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<a href="http://www.businessinsider.in/searchresult.cms?query=vijay+shekhar+sharma&amp;sortorder=effectivedate">Paytm founder Vijay Shekhar Sharma</a> is all set to bring his expertise and lead the <a href="http://www.businessinsider.in/topic/Payments-Bank">payments banks</a> group of the Internet and Mobile Association of India (IAMAI). 
 <keyword id="15492" type="CITY" weightage="20" keywordseo="Vodafone">Vodafone</keyword> India business head Suresh Sethi has been appointed as vice-chairman of the group. 
 "<keyword id="2006841" type="UNKNOWN" weightage="20" keywordseo="Payments-banks">Payments Banks</keyword> is an innovative model of bringing unbanked population into the formal banking fold. <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> along with other license holders, would make financial services accessible for every Indian through this innovative route," said Sharma. 
 
READ ALSO: <a href="http://www.businessinsider.in/Not-soExclusive-Vijay-Shekhar-Sharma-answers-your-Paytm-FAQs/articleshow/51492023.cms">Not so Exclusive: Vijay Shekhar Sharma answers your Paytm FAQs</a> 
 
The Reserve Bank of India (RBI) had granted payment licences to companies including Paytm and Vodafone. 
 
IAMAI counts six out of the ten payments banks' primary licensees as members and as per IAMAI President Dr Subho Ray, the other four primary licensees have in principal agreed to join when they will be in operation. 
 
The business potential from serving millions of unbanked Indians to further the financial inclusion initiative of the government and the Reserve Bank had attracted most of the top business houses. 
 
(Image: Indiatimes)

Paytm founder Vijay Shekhar Sharma will now chair IAMAI payments banks group

<ul><li><keyword id="6986952" type="UNKNOWN" weightage="20" keywordseo="IDFC-First-Bank">IDFC First Bank</keyword> has temporarily halted services to crypto companies as it explores ‘enhanced due diligence.’</li><li>IDFC First Bank isn't the only one, as ICICI Bank, Yes Bank, and Paytm Payments Bank have taken similar decisions since May.</li><li>Cryptocurrencies were banned by the Reserve Bank of India (RBI) in 2018, but India’s top court overturned the decision in 2020.</li><li>For banks, cryptocurrencies are a concern since they're often a preferred instrument for money laundering, illegal purchases, and transactions relating to contraband.</li></ul>A host of Indian banks are reluctant to service the crypto industry and have opted to take matters into their own hands even though there is no official ban in place. The latest institution to reportedly join the bandwagon is IDFC First Bank. It has halted services to crypto companies sometime during the last one week, sources told <a href="https://www.livemint.com/companies/news/now-idfc-first-bank-halts-banking-services-to-crypto-industry-11624537138102.html">Livemint.</a> The report claims that the move is temporary while the bank explores 'enhanced due diligence’ regarding banking support to <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto</a> exchanges. IDFC First Bank isn't the only one to keep its distance from the volatile markets. ICICI Bank, Yes Bank, and Paytm Payments Bank have taken similar decisions since May. Big wigs HDFC Bank and State Bank of India (SBI) have also cautioned their users against the risks of dealing in unregulated digital currencies like <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a>. Such moves further add to the confusion for customers who are caught in the middle. The banks’ decisions are internal with no transparency or any direct communication that alerts users to the change. There’s no official ban on cryptocurrencies in India, and the RBI has confirmed it Last month, the RBI <a href="https://www.businessinsider.in/cryptocurrency/news/rbi-2018-cryptocurrency-circular-not-valid-crypto-exchanges-wazirx-say-deposits-should-resume-soon/articleshow/83117245.cms">clarified</a> that banks and other regulated entities should not cite its <a href="https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI15465B741A10B0E45E896C62A9C83AB938F.PDF">April 2018 order</a> banning banks from engaging with virtual currencies. The directive no longer holds true as it was set aside by the <a href="https://www.businessinsider.in/finance/news/cryptocurrency-in-india-is-legal-but-a-pending-bill-with-the-government-could-change-things/articleshow/74521104.cms">Supreme Court of India</a> in 2020. Since then, the crypto industry has been entirely unregulated, <a href="https://markets.businessinsider.com/currencies/news/india-central-bank-lenders-cryptocurrency-exchanges-traders-rbi-bitcoin-ban-2021-5-1030426343">making it tricky</a> for regulated financial players to decide the end outcome. For banks, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> are a concern since they're often a preferred instrument for money laundering, illegal purchases, and transactions relating to contraband. While RBI's clarification gave relief to crypto investors, banks are caught in the middle as they can neither entirely support crypto nor claim absolute immunity from its future fallouts or issues. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">Self-regulation is the only short-term solution for exchanges</h2> As the Indian government mulls over whether or not to bring in new laws to deal with cryptocurrencies, <keyword id="6422582" type="UNKNOWN" weightage="20" keywordseo="Crypto-Exchanges">crypto exchanges</keyword> have <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">agreed</a> to self-regulation under the patronage of the Internet and Mobile Association of India (IAMAI). It includes a code of conduct that will see all crypto exchange members voluntarily complying with KYC, tax and other norms. Crypto exchanges are also <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchanges-are-eyeing-more-industry-bodies-to-expand-influence/articleshow/83742929.cms">reportedly</a> setting up a second lobby — of which Zebpay is a confirmed member — under the helm of IndiaTech, an industry body representing the country's leading internet startups like Ola, MakeMyTrip, Nykaa, Dream11, and more. With a formal setup, the board and exchanges will develop protocols to accommodate regular audits and inspections, customer redressal mechanism, and fraud protection. The collective effort, they claim, will also help crypto exchanges keep an eye out for money laundering, illegal transactions, and more. It's <a href="https://fortune.com/2021/06/02/india-bitcoin-ban-crypto-exchange-investors-crackdown-rbi/">estimated</a> that India has 15 million crypto investors with ₹10,000 crore worth of digital assets. For an industry that has zero regulations, that's a lot of money at stake. Even though cryptocurrencies are a concern, the underlying technology of blockchain is being welcomed. Recently, 15 private and state-run banks <a href="https://www.businessinsider.in/cryptocurrency/news/sbi-hdfc-icici-and-12-others-banks-are-joining-forces-to-use-blockchain-to-power-letters-of-credit-a-move-that-could-be-a-boon-for-msmes/articleshow/83570874.cms">teamed up</a> in India to form a new group called Indian Banks' Blockchain Infrastructure Company Private Limited (IBBIC). Initially, they plan to process Letters of Credit (LCs), GST invoices, and e-way bills via blockchain to help speed up the existing system. <a target="_blank" class="c-link" href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/heres-how-chinas-2021-crypto-crackdown-in-2021-differs-from-the-2017-ban/articleshow/83802778.cms">Here’s how China’s 2021 crypto crackdown in 2021 differs from the 2017 ban</a> <a href="https://www.businessinsider.in/business/startups/news/zomato-is-seeking-a-8-billion-valuation-in-its-ipo-does-it-make-sense/articleshow/83801848.cms">There are a few reasons why Zomato wants $8 billion valuation from its IPO -- here's a look at if it makes sense</a>

