A consensus had emerged at the meeting for "progressive and forward-looking" steps while ensuring that an unregulated crypto market does not become an avenue of "money laundering and terror financing".
While Indian corporates are expecting some key announcements which will enable them to reset their growth agenda, individual taxpayers are expecting some more disposable income in their hands to invest and consume more.
Delhi Police traced fraudulently transfer of those cryptocurrencies of current value Rs 4.5 crore to three different foreign accounts, including one to Palestinian militant organisation Hamas.
As per the Grant Thornton Bharat survey, nearly 79 per cent of the respondents feel that Budget FY23 should focus on regulating cryptocurrencies and NFTs.
India is a nation with the biggest Crypto investments, majorly millennials from Tier-2 and Tier-3 cities. More than 100 million people have already invested in cryptocurrencies. Here we come with the top crypto companies that has witnessed a tremendous growth
Amid coronavirus- triggered pandemic, the year 2021 also witnessed public issues by internet companies such as Paytm, Zomato, Nykaa, Policybazaar, among others. Besides IPOs, Tata Sons acquiring Air India, a bill seeking to ban all private cryptocurrencies were among the top business news that created a buzz in 2021.
As per the cryptocurrencies pose immediate risks of frauds, to anti-money-laundering efforts, and fight aginst terror financing.
Currently, there is no regulation or any ban on the use of cryptocurrencies in India.
This is for the second time in the last three weeks that Modi called for working together on the need to regulate cryptocurrencies. In his virtual address at the Sydney Dialogue on November 18, Modi urged democratic nations to work together to ensure that the cryptocurrency does not end up in the wrong hands.
The RBI has for long maintained its strong views against cryptocurrencies, saying they pose serious threats to macroeconomic and financial stability.
Raising the issue during the Zero Hour in the Lok Sabha, he likened the situation prevailing in the country with respect to cryptocurrencies with 'Tulip mania' in Holland in 1600s.
India can lead the Digital Society and become a global leader in its own right, said Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited (RIL).
Amidst the tremendous price swings in the crypto market, the central government is set to introduce a bill to regulate crypto assets and cryptocurrencies in India in the ongoing Winter Session of Parliament.
Nirmala Sitharaman had on Monday said that the government has no proposal to recognise Bitcoin as a currency in the country.
India has the highest number of cryptocurrency holders in the world at 10.07 crore, according to broker discovery and comparison platform BrokerChooser.
The Winter Session of Parliament is set to begin on a stormy note on Monday (November 29), with the government ready to bring in a bill to repeal the three contentious farm laws. The Farm Laws Repeal Bill is slated to be introduced in the Lok Sabha
Cryptocurrencies are basically digital assets. It is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
Crypto coins like Bitcoin, Ethereum, Dogecoin, Shiba Inu are among the popular cryptocurrencies of which most people are aware. However, there are a good number of cryptos that are sold based on their privacy factor.
An international drug cartel has been busted in Ahmedabad and four suspects of the same have been arrested. It was revealed that the transactions were done via cryptocurrency.
Sharma said it is being used in a speculative manner now. "Every government is confused. In five years, it will be the mainstream technology".
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