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Actor <keyword id="19897962" type="General" weightage="100" keywordseo="Tamannaah-Bhatia" source="keywords">Tamannaah Bhatia</keyword>, who made waves with her recent cameo in Stree 2, is in the news again — but for a very unexpected reason this time. The actor was questioned by the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> (ED) in Guwahati on Thursday in connection with a high-profile <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> case involving the ‘<keyword id="19984854" type="General" weightage="20" keywordseo="HPZ-Token" source="keywords">HPZ Token</keyword>’ mobile app, where several investors were allegedly duped on the pretext of <keyword id="23296351" type="General" weightage="20" keywordseo="cryptocurrency-mining" source="keywords">cryptocurrency mining</keyword>. The 34-year-old actor’s statement was recorded under the <keyword id="19912399" type="General" weightage="20" keywordseo="Prevention-of-Money-Laundering-Act" source="keywords">Prevention of Money Laundering Act</keyword> (PMLA), according to the Press Trust of India (PTI). Bhatia allegedly received payments for making a "<keyword id="23595308" type="General" weightage="20" keywordseo="celebrity-appearance" source="keywords">celebrity appearance</keyword>" at an event linked to the app, though there were no incriminating charges against her. Initially called for questioning earlier, she deferred the summons due to professional commitments but appeared on Thursday, as per PTI. The money laundering probe is tied to an FIR filed by the <keyword id="21156024" type="General" weightage="20" keywordseo="cyber-crimes-unit" source="keywords">cyber crimes unit</keyword> of Kohima Police, where several accused were booked under the Indian Penal Code and Information Technology Act. The app in question, 'HPZ Token,' was reportedly used to deceive investors by promising hefty returns on Bitcoin and other cryptocurrency mining. For an investment of ₹57,000, investors were promised returns of ₹4,000 per day for three months, but payments were halted after the first round, and fresh funds were solicited. The ED’s investigation uncovered 299 entities involved, including 76 Chinese-controlled entities, accused of creating "shell entities" to launder funds. The agency seized assets worth ₹455 crore following searches across the country. This case is part of a broader crackdown on fraudulent online schemes and <keyword id="20454123" type="General" weightage="20" keywordseo="illegal-betting" source="keywords">illegal betting</keyword> tied to cryptocurrency investments. (With inputs from sources)

Why is actor Tamannaah Bhatia being questioned by the ED for a money laundering case?

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

<keyword id="161813" type="General" weightage="20" keywordseo="union-finance-minister" source="Orion">Union Finance Minister</keyword> <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said on Friday that her Ministry is looking at ways to reduce the overall level of <keyword id="169777" type="General" weightage="20" keywordseo="government-debt" source="Orion">government debt</keyword> so that future generations do not have to bear the burden. "We are conscious of the debt of the Government of India today. Compared to many other countries it might not be as high. But even there, we are consciously looking at experiments in different parts of the world," the finance minister said while addressing the <keyword id="19206518" type="General" weightage="20" keywordseo="kautilya-economic-conclave" source="Orion">Kautilya Economic Conclave</keyword>. "We are looking at ways in which we can bring down the overall debt. And I'm sure going to be very successful in that because I'm very much in line to meet India's aspirational requirements, but deal with it with a sense of responsibility so that the coming generations don't feel the burden, that government has left debt on them," she explained. The Finance Minister also said that there was a global consensus on putting in place a system for <keyword id="6259353" type="General" weightage="20" keywordseo="cryptocurrency-regulation" source="Orion">cryptocurrency regulation</keyword>. She highliighted India's role in bringing this issue to the forefront during the G20 meeting. "Crypto was the issue that we're able to bring in G20 meeting under India presidency and brought all the countries on consensus. All G20 countries agreed on a template and they will bring the regulation based on that template," Sitharaman added.

