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Way back when Bitcoin was invented, India was the first country to acknowledge it as an alternative monetary system. Though India started lauding Bitcoin without knowing the plethora of scams it could encourage, the political and economic conditions in the country were favorable for Bitcoin to thrive. However, the recent trends show that India is becoming the first country on the globe to regulate the cryptocurrency. The effects of demonetization When the Reserve Bank of India announced the demonetization of 500 and 1000 rupee currency notes on November 8, 2016, the Indian public started realizing that cash was unreliable. During that time, the scenario gave a great impetus for the young people in the country to turn to Bitcoin. In fact around this time, a sizeable chunk of the corporate world in the country was already using Bitcoin. Since the digital coin gave a safer system for the public to invest their money, a growing number of people started resorting to the use of Bitcoin. Does not need a bank account A large segment of the Indian population still does not have a bank account. Bitcoin enables such individual to make financial transactions quickly and securely without a bank account. Indian companies and Bitcoin More than 500 merchants in India and five large enterprises in the country including Dell accepted payments in cryptocurrency. This number is fast growing today. No doubt Bitcoin is still not that popular in India. A lot of Indians highly prefer paper money. However, as per the study of the emerging trends in the country, the frenzy for Bitcoin is fast spreading in the country. Indian government and Bitcoin Earlier in 2019, the Supreme Court of Indi came up with a four-week deadline urging the government to bring in some regulations of the cryptocurrencies in the country. The government has already taken a firm stand to deal with cryptocurrency in a strict way and looking forward to banning it. Consultations have already begun on the bill called "Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019". These moves by the country show us that the government of India is clear with its hostile stand against cryptocurrency. What can happen to Bitcoin in India Expert circles say that the country could be seen banning cryptocurrency under the Prevention of Money Laundering Act (PMLA). Meanwhile, the Ministry of corporate affairs has pointed out that those dealing with Bitcoins are falsely induced of massive returns. These schemes are not transparent and they never fall into any legal framework that are regulated. Many gullible investors are seen falling victims to a number of scams connected with Bitcoins. RBI has gone a step further to announce that it can never provide services to individuals and businesses that are dealing with Bitcoins or settling in virtual currencies. BP Kanungo, Deputy Governor, RBI has stated, “We have decided to ring-fence the RBI regulated entities from the risk of dealing with entities associated with virtual currencies. They are required to stop having a business relationship with the entities dealing with virtual currencies forthwith and unwind the existing relationship within a period of three months". Severe measures contemplated in India It appears that the "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019" draft has also on its proposal 10-year prison sentence for those individuals found mining, generating, selling, holding, transferring, disposing of, dealing with or issuing cryptocurrencies. Hence we could possibly see a ban on Bitcoins in India in the near future.

Explained: What is Cryptocurrency in India

<ul><li>Facebook has confirmed that their new cryptocurrency, Libra, won’t be coming to India. </li><li>Reserve Bank of India (RBI) banned dealing in cryptocurrency and proposed a law which could lead to 10 years in jail if its guidelines are violated. </li><li>Facebook’s spokesperson told <a href="https://www.bloomberg.com/news/articles/2019-07-09/facebook-has-no-india-plans-for-calibra-wallet-cryptocurrency">Bloomberg</a> that they will continue to work with the Indian government to see if the current mandate be updated. </li></ul>Facebook has confirmed that its new cryptocurrency, Libra, won’t be making its way to India. The social networking giant has said that unless the country’s Central Bank, the Reserve Bank of India (RBI), changes its policies, Libra and Calibra’s digital wallet services won’t be launching in the country. “There are no plans to offer Calibra in India,” a Facebook spokesman told <a href="https://www.bloomberg.com/news/articles/2019-07-09/facebook-has-no-india-plans-for-calibra-wallet-cryptocurrency">Bloomberg</a>, “As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.” It could be a big blow to Facebook’s plans for its cryptocurrency. According to <a href="https://www.bloomberg.com/news/articles/2019-06-20/-mushrooming-india-growth-potential-driver-for-facebook-s-libra">Jefferies Financial Group</a>, Libra was counting on emerging markets like India for explosive growth, where Facebook already has over 310 million users. RBI vs Facebook The RBI came down hard on cryptocurrencies last year when it banned its use, and told banks to disassociate themselves from cryptocurrency exchanges. Last month, the RBI proposed a <a href="https://economictimes.indiatimes.com/news/economy/finance/draft-law-proposes-10-year-jail-term-for-dealing-in-cryptocurrency/articleshow/69693984.cms">new draft law</a> — Banning of Cryptocurrency and Regulation of Official <keyword id="1624829" type="PERSON" weightage="20" keywordseo="digital-currency">Digital Currency</keyword> Bill 2019 — which proposes jail time of up to 10 years if anyone is found dealing in cryptocurrency. The government is also reportedly working on launching its own cryptocurrency, backed by the state, to counter the prevalence of digital currencies. Subhash Garg, India’s economic affairs secretary, <a href="https://www.bloomberg.com/news/articles/2019-07-08/facebook-s-libra-currency-faces-skeptical-government-in-india">reacted</a> to Facebook’s white paper on Calibra saying that the government would not be ‘comfortable’ with the launch of Calibra in India, especially since its a ‘private’ cryptocurrency. But Facebook isn’t giving that easy. Alexandru Voica, Facebook’s representative in London, told <a href="https://www.bloomberg.com/news/articles/2019-07-09/facebook-has-no-india-plans-for-calibra-wallet-cryptocurrency">Bloomberg</a> that the company is still working with regulators to see if India’s policy for cryptocurrencies can be updated.

