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Cryptocurrency Trades In India Show No Sign Of Slowing Despite Clampdown

Cryptocurrency Trades In India Show No Sign Of Slowing Despite Clampdown

Sebi board strengthens corporate governance norms Bengaluru: Just after Christmas, Indian cryptocurrency exchanges and payment gateways started getting calls and emails from their bankers. It was not to wish them seasons greetings. The banks were not comfortable servicing cryptocurrency businesses. The exchanges and payment gateways would have to make immediate changes in the way money flowed into their platforms. Some exchanges were told that they should stop accepting money from customers transferring cash via online modes such as Immediate Payment Services (IMPS), National Electronic Funds Transfer (NEFT), and Real-Time Gross Settlement (RTGS). A few payment gateways were asked to stop processing money intended for cryptocurrency trading. Other payment gateways started levying a 2% service charge on such transactions, making it expensive for their cryptocurrency customers who typically trade in lakhs of rupees. If this was not done, the tacit message from the banks was that the funds wouldnt be settled. One company was even warned of account closure if it didnt comply with the directions. Its been just two weeks since, but the impact of the banks communications is there for all to see: express transfer features have been disabled on some of the exchanges, additional charges have been applied for payment gateway transactions, and in several cases the only option available is direct bank transfer, which the exchanges have mentioned will take more time than usual to process. We are working on highest priority to resume INR withdrawals followed by INR deposits very soon, read a pop-up notification on cryptocurrency exchange Koinex. The target of the banks clearly was the velocity of barrelling cryptocurrency trades. At one stroke, the easy flow of money between investor Continue reading >>

Cryptocurrency: Bitcoin Blues: Should The Government Block Cryptocurrency, Or Regulate It? - The Economic Times

Cryptocurrency: Bitcoin Blues: Should The Government Block Cryptocurrency, Or Regulate It? - The Economic Times

The curious case of Oppo-Vivo's conquest of India Bitcoin was created in 2009 by a mysterious figure using the alias Satoshi Nakamoto. It doesnt exist in a physical form, there is no central bank and a record of each transaction, using anonymised strings of numbers to identify it, is stored in blockchain. An estimated Rs 10,000 crore was traded in India in December when Bitcoin peaked at $20,000 before crashing to under $6,000 a month later. It is now clawing back amid what is believed to be strong Korean demand. Bitcoin can only be created through mining. For each Bitcoin transaction, a computer owned by a Bitcoin miner must solve a mathematical problem. The miner receives a fraction of a Bitcoin as a reward. The currency is not legal tender in India but the government has not called it illegal either, says Ajeet Khurana, head, Blockchain and Cryptocurrency Committee (BACC) of India. BACC is part of the Internet and Mobile Association of India. In December, India set up a panel to study the impact of cryptocurrencies and make recommendations to regulate them. Im bullish on cryptocurrency. The government has to take a clear stand to ban or not. Before the end of 2018, we should see some concrete decisions on cryptocurrency in India, says Bipin Preet Singh, founder, Mobikwik . The mobile wallet company is considering cryptocurrency, as is reportedly RelianceJio. Guru Malladi, partner, EY Advisory Services, says, For any technology change, the impact is overestimated in the short term and underestimated in the long term. Reaction to cryptocurrency is no different. Bitcoin is no longer for governments to ignore. There are, he says, at least 5-6 million investors in India. Bitcoin, one of the 1,500-odd cryptocurrencies, is the most traded. Others include Ripple, LiteCoin , Continue reading >>

Cryptocurrency Consultants | Bitcoin Consulting & Altcoin Experts

Cryptocurrency Consultants | Bitcoin Consulting & Altcoin Experts

How to deal with Legal framework for Crypto currency exchange ? Developing my own coin is legal in our country or not ? Is Crypto Currency Mining Legal in our country ? How will I purchase Bitcoin from abroad for running my Crypto Currency ? We not only help you with Blockchain setup & legality of cryptocurrency but also: Help youdevelop Blockchain & ICO (Initial Coin Offering) along with entire technical infrastructure, Mining and Software necessary for your Blockchain business. We offer all below mentioned solution in association with our global associates those are experts in technologies and legality of Blockchain technology. An Initial Coin Offering (ICO) is used by startups for capital-raising process. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Bitcoin. Cryptocurrencies are decentralized and run by a network of computers instead of a single person or a company. The money you own is stored in a digital wallet. Each transaction is recorded in what is called a blockchain that is publicly available to all currency holders. A Crypto currency exchange is a digital marketplace where traders can buy and sell different crypto currencies using different fiat currencies or altcoins. A crypto currency exchange is an online platform that acts as an intermediary between buyers and sellers of the cryptocurrency. Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. Legal guidance on Crypto Currency Business 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 >>

