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Assam is positioned to be a leader in blockchain adoption and cryptocurrency awareness in India
Assam is positioned to be a leader in blockchain adoption and cryptocurrency awareness in India. Here's a summary of the latest developments:1. Government Partnership with Blockchain Platform:The Assam government partnered with Nucleus Vision, a blockchain infrastructure provider, to develop decentralized applications and citizen-facing programs.Indian Government Partnership with Blockchain PlatformThis initiative aims to enhance efficiency, transparency, and security in government services.2. Growing Awareness and Adoption:There is a growing interest in cryptocurrency and blockchain technology among Assamese citizens, with various educational workshops and events being organized.Blockchain TechnologyLocal businesses are also exploring the potential of blockchain for supply chain management, logistics, and financial services.3. Regulatory Landscape:The Indian government has yet to implement a comprehensive regulatory framework for cryptocurrencies and blockchain.Government of AssamHowever, Assam's government is actively engaging with stakeholders to prepare for future regulations.4. Local Startups and Initiatives:Several blockchain startups and initiatives are emerging in Assam, focusing on areas like education, healthcare, and agriculture.Local Startups and InitiativesThese initiatives aim to utilize blockchain technology to address local challenges and improve the lives of Assamese citizens.5. Challenges and Opportunities:Limited access to high-speed internet and digital literacy remain challenges to widespread blockchain adoption in Assam.Challenges and OpportunitiesHowever, these challenges also present opportunities for education and development initiatives to bridge the digital divide and empower communities.Overall, Assam is at the forefront of blockchain adoption in India. The government's proactive approach, coupled with a growing interest among citizens and businesses, positions Assam as a key player in the future of the blockchain revolution.Keep yourself updated on the latest developments in the crypto and blockchain space in Assam!🪷#BlockchainAdvancements #India #Assam #cryptocurreny #TrendingArticles $BTC $MATIC $SHIB
$BTC if #BlackRock will give me #21 #BTC. I will promote good fortune and good will in #India ...will pray to GOD That #BlackRock will be the World's no. 1 Rich organisation and they should work for spread humanity and happiness in world..
Over 156 Million Members Could Be Part Of India’s Crypto Community By 2023
A recent Statista report has revealed that India’s crypto community is expected to soar to over 156 million members by the end of the year. This estimation indicates that over 11% of India’s population will have jumped into the cryptocurrency sector by the end of 2023.
The country’s crypto adoption rate is predicted to surpass that of major economies such as the United States, the United Kingdom, Japan, and Russia.
The report highlighted that most Indians who deal with digital assets are well-educated and aged between 18-40. The younger generation, in particular, has shown a strong inclination to interact with the industry in other countries as well.
Moreover, India’s cryptocurrency market could offer profits worth approximately $3.3 billion this year, with revenues expected to skyrocket to nearly $6 billion by 2027. Statista also found that the residents of the capital city, Delhi, are most likely to buy and hold digital currencies for the long term. Bengaluru, the largest city in the state of Karnataka, also has a significant number of HODLers.
@azcoinnews
The average revenue per user in the Cryptocurrencies segment is expected to amount to US$21.28 in 2023. However, it is worth noting that the highest revenue is projected to be generated in the United States, with an estimated US$22.7 billion in 2023. The number of users in the Cryptocurrencies segment is anticipated to reach 191.8 million users by 2027, with user penetration expected to hit 13.1% by then.
The uncertainty in the traditional finance system and the search for higher profits are the primary driving factors pushing Indians toward the digital asset field. With a thriving crypto ecosystem, India has become an attractive market for cryptocurrency exchanges and blockchain-based startups.
In conclusion, India’s crypto community is poised for exponential growth in the coming years, as more Indians seek to diversify their investment portfolio and capitalize on the potential of digital assets.
#India #Bitcoin #crypto #BTC #azcoinnews
This article was republished from azcoinnews.com
The country’s crypto adoption rate is predicted to surpass that of major economies such as the United States, the United Kingdom, Japan, and Russia.
The report highlighted that most Indians who deal with digital assets are well-educated and aged between 18-40. The younger generation, in particular, has shown a strong inclination to interact with the industry in other countries as well.
Moreover, India’s cryptocurrency market could offer profits worth approximately $3.3 billion this year, with revenues expected to skyrocket to nearly $6 billion by 2027. Statista also found that the residents of the capital city, Delhi, are most likely to buy and hold digital currencies for the long term. Bengaluru, the largest city in the state of Karnataka, also has a significant number of HODLers.
@azcoinnews
The average revenue per user in the Cryptocurrencies segment is expected to amount to US$21.28 in 2023. However, it is worth noting that the highest revenue is projected to be generated in the United States, with an estimated US$22.7 billion in 2023. The number of users in the Cryptocurrencies segment is anticipated to reach 191.8 million users by 2027, with user penetration expected to hit 13.1% by then.
The uncertainty in the traditional finance system and the search for higher profits are the primary driving factors pushing Indians toward the digital asset field. With a thriving crypto ecosystem, India has become an attractive market for cryptocurrency exchanges and blockchain-based startups.
