The Central Bureau of Investigation (CBI) conducted searches at seven locations across India in connection with a Rs 350 crore crypto ponzi scam. The accused, operating seven modules in different cities, allegedly lured investors with promises of high returns on cryptocurrency investments. The CBI seized digital virtual assets totaling USD 38,414 in cryptocurrency wallets, cash amounting to Rs 34.2 lakh, and digital evidence, including mobile phones, laptops, tablets, hard disks, and memory cards. The agency registered the case under the Indian Penal Code and the Information Technology Act.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
Only investors with knowledge of cryptocurrencies, long-term conviction, and a long horizon should invest in this asset class.
A key reason for the rise in crypto currencies in 2023 is the possibility of the world's first Bitcoin ETF over the next few months.
Last week, the country's leading exchange, Zebpay, launched trading in Litecoin, which is the eighth-largest cryptocurrency, following rising demand from Indian investors.
Several exchanges are facing a cash crunch with committed investment not coming from venture capital funds and trading activity seeing a sharp decline, reports Rajesh Bhayani.
Following the surge in demand, Bitcoin is being quoted on Indian exchanges at 25-28 per cent higher than the international price, reports Rajesh Bhayani.
The Centre has recovered around Rs 95.86 crore from at least 11 crypto exchanges for evading goods and services tax (GST), according to data released by Parliament on Monday. The amount includes interest and penalty. The GST investigation department has detected a total tax evasion of Rs 81.54 crore by crypto exchanges that include WazirX, Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay, among other exchanges. In a written reply to Lok Sabha, minister of state (MoS) for finance Pankaj Chaudhary said 11 cases of GST evasion by cryptocurrency exchanges have been detected by central GST formations.
The future of cryptocurrencies in India appears uncertain but that has not deterred young Indians from embracing the so-called 'fourth industrial revolution' world, where interconnectivity and smart automation, much of it relying on blockchain technology, drive human civilisation. Reserve Bank of India (RBI) Governor Shaktikanta Das has repeatedly warned of macroeconomic instability and even "serious consequences" if cryptocurrencies turn mainstream. The country's monetary authority wants a China-like total ban on crypto, not even allowing these currencies to be treated as investments. Though Parliament's website had listed the Cryptocurrency and Regulation of Official Digital Currency Bill as one seeking a total ban of cryptocurrencies in the country, it was not presented in the Winter Session. India now has the highest number of cryptocurrency investors in the world.
Choosing the right wallet is crucial, alerts Bindisha Sarang.
"The government feels the industry needs some government oversight and can't be left unregulated. A panel of bureaucrats will soon submit their recommendations on the subject," said an official.
Rajesh Bhayani highlights all that you need to know about the online currency.
Indian exchanges see spurt in volumes due to the entry of newcomers to the trade
Exchanges believe its legal status may now change, with the government pushing for digitised transactions.
Welcome to Non-Fungible Tokens (NFT) - digital constructs authenticated using an abstract mathematical application. An NFT is a unique token added to some digital construct and registered on a blockchain with details of ownership. The construct itself might be free (it often is) but the NFT along with the construct is worth "more". The NFT market didn't exist until 2017 when "cryptokitties", or virtual cats, became available with NFTs. The market is now worth around $350 million. Speculators believe it is likely to be worth much more in future.
Sentiment very bullish for 2017; prices could touch all-time peak of $1,161 soon and may double from present levels by the end of the year. Rajesh Bhayani reports.
Cryptocurrency exchanges face issues with their current bank accounts.
A new solution to raise deal speed is expected to avoid hiccups in trading when launched on August 1
Don't invest more than 5 per cent of your portfolio in bitcoin. The virtual currency's price has run up very fast and experts feel a correction may be around the corner.
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
In the Silicon Valley of India, one can use the cryptocurrency to pay for food, buy bus tickets, order stuff online, and even get a haircut.