India's Reliance Jio Plans To Launch Its Own Cryptocurrency

India's Reliance Jio Plans To Launch Its Own Cryptocurrency

India's Reliance Jio Plans To Launch Its Own Cryptocurrency A Cryptocurrency Derivatives Boom Might Be On Its Way There is some interesting news related to cryptocurrencies coming in from India. Reliance Jio Infocomm Limited is planning its own cryptocurrency, dubbed as JioCoin. Reliance Jio has been instrumental in changing the landscape of Indias telecom sector with its discount offers and very competitive tariffs. Reliance Industries Limited is a Fortune 500 company and the largest private sector corporation in India. According to a recent news report , Reliance Jio Infocomm Ltd plans to create its own cryptocurrency, JioCoin. The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products. Akash Ambani is the son of Reliance Jio chairman Mukesh Ambani, India's richest man whose net worth reportedly tops $40 billion. A blockchain is a digitized, decentralized, publicledgerof allcryptocurrency transactions . Constantly growing as "completed"blocks(the most recent transactions) are recorded and added to it in chronological order. Itallows market participants to keep track of digital currency transactions without central recordkeeping. Bitcoin, the world's largest cryptocurrencyby market cap, is the most popular application of the blockchain technology. In fact, it is bitcoin which introduced blockchain to the world. Reliance Jio plans to introduce its own cryptocurrency. In the present time, there are more than 1,000 cryptocurrencieswith a combined market capitalization of almost $700 billion, with bitcoin dominating 43%. This project is in line with Reliance Jio's mission wherein itpromises to shape the future of Continue reading >>

Day Traders Far And Wide In India Log In From Home To Ride The Cryptocyrrency Rush

Day Traders Far And Wide In India Log In From Home To Ride The Cryptocyrrency Rush

Alarm at 6 am. Wake up. Make coffee. Boot up the comp. Thats the routine of Chandan Choudhury, 33, financial analyst and trader now full time cryptocurrency analyst and day trader. Day-in and day-out this is how Choudhury starts his day, which seldom ends until late night on most weekdays. The day starts with the four screens on his home-office wall coming to life. Charts, news feeds, and cryptocurrency market prices. The peak of trading in the US is over, the Chinese and Japanese markets are up and about, and the Indian markets are about to get active. The first thing I check is my portfolio and then I browse through the markets and check prices. Then usually its news, early fliers and other activities, says Choudhury. The Bengaluru resident got introduced to the world of cryptocurrencies early in 2017. By then, he was a professional trade and derivatives analyst having spent over five years in companies like Futures First and Fyers Investment Advisors for over 5 years before starting up on his own as an investment advisor. Chandan Choudhury at his trading terminal at home in Bengaluru Choudhury, after understanding how cryptocurrencies and blockchain work, made the switch to cryptocurrencies trading and began with a few initial coin offer (ICO) investments. ICOs are similar to IPOs, short for initial public offers, except what is on offer is cryptocurrency-based tokens and buyers of the tokens dont have shareholder rights. Around April-May this year I got introduced to cryptocurrency and after researching a bit I decided to invest in a couple of ICOs like Humaniq and TaaS . They gave me around 6x to 8x growth, says Choudhury. Much of these returns came from the exploding world of cryptocurrencies in that period. Bitcoin, the most popular cryptocurrency in the world, Continue reading >>

Introduction To Bitcoin, And The Taxation Of Bitcoin In India

Introduction To Bitcoin, And The Taxation Of Bitcoin In India

Introduction to Bitcoin, and the taxation of Bitcoin in India Bitcoin was born as a new age decentralized, peer-to-peer currency that is not issued, controlled or regulated by any single government or central bank. One of the key aspects of bitcoin is the distributed ledger system called the block chain which controls the peer to peer transactions that happen over the bitcoin network. Any transaction that happens over the bitcoin network is verified by the bitcoin distributed network and is entered into the block chain ensuring the authenticity of transactions. Since bitcoins are not issued by any central bank they have to be created via an alternative process. The process of creation of bitcoins is called mining. Despite the terminology, there is no digging involved, to mine Bitcoins the miner has to use his/her computer and its computing prowess to crunch complicated equations. These processes are said to be the backbone of the distributed ledger that verifies and records all payments made in Bitcoin. The miners are awarded newly created bitcoins in consideration for their efforts to help maintain the block chain. Therefore, a miner literally helps in the creation of a new bitcoin every time he/she is awarded a bitcoin for their efforts. Those who have no interest in mining the cryptocurrency can obtain bitcoins by either buying them off a bitcoin exchange against real currency or by accepting bitcoins as payments for goods and services. The bitcoin network bypasses central banks and governments for its creation, storage, and transmission. As an obvious side-effect, it also does not require the intervention of banks to be able to make transactions whether within the borders of a country or across global borders. Transactions that would otherwise require the wherewith Continue reading >>