Finance Ministry looking at ways to cut govt debt: Sitharaman

<keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> is aiming at developing standard operating procedures for <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> during its <keyword id="4709730" type="General" weightage="20" keywordseo="G20-presidency" source="Orion">G20 presidency</keyword> next year, <keyword id="7706673" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="Orion">Finance Minister Nirmala Sitharaman</keyword> has said, underlining that all countries want the technology to survive but not be misutilised. “That (crypto) will also be part of India's thing (agenda during G-20 presidency),” Sitharaman told a group of Indian reporters on Saturday before concluding her trip to Washington DC to attend the annual meetings of the International Monetary Fund and the World Bank. India will assume the Presidency of the G20 for one year from December 1, 2022 to November 30, 2023. Under its Presidency, India is expected to host over 200 G20 meetings across the country, beginning December 2022. Sitharaman has been making a strong case for global regulation of cryptocurrencies to tackle the risks on money laundering and terror funding. Noting that institutions, which are associated with the G-20 or the World Bank or any such organisation, are doing their own assessment and studies of matters related to cryptocurrencies or crypto assets, the minister said, “We would definitely want to collate all this and do a bit of study and then bring it on to the table of the G-20 so that members can discuss it and hopefully arrive at a framework or SOP, so that globally, countries can have a technology driven regulatory framework." The G20 is an intergovernmental forum comprising 19 countries and the European Union. It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development. Sitharaman underlined that no one single country can effectively handle or regulate crypto in any form. “But implicit in this is that we don't want the technology to be disturbed. We want the technology to survive and also be in a position for the FinTech and other sectors to benefit from it. “But if it is a question of platforms, trading on assets which have been created, buying and selling making profits and more importantly in all these are countries in a position to understand the money trade, are we in a position to establish for what purpose it's being used?” Sitharaman asked. She gave the example of the Enforcement Directorate (ED) detecting substantial money laundering, probably cases related to crypto assets and trading of assets, recently in India. “This concern has been actually acknowledged by several members of the G20 saying yes money trail, yes money laundering, yes drug misuse, and so on. There is an understanding that we need to have some kind of regulation, and that all the countries will have to be true together on it, no one country is going to be able to singularly handle it. So on that we will certainly have something,” Sitharaman said. In July, Sitharaman said the Reserve Bank of India (RBI) has expressed concerns over cryptocurrencies, saying that they should be prohibited as they can have a destabilising effect on the monetary and fiscal stability. "In view of the concerns expressed by the RBI on the destabilising effect of cryptocurrencies on the monetary and fiscal stability of a country, the RBI has recommended framing of legislation on this sector. The RBI is of the view that cryptocurrencies should be prohibited," she said in a written reply to the Lok Sabha. The RBI has mentioned that cryptocurrencies are not a currency because every modern currency needs to be issued by the central bank or the government, she told Parliament. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/imf-chief-warns-of-risk-of-geopolitical-fragmentation/articleshow/94883161.cms" style="">IMF chief warns of risk of geopolitical fragmentation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/us-offer-to-help-india-in-chip-manufacturing-just-lip-service-china/articleshow/94882797.cms" style="">US offer to help India in chip manufacturing just lip service: China</a>

India aims to develop SOPs for cryptocurrency during G20 presidency: Sitharaman

<ul><li><keyword id="7268643" type="General" weightage="20" keywordseo="rbi-governor-shaktikanta-das" source="Orion">RBI Governor Shaktikanta Das</keyword> reiterated that crypto currencies are equivalent to gambling, as their perceived value is only make believe.</li><li>Das called for a ban on cryptos, saying there is no underlying value in it.</li><li>To counter the growth of <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, the central bank recently launched in pilot mode, its own e-rupee or <keyword id="6472011" type="General" weightage="20" keywordseo="central-bank-digital-currency" source="Orion">central bank digital currency</keyword> (CBDC).</li><li>He said that <keyword id="6335399" type="General" weightage="20" keywordseo="cbdcs" source="Orion">CBDCs</keyword> are the future of money and its adoption can help save on logistic and printing costs.</li></ul>Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday reiterated that crypto currencies are equivalent to gambling, as their perceived value is only make believe. Addressing a media event here, Das called for a ban on cryptos, saying there is no underlying value in it. Those supporting it call it an asset or a financial product, but there is no underlying value in it, he added. To counter the growth of cryptocurrencies, the central bank recently launched in pilot mode, its own e-rupee or central bank digital currency (CBDC). "Every asset, every financial product has to have some underlying (value) but in the case of crypto, there is no underlying value. So anything without any underlying, whose value is dependent entirely on make-believe, is nothing but 100 per cent speculation or to put it very bluntly, it is gambling," he said. "Since we don't allow gambling in our country, and if you want to allow gambling, treat it as gambling and lay down the rules for gambling. But crypto is not a financial product," Das added. He said that CBDCs are the future of money and its adoption can help save on logistic and printing costs. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/wipro-results-q3-fy23-wipro-sees-fy23-revenue-guidance-between-11-5-12/articleshow/96969117.cms">Wipro sees FY23 revenue growth at 11.5-12%, Q3 profit growth beats analyst expectations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-inc-expects-budget-fy24-to-cushion-economy-from-global-risks-deloitte-survey/articleshow/96967472.cms">Indian Inc expects Budget FY24 to cushion economy from global risks; optimistic FY23 GDP growth will be above 6.5%: Deloitte survey</a>