In conclusion, India’s crypto community is poised for exponential growth in the coming years, as more Indians seek to diversify their investment portfolio and capitalize on the potential of digital assets.
#India #Bitcoin #crypto #BTC #azcoinnews
This article was republished from azcoinnews.com
India 🇮🇳, Pakistan 🇵🇰, China 🇨🇳, Nigeria 🇳🇬, and Thailand 🇹🇭
India 🇮🇳, Pakistan 🇵🇰, China 🇨🇳, Nigeria 🇳🇬, and Thailand 🇹🇭 are emerging as key players in the global adoption of cryptocurrencies. These countries are poised to integrate digital currencies into their economies. Meanwhile, the United States of America remains a leader in Bitcoin reserves. Despite the ongoing mining process, the U.S. continues to assert its position on the world stage.
Why These Countries?
1. India: With a large community of cryptocurrency users, India seeks financial freedom through digital assets. The country faces oppressive financial systems, especially when dealing with international transactions. High deductions and delays in fund transfers prompt Indians to explore alternative solutions.
2. Pakistan: Similar to India, Pakistan's citizens turn to cryptocurrencies as a way to bypass restrictive financial systems. The government's control over transactions motivates people to seek economic independence.
3. China: The Chinese government tightly regulates online platforms, limiting access to global services like Google. Consequently, Chinese citizens explore cryptocurrencies as an alternative means of financial interaction.
4. Nigeria: In Nigeria, conflict between the government and citizens drives interest in cryptocurrencies. People view digital assets as a way to circumvent economic challenges imposed by the authorities.
5. Thailand: Thailand's growing crypto community seeks financial autonomy. The country's economic rank encourages individuals to explore decentralized alternatives.
Let’s dive into Why People Are Being Interested in Cryptos:
India🇮🇳Pakistan🇵🇰China🇨🇳Nigeria🇳🇬 Thailand🇹🇭
These are the countries that are going to have an economy through Cryptocurrencies. The wealth of the United States of America is destined to be the country that is going to be the leader of the Bitcoin Reserve. While it continues to expose itself to the face of the world that all the bitcoins that have not yet been mined will make sure that they all mine themselves. These are some of the statements that the candidate for the presidency of the United States, Donald Trump, has been heard speaking at different times on his platforms while campaigning for the presidential race expected to be held in November this year in the United States!
Why India, Pakistan, China, Nigeria, and Thailand?
Those are the only countries in the world with a large Community of Cryptocurrencies users if it is the friendly way for them to be financially free due to many systems of their countries being oppressive especially when it comes to the use of money when they try to use it internationally their environment becomes more difficult, like such big deductions when they send money internationally, sometimes it is late to arrive on time, just because their governments want every single transaction to be under their control, something that for some individuals to have a poor life, despite their countries having a good economic rank in the world.
A real example is the Chinese Government which has many restrictions for its people to use only their platforms which are under the government. Chinese people find it very difficult to use google. Now when people see a lot of restrictions like this, they decide to find an alternative for their lives to be free from economic issues. All this is similar to Nigeria where there is a big conflict between the government and its citizens, the people want to use cryptos, if the government has it, they will not hesitate not to use cryptos, all this comes after the government has no power to control the use of cryptos, unlike fiat money that they have the freedom to control people's money.
Thailand 🇹🇭 is a country that has shown great awareness on the issue of cryptos, where the crypto adoption index is 20.1%, this is a very big step for the country of Thailand to be number one for this year 2024. The main reason here is that many people run away from inflation caused by the government itself oppresses people in financial matters, but cryptos are different because it uses the deflationary system.
Pakistan 🇵🇰 The same as Thailand:
In 2024, Pakistan has seen significant growth in crypto adoption, ranking sixth globally on the Chainalysis Global Crypto Adoption Index
Here are a few reasons behind this surge:
Inflation and Economic Uncertainty: Pakistan faces annual inflation exceeding 25%, which has worsened over the past few years due to political instability. As a result, people are turning to cryptocurrencies as a hedge against currency devaluation and economic uncertainty.
Market Size: Despite regulatory challenges, the crypto market in Pakistan is estimated to be between $18 billion and $25 billion. This substantial market size reflects growing interest and participation in digital assets.
Grassroots Adoption: The index considers countries where average individuals embrace crypto by allocating a significant share of their wealth to it. Pakistan's grassroots adoption has contributed to its high ranking.
In conclusion, the countries mentioned above are some examples of many countries in the world whose people have woken up from the systems of oppression and oppression in money matters, so seeing Cryptos is the right solution for their lives in money matters!
The question comes this this war of many governments in the world trying to fight against their citizens not to use cryptos, will they be able to do it?
Is it true that cryptos are going to destroy the economy of many countries and that is why governments do not want their people to use cryptos?
Give your opinion on this article, especially if you are among the countries I mentioned above.
