Andraha Pradesh Blockchain News Eleven01 india Tech Mahindra 

South Indian Government’s ‘Innovation Society’ to Promote Blockchain Development

It seems not every government official in India has an eye toward draconian or restrictive blockchain regulation, as we’ve seen this year from some in the country’s government. In the southern state of Andhra Pradesh, where they have the APIS – Andhra Pradesh Innovation Society, blockchain is being actively promoted at various levels of government. In particular, native major tech firm and blockchain development company Tech Mahindra’s Eleven01 gets a lot of love in the region. They’ve now entered a partnership with APIS to promote blockchain in using all means…

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Bitcoin Exchange india unocoin 

Branding Mishap of Bitcoin ‘ATM’ Landed us in Trouble, Says Unocoin Founder

About a week since the seizure of what was to be the first Bitcoin ATM in India, one of the co-founders of the firm that installed the cryptocurrency vending machine, Unocoin, has speculated that the debacle could have been avoided with better branding. Speaking to Quartz India, the co-founder of Unocoin, Sathvik Vishwanath, has claimed that by branding the cryptocurrency kiosk ‘Bitcoin ATM’ they probably created the wrong impression as the acronym ‘ATM’ carries certain connotations. However, according to Vishwanath, the device did not need any regulatory approval, unlike the…

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india regulation Supreme Court 

India’s Supreme Court Seeks Gov’t Report on Cryptocurrency in 2-Week Deadline

India’s Supreme Court, the country’s apex court, has directed the central government to present its official stance on cryptocurrency within two weeks. In a telling move that seeks to end the ambiguity over the legality of cryptocurrencies like bitcoin in India, the government has been ordered to release its report on the cryptocurrency sector by the Supreme Court. The Supreme Court has been inundated with multiple petitions filed by cryptocurrency exchanges and industry groups that have challenged a banking blockade enforced by the central bank in April, a crippling policy…

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bitcoin Exchanges Exclusive india RBI regulation SEBI 

India’s Securities Regulator Tight-Lipped on Crypto Regulation, Inquiry Reveals

The Securities and Exchange Board of India (SEBI) recently responded to some 68-questions about crypto asked by a New Delhi-based legal agency. The response came under the pretext of a Right-to-Information (RTI) act that allows citizens to request information from a public authority. Blockchain Lawyer filed an RTI application to SEBI seeking knowledge on various aspects of crypto regulation, including their official stance, recently study tours and the outcomes of internal meetings over the proposed crypto law so far. According to Varun Sethi, a legal counselor at Blockchain Lawyer, SEBI…

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Altcoin News Arizona Bitcoin Crime BitConnect CID Illinois india 

U.S. Asks Indian Authorities to Seize Property of BitConnect Promoters

News of cryptocurrency investment fraud has hit the community again, as authorities of two U.S. states, Illinois and Arizona, have asked the Criminal Investigation Department (CID) in India to seize the property of several BitConnect promoters, per reports from the Times of India. BitConnect was an open-source cryptocurrency and an investment program accused of running a Ponzi scheme before ceasing operations in January of this year. The CID crime investigators assigned to the case reported that they have since learned that the alleged suspects, Satish Kumbhani and Divyesh Darji, two…

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Blockchain News Central Bank Digital Currency central banks FinTech News india Reserve Bank of India 

India is Exploring a Central Bank Digital Currency for Payments

The Reserve Bank of India (RBI) joins a growing list of global counterparts in exploring a central bank digital currency (CBDC) that would constitute the digital equivalent of the Indian rupee. The RBI has established an inter-departmental group to explore the demand and plausibility of a blockchain-based digital currency to be used in domestic payments, the central bank said in its Annual Report 2017-18 [PDF] released on Wednesday. The monetary regulator cited “rapid changes” in the global payments industry bought on by disruptive factors like the “emergence of private digital…

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india regulation 

India’s Supreme Court Sets September Date for Final Cryptocurrency Petition Hearing

India’s Supreme Court has upheld the central bank’s directive of prohibiting banks from offering services to the domestic cryptocurrency sector following a hearing today. On Friday, India’s Supreme Court held its latest hearing of the case against the Reserve Bank of India’s (RBI) circular forbidding all regulated financial institutions, including banks, to provide services to business in the cryptocurrency sector. Introduced in April, the policy also forbade banks from allowing their own retail customers from purchasing cryptocurrencies through bank accounts. The ban came into effect on July 5, after an…

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bitcoin Bitcoin Analysis china exchange india investment regulation trading 

Beware of Bitcoin, Sign of Fear?

Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month. On December 5, the Reserve Bank of India (RBI), the country’s central bank, cautioned investors of bitcoin, clarifying that the government is yet to regulate bitcoin and cryptocurrency exchanges within the local market. An official statement released by the RBI read: “Reserve Bank of India (RBI) on December 24, 2013, [cautioned] users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing…

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