The Indian bitcoin community keeps fighting for their rights to operate freely in the country like any other industry. The latest show of defiance is a petition to the court against the actions of the Reserve Bank of India by the operators of a local exchange.
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Bitcoin is becoming infamous in India. According to a report in online publication qz.com, nine police officers in India were arrested recently because they extorted money as well as bitcoins from a businessman. The officers stole $ 49,12,000 in cash and 200 bitcoins from the businessman in February.
Google Alert – bitcoin
Indian cryptocurrency exchange Coinsecure said some $ 3 million in bitcoin has gone missing from a digital wallet that held its users' funds, and accused a top company official of involvement in the disappearance. Coinsecure said its system hadn't been hacked, but that the losses had occurred as the …
Google Alert – bitcoin
This week the Reserve Bank of India (RBI), the country’s central bank, has banned banks from dealing with cryptocurrency businesses. Indian financial institutions have three months to cease doing business with digital asset operations but some of them may stop facilitating INR settlements. News.Bitcoin.com spoke with Sumit Gupta the founder and CEO of a new Indian digital currency exchange called Coindcx. Gupta told us about his team launching a cryptocurrency trading platform in the midst…
Two Indian crypto token marketplaces have announced that they will halt trading from March 5. The platforms state that this is due to regulatory pressure which put their businesses “under a lot of stress.”
Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten
Two Token Marketplaces Halt Trading
Indian cryptocurrency exchanges are reportedly planning to create a database of crypto traders and their transactions. User account data would be tied to either an Aadhaar ID or a Permanent Account Number. This proposal comes amidst the Indian government actively working on crypto regulations.
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Despite the government ramping up regulatory measures for bitcoin traders and exchanges, Indian entrepreneurs are rushing to set up companies with bitcoin or cryptocurrency-related words in their names.
Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions
An Indian couple requested for friends and family to gift them bitcoin at their wedding earlier this month. The couple, Prashant Sharma and Niti Shree, are the founders of a startup in the technology industry and hold high hopes for the future of bitcoin and distributed ledger technology.
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