In summary, these countries are embracing cryptocurrencies due to oppressive financial systems, government restrictions, and a desire for economic freedom. As the crypto landscape evolves, their adoption rates continue to rise. 🚀💡
#India #china #Nigeria
Grab your welcome bonus if you’re a new member of using Binance Exchange
Why These Countries?
1. India: With a large community of cryptocurrency users, India seeks financial freedom through digital assets. The country faces oppressive financial systems, especially when dealing with international transactions. High deductions and delays in fund transfers prompt Indians to explore alternative solutions.
2. Pakistan: Similar to India, Pakistan's citizens turn to cryptocurrencies as a way to bypass restrictive financial systems. The government's control over transactions motivates people to seek economic independence.
3. China: The Chinese government tightly regulates online platforms, limiting access to global services like Google. Consequently, Chinese citizens explore cryptocurrencies as an alternative means of financial interaction.
4. Nigeria: In Nigeria, conflict between the government and citizens drives interest in cryptocurrencies. People view digital assets as a way to circumvent economic challenges imposed by the authorities.
5. Thailand: Thailand's growing crypto community seeks financial autonomy. The country's economic rank encourages individuals to explore decentralized alternatives.
Let’s dive into Why People Are Being Interested in Cryptos:
India🇮🇳Pakistan🇵🇰China🇨🇳Nigeria🇳🇬 Thailand🇹🇭
These are the countries that are going to have an economy through Cryptocurrencies. The wealth of the United States of America is destined to be the country that is going to be the leader of the Bitcoin Reserve. While it continues to expose itself to the face of the world that all the bitcoins that have not yet been mined will make sure that they all mine themselves. These are some of the statements that the candidate for the presidency of the United States, Donald Trump, has been heard speaking at different times on his platforms while campaigning for the presidential race expected to be held in November this year in the United States!
Why India, Pakistan, China, Nigeria, and Thailand?
Those are the only countries in the world with a large Community of Cryptocurrencies users if it is the friendly way for them to be financially free due to many systems of their countries being oppressive especially when it comes to the use of money when they try to use it internationally their environment becomes more difficult, like such big deductions when they send money internationally, sometimes it is late to arrive on time, just because their governments want every single transaction to be under their control, something that for some individuals to have a poor life, despite their countries having a good economic rank in the world.
A real example is the Chinese Government which has many restrictions for its people to use only their platforms which are under the government. Chinese people find it very difficult to use google. Now when people see a lot of restrictions like this, they decide to find an alternative for their lives to be free from economic issues. All this is similar to Nigeria where there is a big conflict between the government and its citizens, the people want to use cryptos, if the government has it, they will not hesitate not to use cryptos, all this comes after the government has no power to control the use of cryptos, unlike fiat money that they have the freedom to control people's money.
Thailand 🇹🇭 is a country that has shown great awareness on the issue of cryptos, where the crypto adoption index is 20.1%, this is a very big step for the country of Thailand to be number one for this year 2024. The main reason here is that many people run away from inflation caused by the government itself oppresses people in financial matters, but cryptos are different because it uses the deflationary system.
Pakistan 🇵🇰 The same as Thailand:
In 2024, Pakistan has seen significant growth in crypto adoption, ranking sixth globally on the Chainalysis Global Crypto Adoption Index
Here are a few reasons behind this surge:
Inflation and Economic Uncertainty: Pakistan faces annual inflation exceeding 25%, which has worsened over the past few years due to political instability. As a result, people are turning to cryptocurrencies as a hedge against currency devaluation and economic uncertainty.
Market Size: Despite regulatory challenges, the crypto market in Pakistan is estimated to be between $18 billion and $25 billion. This substantial market size reflects growing interest and participation in digital assets.
Grassroots Adoption: The index considers countries where average individuals embrace crypto by allocating a significant share of their wealth to it. Pakistan's grassroots adoption has contributed to its high ranking.
In conclusion, the countries mentioned above are some examples of many countries in the world whose people have woken up from the systems of oppression and oppression in money matters, so seeing Cryptos is the right solution for their lives in money matters!
The question comes this this war of many governments in the world trying to fight against their citizens not to use cryptos, will they be able to do it?
Is it true that cryptos are going to destroy the economy of many countries and that is why governments do not want their people to use cryptos?
Give your opinion on this article, especially if you are among the countries I mentioned above.
In summary, these countries are embracing cryptocurrencies due to oppressive financial systems, government restrictions, and a desire for economic freedom. As the crypto landscape evolves, their adoption rates continue to rise. 🚀💡
#India #china #Nigeria
Grab your welcome bonus if you’re a new member of using Binance Exchange
#Binance #BinanceNews #India #BinanceIndia #BinanceGrowing
Binance Registers in India After Paying $2.2M Fine
$BNB
Binance, the world's largest cryptocurrency exchange, has successfully registered with India’s Financial Intelligence Unit (FIU-IND). This milestone comes just months after the exchange was fined $2.2 million for providing services in India without proper authorization.
