Coinatory

India Seizes $190M in Crypto Amid BitConnect Ponzi Investigation As part of the ongoing investigation into BitConnect, a now-defunct Ponzi scheme, Indian police officials have seized cryptocurrencies worth $190 million (₹1,646 crore). The Enforcement Directorate (ED) in Ahmedabad, India's top financial crime investigative agency, carried out several searches around Gujarat on February 11 and 15, according to The Indian Express. Along with the bitcoin, authorities also found an SUV, several electronic equip... cryptonews

India Reevaluates Crypto Regulations Following U.S. Policy Shift In reaction to changing international regulations, India is reviewing its cryptocurrency legal structure. The government is revising its crypto discussion paper, which was originally scheduled for release in September 2024, to reflect changing global views on digital assets, Economic Affairs Secretary Ajay Seth told Reuters. Regarding the use, acceptance, and importance of cryptocurrencies, more than one or two jurisdictions have modified the... India Reevaluates Crypto Regulations Following U.S. Policy Shift

Mudrex Suspends Crypto Withdrawals Amid Compliance Review Citing regulatory issues and the need to guard against abuse by bad actors, Mudrex, a cryptocurrency exchange based in Bengaluru and supported by well-known investors including Y Combinator, Better Capital, and Woodstock Fund, has temporarily halted cryptocurrency withdrawals. In a post on X (previously Twitter) on January 12, Alankar Saxena, one of the platform's co-founders, revealed that this suspension is a component of a compliance upgra... cryptonews today

Can India Shape Global Crypto Regulation in 2025? Binance Bets on It India is becoming a major force in the global cryptocurrency regulatory scene, and Binance is hopeful that the nation will take the lead by 2025. In order to promote confidence and innovation in the industry, Vishal Sacheendran, Head of Regional Markets at Binance, underlined the vital necessity of clear and forward-thinking legislation. "We hope that India will lead the way in creating comprehensive and forward-thinking crypto regulat... Can India Shape Global Crypto Regulation in 2025? Binance Bets on It

India's Central Bank Cautious on Full CBDC Rollout India’s Central Bank Adopts Cautious Approach to CBDC Rollout The Reserve Bank of India (RBI) has adopted a deliberate stance on the nationwide rollout of its central bank digital currency (CBDC), the e-rupee, emphasizing the need to fully understand its broader implications before expanding its use. Speaking at a conference in Cebu, Philippines, RBI Deputy Governor T. Rabi Sankar highlighted the transformative potential of CBDCs in areas ... crypto news

India Moves Toward Bitcoin Ban, Emphasizes Benefits of CBDCs Indian regulators are signaling a shift towards banning private cryptocurrencies like Bitcoin and Ethereum, while promoting Central Bank Digital Currencies (CBDCs) as a safer alternative. According to The Hindustan Times, key government institutions, following recent consultations on cryptocurrency regulation, are in favor of such a ban. The institutions argue that CBDCs can offer similar benefits with fewer risks. Government’s Position on Cr... crypto news today

Binance, Indian Police Bust $100K Renewable Energy Scam Involving USDT Binance and Delhi Police have jointly dismantled a $100,000 scam that exploited India’s renewable energy initiatives to deceive investors. The scam, orchestrated by a fraudulent entity named “M/s Goldcoat Solar,” falsely claimed ties to the Ministry of Power, promising high returns through participation in solar energy expansion projects aimed at achieving 450 gigawatts of capacity by 2030. According to a report from Inc42, the scheme leverag... Binance, Indian Police Bust $100K Renewable Energy Scam Involving USDT Coinatory

Indian Police Investigate INR 10M Crypto Scam Tied to Hong Kong Indian police have launched an investigation into a cryptocurrency scam involving the "Datameer" trading app, which allegedly swindled over INR 10 million ($119,000) from more than 700 local investors. The scheme, which surfaced in April 2024, promised returns of up to 50% on crypto investments, attracting a mix of small and large investors. Victims were lured through social media campaigns that promoted rapid gains, according to Superintende... Coinatory cryptocurrencies news

Indian Police Disband Fake Crypto Platform, Recover $90,000 Law enforcement authorities in India have detained four individuals suspected of running a fraudulent cryptocurrency trading platform that defrauded investors of more than $90,000. According to local reports, the suspects lured victims by posing as representatives of a fictitious entity named GBE Crypto Trading Company. The name was seemingly designed to suggest a connection with GBE Brokers, a legitimate Cyprus-based online brokerage firm, whic... Coinatory cryptonews

India's Central Bank Flags Risks in CBDC Adoption Amid Financial Instability India's central bank has raised concerns about the potential risks posed by Central Bank Digital Currencies (CBDCs), particularly during financial crises, according to a report from Business Standard. Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India (RBI), cautioned that CBDCs might be mistakenly viewed as "safe havens" during economic turmoil, thereby increasing the likelihood of bank runs. Patra noted that while CBDCs a... Coinatory crypto news

India Rescues 14 Human-Trafficking Victims Lured by Crypto Scammers In a significant operation, the Indian Embassy in Laos has successfully rescued 14 Indian youths from cyber-scam centers located in the Golden Triangle Special Economic Zone in Bokeo province. These individuals were lured to Laos with fraudulent job offers and subsequently held captive, forced to work under harsh conditions. This rescue is part of an ongoing effort, which has so far liberated 548 Indian nationals from similar crypto-related huma... cryptocurrency news