Facebook has confirmed that Libra isn’t coming to India as government shies away from ‘private’ cryptocurrencies

<ul><li><keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> has launched Calibra – a digital wallet with its own <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> called Libra.</li><li>Libra will be officially launched in 2020. </li><li>However, India which is one of Facebook’s biggest markets is proposing a draft bill which could cryptocurrency users for 10 years.</li></ul>Facebook has announced its new product Calibra, a digital wallet which will be powered by its own cryptocurrency Libra. The wallet is expected to be officially launched in 2020 will be available on all of its platforms – messenger and WhatsApp. “Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost. And, in time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass,” said Facebook’s official blog. While the launch of Libra has taken the world by storm, announcing social media giant’s entry into fintech, there is one growing concern. One of its biggest markets – India – is looking to ban crypto currencies. A <a href="https://www.indiatoday.in/business/story/draft-bill-proposes-10-year-prison-term-for-dealing-in-cryptocurrency-1544709-2019-06-08">draft bill</a> titled Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 might slap a ten year jail sentence on those who “mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies”. India’s central bank Reserve Bank of India (RBI) had also stated its disregard for cryptocurrencies. In January 2019, the <a href="https://www.business-standard.com/article/economy-policy/do-not-want-cryptocurrencies-spreading-like-contagion-rbi-tells-sc-119011701084_1.html">RBI</a> had told the Supreme Court of India that it does not want the cryptocurrency to spread like “contagion”, adding the virtual currencies can be harmful. Meanwhile, Facebook has <a href="https://www.businesstoday.in/technology/news/facebook-gets-big-firms-on-board-uber-paypal-visa-to-invest-10-million-each-in-its-cryptocurrency/story/356365.html">big names</a> like Uber, PayPal, Visa and Mastercard on board to fund its cryptocurrency venture, with $10 million each. See Also: <a href="https://www.businessinsider.in/todays-tech-wrap-breaking-whatsapps-encryption-facebooks-cryptocurrency-unveiled-and-indias-cheapest-gaming-phone/articleshow/69841742.cms">Today's tech wrap: Breaking WhatsApp's encryption, Facebook's cryptocurrency unveiled and India's cheapest gaming phone</a>

Facebook's Libra faces obstacles in one of its biggest markets, because Indian regulators want to jail those who trade in cryptocurrency

Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> has said. <keyword id="679937" type="General" weightage="100" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at the IMF's headquarters here on Friday. India currently holds the rotating annual presidency of G20 countries. Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector. The brainstorming session was attended by global experts on this issue. In her remarks, Sitharaman said the G20 acknowledges the work of the International Monetary Fund (IMF) and the <keyword id="112428" type="General" weightage="80" keywordseo="financial-stability-board" source="Orion">Financial Stability Board</keyword> (FSB) in bringing out key elements of policy and regulatory framework. She also said a synthesis paper, which would integrate macroeconomic and regulatory perspectives of crypto assets, is required. The minister noted that there was consensus among G20 members to have a globally coordinated policy response on crypto assets that takes into consideration the full range of risks, including those specific to emerging markets and developing economies. Earlier this week, Sitharaman had said that India's G20 Presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. The last year episode of FTX's bankruptcy, and its spat with Binance triggered a huge sell-off in the market and reduced liquidity. This event made the world realise the vulnerability of this asset class as they do not have any underlying value. "Cryptocurrencies are a very important part of the discussion under the #G20India presidency, given so many collapses and shocks in cryptocurrencies. We seek to develop a common framework for all countries to deal with this matter," she had said at a discussion at Peterson Institute for International Economics here. According to the chair's summary released at the end of the two-day meeting of the first Finance Ministers and Central Bank Governors (FMCBG) held in February, the grouping will be looking forward to the IMF-FSB Synthesis Paper on crypto assets. "I am glad to say one thing: there is almost a clear understanding that anything outside the central bank is not a currency. And this is a position that India has been taking for a very long time and we are glad that such a position of India is now also getting acknowledgement from so many different members. People recognise that the technology is very useful for fintech," she had said after the conclusion of FMCBG. Further, in July, the FSB's paper on crypto assets regulation will be tabled so that it could be discussed at the next meeting of the finance ministers and central bank governors. The International Monetary Fund-Financial Stability Board (IMF-FSB) synthesis paper will be submitted in September, she added. Despite the rapid evolution of the crypto universe, there is no comprehensive global policy framework for crypto assets. Given the concerns over greater interconnectedness between crypto assets and the traditional financial sector as well as the complexity and volatility around crypto assets, policymakers are calling for tighter regulation. The global standard-setting bodies, such as the Financial Action Task Force (FATF), Financial Stability Board (FSB), Committee on Payments and Market Infrastructures (CPMI), International Organization of Securities Commissions (IOSCO) and Basel Committee on Banking Supervision (BCBS), have been coordinating the regulatory agenda while working within their respective institutional mandates. India hopes to broaden the G20 discussion on crypto assets beyond financial integrity concerns and capture the macroeconomic implications and widespread crypto adoption in the economy. This will require a data-based and informed approach to the global challenges and opportunities of crypto assets, allowing G20 members to shape a coordinated and comprehensive policy response. 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>

