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Indias Central Bank To Stop Dealing With All Crypto-related Accounts, Not Ban On Crypto Commenters Say

Indias Central Bank To Stop Dealing With All Crypto-related Accounts, Not Ban On Crypto Commenters Say

Indias Central Bank To Stop Dealing With All Crypto-Related Accounts, Not Ban On Crypto Commenters Say Indias central bank will stop associations with all entities related to cryptocurrency, citing the associated risks like money laundering The Reserve Bank of India (RBI) has announced that the bank will no longer provide services to any person or business that deals with cryptocurrencies, adding that it is also looking into releasing its own cryptocurrency in the future, according to a Statement on Developmental and Regulatory Policies released today, April 5. Indias Finance Ministry had criticized Bitcoin (BTC) and cryptocurrencies for their lack of intrinsic value in January of this year, and the month saw several large Indian banks close or limit the functionality of crypto exchange accounts. In early February, false reports in the media of a country-wide crypto ban in early February led to a drop in the crypto markets. RBIs statement reads that although the technological innovations that support cryptocurrencies have the potential to improve the efficiency and inclusiveness of the financial system [...] Virtual Currencies (VCs] [...] raise concerns of consumer protection, market integrity and money laundering, among others. RBI continues by noting that they have already warned those involved in the crypto industry several times of the various risks of dealing with cryptocurrencies before stating finally that: In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. According to local news outlet Quart Continue reading >>

Flaws Of Bitcoin Trading With Indian Exchanges Like Unocoin, Zebpay Andothers

Flaws Of Bitcoin Trading With Indian Exchanges Like Unocoin, Zebpay Andothers

Flaws Of Bitcoin Trading With Indian Exchanges Like Unocoin, Zebpay AndOthers Bitcoin has seen tremendous growth in the last few months and just recently it broke the $3,300 mark after the hard fork. The future of bitcoin seems very bright taking in account the recent developments. Bitcoin(BTC) holders were also offered a treat of getting equivalent amount of Bitcoin Cash(BCH) on their account balance/private wallets after the hard fork. However, this doesnt seem to be the case with Indian exchanges. Only recently after a lot of complains from users Zebpay agreed to give their customers their equivalent BCH balances. Theres no news from Unocoin on this as of this writing. Not only this, but theres a whole lot of other problems with bitcoin trading through Indian exchanges. Here are a few problems that I personally encountered and should be addressed in order to improve this situation. The Problem With Trading Through Indian Exchanges: I started trading in bitcoins just a month before the hard fork happened and ever since have been hooked on to the developments I am seeing in the cryptocurrency. I use Unocoin for trading bitcoins because I found that they offer really good ease in trading. However, on investigating a little I found out that the rates that Indian exchanges offer to their customers compared to the market rate of bitcoin are way too exorbitant. Here are a few screenshots: Value Fetched From Bitstamp Through My App : The current dollar rate as of this writing is 63.68. That makes 1 BTC = (2,03,973 63.68) = $ 3,203.09! Isnt that outrageous? Almost $30 more than the actual market rate. And guess what? Even after those charges Unocoin charges 1% as transaction fee. So basically, if you are using Unocoin you end up buying Bitcoin at a much much MUCH higher rate Continue reading >>

