A recent funding round has just added quite a bit to an Indian crypto exchange’s coffers. Mumbai-based exchange CoinCDX announced on March 24 it had received $3 million in new funding. The Series A round was led by Bain Capital Ventures, Polychain, and HDR Group. CEO and Co-founder of CoinDCX, Sumit Gupta, said that the … Read More →
The petitioners contented on the basis of the European Parliament’s report released in July 2018 that all virtual currencies are not fully anonymous. Banning transactions only in fully anonymous VC’s could have been a better and less intrusive measure, they added. The court took the view that the question whether anonymous VC’s alone could have … Read More →
The petitioners argued that VC exchanges already had best practices such as avoidance of cash transactions, enhanced KYC (know your customer) norms etc. The court, however, said that enhanced KYC norms may remove anonymity of the customer but not that of the VC Further it also pointed out that RBI was the best judge of … Read More →
II. Mode of exercise of powers of RBI. The petitioners argued that there was no application of mind by RBI on the effective ban and that the invocation by RBI, of public interest as a weapon was a colourable exercise of power. The court referred to various steps taken by RBI with regards to VC’s … Read More →
The Supreme Court today struck down a circular issued by the Reserve Bank of India (RBI) which directed banks not to deal in transactions involving cryptocurrency (Internet Mobile Association of India v. Reserve Bank of India). In April 2018, the Reserve Bank of India had issued a circular barring banking and financial services from dealing in … Read More →
JPMorgan Chase & Co. is turning to crypto to modernize one of its most central businesses. The biggest US bank said it developed a prototype digital coin that it plans to use to speed up payments between corporate customers, according to a statement Thursday. The token, dubbed JPM Coin, is based on blockchain technology, a … Read More →
A recent survey conducted in Germany showed that more than one-third of the businesses in Germany believe that blockchain technology is as revolutionary as the internet. The survey was meant for blockchain as compared to the internet in terms of impact. However, it wasn’t limited to blockchain technology. Other emerging technologies like artificial intelligence and … Read More →
It’s very confusing for everyone to understand whether cryptocurrency is legal in India or not? Some statements object the ban, while some derive the support it has. Awaiting the Supreme Court’s verdict on this, many of us still need to understand this money is legal anymore in India or not! Well, to tell you … Read More →
The technology used by bitcoin will be as influential as the internet and has the potential to impact every single monetary transaction in the world, an expert has suggested. Blockchain is a form of digital ledger technology based on the decentralised ideal of cryptocurrency. The technology, used by bitcoin and other cryptocurrencies, is a … Read More →
Zebpay, the largest cryptocurrency exchange in India, today announced the closure of its activities. On 28 September 2018 Zebpay said that it will be shutting down its operations. This move comes five months after the RBI banned banks and registered financial institutions from providing any service to crypto exchanges. The Finance Ministry, earlier this … Read More →