Road to Compliance
The registration marks Binance's 19th global registration, allowing its website and app to be fully accessible to Indian users. The process began in May, shortly after Binance was banned under India’s Prevention of Money Laundering Act (PMLA), alongside eight other exchanges. The exchange was provisionally approved for registration on the condition that it paid a penalty for violating the country's anti-money laundering regulations. The fine was finalized in June, clearing the path for Binance to operate legally in India.
Commitment to AML Standards
Binance emphasized that this registration reflects its dedication to complying with anti-money laundering (AML) standards and fostering a secure and transparent ecosystem. "This registration underscores Binance’s commitment to adhering to AML standards and fostering a secure, transparent, and efficient ecosystem," the company stated.
KuCoin, another exchange that faced similar challenges in India, also paid a penalty to settle its case with FIU-IND, though its fine was significantly lower at $41,000.
Settling Global Disputes
Binance's efforts to resolve disputes with financial regulators extend beyond India. Last year, the exchange paid $4.3 billion in the U.S. to settle criminal charges related to sanctions violations and money-transmitting laws. As part of this settlement, Binance's founder Changpeng "CZ" Zhao stepped down as CEO and received a four-month prison sentence in April.
"Our commitment to stringent regulation forms a fundamental part of our business strategy. It's about fostering a secure, transparent, and efficient environment," said CEO Richard Teng.
Binance Registers in India After Paying $2.2M Fine
$BNB
Binance, the world's largest cryptocurrency exchange, has successfully registered with India’s Financial Intelligence Unit (FIU-IND). This milestone comes just months after the exchange was fined $2.2 million for providing services in India without proper authorization.
Road to Compliance
The registration marks Binance's 19th global registration, allowing its website and app to be fully accessible to Indian users. The process began in May, shortly after Binance was banned under India’s Prevention of Money Laundering Act (PMLA), alongside eight other exchanges. The exchange was provisionally approved for registration on the condition that it paid a penalty for violating the country's anti-money laundering regulations. The fine was finalized in June, clearing the path for Binance to operate legally in India.
Commitment to AML Standards
Binance emphasized that this registration reflects its dedication to complying with anti-money laundering (AML) standards and fostering a secure and transparent ecosystem. "This registration underscores Binance’s commitment to adhering to AML standards and fostering a secure, transparent, and efficient ecosystem," the company stated.
KuCoin, another exchange that faced similar challenges in India, also paid a penalty to settle its case with FIU-IND, though its fine was significantly lower at $41,000.
Settling Global Disputes
Binance's efforts to resolve disputes with financial regulators extend beyond India. Last year, the exchange paid $4.3 billion in the U.S. to settle criminal charges related to sanctions violations and money-transmitting laws. As part of this settlement, Binance's founder Changpeng "CZ" Zhao stepped down as CEO and received a four-month prison sentence in April.
"Our commitment to stringent regulation forms a fundamental part of our business strategy. It's about fostering a secure, transparent, and efficient environment," said CEO Richard Teng.
The 19th edition of Asia's largest business conclave E-Summit is set to become the heart of originality and innovation on the 3rd and 4th of February 2024.
The flagship event of the Entrepreneurship Cell, IIT Bombay is acting as a pivot in the dynamic entrepreneurship ecosystem catering from enthusiastic students to disruptive founders. #India #investors #iitbombay
#Vaibhavvali co-founder of #cryptoniteuae
The flagship event of the Entrepreneurship Cell, IIT Bombay is acting as a pivot in the dynamic entrepreneurship ecosystem catering from enthusiastic students to disruptive founders. #India #investors #iitbombay
#Vaibhavvali co-founder of #cryptoniteuae
India Seeks Offline Solutions to Facilitate CBDC Adoption in Rural Areas
Expansion in rural and urban areas with minimal or no internet connectivity could be supported by the implementation of offline solutions.
Introducing Offline Features to Support Digital Rupee
Governor of the Reserve Bank of India (RBI) Shaktikanta Das announced that the central bank will explore offline solutions to support the adoption of its central bank digital currency (CBDC), the digital rupee, particularly in remote areas with limited internet access.
Plans for Offline Feature Implementation
As part of this initiative, various offline solutions for hilly, rural, and urban environments, including proximity-based and non-proximity-based solutions, will be considered, as reported by the Press Trust of India. During the monetary policy review on February 8, the RBI governor stated:
"We propose to introduce an offline function in CBDC-R, which will enable transactions in areas with poor or limited internet connectivity. These functions will be gradually introduced through pilot programs."
Offline Features and Future Plans
Plans to implement offline features were first introduced in March 2023, when Ajay Kumar Choudhary, RBI's Executive Director, stated that the central bank is exploring CBDC possibilities for cross-border transactions and integration with older systems in other countries.
Objectives and Vision of CBDC in India
While the digital rupee is undergoing testing for offline capabilities, other payment methods such as the popular Unified Payments Interface (UPI) already offer offline options. Siddharth Sogani, CEO of the Indian blockchain analytics firm Crebaco, emphasized that the primary goal of CBDC is to increase money monitoring and eliminate cash from the system.