Indian Entrepreneurs Rush To Launch Crypto Companies Following Bitcoin Boom

Indian Entrepreneurs Rush To Launch Crypto Companies Following Bitcoin Boom

Indian Entrepreneurs Rush to Launch Crypto Companies Following Bitcoin Boom Despite the government ramping up regulatory measures for bitcoin traders and exchanges, Indian entrepreneurs are rushing to set up companies with bitcoin or cryptocurrency-related words in their names. Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions Indian entrepreneurs have been rushing to register businesses with the word bitcoin, crypto, or coin in their names, Tech Observer reported on Tuesday. The publication elaborated: [A] large number of Indian entrepreneurs from Ghaziabad to Kanpur, to Darjeeling, to Jaipur, to Delhi, to Ahmedabad, [and] to Mumbai are rushing to set up companies to cash in on bitcoin. According to the news outlet, there are at least a dozen companies that have already been registered across the country with the word bitcoin as part of their business names, and a large number of applications are still pending at the Indian Registrars of Companies. There are even more businesses registered with the word crypto in their names, and several others are adding prefixes to the word coin, such as Indicoin, Bharatcoin, and Swachhcoin, the news outlet also detailed. The filings for these new companies show a wide range of business activities such as the retail trade of personal household goods, financial intermediation, and investigative journalism. Some are also planning initial coin offerings (ICOs), the publication noted, adding that: Several officials from the auditing and accountancy fields also said many listed companies are looking into changes in their names and articles of association to include bitcoin or other cryptocurrencies to join the bandwagon. Based on the Registrars data, the registered entities include Bitcoin Continue reading >>

How To Buy And Sell Bitcoins? Are Bitcoins Legal In India?

How To Buy And Sell Bitcoins? Are Bitcoins Legal In India?

How to buy and sell bitcoins? Are bitcoins legal in India? Karan Dhar Last Updated:December 19, 2017 |16:58 IST With a 300 per cent increase in its value in just one year, Bitcoins could well be the kind of investment you may be looking for. However, in spite of all the curiosity, many of us have wondered if it is safe to buy, store and sell bitcoins in India. In the news recently for being the only payment method to pay ransoms to WannaCry attackers, Bitcoins can be used for a host of other things. And countries such as Japan and South Korea are leading the way. One of Japan's biggest electronics retailers, Bic Camera, began accepting bitcoin at two stores in Tokyo last month. Another Japanese firm, Recruit Lifestyle announced it will add bitcoin acceptance to its mobile point of sale tool AirRegi, which is used in 260,000 merchant and restaurant locations across Japan. Unlike paper currencies, Bitcoins cannot be minted, they can only be mined. There are only 21 million bitcoins that have been created. At present, only 16.8 million or 80 per cent of all the bitcoins have been mined. You can look for various digital currency exchanges to buy bitcoin. You can purchase Bitcoins with a credit card. Coinbase.com and Coindesk.com are the most popular exchanges. They also offer tutorials on digital currencies. In India, you can purchase Bitcoin from Zebpay exchange. Zebpay has Android and iPhone app which lets you link your bank account for quick transfers. You can buy Bitcoins by making a payment to Zebpay's bank account. You can also withdraw the money to your bank account, and track data on Bitcoin valuation in the country. There is a KYC requirement and you need to verify your ID by simply clicking a photo of your PAN card. Unocoin, another India-based exchange, lets you Continue reading >>

Bitcoin [btc] Banned In India Reserve Bank Of India Releases An Official Statement

Bitcoin [btc] Banned In India Reserve Bank Of India Releases An Official Statement

The Central Bank of India, Reserve Bank of India [RBI] released a press statement saying that Bitcoin and other cryptocurrencies are officially banned in India. Along with this statement, they went ahead to say that they will be launching their own fiat currency. RBI will be introducing their own Central bank of digital currency whose sole responsibility will be to handle and regulate the fiat currency. The complete report regarding the same will be submitted by the end of June 2018. Statement about Central Bank Digital Currency by RBI In the official statement , the Central Bank says entities regulated by RBI will not be dealing with or provide services to any business or individual dealing with cryptocurrencies effective immediately due to the risk it possesses. The RBI will be providing a 3 months notice period to stop providing services for entities already providing services related to virtual currencies. Statement issued by the RBI regarding Bitcoin Ban NitindoKania, a consultant, and a crypto-enthusiast says, RBI just screwed all the Indian cryptocurrency investors. Why cant we find solutions instead of banning everything.Fuck. Athreya, an Indian cryptocurrency enthusiast says, Its a step back in the search for innovation in virtual payments. Hundreds of different securities and exchanges take place both formally and informally in the payments and finance space in India. Banning a digital form of virtual currency outright prevents innovation and disruptive payments solutions from cropping up The move by RBI is astonishing. One side there is Narendra Modi propagating about Digital India and the other side, theres RBI banning Bitcoins which is as digital as it can get. Blockchain Lawyer, a Twitterati, a Blockchain lawyer in India says, Isnt it ironical that RBI is Continue reading >>

