Bitcoin Drops as Much as 15% in India After Proposed Crypto Ban

Panic selling in India caused crypto prices to crash as the country's parliament introduced a bill to ban crypto. Bitcoin tumbled 14.8% on the Indian WazirX crypto exchange two hours after the announcement. Other cryptos posted losses in the double digits as well. For instance, Ethereum dropped 15%, and the stablecoin Tether dropped almost 18%. At one point, Bitcoin was trading at a 15% discount in India, compared to other exchanges. However, this spread has since dropped first to 3%…

Reserve Bank Of India (RBI) Governor Expresses Concerns on Cryptocurrency

India's central bank, the Reserve Bank of India (RBI), is worried about the effect of cryptocurrencies in the region. The bank is also developing the digital rupee as it looks to join the list of countries with Central Bank Digital Currencies (CBDC).  Crypto Concerns from India's Apex Bank   RBI governor Shaktikanta Das echoed this latest concern in an interview with local news outlet CNBC TV-18 on Wednesday. Das revealed that the bank had significant problems with cryptocurrencies and had informed…

Indian Billionaire Implores The Country’s Regulators To Ban Bitcoin

Rakesh Jhunjhunwala, an Indian billionaire investor and partner in the asset management firm, Rare Enterprises, has called on its financial regulators to place a ban on cryptocurrencies, especially bitcoin. A Speculative Investment According to a CNBC report on Tuesday, Jhunjhunwala said that crypto trading is the highest form of speculative investment and that he had no intention of joining the trend. Popularly referred to as "India's Warren Buffet," Jhunjhunwala does not hide his dislike for the top cryptocurrency, bitcoin. He…

Kyrgyzstan Central Bank Set To Regulate Crypto Exchanges

Asian nation Kyrgyzstan is set to license cryptocurrency exchanges operating within the country. According to authorities, this move is to prevent fraudulent activities as the popularity of Bitcoin grows in the country.  Impending Crypto Regulation Tolbunbek Abdygulov, the Chairman of the National Bank of Kyrgyzstan (NBKR), revealed this development on Friday. According to Abdygulov, the Apex bank wants to regulate crypto exchanges and offer licenses to approved platforms. "We plan to grant a license to cryptocurrency exchange operators to buy…

India’s Central Bank Says It’s Exploring Digital Currency

In a recently released booklet titled "Payment and Settlement Systems in India: Journey in the Second Decade of the Millennium," by the Reserve Bank of India (RBI), the apex bank revealed it's considering the possibility of launching a central bank digital currency. Like most individuals and institutions who were once skeptical about joining but are now in the crypto community, the Indian regulators still doubt the digital currency system. They are hesitant about adopting the approach owning to the risks…

2020 Cryptocurrency Regulations that could change the industry forever

This year started as a promising new chapter for the cryptocurrency market. A Bitcoin halvening, a global pandemic, and seven months later have made 2020 a completely different year for the industry than what anyone expected. There are plenty of reasons to remember 2020 for many years from now. This year, the cryptocurrency community could go down as the one with some of the most representative regulatory changes in history. Today, we take a closer look at the 2020 cryptocurrency…

Tim Draper to Support Crypto Startups in India Following Crypto Ban Lift

Tim Draper, the founder of Draper Venture Network and Draper University announced his intentions to invest in Indian crypto startups. The news follows the lifting of a ban on crypto trading in the country. A heavy critic of the ban by the Indian government, Draper is hopeful that the best ideas prevailing in the Indian crypto industry. The Indian Government is among several that are anti-crypto. He notes that the Supreme Court ruling signifies how best ideas ultimately prevail, having…

WazirX and Binance to Set Up a $50 Million Fund to Nurture India’s Crypto Startups

Recently, Binance and WazirX joined forces to set up a $50 million token fund to encourage the growth of Indian startups. The announcement noted that Binance’s native tokens, BNB, BUSD, and WazirX’s WRX token are backing the fund.  The fund is known as Blockchain for India and will make investments in equity and tokens, ranging from $100,000 to $5 million. It will also provide mentorship and support to universities and student organizations, interested in establishing university blockchain technology incubators. The…

Kraken Rededicates To Digital Asset Offerings Bringing India A New Crypto Era

On the 9th of March 2020, The Crypto exchange Kraken made a revelation that it plans to increase its offerings and services in the Indian financial market. This 9th of March 2020 announcement follows the recent ruling that lifts a ban on crypto trading by India's Supreme Court.  The March 4th ruling has created a much-needed breathing space for India's crypto community. The Supreme Court lifted a long-standing crypto ban by the Reserve bank of India (RBI) on the trade…

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