Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul class="summary-list"><li><keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>'s central bank confirmed on Monday that <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> and exchanges are not banned.</li><li>A three-year-old circular that barred banks from <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> transactions is no longer valid, the RBI said.</li><li>"The new RBI circular clearly confirms the right to do business with crypto firms," crypto exchange ZebPay's co-CEO said.</li></ul>India's central bank clarified on Monday that an old order forbidding financial institutions from supporting cryptocurrency transactions had been struck down by the country's highest court in 2020, allowing investors to breathe a sigh of relief.<a href="https://rbi.org.in/Scripts/BS_CircularIndexDisplay.aspx?Id=12103">In a new note</a>, the regulator said banks should not cite its <a href="https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=11243&amp;fn=2&amp;Mode=0p;Mode=0">2018 circular</a> as a reason to disallow trades in digital currencies as it had been "set aside by the Hon'ble Supreme Court" last year."The circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from," the note stated.The latest order, addressed to all commercial and co-operative banks, followed local media reports that some financial firms, including the country's largest banks, had advised investors against dealing in digital currencies."It's amazing to see @RBI clarifying &amp; helping solve uncertainty for crypto in India," Nischal Shetty, founder and CEO of Indian crypto exchange founder WazirX, <a href="https://twitter.com/NischalShetty/status/1399579000624713732">said in a tweet</a>. "There are over 1.5 crore Indians in crypto. This news has brought joy and confidence to everyone in the sector."Read More: <a href="https://www.businessinsider.com/crypto-trader-shares-favorite-strategies-bullish-sectors-bitcoin-ether-defi-2021-5" target="_blank" rel="noopener noreferrer">A senior crypto trader at a $500 million digital asset manager shares his favorite trading strategies to generate 'riskless profits' - and the 3 sectors of the nascent market that he is most bullish on</a>Still, the RBI order directs institutions to continue to perform due diligence processes before providing services. "This is positive news for the entire crypto industry - businesses, stakeholders, and investors," Avinash Shekhar, co-CEO of crypto exchange ZebPay, told Insider. "Investing in crypto has always been 100% legal in India and the new RBI circular clearly confirms the right to do business with crypto firms."He added that the RBI's communication about due diligence is a welcome move that could strengthen the relationship with banking and payment gateway partners, and make crypto investments accessible to more Indian investors.The crypto industry in India still awaits further direction from the government in the form of a <a href="https://www.cnbc.com/2021/03/15/india-plans-cryptocurrency-ban-will-penalize-miners-and-traders.html">new law</a> that reportedly address criminal possession, issuance, and crypto mining.<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was little changed on Tuesday, trading 1% higher around $36,196. The digital token is up 25% so far this year.

India's central bank confirms cryptocurrencies aren't banned - and says its 2018 order barring banks from crypto transactions is no longer valid

