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<ul class="summary-list"><li>Indian PM <keyword id="11895802" type="UNKNOWN" weightage="60" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>'s <keyword id="11892744" type="UNKNOWN" weightage="60" keywordseo="twitter" source="Orion">Twitter</keyword> was hacked on Sunday and said the country had adopted <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>.</li><li>The tweet said that <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> had bought 500 bitcoins and would distribute them to residents.</li></ul>Indian Prime Minister Narendra Modi's Twitter account was hacked on Sunday, broadcasting that the country had accepted bitcoin and would start distributing it to citizens.Modi's Twitter account, which has more than 73 million followers, was "very briefly compromised," announced <a href="https://twitter.com/PMOIndia/status/1469786236990607361?ref_src=twsrc%5Etfw%7Ctwcamap%5Etweetembed%7Ctwterm%5E1469786236990607361%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Findianexpress.com%2Farticle%2Findia%2Fprime-minister-narendra-modi-twitter-hack-bitcoin-7668424%2F">the prime minister's office on Sunday.</a>"The matter was escalated to Twitter, and the account has been immediately secured," it said. "In the brief period that the account was compromised, any Tweet shared must be ignored."The hoax tweet said that India had "officially accepted bitcoin as legal tender" and that the government "officially bought 500 BTC" that it would distribute to Indian residents, <a href="https://www.cnn.com/2021/12/12/india/modi-twitter-hack-intl/index.html">CNN</a> reported. At press time, 500 bitcoins would be worth $24,455,200."The future has come today! #BTC," the tweet read with several emojis (which Modi does not regularly use on his Twitter handle) and a potential <keyword id="41357" type="UNKNOWN" weightage="60" keywordseo="scam" source="Orion">scam</keyword> link, according to a screenshot posted online. Cryptocurrencies like bitcoin are not <a href="https://www.indiatoday.in/india/story/cryptocurrency-ban-legal-tender-rbi-bitcoin-ethereum-1880972-2021-11-26#:~:text=It%20said%20there%20is%20no,the%20status%20of%20legal%20tender.&amp;text=In%20a%20major%20setback%20to,legal%20tender%20by%20any%20means.">recognized in India as legal tender.</a>This isn't the first time a Twitter account linked to Modi has been compromised. Last September, <a href="https://twitter.com/narendramodi_in">@narendramodi_in,</a> the Twitter account of Modi's personal website and mobile app with around 2.6 million followers, <a href="https://www.bbc.com/news/business-54007995">encouraged people to donate cryptocurrency to a COVID-19 relief fund.</a>Nor is this the first time a high-profile Twitter account has been hacked for a crypto hoax. In July 2020, 130 Twitter accounts, including former President Barack Obama, Kim Kardashian, Bill Gates, and Elon Musk, <a href="https://www.businessinsider.com/twitter-130-accounts-affected-hack-direct-messages-dms-2020-7">tweeted links to a bitcoin scam.</a> Twitter's stock lost <a href="https://www.businessinsider.com/twitter-market-value-losses-after-massive-hack-2020-7?r=US&amp;IR=T">$1.3 billion in value</a> following the breach.The Indian government has been the target of over 30,000 cyberattacks this year up to the month of October, <a href="https://timesofindia.indiatimes.com/india/pm-modis-twitter-account-hacking-over-30000-cyber-attacks-targeted-govt-organisations-this-year/articleshow/88242665.cms">The Times of India reported</a>, citing government figures. In 2020, the country's government organizations faced more than 50,000 cyber security incidents, according to the outlet.

Indian PM Narendra Modi's hacked Twitter account told 73.4 million followers that the country would distribute 500 bitcoins among its citizens