Crypto issue requires immediate attention, says FM Sitharaman

The Supreme Court of India has struck down a ban on banks dealing with cryptocurrencies in India, paving the way for users to start trading with renewed vigour in cryptocurrencies. While there was no ban on cryptocurrencies, the Reserve Bank of India in 2018 put a ban on banks from dealing with virtual currencies like Bitcoin. The central bank also asked banks to exit all existing relationships with cryptocurrency exchanges. Now that this roadblock too <a href="https://www.businessinsider.in/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">has been cleared</a>, here is how you can gain from the move. What is a cryptocurrency? Cryptocurrency is a virtual currency that can be exchanged online for goods and services. Cryptography is used to secure and verify the transactions. Unlike traditional currencies, cryptocurrencies are not issued by a central bank and depend on a peer-to-peer system. How to open a <keyword id="8871185" type="UNKNOWN" weightage="20" keywordseo="crypto-trading-account">crypto trading account</keyword> in India? There are several cryptocurrency exchanges from where you can buy and sell cryptocurrencies like Zebpay, Unocoin, Coinmama and more. Today, we will show you how to use Zebpay to buy and sell cryptocurrencies in India. Zebpay allows you to purchase various virtual currencies and store them. How to use Zebpay to buy and sell cryptocurrency <div type="image" title="Zebpay" msid="74490879" hostid="261"></div>

 <ul><li>Download and install the Zebpay app for <a href="https://play.google.com/store/apps/details?id=zebpay.Application">Android</a> and <a href="https://apps.apple.com/in/app/zebpay-bitcoin-wallet/id944854686">iOS</a>. </li><li>Open the app and click on ‘Let’s go’ at the top. </li><li>Enter your phone number and click on ‘Proceed securely’. </li><li>Now, click on ‘Continue to Set Account PIN’.</li></ul> <div type="image" title="Zebpay" msid="74490890" hostid="261"></div>

 <ul><li>Now, enter a four-digit PIN. </li><li>Re-enter the four-digit PIN. </li><li>Once you have set the PIN, you can opt to use the fingerprint sensor. </li></ul><div type="image" title="Zebpay" msid="74490905" hostid="261"></div>

 <ul><li>Now, click on ‘Verify Email Address’. </li><li>Enter your name and email address. </li><li>Go to your mail and verify your account.</li></ul> <div type="image" title="Zebpay" msid="74490918" hostid="261"></div>

 Now you will be asked to provide your ID proof and address proof. <ul><li>Click on ‘Continue’. </li><li>For ID proof, you can submit your PAN card. </li><li>Upload the front of your PAN card and click on ‘Continue. </li></ul> <div type="image" title="Zebpay" msid="74490925" hostid="261"></div>

 <ul><li>For address proof, you can submit your Aadhaar card, driving license, passport or a utility bill dated within the last three months. </li><li>Select an address proof and upload it. </li><li>Click on ‘Continue’. </li><li>Now, select your source of funds and occupation. </li><li>Then, click on ‘Continue’. </li></ul>Once your KYC details are verified, you can start trading in cryptocurrency. <div type="image" title="Zebpay" msid="74490953" hostid="261"></div>

 Here are the cryptocurrencies available on Zebpay. <div type="image" title="Zebpay" msid="74490930" hostid="261"></div>
 You can select from the available currencies, enter the amount and click on ‘Buy’. See also: <a href="https://www.businessinsider.in/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">Cryptocurrency trading can restart in India after top court removes RBI ban calling it 'unconstitutional'</a> <a href="https://www.businessinsider.in/business/startups/news/crypto-community-in-india-is-rejoicing-exchanges-are-ready-to-reopen/articleshow/74472080.cms">Crypto community in India is rejoicing ⁠— exchanges are ready to reopen</a> <a href="https://www.businessinsider.in/business/news/indias-crypto-market-was-worth-12-9-billion-in-2017-before-it-incurred-the-rbis-wrath/articleshow/74474034.cms">India’s crypto market was worth $12.9 billion in 2017 before it incurred the RBI's wrath</a>

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Explained: What is Cryptocurrency in India

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Facebook has confirmed that Libra isn’t coming to India as government shies away from ‘private’ cryptocurrencies

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Facebook's Libra faces obstacles in one of its biggest markets, because Indian regulators want to jail those who trade in cryptocurrency

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Crypto issue requires immediate attention, says FM Sitharaman

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How to open a cryptocurrency trading account in India

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