India’s Best-Funded Bitcoin Exchange is Running Low on Cash and Employees

By CCN.com: India’s regulatory uncertainty on cryptocurrencies has taken a toll on Bengaluru-based exchange Unocoin forcing it to lay off employees. According to The Economic Times, the bitcoin exchange has laid off over a dozen employees and now only has 14 employees remaining. The changes are drastic considering that last year in February Unocoin which is in its sixth year of existence boasted of over 100 employees. Per Unocoin’s CEO, Sathvik Vishwanath, the cryptocurrency exchange – the best-funded in the country – only has cash reserves to last it just a few months. Unocoin had previously attempted to raise funding

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India’s Central Bank Targets Blockchain Payments While Hating Bitcoin

A man was at a café. He was glaring through the menu and decided to order himself a glass of lime water. But it wasn’t just any other lime water he wanted. He told the waiter that his beverage shouldn’t have the taste of lemons. He said he didn’t like the fruit much. But he added that he was a big fan of lime water anyway. Bewildered at first, the waiter eventually decided to bring him a glass of plain water. The man gulped it whole-heartedly and paid the waiter an extra twenty for his impeccable services. He left the

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India’s Supreme Court Delays Crypto vs Central Bank Fight to July

The courtroom battle between the Indian cryptocurrency exchanges and the Reserve Bank of India (RBI) has reached its ninth month but remains far from conclusion. On March 29, the Supreme Court of India moved the hearing to a new date in July. It was the sixth time in a row when the apex court had adjourned the so-called Crypto vs. RBI case. The move breathed further extension into the ongoing RBI’s ban, leaving the cryptocurrency exchanges and investors without a banking service 12-months in a row. But new information reveals that July could see a full-fledged legal proceeding. The outcome

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India’s Bureaucracy is Sending Local Bitcoin Industry into a Sh**hole

What would you call an organization that is sitting atop a game-changing regulatory framework for more than a year but couldn’t submit a single proposal nevertheless? Incompetent, perhaps. It is precisely what the Interministerial Committee (IMC) has become: an incompetent group of administrators and ministers that cannot decide what it wants to do with new technologies. Established by the Finance Minister Arun Jaitley in December 2017, the IMC was first told to submit its proposal in July 2018. But it kept delaying the matter, citing “lots of issues that need understanding” and “lots of studying” that needs to be done.

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Why India’s Bitcoin ‘Ban’ Could Disappear after March 29 Hearing

Since July 2018, due to a circular released by the Reserve Bank of India (RBI) in April, local banks were prohibited from dealing with bitcoin and cryptocurrency exchanges by the central bank. Last month, the Supreme Court of India provided the government four weeks to draft a cryptocurrency regulatory framework, which would decide the legal landscape of the cryptocurrency market in India for the foreseeable future. Depending on the outcome of the March 29 hearing set to occur four days from now, the future of the bitcoin and cryptocurrency exchange market of India will be decided. Unpacking India’s Backdoor Bitcoin

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India’s Supreme Court Sets 4-Week Deadline for Government to Regulate Cryptocurrency

Time is running out for the Indian government and the Reserve Bank of India to ignore/wholesale ban cryptocurrency, according to a local publication called Inc42. Last April, as CCN reported, the RBI banned all financial institutions from working with cryptos. India has gone back and forth over the issue, but the Supreme Court seems to be losing patience. Indians have petitioned the Supreme Court more than once to order a rescinding of the Reserve Bank’s order, to no avail. However, the court is hearing two other petitions demanding the court take action. Court Gives a Deadline of Four Weeks The

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$3.5 Million in Bitcoin Missing From India’s Coinsecure Exchange (bitcoinmagazine.com)

In what may be the biggest virtual currency exchange heist in India to date, 438 bitcoin (BTC), currently worth $ 3.5 million, have gone missing from Coinsecure, and the exchange thinks an employee has run off with the money.  In a statement posted on the exchange’s website on April 12, 2018, Coinsecure said the exchange was not hacked, but that bitcoin disappeared when bitcoin gold (BTG), a “coin”…

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