Cryptocurrencies equivalent to gambling: RBI Governor

Fake cryptocurrency exchanges have duped Indian investors of more than $128 million (nearly Rs 1,000 crore) as the global crypto market tanks, a new report claimed on Tuesday. Cyber-security company CloudSEK said it has uncovered an ongoing operation involving several phishing domains and Android-based fake crypto applications. "This large-scale campaign entices unwary individuals into a huge gambling scam. Many of these bogus websites impersonate "CoinEgg", a legitimate UK-based cryptocurrency trading platform," according to the report. CloudSEK was approached by a victim who allegedly lost Rs 50 lakh ($64,000) to such a cryptocurrency scam, in addition to other costs such as deposit amount, tax, etc. "We estimate that threat actors have defrauded victims of up to $128 million (about Rs 1,000 crore) via such crypto scams," said Rahul Sasi, Founder and CEO of CloudSEK. As investors shift their focus on the cryptocurrency markets, scammers and cheats turn their attention to them as well,' Sasi added. Threat actors first create fake domains that impersonate legitimate crypto trading platforms. The sites are designed to replicate the official website's dashboard and user experience. The attackers then create a female profile on social media to approach the potential victim and establish a friendship. The profile influences the victim to invest in cryptocurrency and start trading. "The profile also shares $100-dollar credit, as a gift to a particular crypto exchange, which in this case is a duplicate of a legitimate crypto exchange," the report mentioned. The victim initially makes a significant profit, which bolsters their trust in the platform and the threat actor. After the victim seemingly makes a profit, the scammer convinces them to invest a higher amount, promising better returns. Once the victim adds their own money to the fake exchange, the threat actor freezes their account, ensuring the victim can't withdraw their investment, and disappears with the victim's money. When victims take to various platforms to complain about losing access to their accounts, the same, or new, threat actors reach out to them in the guise of investigators. "To retrieve the frozen assets, they request victims to provide confidential information such as ID cards and bank details, via email. These details are then used to perpetrate other nefarious activities," the report warned. In the long-term, it is imperative for the collaboration between crypto exchanges, Internet service providers (ISPs), and cyber crime cells to raise awareness and take action against threat groups," said Sasi. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-markets-face-a-long-road-back-after-bitcoin-plunges-below-20000-as-an-every-man-for-himself-attitude-spreads-ubs-strategist-says/articleshow/92337463.cms">Crypto markets face a long road back after bitcoin plunges below $20,000 as an 'every man for himself' attitude spreads, UBS strategist says</a>

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Why is actor Tamannaah Bhatia being questioned by the ED for a money laundering case?

BI India Bureau

Crypto issue requires immediate attention, says FM Sitharaman

PTI

Finance Ministry looking at ways to cut govt debt: Sitharaman

IANS

India aims to develop SOPs for cryptocurrency during G20 presidency: Sitharaman

PTI

Cryptocurrencies equivalent to gambling: RBI Governor

IANS

Indian investors have lost nearly ₹1,000 crore to fake cryptocurrency exchanges

IANS

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