Indian Authorities Arrest 4 Individuals Accused of Crypto Ponzi Scheme

The Criminal Investigation Department (CID) of India has arrested Vijay Prajapati, Dhiraj Patel, Kamruddin Syed, and Ashiq Shaikh, the alleged creators of the cryptocurrency KBC Coin, according to a report by The Times of India on July 4.

As per the report, the CID argues that KBC is a Ponzi Scheme. 

KBC reportedly launched 6 months ago,

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Indian Tech Firm Tech Mahindra to Combat Spam Phone Calls With Blockchain

Indian technology company Tech Mahindra will be implementing an anti-spam call solution powered by blockchain, Indian business daily Business Today reports on May 2.

This solution will allow phone companies to comply with the Telecom Regulatory Authority of India (TRAI)’s regulations to protect mobile phone subscribers from unsolicited Commercial Communication (UCC), which will come into effect in the last week of May.

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Major Private Indian Bank Partners With Ripple for Cross-Border Remittances

India’s Federal Bank, a commercial private bank, has partnered with Ripple to use its network for cross-border remittances. The bank announced the development in a letter on March 28.

The partnership with Ripple comes as part of a wider initiative to apply new technologies to the bank’s remittances network. Also on March 28,

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Indian Institute Rolls Out Advanced Program on FinTech and Blockchain

The Indian Institute of Management (IIM) Calcutta and training platform TalentSpirit are jointly offering an advanced programme in fintech and blockchain technology, local news outlet The Asian reported on Feb. 26.

The new program scheduled for this May is reportedly targeted at management and finance professionals aiming to educate participants on financial technologies growth and its potential impact on the banking and financial ecosystem.

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New Indian Governmental Committee Favors Legalizing Cryptocurrencies, Media Reports

A governmental committee in India has reportedly suggested that cryptocurrencies be legalized in the country, English-language local media TheNewIndianExpress (TNIE) reported on Dec. 26.

According to the article, an unnamed senior official who reportedly attended the panel’s meetings on cryptocurrencies stated:

“There is a general consensus that cryptocurrency cannot be dismissed as completely illegal.

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Indian Internet ‘Blockchain Committee’ Attracts Reps From Zebpay, MasterCard, Microsoft

The Internet and Mobile Association of India (IAMAI) is forming a dedicated focus group for blockchain exploration made up of both big business and cryptocurrency players, Indian daily newspaper Economic Times reported Monday, Oct. 15.

Confirmed in a tweet Tuesday, the IAMAI, whose remit is to “expand and enhance” the online and mobile sector,

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Indian State Embraces Blockchain Technology to Mitigate Fraud in Government


The Indian state of Telangana looks primed as a blockchain technology forerunner in the subcontinent. On July 26, 2018, state officials signed MoUs with various blockchain startups and consultants to augment the use of the burgeoning technology in administrative services.

Bringing Transparency to State Administration

As reported by Business Standard,

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Blockchain May Add $5 Billion to Indian Economy In The Next Five Years, Expert Says

Distributed ledger technology may add $5 billion to Indian economy in the next five years, according to NASSCOM’s VP Industry Initiatives. The non-profit trade association, which represents the sector of software and services companies in the country, has backed blockchain technology for many years.

NASSCOM Promotes Blockchain In India for Its Potential for Economic Growth

KS Viswanathan,

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Indian Government-Appointed Commission Recognizes Crypto as Means of Payment

Indian Government-Appointed Commission Recognizes Crypto as Means of Payment

Regulation

The law commission established by the order of the Indian government has issued a report recognizing cryptocurrency as a means of payment. This is reportedly the first time that a body appointed by the government admitted cryptocurrencies have value and can be used in transactions.

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Indian State of Telangana to Sign MoUs With Blockchain Firms, Streamline Gov’t Services

The Indian state of Telangana announced it will sign several memoranda of understanding (MoUs) with blockchain firms as to eventually implement the technology in state applications, local Indian news agency the Business Standard reports July 26.

Telangana IT Secretary Jayesh Ranjan revealed that the state is planning to enter into MoUs with a number of blockchain-focused firms in order to implement the technology in “six or seven government applications.”

According to the government official,

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Indian Law Commission Recognizes Cryptocurrency as an ‘Electronic Payment’: Report


The cryptocurrency ecosystem in India may have just found a lifeline, albeit an unlikely one.

According to a legal report released in July 2018, the country’s lawmakers are considering legalizing the multi-million dollar sports betting industry – naming cryptocurrencies as a legally acceptable payment method akin to credit and debit cards.

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Indian Crypto Exchange Unocoin Suspends Fiat Deposits, Withdrawals in Wake of RBI Ban

Unocoin, a major Indian crypto wallet provider and exchange, has suspended rupee (INR) deposits and withdrawals “as per orders” from the country’s central bank, according to Unocoin’s blog post July 23.

Unocoin notified its customers that fiat deposits and withdrawals are “temporarily disabled” until “an alternative method of funding is identified and deployed.”

Meanwhile,

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Indian Crypto Regulation Ready by September: Official

News

The Indian government is expected to issue detailed cryptocurrency guidelines by September, a senior official from the country’s Ministry of Finance reportedly said. Consultations with all stakeholders including the central bank have already begun. This announcement is independent of the supreme court’s hearing of petitions relating to crypto regulation in India.

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Indian Central Bank Makes a Case Before Supreme Court Against Allowing Crypto Use

Regulation

India’s central bank told the country’s supreme court on Friday that “allowing dealings in cryptocurrencies like bitcoin would encourage illegal transactions.” Other crypto petitions being heard include one asking the government to “take emergency steps to restrain the sale and purchase of illegal cryptocurrencies.”

Also read: Yahoo!

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Indian Supreme Court Heard Crypto Petitions Today but RBI Ban Stays

Regulation

India’s Supreme Court heard the petitions against the crypto banking ban by the Reserve Bank of India (RBI) today. After hearing some arguments from both sides, the court decided to set another hearing date, allowing some of the regulators involved to respond to the petitions.

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Founder of $150 Indian Bitcoin Ponzi Offers Compensation to Victims


The mastermind behind the infamous bitcoin ponzi GainBitcoin has offered to compensate thousands of victims who incurred losses during the scheme which raked in an initial 1,000 crores in cryptocurrency (approx. $150 million).

Now under arrest, Amit Bhardwaj has been found out as the kingpin behind India’s biggest cryptocurrency scam.

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Indian Bitcoin Ponzi Schemer Offers to Repay Initial Investments to Victims

News

The alleged bitcoin Ponzi kingpin, Amit Bhardwaj, has reportedly offered to pay back the initial investments in Indian rupees to those who lost money through his scheme. However, victims want the current value of their cryptocurrencies, not the initial investments. Zebpay, one of India’s largest crypto exchanges,

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