Prominent Indian entrepreneur and government advisor Nandan Nilekani has spoken in favor of cryptocurrencies as the government reportedly mulls a ban on private digital assets. Nilekani joined a Clubhouse session with angel investor Balaji Srinivasan to discuss the state of crypto in India, local business news publication Moneycontrol reported Monday. Nilekani is a co-founder of major Indian tech company Infosys and the founding architect of the national biometric ID system, Aadhaar. He is also the chairman of a special Indian committee assessing digital payments in India and an advisor to several government agencies and the Reserve Bank of India. During …
The rapid growth of the decentralized finance space, the rise in demand, the improvement of its protocols, and the breadth of offered services and opportunities will provide retail users with the options they are sorely lacking in the existing financial system. And it will enable institutions to move real-world assets onto the blockchain, generating untold cost-savings and improved efficiencies. But it doesn’t have to be a violent revolution. DeFi doesn’t necessarily need to overthrow the incumbent system. I believe that DeFi will complement traditional finance, force it to do better, and, more importantly, allow for financial inclusion of the world’s …
Multinational holding conglomerate Berkshire Hathaway – which counts outspoken crypto critic Warren Buffett as its CEO and chairman – has invested around $600 million in two fintech payment firms focused on emerging markets, the Wall Street Journal (WSJ) reported Oct. 29. Both investments are said to have been spearheaded by one of Berkshire’s two portfolio managers, Todd Combs. In August, Berkshire is reported to have bought a roughly $300 million stake in the parent company of Paytm, India’s largest mobile-payments service. The second investment was made just this past week, through the purchase of shares in an initial public offering …
While the Indian government continues to advance initiatives to study the regulatory environment for Blockchain and cryptocurrencies, the awareness and use of Bitcoin and cryptocurrency continues to grow within the Asian country. Bitcoin users growth Acclaimed fastest growing Bitcoin exchange in India, Bitxoxo has reached a milestone of 100,000 users on its platform. In a press release, the company claims to have been consistently adding between 10,000 to 20,000 users every month, and this has led to their current amount of users. Elaborating on the growth, Hesham Rehman co-Founder & CEO, Bitxoxo says, “We have been relentlessly working towards creating …
Goel highlighted the various methods that are actively being used by fraudsters to dupe investors such as lucrative investment opportunities, illegitimate bank transfers and cryptocurrencies. Acknowledging the growth of Indian crypto users, Goel added: “They [fraudsters] ask you to share your cryptocurrency details. And once you put it in your wallet, then the money is taken away.” After simplifying the elaborate fraud in a sentence, Goel also highlighted that sixteen such cases have been registered involving cryptocurrencies. The Additional Commissioner of Police Shikha Goel warned Indian citizens about the rise in cybercrime in an event hosted by the city police …