Blockchain & crypto news from India
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…
The RBI plays the central role in India for issuing “clean and genuine notes”. Several factors have gone into the making of RBI’s CBDC or e-Rupee, the answer to Bitcoin and cryptocurrencies. The prime concern was security, given that this will be a national currency and the digital counterpart to the rupee. What is e…
Updated: December 3, 2022 India’s Reserve Bank of India is currently running two ongoing pilots to test and evaluate e-Rupee, the CBDC under development. The digital rupee is meant to be a response to the challenges of blockchain-based cryptocurrencies, and aims to take India into the age of virtual money, bringing the country in the…
The Ahmedabad-based blockchain services firm Minddeft has been acquired by Dev Information and Technology. Minddeft focuses on decentralized technologies and apps, and was set up in 2015 by co-founders Krunal Soni and Manoj Dhanak. The company has offices in the UK and USA as well. Dev Information and Technology recently came in media attention when…
After announcing the concept of e-Rupee and its pilot for wholesale secondary markets, the RBI has announced the beginning of the pilot phase for retail use of India’s CBDC, the e-Rupee (e₹-R). To study the digital rupee in a retail setting, a closed user group has been formed with merchants and customers. The CBDC is…
The year 2022 has been a roller-coaster ride for crypto investors and holders in India. The beginning of the new financial year in April brought into place two slabs of taxation that have reportedly brought down trading transactions. Binance’s CZ recently described the overall crypto environment as not a “very crypto-friendly environment” at a conference…
The fallout of FTX debacle has sent out red alerts in the crypto trading world, and the stress now is on holding one’s own digital assets in wallets rather than keeping them on exchanges. Trading exchanges have gone a knee-jerk reaction, revealing their owned assets in what are called proof of reserves. Holding one’s crypto…
Updated: Nov 14, 2022 Until a few weeks ago, FTX was making waves with its sports sponsorships. The latest visuals came from the ongoing World Cup T20 cricket tournament in Australia. What has recently emerged from the debacle of FTX was, if we believe it to be true, a comical goof-up – a “poor internal…
In a press note released yesterday, the Reserve Bank of India (RBI) has announced the beginning of the first pilot of the digital Rupee, called e-Rupee in India. The test area for the pilot is limited to the secondary market where settlement for government securities will be done using the digital rupee. The pilot begins…
Gaurav Mehta, CEO of Catax, a new service that specializes in crypto taxation in India, shares with Blockmagic some of the major aspects of the new policy of crypto taxation in India in terms of what needs to be done. From being banned outright to heavily taxed, crypto trading has seen major ups and downs…