Indian Cryptocurrency Exchanges Stop Trading Over Regulation Fears - Mar. 5, 2018

Indian Cryptocurrency Exchanges Stop Trading Over Regulation Fears - Mar. 5, 2018

Related: India is bitcoin's latest buzzkill While the government hasn't yet introduced any restrictions on digital currencies, the threat that it might do so has spooked the industry. BTCXIndia and ETHEXIndia stopped accepting new deposits on January 1, and began telling customers to take their money out less than a week after Jaitley's speech. "The Indian government is discouraging cryptocurrency trading," the exchanges said in an email to users last month. "This has ... put our business under a lot of stress and [is] putting us in a position where we don't feel that we can continue." They are switching focus to their consulting business, advising corporate clients adopting the blockchain technology that powers cryptocurrencies. Mupparaju founded BTCXIndia as a bitcoin exchange in 2014 (he claims it was the country's first) but switched to ripple in March last year after bitcoin's epic price surge made it too expensive for most of his customers. He launched ETHEXIndia in March 2016. Related: Canada wants to help India lead 'blockchain revolution' Together the exchanges have around 35,000 customers, trading cryptocurrencies worth about $46,000 a day. So far, they are the only Indian trading platforms to have closed down. Others, like Zebpay, Unocoin and Coinsecure , are still doing business. "We are a bit more cautious than other exchanges," Mupparaju said. "The customers' funds are lying with me. If something goes wrong, I am a very small player and I don't have funds lying elsewhere, so I can't take big risks." The exchanges could resume trading if the government produces a detailed regulatory framework, he added. -- Edwin Thomas contributed to this report CNNMoney (New Delhi) First published March 5, 2018: 7:52 AM ET Continue reading >>

India To Regulate Cryptocurrencies By March 31st

India To Regulate Cryptocurrencies By March 31st

Our Quarterly Report incorporates unique data on trading volumes and traders, in-depth insights, special guest articles, regional information, regulations, updates and much more. This exclusive report aims to serve as a manual, answering all of the questions on the Chinese multi-asset trading industry that you were always afraid to ask. Continue reading >>

Govt May Launch India's Own Cryptocurrency 'lakshmi': Reports

Govt May Launch India's Own Cryptocurrency 'lakshmi': Reports

Govt may launch India's own cryptocurrency 'Lakshmi': reports The introduction of this new cryptocurrency may require the amendment of the Currency Act. The government is mulling launching India's own cryptocurrency. Mumbai: With cryptocurrencies like Bitcoin gaining popularity in India, the government may roll out the countrys very own cryptocurrency. According to a report in Business Standard, sources in the government said that a committee was set up to discuss the proposal of having Indias own cryptocurrency, as an alternative to the Indian rupee. The report also said the government might name itscryptocurrency Lakshmi. Reserve Banks executive chairman Sudarshan Sen on Wednesday had said the central bank is not comfortable with non-fiat cryptocurrencies like the Bitcoin. He had also hinted that it may launch its own cryptocurrency. Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely," Sen had said. The introduction of this new cryptocurrency may require the amendment of the Currency Act. Continue reading >>

Indian Government Will Not Issue Cryptocurrency, Says Chief Economic Adviser

Indian Government Will Not Issue Cryptocurrency, Says Chief Economic Adviser

Indian Government Will Not Issue Cryptocurrency, Says Chief Economic Adviser Matthew De Silva October 25, 2017 8:55 PM Contradicting rumors of a government-backed Lakshmi Coin, Indias chief economic adviser has said that the government will not issue cryptocurrency. On October 24, 2017, the chief economic adviser for India said that the government will not issue cryptocurrency, per Reuters . This statement by Arvind Subramanian, who has served as chief economic adviser since October 2014, conflicts with earlier indications by Indian government officials. ETHNews reached out to Subramanian to verify his statement. We will update this story when we receive confirmation. Last month, an Indian cryptocurrency was the talk of the town. On September 13, 2017, Sudarshan Sen , executive director of the Reserve Bank of India (RBI), told attendees at the India FinTech Day conference that the central bank was examining a cryptocurrency alternative to the rupee. Three days later, Business Standard reported that a committee of government officials had discussed a proposal for an Indian cryptocurrency and an unidentified source said the government might christen its cryptocurrency Lakshmi. The Reserve Bank of India has displayed few indications that it is moving forward with a government-backed cryptocurrency. A search for Lakshmi on the RBI website returns only one result and its not cryptocurrency-related. Cryptocurrency returns zero results. The most recent mention of the phrase digital currency is from March 2017 and the most recent mention of blockchain is from August 2017 . Earlier this month, Ajay Banga, the CEO of Mastercard and former chairman of the US-India Business Council, offered his thoughts on digital currency in an interview with The Economic Times . If the governmen Continue reading >>