<ul class="summary-list"><li><keyword id="4462663" type="PERSON" weightage="60" keywordseo="vitalik-buterin">Vitalik Buterin</keyword>, <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">Ethereum</keyword>'s creator, donated Shiba Inu coins worth $1 billion to a COVID-19 relief fund for <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>. </li><li>The dogecoin-inspired Shiba Inu token has gained almost 1,000% over the past week.</li><li>The <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> COVID-19 relief fund for India was set up last month as the pandemic escalated in the country. </li></ul>Ethereum creator Vitalik Buterin donated $1 billion to a crypto-based COVID-19 relief fund for India using the dogecoin-inspired Shiba Inu coin. The token has skyrocketed and gained almost 1,000% over the past week, but plunged after news of Buterin's donation broke. Buterin donated over 50 trillion Shiba Inu coins to the fund, which aims to provide healthcare and basic-needs items to people affected by COVID-19 in India. At time of donation, these coins were worth around $1 billion but the significant donation panicked investors and caused the value of Shiba Inu to drop by around 34%. "We plan to do a thoughtful liquidation to ensure we meet our <keyword id="8764262" type="UNKNOWN" weightage="60" keywordseo="covid">COVID</keyword> relief goals. We have decided to convert the donation slowly over a period of time." CryptoRelief <a href="https://twitter.com/CryptoRelief_/status/1392559057764962304">tweeted</a> in response to concerns that erupted from Shiba Inu holders. "We will not do anything which hurts any community specially the retail community involved with $SHIB, Sandeep Nailwal, the fund's creator <a href="https://twitter.com/sandeepnailwal/status/1392562768692252673">added</a>. Shiba Inu was last at $0.00001833 on Thursday according to Coinmarketcap <a href="https://coinmarketcap.com/currencies/shiba-inu/">data</a>. It is the 27th largest cryptocurrency in circulation based on its current market value of over $7.3 billion.Buterin also donated 500 <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword> tokens to the fund, which are worth almost $2 million based on ether's value of $3,851.79 at the time of writing. The COVID-19 relief fund Buterin donated to, <a href="https://cryptorelief.in/">CryptoRelief</a>, was set up last month by Nailwal, co-founder of Ethereum platform Polygon and has since attracted donations from various crypto heavyweights. Buterin himself had already donated tokens worth almost $650,000 when the fund launched, as well as another $3 million last week according to Nailwal's <a href="https://twitter.com/sandeepnailwal/status/1390389087266353160">tweets</a>. <a href="https://markets.businessinsider.com/currencies/news/crypto-covid-19-relief-fund-india-ethereum-ether-donations-raised-2021-4-1030352978">Nailwal had set the fund up</a> in response to the escalating COVID-19 situation in India, which saw global record numbers of cases and deaths as the healthcare system was unable to cope with patients and provide the care many needed due to shortages of medication, food and oxygen. At the time, Nailwal tweeted that he had ways to get oxygen, food and vaccines into the country and to those who require them. Some of the crypto donations have since been liquidated and turned into US dollars, according to CryptoRelief's website. The funds have been donated to various organizations and charities in India that have used them to tackle the oxygen shortage and purchase medical equipment, including personal protective gear and ventilators, according to CryptoRelief's website.

Ethereum creator Vitalik Buterin donated $1 billion to a COVID relief fund for India using Shiba Inu - a tiny token that has gained 1,000% in a week

Union Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Thursday said that there was a greater acceptance among Group of 20 (G20) member countries that any new regulations on the crypto assets need to be globally coordinated. "I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global. "the G20, I think, has responded fairly with alacrity (on the crypto challenge)," Sitharaman told reporters at a news conference after a meeting of G20 finance ministers and central bank governors. "The G20 and its members agree that it's not going to be possible to have an independent, standalone country dealing with the crypto assets," the minister added. Sitharaman told reporters that the group has willingly responded to the issue. A "synthesis paper" would be taken up on matters related to crypto assets during India's G20 presidency. India has maintained it wants a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin, and the finance ministry back in February said it had held a seminar for G20 member states to discuss how to come up with a common framework. Earlier in February, Sitharaman had said, "We are going through the study process so that there can be informed discussion. International Monetary Fund (IMF) and also the Financial Stability Board (FSB) have been doing their own little work on the crypto matter and progressing on their own. We've now asked them to do the papers and give it to us and the rapidity with which these papers have been already from IMF given and from FSB which will be given in time for the July meeting. I feel that we are progressing in this direction. So something should develop." She made the remarks while responding to a question regarding a consensus among the G20 nations on crypto assets during India's Presidency. "Recognising the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets by considering macroeconomic and regulatory perspectives," she said. The Central government led by Prime Minister Narendra Modi has for several years debated drafting a law to regulate or even ban cryptocurrencies but has not made a final decision. The Reserve Bank of India has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-finally-focuses-on-affordable-electric-scooters-after-losing-its-lead-to-ola-electric-and-tvs-motor/articleshow/99456189.cms">Ather finally focuses on affordable electric scooters after losing its lead to Ola Electric and TVS Motor</a> <a href="https://www.businessinsider.in/tech/news/17-of-people-store-financial-information-on-their-smartphones/articleshow/99426637.cms">Despite a rise in financial frauds, 17% of people store financial information on their smartphones</a> <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a>

You Searched For "crypto news india" and got 3 results

India's central bank confirms cryptocurrencies aren't banned - and says its 2018 order barring banks from crypto transactions is no longer valid

Shalini Nagarajan

Ethereum creator Vitalik Buterin donated $1 billion to a COVID relief fund for India using Shiba Inu - a tiny token that has gained 1,000% in a week

Sophie Kiderlin

Any action on crypto assets will have to be global: FM Nirmala Sitharaman

ANI

Popular Keywords

Buying Guides