IDFC First Bank joins ICICI Bank, Yes Bank and others in stopping services to crypto companies, despite RBI's nudge to ignore its 2018 order

The guidelines issued by the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>) for prepaid payment instrument (PPI) licence holders are not going well with the mobile wallet companies. Reportedly, the <keyword id="6368227" type="UNKNOWN" weightage="20" keywordseo="Mobile-wallets">mobile wallets</keyword> have raised several concerns over RBI’s proposed guidelines. One of the issues that these companies have is of the know your customer (KYC) norms. "Some clarifications were sought on certain clauses, while PPIs discussed issues around KYC, especially since it could be an overkill for small transactions," one of those at the meeting told ET. The <keyword id="4128581" type="UNKNOWN" weightage="20" keywordseo="payment-council-of-india">Payment Council of India</keyword> and the Internet and <keyword id="592650" type="ORGANIZATION" weightage="20" keywordseo="Mobile-Association-of-India">Mobile Association of India</keyword> (IAMAI) had organised a meeting in which they gave out feedback on the proposed norms. As per RBI’s draft guidelines, the PPIs will have to move to full KYC details within 60 days of the PPI licence being issued. Presently, e-wallets and other such prepaid payment instruments can only hold up to Rs 20,000 per user with minimum KYC. "In the feedback given to RBI, the main request is that minimum KYC be retained or that the deadline for implementing full KYC be extended to 18-24 months, since by then telecom companies would have done Aadhaar linking of mobile numbers. That will help mobile wallets do full KYC for all customers," one industry member told ET, adding “The other ask is that RBI should publish the interoperability guidelines for wallets.” Some of these concerns, especially full KYC compliance, were raised at the meeting, according to those present. PPIs are currently seeing monthly transactions of Rs 6,000 crore, of which about Rs 4,000 crore is from money transfers while corporate solutions such as smart cards for expense management constitute about Rs 500 crore, ET quoted people with knowledge of the matter.

Mobile wallets are not happy with RBI’s latest draft guidelines. Here’s why

The power of <keyword id="6376566" type="UNKNOWN" weightage="100" keywordseo="Plastic-money">plastic money</keyword>, which effectively promotes the ‘buy now, pay later’ policy, has become a modern-day convenience, but the global history of the earliest credit cards dates back to the early 1900s. You must have read or seen this in books or movies depicting a society where a local general store would extend credit to regular customers while department stores in the cities would do the same. Although we have come a long way from local general stores to online shopping, one thing that has not changed is the use of credit. 
 With the e-commerce and the retail industry growing at a frenetic pace, credit cards won’t be disappearing anytime soon. According to a <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) report published in February 2014, there are nearly 19 million credit cards in circulation. Also, digital payments in India are expected to touch Rs 1.2 trillion by December 2014, a 40% increase from Rs 85,800 crore the previous year, propelled by the growing Internet penetration, growth in e-commerce and the ease of online payments, according to a report by the <keyword id="128625" type="ORGANIZATION" weightage="100" keywordseo="Internet-and-Mobile-Association-of-India">Internet and Mobile Association of India</keyword> (IAMAI). 
 
The benefits of a credit card include the ease of carrying, better security and protection, compared to cash. Increasing your purchasing power, brining in value-added benefits like cashback and reward points, and ensuring emergency protection are some of the benefits that one can easily avail through credit cards. 
 
Here are 3 quick ways to maximise these benefits. 
 
1. Go for the long run: Become a long-term customer and make sure of reasonably frequent usage of the credit card. If the credit card usage shows good credit behaviour over a long period of time, it will impact your credit score positively. Also, your chance of getting a loan, even a larger loan, from lenders becomes brighter. 
 
2. Bridge that extra mile: It is a good practice to utilise maximum of your credit limit towards the beginning of your credit cycle. Suppose your billing cycle starts from the 10th of each month. In such a case, try to make maximum use of your card closer to that date, which means around or after the 10th of that month. The more you use your card closer to the 10th, the maximum free credit you get. 
 
