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India is reviewing its stance on cryptocurrencies due to shifting attitudes towards the virtual asset in other countries, a senior government official told Reuters on Sunday. The review, which ...
By CCN Markets: The Reserve Bank of India (RBI) has denied knowledge of a proposed bill which would see Bitcoin and crypto ownership in India made entirely illegal. Reports surfaced last week that ...
In 2019, a petition has been filed by Internet and Mobile Association of India with the Supreme Court of India challenging the legality of cryptocurrencies and seeking a direction or order restraining their transaction. [83] In March 2020, the Supreme Court of India passed the verdict, revoking the RBI ban on cryptocurrency trade. [84] [85]
Coinswitch is an Indian cryptocurrency exchange and trading platform headquartered in Bangalore, Karnataka. [1] Founded in 2017, the platform enables users to trade Virtual Digital Assets (VDAs) with Indian Rupees. In October 2021, Coinswitch secured $260 million in Series C funding, valuing the company at $1.9 billion. [2] [3] [4]
On 29 January 2021, Government of India proposed a bill to ban trading and investments in cryptocurrencies while giving legal power to the RBI for developing CBDC. [39] [40] During the announcement of the 2022 Union budget of India, Nirmala Sitharaman from Ministry of Finance announced the roll out of the Digital Rupee from 2023. [41]
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On 1 November 2022, RBI used Digital Rupee to settle Indian government bonds in secondary market transactions worth ₹2.75 billion Indian rupees ($33.29 million). [52] The Phase-1 of pilot project for e₹-R will start from 1 December 2022 in Mumbai, New Delhi, Bengaluru, and Bhubaneswar under State Bank of India, ICICI Bank, Yes Bank, and ...
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