Cryptocurrencies are having a bad time in India. The proposal for outright bans, criminal charges are leading the local crypto exchanges to cease their operations overnight. Recently, the firm Koinex has decided to call it quits in the crypto domain. The announcement regarding the closure of Koinex comes from the official blog post of the founder…
Probably following the footsteps of the RBI, now Central Bank of Laos Prohibits Cryptocurrencies and related activities. Of course, the blockade is on sales purchase and trading of digital money. Prior to this, the bank has already put an active ban on financial firms from doing any kind of business regarding crypto. The primary concern […]
Succumbing to government regulations, Indian crypto exchange Coinome suspends operation, effective immediately from 15th of May, 2019. The firm has requested the traders on its platform to withdraw their funds at the earliest. The exchange has tweeted its decision over its official handle. After Coinome’s notice, people are trying to withdraw their assets but some […]
The Government of India has summoned lawyers from Nishith Desai Associates who are currently opposing the crypto banking ban circular proposed by the Reserve Bank of India. The association was asked to give its suggestions for drafting the crypto regulations in India. In response, the committee has prepared and submitted a document which states that India should adopt a balanced regulatory approach to reap the benefits of the technology and escape the risks involved.
The Supreme Court of India has yet again postponed hearing of the cryptocurrency ban case against Reserve Bank of India (RBI) which was filed last year by crypto enthusiasts and investors. In April 2018, the RBI had issued a ban that restricted financial institutions from offering any crypto related services to consumers. In consequence to this, bank accounts dealing with crypto transactions were terminated forcing consumers to file petitions with the court to lift the ban.
Kotak Mahindra Bank, a private bank in India, has issued a ‘Termination of account’ letter to a user who was dealing with cryptocurrencies. The bank has taken this step in compliance with the circular issued by the Reserve Bank of India that directs financial institutions in the country to end business with customers who deal with cryptocurrency transactions.
The Reserve Bank of India (RBI) has postponed its plans to introduce its own Central Bank Cryptocurrency. The government has restated that cryptocurrencies cannot be considered as legal tenders. Also, an inter-ministerial entity is analyzing if crypto trading can be officially allowed in India. The committee is considering all issues such as licensing schemes for crypto entities and consequences of introducing a digital currency in India.