Investcorp Senior Advisor On Bitcoin: Take The Money And Run

Investcorp Senior Advisor On Bitcoin: Take The Money And Run

Its time to take the money and run. Money as in cryptocurrency, that is. A lot of regulators are bothered by Bitcoin. They are now getting together and will getpan-national commitments on how to regulate bitcoin. Take your profits, right now, says Savio Tung, a recently retired CIO for $21.4 billion private equity firm Investcorp and now a senior advisor to executive chairman Mohammed Alardhi. Anyone who started the year off buying Bitcoin has learned just how important Asian regulators are to its price movement. China banned Bitcoin exchanges last year. South Korea is aiming to do the same this year. So far, Bitcoin has not bounced back as strongly as it had following Chinas ruling. The cryptocurrency is down 24% this year. But for investors who have held it longer than January, Bitcoin has been a winning lottery ticket. Its up 91% in three months. And over 330% in the last six months. Over the last 12 months, a $1,000 investment in Bitcoin has turned into around $11,460. Bitcoinfell below $10,000 last week but has since returned to plus-10k territory. Cryptocurrencyis a very risky bet and investors should liken it to casino chips rather than a real security at this point. Many investment banks and hedge funds are playing with client money, or the house money, testing the waters with bitcoin and other cryptos. Its been nothing but lucky sevens, blackjack and a royal flush since, for most. Even considering Bitcoins high ofaround $20,000, bitcoin has still been a money maker in a very short period of time. The ongoing decline is not all South Koreas fault. Visa recentlyforced the shut down of some of the cryptocurrency cards in Europe. BitConnect announced its plan to close its lending and exchange platform, adding more negative headlines to an industry that cant even s Continue reading >>

Indian Bitcoin Investors Face Paying Taxes On Their Bitcoin Sales [profits]

Indian Bitcoin Investors Face Paying Taxes On Their Bitcoin Sales [profits]

Indian Bitcoin Investors Face Paying Taxes on their Bitcoin Sales [Profits] Join our community of 10 000 traders on Hacked.com for just $39 per month. Investors in India are finding that they may be subject to paying tax after selling their bitcoin following the Reserve Bank of Indias (RBI) warning against trading in them. Earlier this month, the countrys central bank issued its second warning to the public cautioning them about digital currencies, in particular, bitcoin. In a public notice, on the 5 December, the RBI warned adopters about the potential economic, financial, operational, legal, customer protection and security related risks regarding the use of virtual currencies. As a result, a number of investors have started to sell their coins, one of which isS Shridhar, an engineer working at an American IT company in Bengaluru reports The Economic Times . Heeding the notice from the RBI,Shridhar sold 20 bitcoins on Friday, an amount worth 21.8 million rupees, at the time of publishing. However, he was then told by his tax advisor that he may have to pay tax seeing asShridhar transferred his return from the trade to his bank account. Depending on whether the digital currency is considered as a business income or a capital gain, experts claim that returns from the cryptocurrency could attract as much as 20-30 percent tax. Jeenendra Bhandari, partner at tax advisory firm MGB, explained: In case anyone sells bitcoins, the gains would definitely attract taxation, depending on his intent to categorise the gains either as business income or capital gains. There is no specific amendment to income tax law required to determine bitcoin taxability. Not only that, but tax departments could consider trade from selling the digital currency as business income, treating it as spe Continue reading >>

