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india


A state government in India is working with a multinational IT services giant to build a district within the state capital dedicated to blockchain startups. The IT department of the Telangana state government on Friday signed a Memorandum of Understanding (MoU) with Tech Mahindra, a publicly listed firm with headquarters in India, that will see …

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A consortium of state-owned development banks plan to research blockchain technology for international transactions and other products, Russia-based Vnesheconombank said Thursday. Vnesheconombank, the Brazilian Development Bank, the Export-Import Bank of India, the China Development Bank and the Development Bank of Southern Africa signed an agreement to conduct research on how they can use blockchain research …

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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 …

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The Indian National Congress (INC) party, the largest political party in the nation, is accusing the ruling Bharatiya Janta Party (BJP) of money laundering through bitcoin. INC, more commonly known as the Congress Party, alleged Thursday that the BJP was converting “black money” into white using bitcoin in the western state of Gujurat, the English-language …

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As the Indian Supreme Court declined to end a circular issued by the country’s central bank that bars crypto exchanges from working with banks, trading platforms are taking varied actions ahead of the next court hearing set for July 20. Zebpay, the largest crypto exchange in India by trading volume, said in a Tweet on Wednesday …

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India’s highest court has declined to end a ban enacted by the national central bank that bars the country’s crypto exchanges from doing business with regulated financial firms. Bloomberg reported Tuesday that the Indian Supreme Court, led by Chief Justice Dipak Misra, said that the Reserve Bank of India’s (RBI) prohibition on providing services to crypto-related …

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A former Indian legislator who was allegedly involved in a $1.3 million bitcoin extortion case has been declared a “proclaimed offender” by a local court. According to The Indian Express, a sessions court in Ahmedabad granted an application from the state Criminal Investigation Department (CID) on Monday to declare Nalin Kotadiya an absconder from justice. According to …

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The Reserve Bank of India (RBI) has responded to a query about why it moved to block banks from dealing with cryptocurrency businesses earlier this year – but the reply isn’t very telling. Shri Varun Sethi, who presents himself as a “blockchain lawyer,” requested clarifications from RBI under the country’s Right to Information Act. According …

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Police in the Indian state of Andhra Pradesh have ordered hotels to deploy a new blockchain security solution developed by local startup Zebi. According to a Medium post from the startup published last Friday, the product merges blockchain and artificial intelligence (AI) to securely store data about hotel guests – aimed to both bring convenience …

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Coinsecure is still unable to repay its customers following a debilitating theft last month, the India-based cryptocurrency exchange said over the weekend. The exchange – which lost nearly 440 bitcoins in mid-April in an incident that has been publicly blamed on a “rogue” employee –  announced on April 29 that while it previously hoped to …

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Yet another high-ranking police official in the Indian state of Gujurat has been taken into custody in connection with a $1 million bitcoin extortion scheme. According to the Hindustan Times, Amreli police superintendent Jagdish Patel was arrested Sunday on suspicion that he helped a group of police officers detain a local resident after which he …

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The High Court of Delhi has issued a notice to India’s central bank over its order barring banks from engaging with cryptocurrency services, following a petition from a bitcoin exchange operator. The company, Kali Digital Ecosystems, had planned to launch an exchange platform called CoinRecoil in August of this year. The firm filed the petition last week, seeking “an appropriate writ, …

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Banking giant ICICI is moving ahead with a previously revealed blockchain trade finance initiative. Announced Tuesday, the India-based company has enlisted more than 250 corporates to undertake domestic and international trade finance transactions using ICICI’s blockchain platform. Corporate firms have signed up on the bank’s blockchain application and are using the technology in cross-border remittance for the …

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Cognizant has teamed up with 14 Indian insurance firms on the development of a blockchain solution for cross-company data sharing. The IT multinational said in a statement on Monday that the platform was designed to allow firms to securely share data with lower risk of data breaches and fraud, while offering greater efficiency, better record-keeping and faster …

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India-based bitcoin exchange Coinsecure announced yesterday that 438.318 bitcoins worth $3.3 million were stolen from its service, allegedly due to the actions of a rogue employee. According to a statement on the company’s website, the funds were lost as a result of the exposure of private keys, the cryptographic code that unlocks and moves blockchain-based …

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Is India emerging as a blockchain trendsetter? Certainly, the sector has been moving in fits and starts in what’s becoming the world’s fifth-largest economy. Despite a bearish outlook on cryptocurrencies from regulators, progressive Indian states and companies are charging ahead in exploring the applications of blockchain technology. Now, there are signs that local companies are seeking to …

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While the focus may be on the U.S. of late, cryptocurrency tax issues are becoming a global problem. India, for example, has responded by sending tax notices to crypto traders and investors after a survey found $3.5 billion in transactions may have been performed by citizens over the past 17 months. The country’s income tax department …

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An Indian government think tank is working on a blockchain solution aimed to combat the country’s roaring counterfeit drugs trade. The National Institution for Transforming India, known as NITI Aayog, aims to have a proof-of-concept (PoC) of the solution completed by the end of 2018 and begin rolling it out next year, according to local news …

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The Crime Investigation Department (CID) in the Indian state of Gujurat has accused 10 police officers of kidnapping, attempted extortion and corruption after they allegedly abducted a businessman and forced him to hand over 200 bitcoins. Gujurat’s CID branch filed a First Information Report – the initial step in conducting a police inquiry in India …

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Exchanges in India are discussing ways to fight back against a new edict from the country’s central bank, which ordered the institutions it regulates to stop working with companies that offer cryptocurrency services. Startups like Unocoin, Coinsecure and Zebpay have warned about potential disruptions to their services if their banking providers pull out of the …

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