Cryptocurrency

Crypto markets rebound but assets future in India uncertain: Expe

The market capitalisation (m-cap) of cryptocurrencies topped the $1-trillion mark on Wednesday, capping a weeklong bull run as in India experts cautioned about the future of the digital assets. cryptocurrencies, the largest cryptocurrency by m-cap, was nearing $23,500 after rising nearly 20 per cent in the last seven days, according to coinmarketcap.com. Ethereum, the second…

RBI wants govt to prohibit cryptocurrencies: FM Sitharaman tells

Finance Minister Nirmala Sitharaman on Monday said the RBI has expressed concerns over cryptocurrencies saying that they should be prohibited as they can have destabilising effect on the monetary and fiscal stability. “In view of the concerns expressed by the RBI on the destabilising effect of cryptocurrencies on the monetary and fiscal stability of a…

Group representing Indian crypto exchanges to be dismantled: Repo

India’s only lobby for blockchain and crypto exchanges will be dismantled, said a media report on Friday quoting a source in a group representing the wider mobile technology sector. The Blockchain and Crypto Assets Council (BACC) speaks for an industry already sell-off pressure. Bitcoin, the largest cryptocurrency by market cap, was trading at $20,798.02 on…

Crypto lender Celsius Network files for bankruptcy after cash cru

Cryptocurrency lender Celsius Network filed for Chapter 11 bankruptcy, the latest casualty of a $2 trillion crash that has wiped out some of the industry’s bigg­est names and exposed hun­dreds of thousands of individual investors to steep losses. Celsius, which has more than 100,000 creditors, said it took the step to stabilise its business and…

G-20 meet: FM Sitharaman for info sharing on crypto, immovable as

Finance minister Nirmala Sitharaman on Thursday called on the G-20 nations to examine the feasibility of bringing non-financial assets such as crypto and immovable properties under the purview of automatic exchange of information among countries. The move is meant to enhance tax transparency. “Our investigations have shown that numerous layers of entities are often set…

Crypto lender Celsius files for bankruptcy in New York after shar

US crypto lender Celsius Network said on Wednesday it had filed for bankruptcy in New York, becoming the latest victim in the cryptocurrency sector of a dramatic plunge in token prices. New Jersey-based Celsius froze withdrawals last month, citing “extreme” market conditions, cutting off access to savings for individual investors and sending tremors through the…

India’s crypto exchanges flouted KYC, money laundering norm

India’s top cryptocurrency (crypto) exchanges have facilitated transactions from other countries, including the US, Brazil, and Germany, on their platform without complying with know-your-customer (KYC) regulations and anti-money laundering (AML) norms as prescribed under the foreign exchange (forex) rules, reveals the Enforcement Directorate’s (ED’s) latest probe findings.