Huge Bitcoin Opportunities In India

Huge Bitcoin Opportunities In India

Economic growth in India creates opportunity for Bitcoin Will India see its way clear to using Bitcoin?. Getty Images India is often mentioned in the same breath as China, as the country that most companies would like to have a presence in. At the start of this decade, Time Magazine recognized China as the Michael Jordan of emerging markets, but also viewed India as a be like Mike who would soon make a major impact on the global markets. At the time, Lawrence Summers, who was at the time, President Obamas economic advisor, said, perhaps..in 2040, the discussion will be less about the Washington Consensus or the Beijing Consensus, than about the Mumbai Consensus. Summers envisioned a Mumbai Consensus with a people-centered emphasis on growing levels of consumptions and a widening middle class. India has been a hotbed for outsourcing, particularly for call center and technology projects. Investors have gravitated to investment products related to the BRIC countries of Brazil, Russia, India and China as an effective way to profit from the emerging growth in these countries. These concepts were focused on the idea that China and India will, by 2050, become the worlds dominant suppliers of manufactured goods and supplies. In theory, the two countries are direct at opposites to each other. China is the largest communist country and India, with well over 1.1 billion residents, is the largest democracy in the world. In fact, although China is currently the most populous country in the world, Indias higher fertility rate indicates that it will surpass China in that category before 2030. This staggering growth and opportunity in India has caughtthe attention of many businesses and investors. One of these investors is the private equity firm, Blackstone , which has invested $6 bi Continue reading >>

Indian Businessman Kidnapped For Bitcoin

Indian Businessman Kidnapped For Bitcoin

By Rakesh Sharma | April 16, 2018 9:46 AM EDT A Cryptocurrency Derivatives Boom Might Be On Its Way According to a report in online publication qz.com, nine police officers in India were arrested recently because they extorted money as well as bitcoins from a businessman. The officers stole $49,12,000 in cash and 200 bitcoins from the businessman in February. According to the report, the total value of bitcoins stolen was Rs.1.9 crore (approximately $138,025) at the time this report was written. The businessman claims that the thieves forced him to transfer money from one online wallet to another. (See also: India's Bitcoin Startups And The Fundraising Gold Rush ). This is not the first bitcoin-related crime in India. Last month, a jewelry dealer lodged a police complaint alleging that bitcoins worth Rs.11.57 lakh (approximately $17,000)were stolen from his online wallet at Zebpay, Indias largest such service. There have also been instances of cryptocurrency exchange hacks that have affected investors in India. Bitcoins phenomenal rise in the last year has had a ripple effect on its fortunes in India. Its price has skyrocketed in local cryptocurrency exchanges on the back of rising trading volumes. Mirroring actions of its counterparts across the world, the countrys central bank Reserve Bank of India has issued advisories warning the general public about the risks of investing in bitcoin. (See also: India's Central Bank Issues Warning About Bitcoin ). But its legal status in the country is still unclear. Earlier this year, the countrys finance minister declared earlier this year that bitcoin was not a valid medium for transactions. The RBI also prohibited banks affiliated to it from dealing in bitcoin-related transactions. India is not the only country where bitcoin is Continue reading >>

India's Central Bank Bans Financial Firms From Dealing With Cryptocurrency

India's Central Bank Bans Financial Firms From Dealing With Cryptocurrency

India's central bank bans financial firms from dealing with cryptocurrency Regulated financial institutions in India can no longer provide services to companies or individuals dealing with virtual currencies, the Reserve Bank of India says. The statement comes as other regulators around the world are grappling with how to regulate digital assets like bitcoin. The Reserve Bank of India was more open to blockchain, the technology that underpins virtual currencies, and says in the statement that it has the potential to improve the financial system. Published 11:12 AM ET Thu, 5 April 2018 An Indian policeman stands guard at the entrance of the Reserve Bank of India (RBI) head office in Mumbai on October 4, 2017. Regulated financial institutions in India can no longer legally deal with cryptocurrencies, the Reserve Bank of India announced Thursday. "In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies]," the bank said in a statement . Those that already provide cryptocurrency services will need to end the relationships within a specified time, which the bank said will be announced separately. Cryptocurrencies caught the attention of regulators after bitcoin's price rose more than 1,300 percent last year, near $20,000 in December. The cryptocurrency was trading near $6,887 as of 10:20 a.m. Thursday. Most digital currencies, such as bitcoin, are not backed by any central government, meaning each country has different standards and regulations . Bitcoin and other cryptocurrencies are not legal tender in India. Before Thursday's statement, the Indian government had issued warnings about the risk associ Continue reading >>