<ul><li><keyword id="6354512" type="ORGANIZATION" weightage="100" keywordseo="Infosys">Infosys</keyword> creates, tests blockchain-based document-tracking system.</li><li>Solution named India Trade Connect will help banks track trade documents digitally. </li><li>Seven Indian private banks including Axis Bank, Yes Bank and <keyword id="6653" type="ORGANIZATION" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> are implementing India Trade Connect.</li></ul> Infosys, one of the software giants in the country, has <a href="https://timesofindia.indiatimes.com/business/india-business/to-avoid-pnb-like-fraud-infosys-sets-up-blockchain-based-network-with-banks/articleshow/64190646.cms" data-type="tilCustomLink">set up</a> a blockchain-based document-tracking system for trade finance and is currently testing it. The solution named India Trade Connect aims to increase the security and efficiency of the banking sector and now has seven Indian private banks – ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank and South Indian Bank – on board. At the heart of the Rs 1,400 crore (approximate) <a href="https://www.businessinsider.in/how-one-fraudster-drove-punjab-national-bank-to-the-highest-quarterly-loss-in-the-history-of-indian-banking/articleshow/64187005.cms" data-type="tilCustomLink">Nirav Modi-Mehul Choksi scam</a>, where three jewellery firms defrauded India’s second biggest state-run lender <keyword id="62034" type="ORGANIZATION" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> scam, is lack of transparency and accountability. The blockchain-based trade finance network will make the transactions more transparent for all stakeholders in any undertaking. The solution, earlier called <a href="https://www.prnewswire.com/news-releases/infosys-finacle-pioneers-blockchain-based-trade-network-in-india-in-consortium-with-seven-leading-banks-682801371.html" data-type="tilCustomLink">Finacle Trade Connect</a>, and now rechristened as India Trade Connect, will allow the document-heavy, process-heavy trade financing to happen digitally. How does a <keyword id="6355684" type="PERSON" weightage="20" keywordseo="Blockchain">blockchain</keyword> network function? India Trade Connect will help digitise the various processes in trade financing, including validation of ownership, certifying documents, making payments, collection of bills, and producing letters of credit and even invoice financing. <keyword id="6357624" type="UNKNOWN" weightage="20" keywordseo="blockchain-technology">Blockchain technology</keyword> stores details of every transaction securely shared between all the parties involved, say for instance, a buyer, the buyer’s bank, a seller and the seller’s bank. This is more efficient than each bank working on its own. In an interview with the <a href="https://economictimes.indiatimes.com/tech/ites/infosys-creates-blockchain-solutions-for-trade-finance/articleshow/64199469.cms" data-type="tilCustomLink">Economic Times</a>, Sanat Rao, chief business officer at <keyword id="1658904" type="ORGANIZATION" weightage="20" keywordseo="Infosys-Finacle">Infosys Finacle</keyword>, said, “Because of the network effect, where a buyer, the buyer’s bank, the seller and the seller’s bank are all on the platform, it creates a single source of truth. Banking and blockchain Earlier this week, on May 14, HSBC Holdings <a href="https://www.reuters.com/article/us-hsbc-blockchain/hsbc-says-performs-first-trade-finance-transaction-using-blockchain-idUSKCN1IF01X" data-type="tilCustomLink">claimed</a> it had performed the world’s first trade finance transaction on a shared blockchain platform. Prior to this, no trades used a single, shared digital application. This is not the first time that Indian banks have attempted to integrate blockchain into their systems. In June last year, ICICI Bank, DCB Bank, and Deutsche Bank, to name a few stakeholders, <a href="https://www.ethnews.com/indian-banks-partner-with-microsoft-for-blockchain-banking-platform" data-type="tilCustomLink">partnered</a> with <keyword id="10387" type="ORGANIZATION" weightage="20" keywordseo="Microsoft">Microsoft</keyword> to develop blockchain platforms for the Indian banking sector. It was called BankChain. Blockchain <a href="https://www2.deloitte.com/in/en/pages/strategy/articles/blockchain-in-banking.html" data-type="tilCustomLink">started off</a> being a giant, decentralised ledger for bitcoin (digital currency) that records every transaction and stores information about it on a global network. This data is highly secure and cannot be tampered with. Banks and other financial institutions back and invest in blockchain technology because it cuts their costs and makes operations faster, transparent and automated. “The framework of India Connect is said to be ledger agnostic and capable of working with other blockchain platforms like Bitcoin, Hyperledger, Ethereum and Corda,” Rao said.