3. Watch out for the speed breakers: Try to avoid minimum payments on your outstanding amount. It is advisable to pay 100% of your credit card bills if that is possible. Stay disciplined and pay on time all the outstanding dues as this reflects good credit behaviour, which in turn also impacts your credit score positively. 
 

	As one of the classic ad campaign says, “There are some things money can’t buy. For everything else, there’s MasterCard.” So use your credit card prudently, always pay the full outstanding amount on or before the due date and be cautious not to leverage the power of plastic beyond your means.
 

	Watch this space for the concluding part for the article – Fee For A Credit Report Versus Free Credit Report.
 

	About the author: Satish Mehta is the Founder and Director of Credexpert, a credit and debt counselling company in India.

3 Ways To Boost The Power Of Plastic Money

With an aim to reign in cryptocurrency ads promising wild returns, Spain has now joined countries like Singapore and India, stressing that the advertising of crypto-assets must be clear, balanced, fair and explain risks to the public. Spain's National Securities Market Commission has issued new guidelines, to come into force from February 17, that mandates the following warning to be placed on all <keyword id="12386484" type="General" weightage="20" keywordseo="crypto-ads" source="Orion">crypto ads</keyword>: "Investments in crypto-assets are not regulated. They may not be appropriate for retail investors and the full amount invested may be lost". The aim, said the Spanish watchdog, is to ensure that the advertising of the products offers true, understandable and non-misleading content, and includes a prominent warning of the associated risks. "This is particularly relevant in the field of crypto-assets as the absence of a complete regulation is a challenge for investor protection," it said in a statement late on Monday. The new Circular is applicable to crypto-asset service providers when they carry on these advertising activities. Earlier, Singapore warned cryptocurrency and digital token providers not to promote or advertise their digital tokens via various media platforms to the general public. In new guidelines, the Monetary Authority of Singapore (MAS) said that digital payment token (DPT or more commonly known as cryptocurrency) service providers should not promote their DPT services to the general public in Singapore. The new guidelines also apply to banks and payment institutions that offer such services. These will further be expanded to include the transfer of <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> and provision of wallet services. "The trading of cryptocurrencies is highly risky and not suitable for the general public. DPT service providers should therefore not portray the trading of DPTs in a manner that trivialises the high risks of trading in DPTs, nor engage in marketing activities that target the general public," said Loo Siew Yee, MAS Assistant Managing Director (Policy, Payments and Financial Crime). The authority warned that trading cryptocurrencies is "highly risky" and not suitable for the general public, as the prices of crypto are subject to sharp speculative swings. The Indian government in November last year raised concerns over crypto ads promising wild returns. Indian crypto players bombarded the public with advertisements across platforms -- doubling down on their marketing spend when the cryptocurrencies are yet to be accepted as legal tender and lack legal framework and regulatory norms in the country. An advertisement by the Blockchain and <keyword id="6368079" type="General" weightage="20" keywordseo="crypto-assets" source="Orion">Crypto Assets</keyword> Council (BACC), a part of the Internet and Mobile Association of India (IAMAI) with industry players like CoinSwitch Kuber, CoinDCX, WazirX and Zebpay on board, had claimed that crores of Indians have invested over Rs 6 lakh crore in crypto assets to date. Meanwhile, the much-awaited 'Cryptocurrency and Regulation of Official Digital Currency Bill, 2021', did not make it to the table during the Winter Session of Parliament amid growing concerns over the misuse of digital coins on the Dark Web for terror acts and drugs trafficking by militant organisations, and for money laundering and hawala-based transactions. Prime Minister Narendra Modi had said that all democratic countries need to work together on cryptocurrency and ensure that it does not end up in the wrong hands. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/coindcx-hiring-2000-plus-people-this-year-crypto-coders-developers-product-development-and-other-roles/articleshow/88972086.cms">EXCLUSIVE: CoinDCX plans to hire more than 2,000 people this year — and they are not just looking at coders</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/uk-government-will-toughen-regulation-on-misleading-crypto-ads-after-a-record-number-of-campaigns-flood-london/articleshow/88981247.cms">UK government will toughen regulation on ‘misleading’ crypto ads after a record number of campaigns flood London</a>

Spain joins countries like India to keep crypto companies from promising wild returns in ads

