Crypto exchanges in India still struggling to secure banking partners
India’s crypto exchanges continue to cope with the burden of limited access to banking services. Commercial banks in India are reportedly reluctant to do business with crypto exchanges in the country.According to Reuters on Thursday, crypto trading platforms in India are still finding it difficult to open accounts with financial institutions. While there is no crypto ban in India, banks are reportedly acting on the advice of the Reserve Bank of India (RBI) to shun cryptocurrency exchanges. Back in May, the RBI clarified its position on the matter, stating that there was no prohibition....
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India’s Delhi High Court is looking to put a clear voiceover and a disclaimer covering 80% of the screen on crypto ads on national TV. Amid the ongoing regulatory uncertainty to cryptocurrencies in India, a high court in the country’s capital is taking action to regulate advertising by local crypto exchanges.The Delhi High Court has issued notices to local authorities and crypto firms in an effort to enforce guidelines for crypto exchanges advertising on national television, the New Indian Express reported Wednesday.The court is seeking responses from the Securities and Exchange Board of....
Cryptocurrency trading volumes across exchanges in India have plunged after the country’s 1% tax deducted at source (TDS) went into effect at the beginning of the month. Some major crypto exchanges saw volumes dropping by about 80%.
Crypto Trading Volumes Fall Across India
The trading volumes across crypto exchanges in India have fallen sharply after the new TDS (tax deducted at source) went into effect on July 1.
Trading volumes on major Indian crypto exchanges Wazirx, Coindcx, Zebpay, and Bitbns plunged about 83%, 70%, 76%, and over 18%, respectively, from....
India is touting biometric security as the next step in payments, shunning cash and cards in a bid to make the economy secure and free of corruption. India Gov’t: Biometrics Future Of Payments. The Unique Identification Authority of India (UIDAI), which is working on issuing every Indian citizen with a 12-digit ID called Aadhaar, should form the basis for transactions together with mobile-based iris or thumbprint recognition. It is the latest government announcement following India’s flash demonetization November 8, in which higher-value rupee notes were suddenly decommissioned. Bitcoin....
As Cashaa launches crypto banking services in India, the cryptocurrency industry continues to grow despite uncertain regulations. The people of India are awaiting access to crypto banking services, as British-based fintech firm Cashaa has collaborated with India’s United Multistate Credit Cooperative Society to launch a crypto-centric banking company called Unicas that will initially open 34 branches in Northern India and plans to have expanded to 100 branches by next year. Considering that India is largely a savings-driven economy, Unicas will also offer crypto saving accounts that pay....
London-based banking company Cashaa will launch a crypto-friendly neo-bank in India The London-based online banking platform Cashaa is planning to launch a crypto-friendly neobank — or internet bank — in India. Kuman Gaurav, the founder of Cashaa, told Cointelegraph that Cashaa India will allow Indian businesses and individuals to open a savings account with them and buy, store and save cryptocurrencies just like any other financial instrument.“For lending, we will be adding crypto assets class together with gold and real estate as collateral,” he said.Gaurav explained the need for a....