Conclusion
RBI launched the pilot operation of its retail CBDC in December 2022 and achieved the goal of one million transactions per day in December 2023. Both developing and developed economies share the motivation behind their CBDC projects: financial stability and the efficiency of cross-border payments. However, developing countries also hope that CBDC will strengthen financial inclusion.
#India #CBDC #crypto
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Introducing Offline Features to Support Digital Rupee
Governor of the Reserve Bank of India (RBI) Shaktikanta Das announced that the central bank will explore offline solutions to support the adoption of its central bank digital currency (CBDC), the digital rupee, particularly in remote areas with limited internet access.
Plans for Offline Feature Implementation
As part of this initiative, various offline solutions for hilly, rural, and urban environments, including proximity-based and non-proximity-based solutions, will be considered, as reported by the Press Trust of India. During the monetary policy review on February 8, the RBI governor stated:
"We propose to introduce an offline function in CBDC-R, which will enable transactions in areas with poor or limited internet connectivity. These functions will be gradually introduced through pilot programs."
Offline Features and Future Plans
Plans to implement offline features were first introduced in March 2023, when Ajay Kumar Choudhary, RBI's Executive Director, stated that the central bank is exploring CBDC possibilities for cross-border transactions and integration with older systems in other countries.
Objectives and Vision of CBDC in India
While the digital rupee is undergoing testing for offline capabilities, other payment methods such as the popular Unified Payments Interface (UPI) already offer offline options. Siddharth Sogani, CEO of the Indian blockchain analytics firm Crebaco, emphasized that the primary goal of CBDC is to increase money monitoring and eliminate cash from the system.
Conclusion
RBI launched the pilot operation of its retail CBDC in December 2022 and achieved the goal of one million transactions per day in December 2023. Both developing and developed economies share the motivation behind their CBDC projects: financial stability and the efficiency of cross-border payments. However, developing countries also hope that CBDC will strengthen financial inclusion.
#India #CBDC #crypto
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
#India is going to be the bigger cryptocurrency market hub in the near future.
India is one of the countries in the world which is looking for employment opportunities with its huge population and the existing industry in India will also be able to control unemployment to a certain extent but not to the full extent which is one of them. The reason is also that India is competing with China, whose products already occupied a 3/4 of the world market. Therefore, India is very serious about cryptocurrency business .Indians will revolutionize the business based of population
But the government's plan is currently being hindered by public representatives who either cannot understand crypto or consider crypto to be a threat for there business
but Indian government spokespersons are telling that in the coming times, India is going to make its own iron in the world's crypto market.
you would be a good partner in this Indian's crypto market if your follow to me.
#toptrending
#hightrending
#topranking
India is one of the countries in the world which is looking for employment opportunities with its huge population and the existing industry in India will also be able to control unemployment to a certain extent but not to the full extent which is one of them. The reason is also that India is competing with China, whose products already occupied a 3/4 of the world market. Therefore, India is very serious about cryptocurrency business .Indians will revolutionize the business based of population
But the government's plan is currently being hindered by public representatives who either cannot understand crypto or consider crypto to be a threat for there business
but Indian government spokespersons are telling that in the coming times, India is going to make its own iron in the world's crypto market.
you would be a good partner in this Indian's crypto market if your follow to me.
#toptrending
#hightrending
#topranking
EVOLUTION OF CRYPTO REGULATIONS IN 🇮🇳
2017->Zero clarity.
2018-> Ban on cryptocurrencies by the RBI.
2019 -> Lawmakers proposed a 10-year jail term for cryptocurrency trading. 🇮🇳.
2020 -> In a historic case between crypto and the RBI, crypto wins the case in the Supreme Court.
2023 ⤵️
- > Crypto companies as reporting entities under PMLA.
- > KYC for crypto exchanges
- > Clarity on income tax
- > TDS clarity
- > Registration of domestic crypto companies with FIU.
- > Offshore crypto exchanges serving Indians need to register with FIU (Financial Intelligence Unit)
The FIU has issued a show cause notice to 9 crypto offshore crypto exchanges. Either they come forward and register with the FIU or the URLs will be blocked.
The FIU's job in India is simple: create a mechanism to verify crypto transactions. Select the transactions that look suspicious and report them to the ED, Income Tax Department and other relevant departments.
The FIU had control over Indians trading on Indian exchanges, but not Indians trading on offshore exchanges.
This should be seen as a positive 1st step as now offshore crypto exchanges might open up Indian Entity, local offices, hire compliance officer based out of India.
Not every offshore crypto exchanges might be interested but the big global crypto players can't afford to ignore India.
This will take the industry to next level and there will be a level playing field for everyone. The Indian exchanges have nothing to complain as the rules are going to be same for everyone.
FIU registration is just a first mini step, few more things after FIU registration might follow:
-> TDS deduction clarity by off shore exchanges
-> Will Indian govt provide offshore crypto exchanges its KYC mechanism.