Bitcoin Dips Below $8,000. India Is The Latest Buzzkill

Bitcoin Dips Below $8,000. India Is The Latest Buzzkill

Bitcoin dips below $8,000. India is the latest buzzkill by Rishi Iyengar @Iyengarish February 3, 2018: 12:06 PM ET Bitcoin's rollercoaster ride has taken another plunge, and India may be to blame. The price of bitcoin dropped below $8,000 on Friday before recovering slightly. It had slumped Thursday following a new broadside against cryptocurrencies from Indian Finance Minister Arun Jaitley. By Saturday morning, the price of the cryptocurrency had rebounded to $9,239, according to Coindesk. That's still a far cry from the near $20,000 price it reached in December. India will "take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payment system," Jaitley said in his annual budget speech . While India's cryptocurrency market is still relatively small, analysts say it has the potential to grow rapidly as bigger markets such as China and South Korea enact their own crackdowns. Related: Samsung is cashing in on bitcoin mining The Indian government has been cautioning its citizens about digital currencies for months. In late December, the finance ministry compared them to "Ponzi schemes." India's central bank has issued multiple warnings that cryptocurrencies have no official backing and people who trade in them do so "at their own risk." Growing signs that the government and central bank could soon unveil regulations has made the industry jittery. Indian banks have reportedly suspended accounts of top bitcoin exchanges like Zebpay, Unocoin and Coinsecure. Unocoin said it had not faced any banking challenges, while Zebpay and Coinsecure did not respond to requests for comment. The banks either declined to comment or did not respond to requests for comment. But a person with knowledge of the matter confirmed that Continue reading >>

Cryptocurrency Exchanges For India

Cryptocurrency Exchanges For India

Business Owner at Kreation Interior Decorator, ICO Promoter, CryptoCurrency Advisor There are limited cryptocurrency exchanges that are reliable, regulated and that enable trading in Bitcoins and other cryptocurrencies. In India, as the Bitcoin fever is catching up with over 2,500 users trading Bitcoin daily and thetrading volume rising close to $20 Bn a year, cryptocurrency exchanges are mushrooming with each passing day. In the world of cryptocurrencies, hard-fork is a common phenomenon. However, for a hard-forked coins valuation, it is important to have the backing of some independent exchanges that could benchmark their values. Amid1315 cryptocurrencies along with crypto tokensavailable for the trading at various cryptocurrency exchanges, it is crucial to check whether the exchanges trading these cryptocurrencies are regulated or not. In India, while mcap tokens and Onecoins received a bit of controversy, globally, more than 50 cryptocurrency exchanges have been shut down owing to the hacking, chaos and government policies. In India, while the government policy regarding cryptocurrencies is the new Birbil Ki Khhichdi,still in the cooking mode, amajority of the Indian cryptocurrency exchanges have already adopted the KYC way to minimise the trading risks. The Indian cryptocurrency exchanges have also formed a foundation calledDigital Asset and Blockchain Foundation of India (DABFI)which decides the exchanges stand on various issues such as hard-forks. Leading from the front, Bitcoin has captured a major chunk of market shares, Ethereum, Litecoin and Bitcoin Cash are slowly making their way into the Indian cryptocurrency market. Added to that, India is soon going to have its own digital cryptocurrency, Laxmicoin . Founded by Raj Dangi and Mitts Daki, Laxmi Coin was s Continue reading >>

What Are The Legalities Involved If I Start A Cryptocurrency Startup In India Where Users Can Buy/sell Their Coins With No Inr Transaction Required?

What Are The Legalities Involved If I Start A Cryptocurrency Startup In India Where Users Can Buy/sell Their Coins With No Inr Transaction Required?

What are the legalities involved if I start a cryptocurrency startup in India where users can buy/sell their coins with no INR transaction required? You are on to something when you removed the INR as requirement for the trading of the currencies. Normal exchange laws might not apply to you as this will be considered as an alternate betting website with no transactions involved. Still you will have to register with the Government as Private Ltd company and do all the KYCs. Remember to be upfront with the customers and do all their KYCs to avoid future issues. Consult your CA on how you will pay your taxes and for the expenses of the company as you will be earning fees in cryptocurrencies only which are still in grey area. PS: Please consult your CA and legal advisor before taking a step forward. I am not certified to give you any legal advice. As the business involves currency,you need to obtain the approval of RBI prior to the starting of your b usiness.As we know that the world famous cryptocurrency bitcoin is declared as illegal in India,you must sought approval of RBI for using any another cryptocurrency. If you start the business still without obtaining permission of RBI,you may have to face prosecution. The money which you earned through cryptocurrency is tainted money, hence the provisions of Prevention of Money laundering Act,2002 will be applicable. If you obtained RBI approval,you have to get registered as a company with ROC.Any wrong made in application will not be entertained for registration ofthe company. 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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