Indian authorities have seized $1.2 million in land and cryptocurrency linked to an alleged fraud scheme, as investigators crack down on digital asset crimes and trace illicit gains across real estate and online platforms.
India’s tax department has echoed the Reserve Bank’s concerns on cryptocurrencies, warning of risks to revenue, financial stability and potential misuse, intensifying pressure for stricter regulation.
India’s central bank is urging nations to prioritize central bank digital currencies over privately issued stablecoins, warning that reliance on corporate tokens could undermine monetary sovereignty and financial stability.
As gold keeps setting new highs, China reportedly seeks to position itself as custodian for central bank reserves, offering vaulting and settlement services to bolster its influence in global bullion markets.
Coinbase has officially registered with India’s Financial Intelligence Unit (FIU), paving the way for the resumption of its cryptocurrency trading services after a two-year hiatus. This development marks a significant step in the growing acceptance of crypto in India.
Despite the regulatory challenges posed by India’s crypto policies, Web3 developers, gamers, and investors continue to innovate and thrive. The resilience of this sector highlights a growing appetite for decentralized technology and gaming experiences.
India has firmly rejected claims that it is deliberately targeting the US dollar amid a broader trend of dedollarization reshaping global trade. Officials emphasize that their focus is on enhancing economic resilience and diversifying currency use, not undermining the dollar.
The Indian government’s recent decision to levy a 1% tax on crypto trades has been a “nightmare” for high-frequency crypto traders, according to Shardeum CEO Pankaj Lumbar. “The tax has completely disrupted the crypto trading ecosystem,” he said. “It’s an enormous burden on traders, and the impact will be felt for years to come.
India’s financial regulator’s recent draconian crypto regulations, including a tax of up to 18% on crypto transactions, have been deemed to last for at least two more years according to WaxirX CEO.
India, Nigeria, and Thailand have emerged as top countries in Chainalysis’s 2023 Global Crypto Adoption Index, a new survey highlighting global trends in digital currency usage. The countries showed strong enthusiasm for cryptocurrencies among their respective populations.