The Indian government may be taking a legislative shortcut to pass a bill recently proposed to regulate digital currencies in the country. According to a report from news outlet CNBC-TV18, the Indian government may take the “ordinance route” to ban the use of private cryptocurrencies in the country as well as create a regulatory framework for a digital rupee issued by the Reserve Bank of India. Passing the measures within the proposed crypto bill using this method would require the President of India, Ram Nath Kovind, to issue an ordinance when Parliament is not in session. The news outlet said …

The Central Bank of Nigeria has placed a ban on all regulated financial institutions from providing services to crypto exchanges in the country. The prohibition was contained in a circular issued by the CBN on Friday. According to the central bank's notice, the ruling is an extension of earlier warnings from the bank about the risks associated with digital currencies. As part of the ban, the CBN has directed all commercial banks to close accounts belonging to crypto exchanges and other businesses transacting in cryptocurrencies in the country. The CBN also warned of stiff penalties to any bank or financial …

The draconian bill introduced by the country’s former finance secretary Subhash Chandra Garg in 2019 to ban cryptocurrencies in India haunts the country’s crypto enthusiasts and entrepreneurs to this day. Reports from Bloomberg and the local news outlet Economic Times about the further development of the bill and the possible introduction of it as law has only caused more panic and anxiety within the crypto community. These reports have always cited “people familiar with the development” as saying that the bill will be discussed shortly by the federal cabinet before being sent to the parliament for consideration. The same statements …

During a webinar on July 17, the former Finance Secretary of India, Subhash Chandra Garg, discussed cryptocurrencies with Indian industry leaders including Nischal Shetty, the CEO of Indian crypto exchange WazirX, and Siddharth Sogani, the founder of blockchain research company Crebaco. In 2019, Garg along with his secretariat drafted a bill that proposed a ban on cryptocurrencies along with a 10-year jail term and a fine of up to 25 crore rupees (~$3.3 million) for anyone who issued, used or held these assets. Opening a dialogue with the industry Today was the first time Garg discussed the issue with members …

The repeal of a blanket ban on cryptocurrencies in March by India’s central bank, the Reserve Bank of India, has been a boon to the thriving crypto industry in India — with the launch of new exchanges being a catalyst. This is despite the country being one of the most severely affected nations by the COVID-19 pandemic, which has led to a deepening economic crisis across the nation. For investors and fintech innovators alike, cryptocurrency and blockchain technology have proven to be a much-needed respite in these challenging times. Regulatory uncertainty Repealing the blanket ban was not the ultimate solution …

The Indian Ministry of Finance has proposed to legally ban cryptocurrencies within the subcontinent. With this, the Indian crypto community is met with yet another unexpected turn. The proposal will first be sent to the Union Council of Ministers and then be forwarded to the parliament for final review. The Economic Times report quoted a senior government official: “A note has been moved (by the finance ministry) for inter-ministerial consultations.” Only three months ago, the Supreme Court of India overruled the Reserve Bank of India’s ban on banks providing services to individuals and companies dealing in cryptocurrencies. A blow to …

Top crypto exchange, Binance, seems to be providing trading services for mainland Chinese customers despite the local ban, a report published yesterday by China National Radio, or CNR, alleges. According to CNR, Binance CEO Changpeng Zhao, also known as CZ, has been promoting a website called “binancezh.com” on his Weibo page. Originally founded in China a few months prior to the local 2017 ban prohibiting cryptocurrency trading, Binance moved overseas soon after the crackdown and is currently headquartered in the Cayman Islands and Seychelles. As noted by 8btc, a local cryptocurrency news outlet, “zh” can be short for the Mandarin …

India’s central bank, the Reserve Bank of India, seems to finally be clarifying its stance on financial services for cryptocurrency-related businesses. In response to a right to information request, the RBI clarified that there are no restrictions on banks preventing them from providing an account to cryptocurrency companies or traders. The request was initially filed by Harish BV, a cofounder of local cryptocurrency exchange Unocoin. The Supreme Court’s decision on the crypto ban wasn’t the end In 2018, the RBI released a statement restricting all regulated entities including banks from dealing with any organization or individual traders transacting in cryptocurrencies. …

Following the Supreme Court’s reversal of the Reserve Bank of India’s ban on financial institutions providing banking services to crypto firms, the country’s digital asset exchanges are seeking clarity on their taxation obligations. On May 4, India Times reported that several of India’s crypto exchanges collectively penned a letter to the RBI claiming that the current absence of regulatory clarity has led to banks continuing to deny services to exchanges dealing with crypto assets. The report notes that the exchanges have also reached out to India’s high court regarding the matter. Indian crypto exchanges want GST clarification In particular, the …

Ripple CTO, David Schwartz, reported that his YouTube channel was suspended on April 29. This news comes several days after his company filed a lawsuit against the social media platform, although the two events may not be related. "Weirdly, YouTube just decided to suspend my channel (SJoelKatz) for impersonation," Schwartz said in a Tweet. "I wonder who they think I was impersonating." The suspension comes after Ripple's lawsuit against YouTube The CTO's YouTube suspension occurred roughly eight days after his company, Ripple Labs, and company CEO, Brad Garlinghouse, filed a legal claim against the social video platform. The lawsuit stated …

YouTube has banned a number of crypto channels recently, often restoring them shortly after. Adam Charles, senior communications manager for DeFi solution, Kava, said he has been working to help these channels get back online. Charles stated that he works with multiple Telegram influencer groups to get these YouTube accounts back up. "We have developed a series of motions to cycle through when one's channel comes under fire," Charles told Cointelegraph. Charles added: "The first of which is to enter one of the Influencer telegram groups and ask if the takedowns are happening to anybody else. If it is, then …

Among industry participants and investors, India is emerging as a market to watch for following the overturn of a crypto ban that was placed by the Reserve Bank of India back in April 2018. The prominent investors looking to get a piece of India’s nascent crypto space include Tim Draper, a billionaire investor who obtained thousands of Bitcoin from 2014’s Silk Road auction. Draper recently said that he has “met several Bitcoin and crypto startups” from India and that he “hopes to be able to fund a number of them.” He also recently showed his excitement for the move by …