<ul><li>Ikigai Law’s Anirudh Rastogi represented Indian crypto exchanges in the <keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> case, which led to the Reserve Bank of India’s <keyword id="6441508" type="General" weightage="20" keywordseo="crypto-ban" source="Orion">crypto ban</keyword> getting quashed.</li><li>According to him, the ideal case would be for the government to create a self-regulatory organization (SRO) to oversee the crypto industry in India.</li><li>However, the matter could go to court if the government’s upcoming crypto bill is too restrictive.</li></ul>India’s upcoming crypto bill has been wrapped in speculation since last week, when the government announced it would be introducing the <a href="https://www.businessinsider.in/investment/news/heres-a-quick-look-at-how-the-evolution-of-cryptocurrencies-has-played-out-in-india/slidelist/87902549.cms">long-awaited</a> piece of legislation during the ongoing session of <keyword id="6354721" type="General" weightage="20" keywordseo="parliament" source="Orion">Parliament</keyword>. The industry as a whole is hoping that the government will find the right balance so as to not restrict innovation and provide legitimacy to the sector. The lawyer behind getting India’s 2018 crypto ban quashed, Anirudh Rastogi, believes an overly restrictive stance could lead to another battle in the Supreme Court. Rastogi represented Indian crypto exchanges for Internet and Mobile Association of India (IAMAI), whose members include WazirX, CoinDCX and others, in the appeal at the Supreme Court against the 2018 ban on cryptocurrencies issued by the Reserve Bank of India (RBI). Short of blanket ban, these are some of the wishes that he has from the crypto ban: <ol><li>A self-regulatory organisation to oversee the crypto industry</li><li>Sunset clauses for stringent laws</li><li>A sandbox setup for crypto businesses to develop their use cases</li><li>Allowance of gas fees payments using cryptocurrencies</li></ol>“A blanket ban on payments would be a good reason to go to court. If I can’t make gas payments, that’s the end of a lot of businesses — how do you operate an exchange, for instance, which is built on an Ethereum or Bitcoin network without paying gas fees. This could be challenged as a violation of a person’s ‘right to trade’,” he told Business Insider. <cmsannotation type="cmsannotation" annotationid="What’s the big deal about gas fees?" comment="subhead" text="What’s the big deal about gas fees?">What’s the big deal about gas fees?</cmsannotation> Gas fees, simply put, are transaction fees. These payments are made by users to compensate the network for the computing energy required to process and validate transactions. And, they’re done during cryptocurrencies. If there’s a blanket ban on cryptocurrencies and their use as payments, developers based out of India will face issues developing solutions based on blockchain technology. “If the government bans use of cryptocurrency for payments, the right exceptions within that are important… Licensing for cryptocurrency based cross-border remittances would be desirable since it can make remittances significantly cheaper and faster. So allowing limited payments activity would actually be good,” Rastogi explained. <cmsannotation type="cmsannotation" annotationid="Rastogi’s wish list for India’s crypto bill" comment="subhead" text="Rastogi’s wish list for India’s crypto bill">Rastogi’s wish list for India’s crypto bill</cmsannotation> “I wish our government had taken a slightly more methodical approach towards crafting this regulation,” Rastogi said in conversation with WazirX’s head of public policy, government affairs and content, Aritra Sarkhel, during Business Insider’s webinar. According to him, it’s not a surprise that the Indian government is not looking to recognise Bitcoin as a currency. “That has been a consistent stance taken by the government, right from Arun Jaitley’s 2018 Budget speed,” he said. At the same time, fears persist. An overly restrictive regime could also pose a problem. “Over regulating a new, emerging technology could be deeply problematic because it’s a rapidly evolving space. And, for the government to keep pace with that and in terms of legislation is obviously going to be difficult,” said Rastogi. Instead, he proposes that the government should lay out broad principles but not micro-manage. Other industries, like over-the-top (OTT) services and e-commerce, self-regulated themselves for a good couple of years — and the same allowance should be given to the crypto sector in India. <div type="ExtQuote" text="My ideal case would be for the government to create an SRO [self regulatory organisation], which could then lay down further guidelines on two or three specific issues — one would be investor protection and advertising." auname="Anirudh Rastogi, the founder and managing partner at Ikigai Law, told Business Insider"></div> If the government does introduce more stringent regulation it should come with a ‘sunset clause’. Simply put, the strictest parts of the law should be accompanied by an expiry date, at which point they should be reevaluated. Alternatively, the government could even set up a sandbox environment for cryptocurrency experiments. “The RBI sandbox in place today specifically bans cryptocurrency businesses, which is bizarre. Sandboxes are meant to be created exactly for these types of businesses, which are cutting-edge, less understood and have regulatory concerns — that’s why you create a sandbox,” explained Rastogi. <cmsannotation type="cmsannotation" annotationid="Questions remain unanswered" comment="subhead" text="Questions remain unanswered">Questions remain unanswered</cmsannotation> According to <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, India’s Finance Minister, Bitcoin will not be given the status of a currency. But she did not elucidate on whether or not payments in cryptocurrencies for blockchain operations would still be permitted. The question around whether or not cryptocurrency trade would still be permitted in the country also hangs in the balance until an official draft of the bill is brought in for public review. The silver lining is that Sitharaman clarified that the upcoming bill is most definitely different from its previous iterations. However, it is still pending approval from the Cabinet before it can be introduced into the lower house of Parliament — the Lok Sabha — for discussion. <div type="ExtQuote" text="As my colleague Priyam likes to say, if this bill was a digital asset it would be more volatile than Bitcoin or Ethereum or anything else trading out there." auname="Anirudh Rastogi, the founder and managing partner at Ikigai Law, told Business Insider"></div> Here’s the full conversation with Anirudh Rastogi and WazirX’s head of governance affairs, public policy and content, Aritra Sarkhel: <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="2" retweetcount="1" status="#LIVE | Two days of #WinterSession in Parliament, two sets of comments from Finance Minister #NirmalaSitharaman —… https://t.co/CQLDkL4pIC" createdat="1638275419000" id="1465659453877805056"></div> Disclosure: This conversation is part of a series on Business Insider, sponsored by WazirX. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/coindcx-clarifies-that-it-has-no-immediate-plans-to-launch-an-ipo/articleshow/87979346.cms">CoinDCX clarifies that it has no ‘immediate’ plans to launch an IPO</a> <a href="https://www.businessinsider.in/cryptocurrency/news/india-crypto-bill-gets-a-revamp-but-its-still-a-work-in-progress-says-finance-minister-nirmala-sitharaman/articleshow/88001952.cms">Indian government confirms that its new crypto bill is not the same as the old one</a> <a href="https://www.businessinsider.in/investment/news/bitcoin-mining-is-bring-immersion-cooling-back-in-vogue/articleshow/87998756.cms">Immersion cooling has been around for over a decade, but it’s coming back in vogue thanks to Bitcoin mining</a>

The lawyer behind getting India’s 2018 crypto ban quashed hasn’t ruled out going to court again

