INDIA
India Advocates for Global Cryptocurrency Framework at G20 Summit
India's Prime Minister, Narendra Modi, emphasized the need for international collaboration in creating cryptocurrency guidelines at the G20 summit, aiming to align regulations with global standards, despite the ambiguous regulatory environment.
Indian Supreme Court Expresses Discontent Over Lack of Crypto Regulations
The absence of defined rules and regulations governing cryptocurrencies in India has lately drawn the attention of the country's Supreme Court.
SVC Bank Caught in SVB Collapse Confusion
India's SVC Bank faced panic due to a mixup with collapsing Silicon Valley Bank, as their acronyms' similarity caused confusion among Indian citizens.
India Implements AML Standards on Crypto
The Indian government has imposed anti-money laundering (AML) standards on crypto, subjecting a range of crypto transactions to the Prevention of Money-Laundering Act (PLMA) 2002. The PLMA obliges financial institutions to maintain a record of all transactions for the last ten years, provide these records to officials if demanded, and verify the identity of all clients. The notification will complicate the life of crypto companies in India, as regulators worldwide are tightening AML standards for crypto.
India tests offline functionality of digital rupee
The Reserve Bank of India is testing the offline functionality of its recently launched digital rupee, which has completed 800,000 transactions worth $134 million since its wholesale segment pilot launched on Nov. 1, 2022.
G20 To Establish Standards For Global Crypto Regulatory Framework
The Financial Stability Board, IMF, and BIS will propose worldwide crypto regulations.
G20 Discusses Crypto Regulations Under India Presidency
G20 members reviewed technological advancements and dangers during the FMCBG conference on Feb. 24–25.
India UPI expanding services to Singapore
The eight-bank digital rupee pilot programme has processed 770,000 transactions.
Algorand Foundation Expands its Presence in India
Algorand worked with Hyderabad-based innovation hub T-Hub to assist companies access global financing.
Binance Bans WazirX From Using Its Services
Indian cryptocurrency exchange WazirX was given an ultimatum to withdraw incorrect assertions about Binance ownership or lose access to its wallets.
Reliance Retail accept digital rupee at one store
Reliance Retail has pledged to assist India's CBDC throughout its companies.
Hopes Dashed for India's Crypto Community
The Indian crypto community was upset that the budget did not address crypto, hoping for a 30% tax decrease.
The RBI will pilot retail CBDC in December
The RBI is planning to test the "digital rupee" in retail. Within a month, the pilot will debut. Digital rupees will augment the present payment system, not replace it. Each bank testing CBDC will utilize 10,000 to 50,000 people.
India’s WazirX Lays Off 40% Of Workforce, Triggered by Market Hardship
WazirX has joined the growing list of crypto firms reducing headcount amid the ongoing market crash
Neo-Banking Crypto Startup Juno Raises $18M in Series A Funding Round
The India’s neobank is seeking to use the funds towards accelerating its growth and launching more products.