India's Tax Department Is Sending Notices To Crypto Investors

India's Tax Department Is Sending Notices To Crypto Investors

India's Tax Department Is Sending Notices to Crypto Investors An Indian tax official has said that gains from cryptocurrency investment are subject to tax liability and that it will seek those trying to avoid paying up. During an event on Tuesday this week, Sushil Chandra, chairman of India's Central Board of Direct Tax (CBDT) confirmed that around 100,000 notices have been sent to residents who have not included their cryptocurrency investment on income tax returns. According to Chandra, the notices were sent by the department's law enforcement units across the country to ensure cryptocurrency investors are aware of their tax liabilities. "People who have made investments [in cryptocurrencies] and have not declared income while filing taxes and have not paid tax on the profit earned by investing, we are sending them notices as we feel that it is all taxable." The latest statement from India's tax department comes as confirmation to a previous report saying that tax notices were sent to investors after a nationwide survey has discovered some $3.5 billion-worth of cryptocurrency being traded in a 17-month period. According to Chandra, his agency has conducted several surveys on domestic exchanges in an effort to gather information about regular traders, including "how many people are regular contributors, how many have registered themselves and how many have done trading." Based on the surveys' results, the agency said investors that were sent notices had failed to properly and clearly disclose the holding of their cryptocurrency investment. Bitcoin and Indianrupee image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independe Continue reading >>

How To Buy Bitcoin In India | Popular Bitcoin Exchanges In India

How To Buy Bitcoin In India | Popular Bitcoin Exchanges In India

There has been a huge increase in the value of bitcoin recently which had made many investors think how they too can invest in it. In the beginning of 2017, the price of one bitcoin was under $1,000. As of September 15, 2017, the price of bitcoin has reached $3056.08. TIMESOFINDIA.COM | Sep 18, 2017, 12:01 IST Bitcoin is a cryptocurrency, or a digital currency, that uses rules of cryptography for regulation and generat... Read More There has been a huge increase in the value of bitcoin recently which had made many investors think how they too can invest in it. In the beginning of 2017, the price of one bitcoin was under $1,000. As of September 15, 2017, the price of bitcoin has reached $3056.08. This has made investors curious on where and how to invest in bitcoin in India . There are various digital currency exchanges that allow buy and sell of bitcoins on internet. Here is information on few of them: Zebpay is India's first bitcoin company to launch simplest mobile Bitcoin wallet app that enables bitcoin transactions using mobile number. The company is headquartered in Singapore with IT office in Mumbai, Maharashtra and Ahmedabad, Gujarat, India. The company was founded by Mahin Gupta in late 2012 under the name Buysellbitco.in. Later it was rebranded to Zebpay in September 2014 adding two more partners - Saurabh Agrawal and Sandeep Goenka. Using Zebpay wallet app, users can buy, sell, store, spend bitcoin & recharge airtime using mobile number and a 4-digit pin. In September 2017, Zebpay crossed 1,000,000 downloads on Android and iOS stores combined. Unocoin is another leading bitcoin company in India that enables users to buy, sell, store, use and accept bitcoin. Unocoin was founded in July of 2013 in the town of Tumakuru, Karnataka. Later the company shifted its m Continue reading >>

Bitcoins: A Techno-legal Perspective

Bitcoins: A Techno-legal Perspective

You are here: Home / Bitcoins: A Techno-Legal Perspective This article is divided into two parts: Part I will explain the technical aspects of bitcoins and Part II will explain the legal issues around bitcoins. Before we go into a discussion of bitcoins, it is important to understand what digital cash is. Digital cash aims to duplicate the functionality of paper cash, by providing it with properties of anonymity and transferability of payment. Digital cash is intended to be implemented data which can be copied, stored, or given as payment (for example, attached to an email message, or via a USB stick, Bluetooth, etc). Just like paper currency and coins, digital cash is intended to represent value because it is backed by a trusted third party (namely, the government and the banking industry). Most money is already paid in electronic form; for example, by credit or debit card, and by direct transfer between accounts, or by on-line services such as PayPal. Secure.A should be able to pass digital cash to B without either of them, or others, able to alter or reproduce the electronic token. Anonymous.A should be able to pay B without revealing her identity, and without B revealing his identity. Portable.The security and use of the digital cash is not dependent on any physical location. The cash should be able to be stored on disk or USB memory stick, sent by email, SMS, internet chat, or uploaded on web forms. Digital cash should not be restricted to a single, proprietary computer network. Off-line capable.The protocol between the two exchanging parties is executed off-line, meaning that neither is required to be host-connected in order to proceed. Availability must be unrestricted. A can freely pass value to B at any time of day without requiring third-party authentication. Continue reading >>