<ul><li><keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword> believes crypto has stored value, just like gold or silver, but lacks transactional value.</li><li>Unlike Musk, though, Nilekani has a balanced approach to <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> that includes the co-existence of UPI.</li><li>The Indian government was highly reluctant about cryptocurrency in the beginning and banned it in 2018. The Supreme Court overturned that ruling.</li><li>Even crypto exchanges have asked the government to consider cryptocurrencies as an asset.</li></ul>Often considered one of India's most respected voices, <keyword id="207812" type="POSITION" weightage="20" keywordseo="Infosys-co-founder">Infosys co-founder</keyword> Nandan Nilekani feels the country can consider <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> an asset amid rising popularity and lack of regulatory oversight. He believes crypto has stored value, just like gold or silver, but lacks transactional value. "Just like you have some of your assets in gold or real estate, you can have some of your assets in crypto," he spoke to <a href="https://www.ft.com/content/874586aa-9fb8-4a72-ba09-083b6afbaf77">Financial Times</a> in an interview. "I think there's a role for crypto as a stored value but certainly not in a transactional sense." Nilekani is often credited for kickstarting the IT boom in India and creating an industry unlike any other. He's also the architect of the Aadhaar biometric identity project that's handled by UIDAI (Unique Identification Authority of India). While the government mulls over regulations, backing from an expert adds a lot of confidence for new investors. A phenomenon that Tesla co-founder Elon Musk currently masters. Unlike Musk, though, Nilekani has a balanced approach to cryptocurrency that includes the co-existence of UPI (Unified Payments Interface). He thinks that the homegrown payments solution is much more effective as it's not volatile and requires minimal energy. UPI is a protocol developed by NPCI (National Payments Corporation of India) that allows peer-to-peer <a href="https://www.businessinsider.in/business/news/npci-starts-a-campaign-for-digital-payments-called-india-pay-safe-asking-people-to-ditch-cash-during-coronavirus/articleshow/74703544.cms">bank transfer </a>across all banks in the country. The technology has real-time settlement, and transfers barely take a second to go through. Unlike the developed markets, India is one of the few countries to skip the debit or credit card revolution and directly join the mobile payments trend thanks to affordable phones and inexpensive internet connectivity. The system is <a href="https://www.businessinsider.in/finance/news/upi-crosses-5-lakh-crore-in-transaction-value-in-march/articleshow/81820799.cms">already designed </a>to handle a billion transactions each day, eliminating the need for cryptocurrencies for payments. At the same time, Nilekani is confident that cryptos can be a solid asset in the coming years. Blockchain as a technology has gained massive momentum, and India's IT companies are at the forefront of it, servicing hundreds of multinational clients. "Indian regulators are also considering a Central Bank Digital Currency or <a href="https://www.businessinsider.in/stock-market/news/china-is-giving-away-digital-yuan-worth-6-2-million-in-a-beijing-lottery-as-it-tests-out-its-cbdc-reports-say/articleshow/83174222.cms">CBDC</a>. I am not sure if we need a stable private coin or if a digital rupee will be good enough. We need to look at how it will help Indians, how MSMEs can access capital using <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoins</a>. No amount of tech is going to sway anyone's view," he further added. With a market cap of more than $1.5 trillion, crypto can allow the community to pour its wealth into the Indian economy. The Indian government was highly reluctant about cryptocurrency in the beginning and banned it in 2018. A Supreme Court ruling overturned the ban soon, however investors remain concerned. This is because some Indian <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-exchanges-are-reportedly-considering-going-to-court-against-the-countrys-central-bank/articleshow/83034174.cms">banks remain cautious</a>, despite RBI’s clarifications on its 2018 circular. Even crypto exchanges have <a href="https://www.businessinsider.in/cryptocurrency/news/indians-are-holding-on-to-their-cryptos-amidst-all-the-uncertainty/articleshow/82971829.cms">asked</a> the government to consider cryptocurrencies as an asset. And as they await regulations, India’s crypto players have decided to form a <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">self-regulatory board</a> under the industry-body IAMAI and set some bare minimum guidelines to curb fraud. The cryptocurrency world is exceptionally polarised, and everyone has a differing point of view. Evangelists call it a revolution, technocrats believe in blockchain's potential, the nay-sayers are convinced it's a bubble, while some are just watching the circus do its thing. Smart and sensible cryptocurrency regulations are the need of the hour. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/chinas-war-against-crypto-continues-as-weibo-bans-at-least-a-dozen-popular-cryptocurrency-accounts/articleshow/83309874.cms">China’s war against crypto continues as Weibo bans at least a dozen popular cryptocurrency accounts</a> <a href="https://www.businessinsider.in/india/news/heres-why-fuel-prices-in-india-may-not-come-down-in-a-big-way/slidelist/83299743.cms">Here’s why fuel prices in India may not come down in a big way ⁠— at least not this year</a>

Infosys co-founder Nandan Nilekani wants crypto in India to be treated as an asset class but not a currency