Those who think when "crypto bill " will be presented in the parliament? My answer is that almost all the ingredients of the bill are out. The only clarity left at present is on:
- Non custodial wallets
- DEX
- DeFi
Will 2024 be that year? Maybe or maybe not.
Source @Kashif Raza
#India #etf
2017->Zero clarity.
2018-> Ban on cryptocurrencies by the RBI.
2019 -> Lawmakers proposed a 10-year jail term for cryptocurrency trading. 🇮🇳.
2020 -> In a historic case between crypto and the RBI, crypto wins the case in the Supreme Court.
2023 ⤵️
- > Crypto companies as reporting entities under PMLA.
- > KYC for crypto exchanges
- > Clarity on income tax
- > TDS clarity
- > Registration of domestic crypto companies with FIU.
- > Offshore crypto exchanges serving Indians need to register with FIU (Financial Intelligence Unit)
The FIU has issued a show cause notice to 9 crypto offshore crypto exchanges. Either they come forward and register with the FIU or the URLs will be blocked.
The FIU's job in India is simple: create a mechanism to verify crypto transactions. Select the transactions that look suspicious and report them to the ED, Income Tax Department and other relevant departments.
The FIU had control over Indians trading on Indian exchanges, but not Indians trading on offshore exchanges.
This should be seen as a positive 1st step as now offshore crypto exchanges might open up Indian Entity, local offices, hire compliance officer based out of India.
Not every offshore crypto exchanges might be interested but the big global crypto players can't afford to ignore India.
This will take the industry to next level and there will be a level playing field for everyone. The Indian exchanges have nothing to complain as the rules are going to be same for everyone.
FIU registration is just a first mini step, few more things after FIU registration might follow:
-> TDS deduction clarity by off shore exchanges
-> Will Indian govt provide offshore crypto exchanges its KYC mechanism.
Those who think when "crypto bill " will be presented in the parliament? My answer is that almost all the ingredients of the bill are out. The only clarity left at present is on:
- Non custodial wallets
- DEX
- DeFi
Will 2024 be that year? Maybe or maybe not.
Source @Kashif Raza
#India #etf
Gynecologist Loses $132k+ in Crypto Scam on Facebook
#cryptonews #scam
According to a report from Mumbai, #India , a gynecologist has found himself in a harrowing situation, having lost a staggering sum of over $132,144, via a crypto scam. The report noted that the doctor lost the funds after engaging with a woman he met online who purportedly offered guidance in crypto investments.
Per the doctor’s complaint filed with India’s central cybercrime police station, the doctor’s ordeal commenced in August 2022. It started with an unsolicited message on Facebook regarding crypto trading from an individual identifying as Melissa Campbell. According to the report, the doctor and Campbell got talking about crypto investment after the lady positioned herself as a crypto trading expert.
Reportedly, Campbell offered assurances of substantial profits and recommended setting up a trading account. Therefore, the doctor provided personal information, including his mobile number, email address, and driver’s license, per the police report.
Following Campbell’s instructions, the doctor created his account on a crypto trading platform. Over time, he invested more than $132,000, purchasing cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and stablecoin USDT. Also, under Campbell’s guidance, the gynecologist further transferred the cryptocurrencies to another wallet address with the promise of enhanced profits through trading.
Meanwhile, the doctor only inquired about the redemption process when he believed he had accrued substantial profits. In parallel, Campbell informed him that he needed to cover taxes and commissions. The report noted that the doctor desperately borrowed $33,636 from a friend to settle the outstanding bill. However, the demands for additional funds continued, leaving the doctor suspicious.
Nearly a year after the ordeal began, the doctor contacted the police to lodge a First Information Report (FIR) for cheating under the Indian Penal Code (IPC). The matter is currently under investigation.
#facebook #crypto
#cryptonews #scam
According to a report from Mumbai, #India , a gynecologist has found himself in a harrowing situation, having lost a staggering sum of over $132,144, via a crypto scam. The report noted that the doctor lost the funds after engaging with a woman he met online who purportedly offered guidance in crypto investments.
Per the doctor’s complaint filed with India’s central cybercrime police station, the doctor’s ordeal commenced in August 2022. It started with an unsolicited message on Facebook regarding crypto trading from an individual identifying as Melissa Campbell. According to the report, the doctor and Campbell got talking about crypto investment after the lady positioned herself as a crypto trading expert.
Reportedly, Campbell offered assurances of substantial profits and recommended setting up a trading account. Therefore, the doctor provided personal information, including his mobile number, email address, and driver’s license, per the police report.
Following Campbell’s instructions, the doctor created his account on a crypto trading platform. Over time, he invested more than $132,000, purchasing cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and stablecoin USDT. Also, under Campbell’s guidance, the gynecologist further transferred the cryptocurrencies to another wallet address with the promise of enhanced profits through trading.
Meanwhile, the doctor only inquired about the redemption process when he believed he had accrued substantial profits. In parallel, Campbell informed him that he needed to cover taxes and commissions. The report noted that the doctor desperately borrowed $33,636 from a friend to settle the outstanding bill. However, the demands for additional funds continued, leaving the doctor suspicious.
