurrency exchange WazirX, according to sources. Source
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India’s central bank, the Reserve Bank of India (RBI), says a basic central bank digital currency (CBDC) model must be adopted initially and tested comprehensively to minimize the impact on the country’s monetary policy and banking system. The Indian apex bank sees several benefits in launching a digital rupee, including
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The Swadeshi Jagran Manch (SJM), an affiliate of the nationalist Rashtriya Swayamsevak Sangh, has reportedly passed a resolution demanding a ban on cryptocurrency in India. “Disobeying the ban should make person/entity liable to financial penalty,” the resolution states. Swadeshi Jagran Manch Wants Crypto Outrightly Banned in India The Swadeshi Jagran Manch (SJM),
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Chingari has emerged as the most popular social media app in India, with more than 32 million active users. It is a short video creating and sharing app and is fast gaining traction in this segment, emerging as a contender to Instagram reels. Developed by Sumit Ghosh, Deepak Salvi, Aditya
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