The seizure, as per officials, is estimated to be worth over Rs 10 crore in the international market (about Rs 5K-7K per blot) and all the six who have been taken into custody, beginning late last month, are students and youngsters who wanted to make 'easy money' by remaining anonymous within the deep layers of secret internet-based apps and messenger service like WICKR.
'For someone who wants to invest for the future or his family, diversification is necessary.' 'Diversify across asset classes -- equities, gold, real estate, fixed income, commodities, and even cryptocurrency.'
Former Reserve Bank of India Governor Duvvuri Subbarao has said the central bank could lose control over money supply and inflation management if cryptocurrency is allowed in the country. Speaking at a webinar organised by the National Stock Exchange (NSE) and New York University (NYU) Stern School of Business, Rao also said India's case for issuing a central bank digital currency (CBDC) may not be strong as there are capital controls. "Crypto is backed by algorithms and there is fear that the central bank might lose control over money supply and inflation management.
'If you are ready to stomach the loss, you may invest 3-5 per cent of your portfolio in crypto assets.' 'Of this, 80-90 per cent should be in Bitcoin.'
Investors, including large corporations, view them as a potential hedge against uncertainty, and mainstream investment banks too are jumping into the game.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
Heightened volatility and lacklustre returns continue to make a dent in retail participation in the equities cash market segment. The percentage of retail participation in the average daily turnover in the National Stock Exchange's (NSE's) cash segment has come down to 40.8 per cent in February 2023, from 52 per cent a year ago. At the peak, retail investors accounted for nearly two-thirds of cash market volumes in July 2020.
BollyCoin aims to house Bollywood's most iconic movie dialogues, clips, and posters, etc, starting with NFTs of the Dabangg franchise.
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.
'A key trend that one should expect to see is tonnes of failures.' 'Several blockchain-focused companies will fail.'
The Securities and Exchange Board of India (Sebi) is working on a new payment system for the secondary market, which could prevent brokers from accessing their client funds. It will be on the lines of the Application Supported by Blocked Amount (ASBA) process used for subscribing to initial public offerings (IPOs), where funds move out of an investor's bank account only after the trade is confirmed. Sebi chairperson Madhabi Puri Buch on Wednesday said that despite the challenges, the new system would be ready in a few months.
In a first for India, bullion derivatives contracts will be settled on a blockchain platform. This will help in global acceptance of gold refined by Indian bullion refineries, giving a fillip to the local industry, exports, as well as investments. From November 1, the National Stock Exchange (NSE) will accept gold delivery only on the blockchain platform.
'As an investor, I either have to exit my investments in the next three months or use dark pools or cash to transact. For a normal investor, it will be almost impossible to transact in bitcoin and other digital currencies.'
Shaktikanta Das is a master of the finest balancing act who listens to all but takes his own decisions, discovers Tamal Bandyopadhyay.
Like software-as-a-service (SaaS), CaaS has emerged as a well-orchestrated ecosystem for cybercriminals.
Do you suspect that your partner is cheating on you and want to find out the truth by installing spyware on their phone? Or, perhaps you are a student who wants to get out of an online classroom so you can play an online game with friends? How about some Zoom raiding for a mere Rs 50-100? Or, are you a person who wishes to hack into someone's phone or laptop, and steal their financial details? Crimeware-as-a-Service (CaaS) allows you to do all this and more.
Days after the government went public with its intent to examine a Sebi order in the NSE matter, its outgoing chairman Ajay Tyagi on Wednesday made it clear that the markets regulator did not "dilute" any of the quasi-judicial verdicts. The comments assume significance as they come after Finance Minister Nirmala Sitharaman, as per reports, recently said the government is examining if Sebi has taken "necessary punitive" action in the case. In a media interview, the FM had said the government was analysing if there had been "enough application of mind in dealing with this" and if after applying its mind, Sebi took adequate corrective steps.
Indian exchanges see spurt in volumes due to the entry of newcomers to the trade
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
A small percentage of asset allocation to bitcoin seems like a reasonable gamble, as it could be a major gainer in an uncertain global environment, says Devangshu Datta.
'The robust tax collections give the finance minister a fair amount of headroom for an expansionary fiscal policy.'
'Sebi has to make sure that investor interests are protected and at the same time, there isn't over-regulation so that companies don't get discouraged to list here.'
The tiny Central American nation of El Salvador has embarked on an interesting experiment by recognising bitcoin as legal tender. This is proving painful for many of its citizens but it's a useful "pilot" project for larger economies that are contemplating the peculiarities of this new asset class. El Salvador has a population of 6.5 million and GDP of about $27 billion.
The top hashtag in India was #COVID19, as the country grappled with the deadly second wave of the pandemic.
Morey's tweet of support for pro-democracy protests in Hong Kong prompted Chinese sponsors and partners to cut ties with the league and forced the National Basketball Association (NBA) to answer difficult questions about free speech.
Every brand and company in India too will soon need a metaverse strategy, notes Sandeep Goyal.
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
Amid increasing popularity of virtual currencies in various parts of the world, the Reserve Bank of India (RBI) on Monday said it is open to exploring the possibility of a digital version of fiat currency. Host of private digital currencies, virtual currencies and cryptocurrencies have gained popularity in recent years, though Indian authorities continue to remain sceptical about them. "In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. "Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it," the RBI said in its booklet on 'Payment Systems in India -- Journey in the Second Decade of the Millennium'.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
Short-term capital gains tax of 30% is likely to be levied if bitcoin is held for less than three years and 20% if held for longer than 36 months.
The Financial Stability and Development Council meeting on Tuesday started with an air of tension in the room. An official present described the participants' body language as "tetchy". However, once presentations and discussions begun, the mood considerably eased.
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.
The hack may have been done by a rogue Twitter employee, or it may have been a smart hack into the Twitter system, or a social hack where someone conned Twitter's employees into giving them access,' suspects Devangshu Datta.
Dhivya Suryadevara, chief finance officer of the US's largest automaker General Motors, comes in at the 4th spot, followed by Vimeo CEO Anjali Sud (14), cofounder and co-CEO of Robinhood, Baiju Bhatt (24) and Female Founders Fund founding partner Anu Duggal (32).
'It could tempt investors to pick stocks that are not fundamentally sound.'
The 20 richest people on the planet are worth a staggering USD 1.2 trillion, a sum roughly equivalent to the annual economic output of Mexico.
Summary of sports events and persons who made news on Friday
As economic policy making moves from pragmatism to populism, the bulls begin to make way for cautious optimists.
Bitcoin billionaires are well-known in the avenue of criminality.
Did you know that India is among the top five countries in food processing?
