Indian crypto Laxmicoin is held back by the RBI raids
Laxmicoin, digital currency named after the Indian goddess of wealth, is being delayed by its creators until the Reserve Bank of India (RBI) gives its official clearance to do so. If you’ve been reading CoinTelegraph long enough then you know the India’s officials’ attitude towards Bitcoin and cryptocurrencies in general. To put it shortly – negative as hell, going as far as raiding crypto-oriented companies stationed in India to find the guilty and punish the found. This witch-hunt in the last week before the last New Year’s Eve has discouraged many crypto-enthusiasts from the Bitcoin....
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The launch of an India-focused digital currency, Laxmicoin, has been suspended by its co-founders, following the Reserve Bank of India's (RBI) raids on bitcoin exchanges in December last year. While some bitcoin exchanges are once again operating and digital currencies are gaining traction in major Indian cities, Laxmicoin founders Mitts Daki and Raj Dangi say they are adamant about not moving forward with the launch of their new currency until the RBI gives them the green light. Daki, who is based in Silicon Valley, revealed that one of the reasons for the suspension is that some of the....
Just a few days after the Reserve Bank of India (RBI) issued adigital currency warning, Indian authorities started cracking down on local bitcoin exchanges. Within two days the first raids were carried out, although the owners of the platforms were not arrested and, at present, it does not appear that they have been charged with any crime. The raids were carried out by India's Enforcement Directorate, but now it seems that their colleagues at the Income Tax Department are just as keen to flex their muscle on digital currency outfits. The Hindu reports that taxmen paid a visit to....
The Indian government is reportedly planning to introduce cryptocurrency regulation by the time of the next general Budget, which is in February next year. Instead of banning cryptocurrencies, like bitcoin, the government is likely to regulate crypto assets as commodities, according to reports. Indian Crypto Law Could Comes as Early as February The Indian government is planning to introduce cryptocurrency regulation in February next year, local news outlet Business Today reported, elaborating: Finance Ministry officials have told Business Today Television that a law for cryptocurrencies....
An Indian parliament member says crypto is like gambling and must be taxed at a very high rate, such as 50%. “We need to discourage and disincentivize” trading and investing in the asset class, he stressed. Indian Parliament Member Wants to Tax Crypto at 50% Indian parliament member Sushil Kumar Modi shared his view on cryptocurrency in an interview with Forkast, published Tuesday. Modi is a member of Rajya Sabha, the upper house of India’s parliament. He recently made headlines when he urged the Indian government to impose more than 30% tax on crypto income prior to....
The recent move by the Indian government to demonetize high value currency notes has resulted in higher demand for alternative assets. The premium that Bitcoin commands in the Indian market, as compared to international markets, has widened. Demonetization claimed to curb black money. In a move to tackle the twin problems of counterfeit money and undisclosed income, the Indian Government declared on Nov. 8 that currency notes of Rs 1000 ($15) and Rs 500 ($7.5) would cease to be legal tender. These notes will be replaced by new ones with additional security features. Indians were asked to....