Nearly a year after the ordeal began, the doctor contacted the police to lodge a First Information Report (FIR) for cheating under the Indian Penal Code (IPC). The matter is currently under investigation.
#facebook #crypto
BIG NEWS ALERT!
Get Ready to Party: Taxes Unchanged by Indian Finance Minister!
Hold onto your hats, traders! The tax rollercoaster remains steady, including for our beloved crypto market!
Stay glued to your screens for all the latest updates on #BudgetSession #Budgetsession2024
#Write2Earn #Finance #Taxation #Crypto #India
Get Ready to Party: Taxes Unchanged by Indian Finance Minister!
Hold onto your hats, traders! The tax rollercoaster remains steady, including for our beloved crypto market!
Stay glued to your screens for all the latest updates on #BudgetSession #Budgetsession2024
#Write2Earn #Finance #Taxation #Crypto #India
India’s Crypto Journey:
2018: RBI bans crypto dealings; Supreme Court overturns in 2020.
2021: Govt proposes crypto ban; bill not introduced yet.
2022: India imposes a 30% tax on crypto transactions.
2024: Govt panel reviewing SEBI & RBI submissions. Report expected by June, crucial for future crypto policies.
#indianCryptoBan #indiaceyptotax #India #SEBI
2018: RBI bans crypto dealings; Supreme Court overturns in 2020.
2021: Govt proposes crypto ban; bill not introduced yet.
2022: India imposes a 30% tax on crypto transactions.
2024: Govt panel reviewing SEBI & RBI submissions. Report expected by June, crucial for future crypto policies.
#indianCryptoBan #indiaceyptotax #India #SEBI
Could India's Restrictions on Coinbase, Binance, and Others Spark a Crypto Setback?
1. The FIU in India takes action: 9 top crypto exchanges, including Coinbase and Binance, blocked.
2. Concerns raised by the FIU encompass money laundering, terrorism financing, and risks to Indian users from unregistered exchanges.
3. India aligns with global trend: tightening regulations on crypto, following the steps of the US, China, and the UK.
4. Impact on India’s 15 million crypto users: limited trading options due to FIU’s move.
India has recently taken a firm stance against the crypto industry. The country's Financial Intelligence Unit (FIU) declared plans to expel nine major exchanges, including big players like Coinbase and Binance, due to violations of anti-money laundering and anti-terrorism financing laws.
The FIU's statement pinpointed these exchanges for failing to comply with registration and adherence to the Prevention of Money Laundering Act (PMLA) of 2002, raising concerns about their engagement with nearly unregistered users. This poses heightened risks of funding illicit activities like terrorism and money laundering.
Consequently, the FIU urged the Ministry of Electronics and Information Technology to block access to nine cryptocurrency exchanges' websites until further notice, namely Bittrex, Bitsamp, MEXC Global, Bitfinex, Gate.io, Kucoin, Huobi, Kraken, and Binance.
This move aligns India with other nations' tightening regulatory approaches toward the crypto sector. This trend echoes actions taken in countries like the US, where Binance faced hefty fines and its CEO, Changpeng Zhao, confronted legal repercussions for anti-money laundering violations. Global concerns about consumer safety, financial stability, and national security have been the driving force behind these measures.
Despite these challenges, the crypto industry persists. Some exchanges are striving to obtain licenses from governing bodies, while others, like PancakeSwap and Uniswap, opt to function as decentralized entities without the need for intermediaries.
Nonetheless, the FIU's decision to shut down these exchanges in India significantly impacts the approximately 15 million crypto users in the nation, according to a recent Chainalysis report. It's essential to acknowledge the volatility of cryptocurrencies and conduct thorough research before making any financial decisions.
#India #IndiaCrypto #Binance #coinbase #Crypto2024
2. Concerns raised by the FIU encompass money laundering, terrorism financing, and risks to Indian users from unregistered exchanges.
3. India aligns with global trend: tightening regulations on crypto, following the steps of the US, China, and the UK.
4. Impact on India’s 15 million crypto users: limited trading options due to FIU’s move.
India has recently taken a firm stance against the crypto industry. The country's Financial Intelligence Unit (FIU) declared plans to expel nine major exchanges, including big players like Coinbase and Binance, due to violations of anti-money laundering and anti-terrorism financing laws.
The FIU's statement pinpointed these exchanges for failing to comply with registration and adherence to the Prevention of Money Laundering Act (PMLA) of 2002, raising concerns about their engagement with nearly unregistered users. This poses heightened risks of funding illicit activities like terrorism and money laundering.
Consequently, the FIU urged the Ministry of Electronics and Information Technology to block access to nine cryptocurrency exchanges' websites until further notice, namely Bittrex, Bitsamp, MEXC Global, Bitfinex, Gate.io, Kucoin, Huobi, Kraken, and Binance.
