Polygon powers India police complaint portal, battling corruption
The First Information Report (FIR) launched on Polygon allows the citizens of Firozabad to register complaints against the police without worry of it being dismissed or manipulated. The 2.8 million citizens of India’s Firozabad district may now be able to sleep a little tighter, after the launch of a new police complaint portal that uses blockchain technology to prevent manipulation.On Oct. 12, Polygon co-founder Sandeep Nailwal announced in a series of tweets that the Polygon blockchain protocol is now being used by Firozabad police in Uttar Pradesh to fight against local police....
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Sitharaman has previously called for global collaboration to decide on crypto's future and has been cautious against mainstream crypto adoption citing risks to financial stability. The finance minister of India, Nirmala Sitharaman, revealed India’s plan to develop standard operating procedures (SOPs) for cryptocurrencies during its G20 presidency, from Dec. 1, 2022, to Nov. 30, 2023.Sitharaman has previously called for global collaboration to decide on crypto's future and has been cautious against mainstream crypto adoption citing risks to financial stability. However, speaking to local....
The blockchain project Polygon announced it has raised $450 million on Monday in a fundraising round led by Sequoia Capital India with participation from more than 40 venture capital firms. Polygon says that the money will allow the team to help scale Ethereum and bolster the mass adoption of Web3 applications.
Sequoia Capital India and more than 40 VC Firms Inject $450 Million Into Polygon’s Coffers
Polygon has raised $450 million from strategic investors according to a press release sent to Bitcoin.com News on February 7. The funding round was led by Sequoia Capital....
Last December, the Reserve Bank of India (RBI) issued a warning on digital currencies noting that the bank had not yet authorized any organisation in India to use cryptocurrencies as a method of payment. As a result, several bitcoin exchanges in India suspended operations, and at least two were raided by government officials, including Buysellbitcoin.in. Yet, just days later, a deputy governor of the RBI seemed reluctant to concede that it was the bank's job to regulate digital currencies. Soon after, one exchange, Unocoin, was back in operation. Additionally, around this time, Bitcoin....
The city of Lucknow in Northern India has seen its first official case involving bitcoin fraud. A Lucknow citizen lodged a complaint with local city police about a business acquaintance swindling him in a bitcoin transaction, according to a report in the Times of India. Shailendra Shukla, a lawyer by profession, has accused a businessman from New Delhi – India’s capital city – of duping him of 1.5 bitcoins in a routine bitcoin-to-fiat transaction. The alleged incident comes during a time when Indian demand for bitcoin is at unprecedented highs and has seen the cryptocurrency sold at....
Europol, the European Union's law enforcement agency that deals with criminal intelligence is calling for police to be given additional powers when it comes to identifying wrong-doers, particular those who are laundering money using bitcoin and other digital currencies. "We're seeing that virtual currencies are being used as an instrument to facilitate crime, particularly in regard to the laundering of illicit profits," said Rob Wainwright, director at Europol, at a nuclear security conference in The Hague, Netherlands. Europol doesn't have their own policing powers, but they say that....