Facing intense criticism over its <keyword id="10051888" type="UNKNOWN" weightage="20" keywordseo="play-store-billion-policy">Play Store billion policy</keyword>, Google on Monday said it has extended the time for developers in India who use alternative payment system, to integrate with the <keyword id="10051889" type="UNKNOWN" weightage="20" keywordseo="play-store-billing-system">Play Store billing system</keyword> till March 31, 2022, thus deferring the enforcement of 30 per cent commission on in-app purchases of digital goods from its Play Store in the country. The move, the tech giant said, is to ensure that the Indian developers have "enough time to implement the UPI for subscription payment option that will be made available on Google Play". The company said it is setting up listening sessions with the leading Indian startups to understand their concerns more deeply. "We will be setting up Policy Workshops to help clear any additional questions about our Play Store policies," Purnima Kochikar, Director of Business Development, Games &amp; Applications, Google Play, said in a blog post. The Google decision to extend the time for developers in India to integrate with the Play billing system comes in the wake of criticism it has received from various stakeholders. The developers and payment gateway players have criticised the new Google in-app purchase policies where those using Play Store to sell digital services will be required to use the tech giant's own built-in payment system. "Just because Google owns the gate and the gateway to the digital ecosystem of this country, they should not act arbitrarily and enforce their rules and regulations which are contrary to our country's laws," said Vishwas Patel, Founder, CCAvenues and Chairman, Payments Council of India. "Also, they cannot force Indian apps developers/owners selling digital services to compulsorily use the Google Billing and payment system and charge 30 per cent MDR," he added. According to Kochikar, the Google Play payments policy is not new. "In fact, more than 97 per cent of developers with apps on Google Play already comply with the policy. To be clear, the policy only applies if a developer charges users to download their app or they sell in-app digital items, which is less than 3 per cent of developers with apps on Google Play," she reiterated. According to the Internet and Mobile Association of India (IAMAI), prima Facie, Google's move, even if legal, is certainly not innocuous. "For many founders of Indian start-ups, this brings back fears of the not so old deeply problematic revenue share model between VAS service providers (mainly digital goods) and telcos," the IAMAI said last week. Google said that its billing system provides a simple, safe way for consumers to transact. "We are deeply committed to the success of the Indian ecosystem. We do not succeed unless our partners succeed," Kochikar said. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/indusind-icici-rbl-axis-hdfc-kotak-mahindra-bank-share-price-and-other-stocks-surge-on-loan-moratorium-case/articleshow/78486360.cms">Bank stocks surge after government agrees to waive off interest on loans up to ₹2 crore</a> <a href="https://www.businessinsider.in/tech/news/vijay-shekhar-sharma-fires-the-shots-paytm-launches-its-own-android-mini-app-store-to-take-on-google/articleshow/78484994.cms">Vijay Shekhar Sharma fires shots – Paytm launches its own Android mini-app store to take on Google</a> <a href="https://www.businessinsider.in/defense/news/next-round-of-india-china-corps-commander-talks-scheduled-for-october-12/articleshow/78485609.cms">Next round of India-China Corps Commander talks scheduled for October 12</a>

Google defers 30% Play Store app fee for developers in India till March 2022

Led by <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, the global <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">cryptocurrency</a> market has zoomed past $2 trillion in market capitalisation amid a surge in institutional demand. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">Bitcoin</a> alone has contributed more than $1 trillion after its price more than doubled in 2021 and is currently hovering around $57,000 per digital coin. The other key <keyword id="2420795" type="PERSON" weightage="20" keywordseo="cryptocurrencies">cryptocurrencies</keyword> -- Ethereum, Binance Coin, Polkadot, Tether and Cardano -- have a combined value of about $422 billion. The electric car company Tesla has announced to start accepting Bitcoin as payment. Tesla has already invested $1.5 billion in Bitcoins. Tesla CEO <keyword id="6355315" type="COMPANY" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> said late last month that people in the US can now buy a Tesla with Bitcoins, and the option to pay with the popular <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">cryptocurrency</a> will be available to <keyword id="2386915" type="PERSON" weightage="20" keywordseo="other-countries">other countries</keyword> later this year. According to Shivam Thakral, CEO, BuyUcoin, the digital assets have beaten every other asset class as Bitcoin and Ethereum have grown 100 per cent and 190 per cent this year, respectively. "The growing global support for crypto industry is not surprising as think tanks/institutions across the globe have realised the importance of digital assets and want to take first mover advantage. There is no other asset class in the world which can provide such a strong hedge against inflation," Thakral said in a statement on Wednesday. In <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, with Union Finance Minister Nirmala Sitharaman saying that all windows on cryptocurrencies will not be closed down, industry stakeholders last month said that a positive move at this point can unleash a host of opportunities for the country. India's leading cryptocurrency players, represented by IAMAI (Internet and <keyword id="592650" type="COMPANY" weightage="20" keywordseo="Mobile-Association-of-India">Mobile Association of India</keyword>) have appealed to the government of India not to ban cryptocurrency, saying that a robust mechanism to regulate the ecosystem is needed. The government has listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for introduction, consideration and passing in the current session of Parliament. Reports indicate that India probably aims to launch its own digital currency i.e. Central Bank Digital Currency (CBDC). This measure will be in line with many central banks which have begun planning to issue their own digital currencies. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms">One third of Indians hold cryptocurrencies and youngsters are leading the charge, according to a new report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cricket-is-jumping-on-the-nft-bandwagon-heres-how-fans-can-splurge-on-digital-collectibles-in-the-sporting-world/slidelist/85302503.cms#slideid=85302611">Cricket is jumping on the NFT bandwagon — here’s how fans can splurge on digital collectibles in the sporting world</a>

Global crypto market crosses $2 trillion, bitcoin accounts for over 50% of the market cap

