Blockchain & crypto news from India
The pilot study of the CBDC has raised curiosity about the new digital currency. While the responses of participants are expectedly tepid and restrained, the question uppermost on everyone’s mind is – how is this better than UPI/Bhim/Paytm? The retail pilot of CBDC is planned on a limited scale, and currently only on invite basis….
Many firsts are being created during the retail trial phase of e-Rupee, India’s answer to Bitcoin and the onslaught of cryptocurrencies. The latest in the news are payment platforms and retail chains announcing their integration of the CBDC. Reliance Retail has shared it has integrated e-rupee into the Freshpik stores to begin with. This has…
The e-Rupee is the CBDC or central bank digital currency of India, to be launched in the near future to keep the threat of cryptocurrencies like Bitcoin at bay. The retail and wholesale pilots of the CBDC are the most recent stages of the digital rupee that will help test and improve upon the design…
At an event organized in New Delhi, RBI Governor Shaktikanta Das shared his views on cryptocurrencies, their nature and the threat posed to India’s economy. According to him, the perceived value of cryptocurrencies is nothing and is “make-believe”. RB Governor Shaktikanta Das pointed to the fact that there is no underlying value in cryptocurrencies. He…
The E-Rupee trial in the retail segment by RBI has clocked around 16,000 testers. The digital currency is currently designated CBDC-R (e₹-R). There are currently two pilots underway, one for retail and wholesale segment each. The retail pilot has done processing of Rs 64 lakh worth of transactions. After thorough research and sharing a concept…
According to a statement given by Minister of State for Finance Pankaj Chaudhary in Indian parliament, 12 crypto exchanges in India were involved in GST evasion amounting to Rs 87.60 crore. He reported a recovery of Rs 110.97 with interest and penalties. Another piece of information was about attachments and seizures from crypto crime proceeds…
The tur dal produced in the Tandur region of Telangana (Tandur Redgram) recently acquired the coveted GI or Geographical Indications tag of India. GI tags are a sign of authentic sourcing of the product from its famous region and an indication of quality. For example, the “gamcha” made in Assam got a GI tag, and…
IndiaTech.org, an organization representing the startup and internet-based businesses in India, has asked for the current crypto TDS rates to be brought down from 1% to 0.01%. The recommendation aims to create a suitable amendment to this effect in the next Union budget of India. Virtual digital assets are now taxed heavily in India, attracting…
Telangana is taking regular steps to prepare the state for Web3 blockchain services, the new integration of the internet and world wide web with blockchain technologies, where users will own their identities and data. The state officials have recently launched a sandbox, an experimental, live platform to test and explore Web3 products and solutions in…
With consultations ongoing for the approaching India budget 2023-24, the newly formed Bharat Web3 Association has submitted its recommendation to lower the high crypto taxes introduced this year in April. As per media reports, the Association members are expected to meet Ministry officials or those of the CBDT soon. Beginning this financial year, India had…