Some Indian Bitcoin Exchanges Closing Following RBI Advisory
Following a public advisory issued this week by the Reserve Bank of India (RBI), it is now being reported that several bitcoin exchanges have already closed their doors either permanently or temporarily, according to bitcoin news website CoinDesk. Bitcoin trading service INRBTC, having heard the RBI warning on bitcoin, is reported to suspend trading indefinitely. The fear? Transactions could possibly be considered in violation of the country's preventive money laundering laws. "The only option left now is suspend the services until further arrangements can be made," said INRBTC. "All....
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Several major global cryptocurrency exchanges are reportedly exploring ways to enter the Indian crypto market. “The Indian market is huge and it is only starting to grow, if there was more policy certainty by now Indian consumers would have been spoilt for choice in terms of exchanges because everyone wants to be here,” said an executive of a crypto firm. Major Crypto Exchanges Want to Enter India Global crypto exchanges are exploring ways to enter the Indian cryptocurrency market, Reuters reported. Four sources told the publication that U.S.-based Kraken, Hong Kong-based....
The investment mogul will serve as a top advisor for the rapidly expanding protocol. New Addition The advisory board of the Alfprotocol has been reinforced with the presence of Indian billionaire Evan Luthra. Luthra invests in fast-growing technologies through his funding venture Startup Studio Online. Over the past five years, Luthra has built and invested […]
The Indian government has revealed that 11 cryptocurrency exchanges have been under investigation by the country’s tax authority. About 95.86 crore rupees ($12.6 million) have been recovered from them.
11 Crypto Exchanges Investigated for Tax Evasion
The Indian government answered some questions regarding the taxation of cryptocurrency exchanges Monday in Lok Sabha, the lower house of parliament.
Parliament member S. Ramalingam asked the finance minister “whether it is true that some cryptocurrency exchanges were involved in evasion of goods and....
A number of cryptocurrency exchanges in India are disabling rupee deposits, particularly payments using the Unified Payments Interface (UPI) system. This followed a statement issued by the National Payments Corporation of India (NPCI) regarding the usage of the UPI system by crypto exchanges.
Indian Exchanges Stop Offering Major Payment Options
Options to deposit Indian rupees at cryptocurrency exchanges are dwindling. A growing number of cryptocurrency exchanges have disabled INR deposits using the Unified Payments Interface (UPI) system, which is the most widely used....
According to reports, two large Indian cryptocurrency exchanges have stopped deposits via a popular payment method, causing worry in a country where regulatory certainty is still lacking despite Bitcoin’s enormous popularity. News sources disclosed that Indian crypto exchanges WazirX and CoinSwitch Kuber have disabled rupee deposits using the United Payment Interface (UPI) for the purpose […]