Now, according to Quartz India, there’s another reason to celebrate – cryptocurrencies could soon be seen as a viable medium of exchange in the country!
If you thought that India had a tenuous relationship with virtual currencies, you should take a look at their gambling industry.
Because it is an illegal practice in India, people, as they often do, have found ways around the law.
Perhaps legalizing gambling in India could be the catalyst for recognizing virtual currencies as legal tender in the country.
Images courtesy of Shutterstock, India Spot News
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As cryptocurrency exchanges eagerly await the RBI ban ruling, a government agency has proposed using virtual currencies as payment for legalized gambling services in India. What a great week for Bitcoin! It broke through the $8,000 barrier and is taking the lion’s share of market dominance.
India is one of the many countries in the world that has placed a stringent ban on cryptocurrency trading, though the market may soon take a turn. Regulations with the Indian Reserve Bank have not changed at all, but that has not stopped KoinEx from bringing forth competition for the LocalBitcoins platform. This innovative project […]
The Reserve Bank of India’s (RBI) harsh stance towards the local digital currency space may not last forever. If the latest report coming from reliable sources at the finance ministry is anything to go by, authorities are on the verge of regulating blockchain-based virtual currencies as commodities, a move that would be very beneficial to cryptocurrency investors in the Asian.
The highest court in India this week upheld the reserve bank's decree prohibiting the country's banks and other regulated lenders from dealing with or supporting any cryptocurrency-related services, including allowing customers to buy crypto with credit cards.
One of India’s leading cryptocurrency exchanges, Zebpay have announced that they may soon have to make some changes. In light of the decree that was released and distributed by the Reserve Bank of India, the exchange, that previously has and still does provide the service of converting crypto assets into fiat currency and subsequently depositing
The post Indian exchange Zebpay might stop crypto-to-fiat conversions appeared first on ItsBlockchain.
2018 has been a year of crypto regulations. After the massive bull run of 2017, twenty eighteen came in with an entirely different spirit, with various regulatory authorities formulating all kinds of laws to govern the Cryptospace.
It seems that every time a new technology emerges, so too do ne’er-do-wells seeking to exploit that technology for their own gain. Cryptocurrencies are no exception. Bitcoin’s meteoric rise last December led to a whole slew of hacks and scams being perpetrated around the world.
A few Kenyan banks have started sending out warning alerts to clients engaged in cryptocurrency trading to be wary of the associated risks. These warnings have reportedly been sent to clients who have “used their credit and debit cards to buy cryptocurrencies on crypto exchanges.
In yet another blow to the cryptocurrency industry, the US Treasury has revealed plans to mandate the reporting of crypto holdings over $10K held with foreign digital currency service providers. FinCEN, an arm of the Treasury Department that oversees domestic financial laws’ enforcement, will implement the new rule when adopted.
The U. S. Federal Reserve Board and Fincen are seeking feedback on their proposal to lower the threshold at which financial institutions must collect and retain information on funds transfers. In their joint notice on the rule change proposal, the two U.
The G20 finance ministers and central bank governors had their first 2020 meeting this weekend in Saudi Arabia. They discussed cryptocurrencies and stablecoins, and issued a statement urging countries to implement the cryptocurrency standards set by the Financial Action Task Force.
The United States tax agency has confirmed that currencies collected within video games are not subject to the same tax obligations as cryptocurrency assets. The IRS previously suggested to players of Fortnite and other popular games that their use of in-game currency may be deemed taxable events.
More than 40 financial institutions in Germany have reportedly declared to the country’s financial regulator, BaFin, their interest to offer cryptocurrency services under the new German law.