<ul><li>The Indian government has been a strong propagator of <keyword id="6441632" type="UNKNOWN" weightage="20" keywordseo="Data-localisation">data localisation</keyword> stating that it will improve the security and privacy of data. </li><li>A report by ICRIER and IAMAI finds that data localisation is inconsequential to privacy and will weaken fraud detection. </li><li>It also states that the growth and competitiveness of local firms, especially start-ups and small businesses, will be hampered by data localisation. </li></ul>The Internet is getting faster, more people are coming online, data consumption is higher than ever — but so are the amount of <a href="https://www.businessinsider.in/tech/news/oneplus-data-breach-and-how-to-protect-yourself-against-phishing-emails/articleshow/72242175.cms">data breaches</a>. Financial data in India is <a href="https://www.businessinsider.in/whatsapp-gives-in-to-indias-data-localisation-policy/articleshow/66135946.cms">already localised</a> but the government is looking to bring all data under the new regime with the <a href="https://www.businessinsider.in/apple-microsoft-aws-adobe-akamai-and-ibm-want-discussion-on-personal-data-protection-bill-before-parliament/articleshow/69768390.cms">Personal Data Protection Bill 2019</a>. Their argument is that is will make data more secure if it's stored in Indian servers. India's most vocal propagator of data localisation, Mukesh Ambani — the richest man in the country — also believes Indian data should stay in India since '<a href="https://www.businessinsider.in/data-is-the-new-oil-and-indians-shouldnt-have-scarcity-of-it-says-mukesh-ambani/articleshow/57167743.cms">data is the new oil</a>'. Vijay Shekhar Sharma, founder of the payments service PayTM, proposes that data should be 'stringently domiciled'. However, this may not necessarily be the solution to privacy woes, according to a report by ICRIER and IAMAI on the economic implications of cross-border data flows. Not only will data localisation weaken fraud detection but it could also end up costing India $43 billion in trade. It will also be more costly — not just for global firms but local firms as well. As data localisation turns into an entry barrier, it could result in global retaliation and reduced competitiveness. One place, one target, one hit Just because data is stored all in one place, doesn't make it more secure. In fact, like most bank heist movies will tell you, it makes the target easier to hit. This is not only because all of it will be in one place but because most mature financial services companies use integrate global architectures to manage their data — the localisation of data would impair their functionality. According to the ICRIER-IAMAI report, the weakening of fraud detection systems would likely lead to a ten-fold increase in fraud losses in India. "The costs of maintaining and upgrading these systems, unique to each company, will be recurrent and significant," noted the report. It also added, "The location of data is inconsequential to improving privacy outcomes." Data localisation isn't so good for the locals either The digital services market is highly competitive. In order to stay in the running, companies — Indian and otherwise — have to keep their costs as low as possible. With globalisation and the nature of cloud services, companies can store their data wherever they get the best price — even if that's offshore. But this will no longer be the case if data localisation is made mandatory. Not only will this make things more expensive for digital firms, but customers may also have to bear the brunt of higher prices, according to the ICRIER-IAMAI report. In the short run, it is costing small and medium enterprises (SMEs) to migrate to local servers. Indian data centers might not always have the latest features and updates either. That is another long-term pain point. SMEs have also reported that forcing the development of data centers locally won't only increase the direct cost for businesses but also increase indirect costs — like paying for the power supply. Localisation isn't that good for the customers either Data localisation will mean that it will be harder for foreign countries to enter the Indian market — a barrier to entry. With fewer companies populating the market, competitiveness will take a hit. That means two things — one, the quality of products and the level of innovation will reduce and two, prices are likely to increase. According to the report, companies also fear global retaliation if India is too stringent with its localisation measures — such as higher customs and export restrictions. This will, again, increase the cost of products in the country. It's not that India shouldn't implement data location but 'data' shouldn't be used as a blanket term. Softening the localisation measures to critical or sensitive datasets would minimise the opportunity costs. If India keeps its data borders open, it will increase its total volume of goods trade by an estimated $43 billion annually as cross border data flows increase. Over the past year, India's total Internet bandwidth increased by 35% resulting in $24 billion in trade. See also: <a href="https://www.businessinsider.in/india-personal-data-protection-bill-global-ceo-concerns/articleshow/68389336.cms">Here’s what global tech CEOs have to say about India's data protection laws</a> <a href="https://www.businessinsider.in/policy/news/an-indian-lobby-with-the-likes-of-facebook-flipkart-and-microsoft-as-members-is-still-arguing-against-storing-data-in-india/articleshow/71472585.cms">An Indian lobby with the likes of Facebook, Flipkart, and Microsoft as members is still arguing against storing data in India</a> <a href="https://www.businessinsider.in/data-protection-for-indian-businesses-inadequate/articleshow/68613117.cms">Indian companies know how to sell data but not how to protect it</a>

Data localisation won't help 'local' firms or improve privacy — but it could cost India $43 billion

<a href="http://www.businessinsider.in/searchresult.cms?query=E-Commerce">E-Commerce</a> has become one of the undisputed mainstays of the <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+economy+">Indian economy </a>and the sector is poised to grow at a 41% CAGR over FY15-18E, according to a recent Goldman Sachs report. Our sense is that within a decade, India’s consumption <a href="http://www.businessinsider.in/searchresult.cms?query=GDP">GDP</a> will be $2.5 trillion, of which, 10% will be online and <keyword id="35621" type="UNKNOWN" weightage="100" keywordseo="e-commerce">e-commerce</keyword> will play a definitive role in addressing this $250 billion consumption gap. Therefore, starting 2016, the Indian e-commerce sector will need to recalibrate its focus on a long-term vision to ensure business scalability and profitability. Businesses will have to ensure bringing in innovative consumer-centric solutions to provide an enhanced experience for all stakeholders. In the process of laying the future roadmap to create the most impactful digital commerce ecosystem, there are four focus areas which will require special attention – digital payments, O2O and Omni channel, vernacular interfaces, and predictive analysis. 
 
