India: Police Arrest Suspects in Alleged $14 Million Crypto Scam

Law enforcement in Mumbai, India have exposed a group allegedly involved in a cryptocurrency scam that amassed an estimated 1 billion rupees (nearly $17 million), local media outlet The Times of India reports on Feb. 17.

The case reportedly led to the freezing of several accounts in the country and to the arrest of four individuals — Sanjay Sontakke,

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India: Fourth Suspect Arrested Following Alleged $70+ Million Crypto Scam

Indian police have arrested an associate of a group accused of conducting a crypto scam involving 5 billion rupees (about $71.6 million), English-language local media The Indian Express reports Jan. 7.

This is the fourth arrest of the ongoing case and reportedly occurred a year after Thane police uncovered the alleged scam in Mumbai.

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India: Central Bank Report States Crypto Does Not Threaten Financial Stability

The Reserve Bank of India (RBI) has stated that cryptocurrencies currently pose no threat to financial stability in its recent financial report, published Dec. 28.

The document entitled “Report on Trend and Progress of Banking in India 2017-18” reads:

“[C]rypto-assets do not pose risks to global financial stability currently.

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India: Media Reports Central Bank Has Postponed ‘Crypto-Rupee’ Plans

The Reserve Bank of India (RBI) is pausing its plans to release a digital currency, Indian business news outlet the Hindu Business Line reported on Jan. 1.

India’s central bank had originally announced its intentions to consider a central bank digital currency (CBDC) in April of this year, at the time noting the establishment of an interdepartmental group to look into potential advantages and feasibility.

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India's National Stock Exchange Trials Blockchain E-Voting for Listed Companies

The National Stock Exchange of India (NSE) is testing a blockchain platform developed by Elemential Labs to conduct e-voting for listed companies, local news outlet Hindu BusinessLine reports September 27.

The NSE’s pilot will entail tokenizing voting rights and using the blockchain platform to connect the firm, registrar and transfer agents (RTA),

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Hodler’s Digest: SEC May Make U-Turn on BTC ETF Rejections, While India and China Crack Down on Crypto Scammers

Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.

 

Top Stories This Week

SEC Rejects—Then Will Review—9 Bitcoin ETF Application

The U.S.

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India Turns to Discreet Trading Methods to Circumvent Cryptocurrency Ban


The Indian government’s crackdown on cryptocurrencies has not deterred the populace from employing new ways to purchase and trade digital assets. While exchanges have launched peer-to-peer models, a small fraction is resorting to “Dabba trading.”

Banning Not Enough

As reported on July 30, 2018, by local outlet Business Today,

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Government of India to Recognize Crypto as a Payment Method, Experts Optimistic

Cryptocurrencies have found an unlikely ally in their quest to become legalized in India, following intense legal battles between companies, consumers, and the Reserve Bank of India. The recommendation to legalize crypto comes from the law commission of India, as they are a vital part of their case against a blanket ban on sports betting.

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India Exchange Unocoin Suspends Withdrawals Following Central Bank Demands

Exchanges

“Deposits/Withdrawals Notice,” came the post title from popular Indian cryptocurrency exchange Unocoin this week. “As per orders from RBI,” the exchange explained, “bank INR withdrawals and INR Deposits have temporarily been disabled. Once an alternative method of funding is identified and deployed, we will resume the deposit and withdrawal services.”

Also read: Cryptowhispers: DDoS Attacks,

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Ban U-Turn? India’s Central Bank Admits Cryptocurrency Regulation is Necessary


In a first, India’s central bank has called for the regulation of the domestic cryptocurrency sector during Friday’s hearing at the Supreme Court, weeks after enforcing a banking ban against crypto companies.

Earlier in April, the Reserve Bank of India (RBI) issued a circular that forbade all financial institutions – banks included – from offering services to businesses in the cryptocurrency sector.

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Reserve Bank of India Urges Supreme Court to Regulate Crypto

India’s central bank, the Reserve Bank of India (RBI), has urged the country’s Supreme Court to regulate cryptocurrencies, local news outlet the Financial Express reports July 21.

In April of this year, the RBI announced it will stop providing services to businesses or persons dealing with cryptocurrencies, citing high risks.

The RBI’s senior advocate Shyam Divan told a bench led by Chief Justice Dipak Misra that it is necessary to regulate Bitcoin (BTC) and other cryptocurrencies since these “particular means” will “encourage illegal transactions.”

Divan also pointed out that the issue has “immense policy dimensions,” attesting that crypto has the potential to impact global money flows.

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India Has Become More Optimistic in Crypto as Big Companies Challenge Court

Crypto companies were heard in India today as they told the supreme court that the ban on banks interacting with cryptocurrencies is illegal. The global community has placed widespread pressure on the courts to stop the ban, as crypto exchanges have threatened to take their business elsewhere.

Banking Ban Could be Lifted Imminently

On July 5,

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India: Supreme Court Decision on Central Bank Crypto Dealings Ban Moved to September

The Supreme Court of India’s hearing on the central bank’s ban on crypto dealings, originally scheduled for July 20, has been moved to September, according to a July 19 Twitter post by a team of Indian lawyers involved in crypto regulatory analysis.

The Reserve Bank of India’s (RBI) crypto banking ban was implemented in early April of this year,

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India's Supreme Court Pushes Crypto Banking Ban Hearing to September

A Supreme Court decision on the Reserve Bank of India’s (RBI) efforts to bar cryptocurrency firms from receiving banking services will have to wait – for now.

A final hearing on the ban’s merits has been deferred to September 11, local news outlet Inc42 reported Friday. The panel of judges overseeing the case want all arguments and submissions from both the RBI and the ban’s critics to be submitted by that day.

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India’s Supreme Court Sets September Date for Final Cryptocurrency Petition Hearing


India’s Supreme Court has upheld the central bank’s directive of prohibiting banks from offering services to the domestic cryptocurrency sector following a hearing today.

On Friday, India’s Supreme Court held its latest hearing of the case against the Reserve Bank of India’s (RBI) circular forbidding all regulated financial institutions,

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Is India About To Reverse Its Crypto Trade Ban?

On July 20, the Supreme Court of India will hold a hearing regarding the state of cryptocurrencies in the country. It is a decisive date for the local crypto industry that has been significantly suppressed in the past month by the Reserve Bank of India’s (RBI) ban on all banks’ dealings with crypto-related businesses.

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