This move aligns India with other nations' tightening regulatory approaches toward the crypto sector. This trend echoes actions taken in countries like the US, where Binance faced hefty fines and its CEO, Changpeng Zhao, confronted legal repercussions for anti-money laundering violations. Global concerns about consumer safety, financial stability, and national security have been the driving force behind these measures.
Despite these challenges, the crypto industry persists. Some exchanges are striving to obtain licenses from governing bodies, while others, like PancakeSwap and Uniswap, opt to function as decentralized entities without the need for intermediaries.
Nonetheless, the FIU's decision to shut down these exchanges in India significantly impacts the approximately 15 million crypto users in the nation, according to a recent Chainalysis report. It's essential to acknowledge the volatility of cryptocurrencies and conduct thorough research before making any financial decisions.
#India #IndiaCrypto #Binance #coinbase #Crypto2024
🚀🌏 𝗖𝗿𝘆𝗽𝘁𝗼 𝗪𝗼𝗿𝗹𝗱 𝗨𝗽𝗱𝗮𝘁𝗲! 🌏🚀
Exciting news from around the globe in the crypto sphere! 🌐✨
🇦🇷 Argentina leads the way by abolishing #Crypto taxes, empowering its citizens in the digital economy.
🇺🇸 The US greenlights the first-ever spot ##BitcoinETF, injecting billions into the crypto market, signaling mainstream acceptance.
🇸🇻 El Salvador pioneers #Bitcoin as legal tender, embracing the future of finance.
But, 🇮🇳 India's silence echoes loud in the crypto community. Traders still grapple with hefty 30% taxes and 1% TDS on transactions. When will the Indian government heed the call to #reducecryptotax? 🤔💸
It's time for India to join the global crypto revolution! 🌍💰
#CryptoNews #Write2Earn #India #Bitcoin #Cryptocurrency #TaxReform
Exciting news from around the globe in the crypto sphere! 🌐✨
🇦🇷 Argentina leads the way by abolishing #Crypto taxes, empowering its citizens in the digital economy.
🇺🇸 The US greenlights the first-ever spot ##BitcoinETF, injecting billions into the crypto market, signaling mainstream acceptance.
🇸🇻 El Salvador pioneers #Bitcoin as legal tender, embracing the future of finance.
But, 🇮🇳 India's silence echoes loud in the crypto community. Traders still grapple with hefty 30% taxes and 1% TDS on transactions. When will the Indian government heed the call to #reducecryptotax? 🤔💸
It's time for India to join the global crypto revolution! 🌍💰
#CryptoNews #Write2Earn #India #Bitcoin #Cryptocurrency #TaxReform
🇮🇳 𝗜𝗻𝗱𝗶𝗮'𝘀 𝗕𝗼𝗹𝗱 𝗠𝗼𝘃𝗲: 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗶𝗻𝗴 𝗖𝗕𝗗𝗖 𝗔𝗺𝗶𝗱 𝗣𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗖𝗿𝘆𝗽𝘁𝗼𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗕𝗮𝗻!
🚀 The Indian government plans to launch a Central Bank Digital Currency (#CBDC) as a cutting-edge, cost-effective payment solution, addressing concerns over private cryptocurrencies and macroeconomic stability.
💡 Despite potential cryptocurrency bans, the Reserve Bank of India pioneers a digital rupee, revolutionizing the fintech sector, reducing cash handling, and boosting the digital economy.
🌱 CBDCs shine environmentally, with algorithm-driven processes, contrasting the energy-intensive mining of traditional cryptocurrencies.
💰 Backed by a sovereign or central bank, CBDCs eliminate mining processes, offering a secure and eco-friendly alternative.
🌐 Central bank governor Shaktikanta Das raises crucial questions on cryptocurrency's impact, emphasizing the need for careful risk management and questioning the practicality of regulation.
🔗 G20 nations consider higher restrictions, including a ban, based on concerns raised by the IMF and Financial Stability Board. Leadership acknowledges the importance of supporting innovative solutions in the public interest.
📰 Stay tuned for updates on India's financial evolution! 🇮🇳
#India #crypto2023
🚀 The Indian government plans to launch a Central Bank Digital Currency (#CBDC) as a cutting-edge, cost-effective payment solution, addressing concerns over private cryptocurrencies and macroeconomic stability.
💡 Despite potential cryptocurrency bans, the Reserve Bank of India pioneers a digital rupee, revolutionizing the fintech sector, reducing cash handling, and boosting the digital economy.
🌱 CBDCs shine environmentally, with algorithm-driven processes, contrasting the energy-intensive mining of traditional cryptocurrencies.
💰 Backed by a sovereign or central bank, CBDCs eliminate mining processes, offering a secure and eco-friendly alternative.
🌐 Central bank governor Shaktikanta Das raises crucial questions on cryptocurrency's impact, emphasizing the need for careful risk management and questioning the practicality of regulation.
🔗 G20 nations consider higher restrictions, including a ban, based on concerns raised by the IMF and Financial Stability Board. Leadership acknowledges the importance of supporting innovative solutions in the public interest.
📰 Stay tuned for updates on India's financial evolution! 🇮🇳
#India #crypto2023