Digital Payments Creating Value Added Transaction Experience 
From card on delivery to greater adoption of <a href="http://www.businessinsider.in/searchresult.cms?query=digital+wallets">digital wallets</a>, payment has become an active playground for e-commerce players to ensure value added transaction experiences. Focusing on improving customer experience, 2016 will see introduction of more efficient digital payments solutions. One impact of this will be on the financial supply chain and refunds mechanism. Banks are already assisting in building this through IMPS transactions that allow bulk refunds to be processed faster, even allowing under one hour refunds in certain cases. In 2016, faster cash transaction solutions will be developed for sellers and merchants as well. For instance, banks can collaborate with e-commerce logistics partners to strengthen financial supply chain. This will allow faster collection and entry of cash in the banking system as well as efficient technology integration for its early disbursal to marketplaces, and thereby the <a href="http://www.businessinsider.in/searchresult.cms?query=seller+community">seller community</a>. 
 
 At the same time, forecasts that suggest the mobile wallet market in India are expected to reach US USD 6.6 billion by 2020 (India Mobile Wallet Market Forecast and Opportunities, 2020) indicate greater adoption of wallets as a simplified and secure digital payment option. With various payment solutions such as HCE (Host Card Emulation), NFC (Near Field Communication), BLE (Bluetooth Low Energy) and QR (Quick Response) code, digital wallets have already created value through single touch and secure payment solutions, cashback deals, among others. The future is in solutions like ‘On the go Pin’ which are not only compliant with RBI’s two-factor authentication mandate, but also faster and safer than existing technologies like MPIN, by-passing the need for OTP in online and offline commerce. 
 
O2O and omni channel: Fostering integrated commerce experiences 
Retailers and marketplaces are increasingly recognizing the need to reach on-the-move customers through multiple entry points – web, wap, app and in- store – as consumption patterns evolve. A robust omni-channel programme will help <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">e-commerce</a> players integrate in-store and online product discovery and delivery, creating value and loyalty in customers. A significant number of consumers in India still prefer the touch and feel aspect of offline commerce. Online to offline commerce is in a unique position to cater to diverse consumer demands and buying behaviours. Since technology is such an integral part of an intuitive O2O experience, marketplaces can start by focusing on data integration and pre-emptive analysis to deliver differentiated experiences at unique points of access. 
 
In fact, a series of strategic engagements that go into building successful models of hyper-local delivery, Click and Collect commerce and service assistance will be designed on a strong foundation of simplified technology solutions. Examples of these engagements are already being seen in categories like Automobiles, Apparel and Real Estate. But with more brands accepting the need, we will see an increase in cases of omni-channel outreach. 
 
Recognizing value in Vernacular: 
With the rapid growth of e-commerce businesses, the sector will have to start looking at the untapped segments of Indian population to increase market share. According to an IAMAI (Internet and Mobile Association of India) report, out of India’s 259 million internet user base, 127 million internet users from the Tier 2 and 3 geographies are yet to come online due to the language barrier. Yet the consumption needs for this pool are as diverse and as strong as their English-speaking counterparts. This creates potential to open up the ecommerce industry to an untapped market – estimated to be more than 100 million internet users. The next growth area, we feel, will be in developing language-based interface solutions, back-end support and customer engagement teams to create an experience unique to vernacular audiences. Recognizing the potential, <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal">Snapdeal</a> became the first <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">e-commerce</a> marketplace to launch a UI in 11 regional languages. This is only expected to drive trends in e-commerce, bringing the remotest areas in the country under financial inclusion through digital wallets. A cashless economy can very well be the future. 
 
Innovation will ride on simplification and predictability: 
A worthwhile commerce experience is dependent on ease of discovery, purchase and delivery. Placing the customer at the centre of innovations will allow for blending various aspects of user experiences across multiple platforms, channels and apps – a string of pearls impact. This is both a reflection of, and an impetus to, the way <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">e-commerce</a> engagements will develop as the sector matures. One aspect of this is the experience of a customer when he engages with a brand or platform. The intuitiveness of an interface is the first stage at which impactful interactions can happen with customers. The spate of innovations like more efficient product discovery, greater integration of social platforms to mimic peer-influenced purchase decisions, replication of offline browsing experiences are all steps in the direction to make a great first impact. Now, an important focus area for <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">e-commerce </a>marketplaces will be real-time addressing of consumer pain-points which predominantly rest on lack of trust and inconvenience. On the technology front, this can be delivered through solutions like pre-emptive and stringent product quality checks that will enable better addressing of fraud. 
 
Deploying Big Data insights and Predictive Analysis have been key factors in how e-commerce players have strengthened customer engagements. In fact product recommendations to customers and business solutions for sellers have relied on recognizing insightful patterns in consumer preferences. Yet the scope of data analysis is grossly under-tapped, especially in context of process management. E-commerce businesses in 2016 will engage more strongly with the <a href="http://www.businessinsider.in/searchresult.cms?query=Data+Analytics">Data Analytics</a> to manage their back-end solutions. If we observe the ecosystem today, logistics partners and marketplaces have begun driving better process by more efficient tracking of products; predicting demand surges, especially on high online-traffic days and also smartly managing bottlenecks in assembling and delivery. 
 
Online commerce is set to reach greater heights because of the significant investments that are going into strengthening its supporting ecosystem. Businesses that will work towards transforming various elements of the value chain will enable the establishment of a sustainable e-commerce sector. Hence, factors like digital payments, O2O commerce and pre-emptive and simplified technology innovations will drive value for customers and sellers alike. As the sector evolves, focused executions to transact and engage in vernacular, will help shift a further chunk of retail transactions online. Digital commerce is poised to create further disruption in the Indian market landscape, and these developments will eventually play a critical role in strengthening the economic growth of the country. 
 
(The article has been authored by <a href="http://www.businessinsider.in/searchresult.cms?query=Anand+Chandrasekaran">Anand Chandrasekaran</a>, Chief Product Officer, <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal">Snapdeal</a>) 
 
 Image credit: Indiatimes

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