ED Cracks Down on $890K Emoillent Crypto Scam in India India's Enforcement Directorate (ED) has initiated a search operation against the founders of Emoillent Coin, a fraudulent cryptocurrency that lured investors with promises of substantial returns. Local media reports indicate that 2,508 investors in India lost a combined total of ₹73,436,267 (approximately $890,000) in their quest to capitalize on the cryptocurrency boom. The dubious coin, marketed as “Emollient Coin Limited,” attracted users... ED Cracks Down on $890K Emoillent Crypto Scam in India Coinatory

According to the Coin Dance service, by now Bitcoin has 111 states that legalized to one degree or another. Resource analysts emphasize that Nigeria occupies a special place in the ranking, where bitcoin operations can be carried out, but such transactions do not comply with local legislation. According to the latest data, over the past 24 hours, the total volume of transactions using BTC paired with the Nigerian naira amounted to about 0.03% of the total volume of transactions with the largest digital currency. In Indonesia, bitcoin operations are not formally prohibited, but they are “limited”. In Vietnam, you can legitimately invest in Bitcoin and keep savings in such an asset, but it is prohibited to use the coin as a ... Read more about " Bitcoin can be legally used in over 100 countries " on coinatory.com

According to CNBC-TV18, a research group set up by the government of India has concluded that all virtual currencies in the country should be outlawed. The task assigned to the employees of the group by the authorities was to create a bill regulating the circulation of cryptocurrencies. The group, headed by Subhash Chandra Garg, Secretary of the Department of Economics under the Ministry of Finance of India, was established in November of this year. After completing its mission, the group handed the conclusion to Finance Minister Arun Jaitley, who must make a final decision. Members of the group believe that the Reserve Bank of India needs a new law to implement the ban on cryptocurrencies: “The law should prescribe punitive m ... Read more about " India on the verge of total cryptocurrency ban " on coinatory.com

In October 2017, the department for the investigation of economic crimes of the Mumbai police (EOW) announced the search for the founder and sole director of ATC Coin Subhashchand Jewria, who was suspected of creating a cryptocurrency fraudulent scheme. According to the investigation, Jewria registered the company ATC Coin in the UK in March 2017 with a paid-in capital of one pound sterling, declaring its intention to create the ATC Coin cryptocurrency. He promised investors that after 12-18 months, it will be traded on the stock ... Read more about " The perfect crime: money stolen, but nobody complains " on coinatory.com

In fact, banning Bitcoin, the Indian authorities are considering the possibility of creating their own cryptocurrency. According to Quartz, an expert group under the Ministry of Finance may soon recommend to the government the launch of the national cryptocurrency Lakshmi. A senior government official who participated in the panel discussions told: “We are evaluating the government-backed cryptocurrency and crypto-token. And we are looking to develop and encourage our own research and development of blockchain technology” The expert gro ... Read more about " India intends to replace Bitcoin with “divine” digital currency Lakshmi " on coinatory.com

Exim Bank signed a Memorandum of understanding in the framework of inter-bank cooperation of the BRICS countries, after which the document was approved by the Cabinet of Ministers of India (the country"s executive authority). Recall that in the country there has a ban on crypto operations, and the Central Bank recognized the need for special measures to regulate the local cryptocurrency sector. This decision was taken at the Supreme Court hearings last Friday, a few weeks after the ban on the provision of banking services to cryptocurrency ... Read more about " India is studying the implementation of the blockchain in the framework of cooperation with BRICS " on coinatory.com

Microsoft in cooperation with the Indian company Tech Mahindra is going to create a blockchain platform for fighting spam calls. Partners expect to launch an appropriate service for local telecom operators. The Indian regulator TRAI (Telecommunication Regulatory Authority of India) considers unsolicited commercial communications (Unsolicited commercial communication - UCC) a serious problem for the clients of telecom companies. The agency is trying to solve this problem with the involvement of all interested players, and a month ago ... Read more about " Microsoft uses blockchain in India to solve problems with spam calls " on coinatory.com

More than 80% of the world"s companies realizing or implemented blockchain projects in varying degrees, with a quarter of them have already launched pilot projects or fully completed their implementation, according to a study by the consulting company PwC. The PwC study "Blockchain is here. What"s your next move? "Is based on a survey of 600 executives from 15 countries and territories: Australia, China, Denmark, France, Germany, Hong Kong, India, Italy, Japan, Netherlands, Singapore, Sweden, UAE, UK and USA. Respondents were asked questions ... Read more about " PwC: More than 80% of companies in the world implement blockchain projects " on coinatory.com

Together with the legalization of betting on sports events, the authorities of India give green light to cryptocurrencies as well. According to the document published by the Legal Commission of India, for the betting on sports, it will be possible to use all kinds of digital money, including cryptocurrencies. "Sports betting should be made non-cash, using electronic means of payment, such as credit cards, debit cards, net-banking, virtual currencies," the report of the Commission says. Also, the Commission notes that the betting ... Read more about " India partially legalizes cryptocurrencies " on coinatory.com