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india


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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Primechain Technologies, a Mumbai-based startup that operates India’s BankChain consortium, has launched a blockchain system for the trading of so-called “stressed” assets. The project, built on a blockchain called Primechain-ASSET, will see the creation of an exchange for selling and buying stressed assets, said Sudin Baraokar, innovation adviser at State Bank of India, a member of BankChain. Stressed …

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India’s HDFC Bank, the country’s largest private bank, has informed clients that its debit and credit cards cannot be used to purchase cryptocurrency, local news source First Post reported March 14. In a letter to clients sent on Tuesday March 13, HDFC explained that the measure was taken in order to protect customers. The letter …

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Shaktikanta Das, former Secretary of Economic Affairs of India, who is currently a member of the 15th Finance Commission, claimed in an interview with Quartz India that cryptocurrencies should be banned since it is impossible “to regulate [them] effectively,” as reported on March 12. Das, a retired officer of the Indian Administrative Service (IAS), has …

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Crypto exchanges BTCXIndia and ETHEXIndia have informed their customers via email that they are stopping trading activities, citing the “stress” on their business caused by governmental actions discouraging crypto, local Indian news outlet the Economic Times reported yesterday, Feb. 28. BTCXIndia and ETHEXIndia’s websites both currently display a message to customers informing them that any …

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India’s National Association of Software and Services Companies (NASSCOM) signed a memorandum of understanding (MoU) with Canada’s Blockchain Research Institute (BRI) to collaborate on Blockchain education and training in India, tech news outlet CIO reported yesterday, Feb. 22. BRI tweeted a photo of their co-founder, Don Tapscott, signing the MoU alongside Sanjay Tugnait, CEO of …

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One of India’s leading tech industry organizations is partnering with the Blockchain Research Institute (BRI) to help spur a digital economy within the world’s second most-populous nation. India’s information technology trade organization, the National Association of Software and Services Companies (NASSCOM) will work with BRI researchers backed by the Canadian government to help developers learn …

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Citibank India is the latest major bank to ban its customers from using credit cards for purchasing cryptocurrencies, but it has taken the measure one step further by banning the use of debit cards for crypto purchases as well, Quartz India reports today, Feb. 14. Quartz India wrote today that it personally reviewed an email …

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