Zebpay | Legality Of Bitcoins In India

Zebpay | Legality Of Bitcoins In India

Christine Lagarde, Managing Director, International Monetary Fund. One of the most common questions or rather statement we get is but bitcoin is not legal. When we inform that bitcoin is legal and in fact regulated in an increasing number of countries, we can sense disbelief. So below we have mentioned the legal status of bitcoins in some countries with links. USA Bitcoin is legal and regulated in USA Financial Crimes Enforcement Network (FinCEN), United States Department of the Treasury issues guidance on virtual currencies and regulatory responsibilities. Global Advisors Bitcoin Investment Fund (GABI) is the first regulated bitcoin hedge fund to receive regulatory approval from the Jersey Financial Services Commission (JFSC). View article / View article / View article New York State Department of Financial Services (NYSDFS) started issuing BitLicense to businesses related to virtual currency activities. Coinbase launched the first regulated bitcoin exchange in the U.S. Winklevoss brothers bitcoin exchange, Gemini, had been granted a license by the New York State Department of Financial Services. European Unions top court, European Court of Justice, ruled that exchanging bitcoin should be exempt from value-added tax in the same way as traditional money. Bitstamp to be the first fully licensed bitcoin exchange in Europe, w.e.f. July 1, 2016. It has been granted the license by Luxembourg Financial Industry Supervisory Commission (CSSF). Japan has officially recognized bitcoin and digital currencies as money w.e.f April 1, 2017. Japan has a new law that will make bitcoins usable as legal tender. Inland Revenue Authority of Singapore (IRAS) has issued tax guidelines for Bitcoins stating that businesses that choose to accept virtual currencies such as Bitcoins for their re Continue reading >>

Bitcoin: 7 Reasons Why You Should Not Invest In Bitcoins, Cryptocurrencies - The Economic Times

Bitcoin: 7 Reasons Why You Should Not Invest In Bitcoins, Cryptocurrencies - The Economic Times

7 reasons why you should not invest in bitcoins, cryptocurrencies 7 reasons to stay away from cryptocurrency like Bitcoin How to keep your money safe if you want to invest in cryptocurrencies When Vivek Pethe read that the price of a bitcoin had surged five times between January and September 2017, he couldnt resist jumping on the cryptocurrency bandwagon. Pethe started small. In June 2017, he invested Rs 11,000 in bitcoins and another Rs 15,000 in ATC Coin , an Indian cryptocurrency . Although his Rs 15,000 investment in ATC Coin quickly grew to Rs 1.82 lakh, Pethe started having doubts when he tried to withdraw Rs 5,000 from his holdings. He was unable to execute the sell order smoothly. The computer screen just flashed operational error messages. When that was resolved, and he was finally able to sell them, the money wasnt credited to his bank account right away. I finally received the money three months later, that too after many follow ups with the firm. I am not sure if Ill be able to recover my remaining investment in this scheme, he says. While this incident prompted Pethe to sell his bitcoin stash immediately and vow to steer clear of such investments in the future, cryptocurrency exchanges claim that around 2,500 new users in India are entering the market every day. Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry says, Bitcoin is fraught with risks and not backed by any tangible asset. But the number of investors is still growing, which is a concern. His bitcoin experience: Invested Rs 11,000 in bitcoins and Rs 15,000 in ATC Coin. The value of the latter grew to around Rs 1.82 lakh but when he tried to sell part of his holdings, he faced a number of challenges. He sold his bitcoin holdings immediately afterwards for Rs 19,000 and decided to s Continue reading >>

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