Indian software giant Infosys sets up a blockchain trade network with 7 banks

<ul><li><keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s finance minister told Parliament that the tax called ‘equalization levy’ applies to e-commerce firms, not investors.</li><li><keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> also disclosed that the government has no data on how many <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> exchanges are currently operational in the country or how many Indian investors are on the platforms.</li><li>According to her, the Modi administration has no conclusive information on whether or not these exchanges are involved in any illicit activities.</li></ul>India may not be looking to impose its equalisation levy, often called the ‘Google Tax’, on investors putting money into <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrencies</a>. <div type="ExtQuote" text="Equalisation levy is imposed on e-commerce operators, not on the investor." auname="India’s Finance Minister, Nirmala Sitharaman said on July 27, during the Monsoon session of Parliament"></div> The controversial Google Tax, which has historically been imposed on foreign companies — like Amazon, Facebook and others — earning revenues from India for advertising online. Earlier <a href="https://www.businessinsider.in/cryptocurrency/news/trading-on-crypto-exchanges-based-outside-of-india-may-get-more-expensive/articleshow/83747213.cms">reports</a> had indicated that trading cryptocurrencies on foreign exchanges may attract a 2% equalisation levy, but they did not relieve how the tax would be imposed. Sitharaman’s comments, in response to a query from Sushil Kumar Modi — the deputy chief minister of the eastern state of Bihar — shed some clarity. <cmsannotation type="cmsannotation" annotationid="The Indian government data has no data on crypto exchanges or investors" comment="subhead" text="The Indian government data has no data on crypto exchanges or investors">The Indian government data has no data on crypto exchanges or investors</cmsannotation> Modi’s original question to Sitharaman was whether or not the government collects information about <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto exchanges</a> and their investors in India. According to the Finance Minister, the Modi administration does not collect any such information. As per data shared by WazirX CEO, <a href="https://twitter.com/nischalshetty/status/1389437595327733764?lang=en">Nischal Shetty</a>, the country has over 15 million investors trading in crypto and the monetary value of that trade comes up to around ₹15,000 crore. In addition to exchanges, India is home to over 350 blockchain and crypto startups — many of which have raised money from bigger global exchanges. WazirX — the largest crypto exchange in the country — for instance, is owned by crypto giant Binance. <cmsannotation type="cmsannotation" annotationid="Finance Ministry has no insight into the how cryptocurrencies are being used" comment="subhead" text="Finance Ministry has no insight into the how cryptocurrencies are being used">Finance Ministry has no insight into the how cryptocurrencies are being used</cmsannotation> In addition to highlighting the lack of data on how many companies are operating within the crypto space, Sitharam also disclosed that her department has not received information on whether any of these exchanges are involved in drug trafficking or other forms of money laundering in the country. However, the authorities have been digging in. Earlier this month, the Enforcement Directorate (ED) <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-wazirxs-founder-nischal-shetty-gets-notice-from-ed-for-2971-crore-transactions/articleshow/83427891.cms">accused</a> WazirX of allegedly violating provisions of the Foreign Exchange Management Act (FEMO) for <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> deals worth ₹2,790.74 crore. More recently, an individual got arrested by the Hyderabad police for running a cryptocurrency scam to the tune of ₹3,145 crore. According to the cops, the person allegedly used WazirX to befriend the victims. Meanwhile, the crypto exchange told <a href="https://www.medianama.com/2021/07/223-cryptocurrency-scam-wazirx-binance/">Medianama</a> that it is not involved in any way. <cmsannotation type="cmsannotation" annotationid="Crypto regulation in India still hangs in the balance" comment="subhead" text="Crypto regulation in India still hangs in the balance">Crypto regulation in India still hangs in the balance</cmsannotation> India has been on the verge of formulating a bill to regulate cryptocurrencies in the country. It was expected to be tabled during the ongoing Monsoon Session of the Parliament, but <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">stakeholders</a> now believe that is unlikely. The crypto industry in India has been in a flux of sorts, following clashes with the country’s central bank, the Reserve Bank of India (RBI). The bank had issued an informal note to lenders in May, which led them to withdraw services from many crypto exchanges in the country. Exchanges in turn had to stop taking rupee deposits from investors, and though the situation has improved since, some have still limited the services they can provide. <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 href="https://www.businessinsider.in/cryptocurrency/news/imf-remains-wary-of-cryptocurrencies-calls-legalisation-an-inadvisable-shortcut/articleshow/84790881.cms">Inadvisable shortcut, a step too far, and dire consequences — the IMF warns countries against using Bitcoin as a national currency</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-and-michael-saylor-had-the-most-influence-on-crypto-markets-over-the-last-three-months/articleshow/84789343.cms">Elon Musk and Michael Saylor’s influence on crypto markets have made it as volatile as the ‘crypto winter’ of 2017</a>

Equalisation levy on crypto exchanges in India will not apply to investors, according to the Finance Minister

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Indian PM Narendra Modi's hacked Twitter account told 73.4 million followers that the country would distribute 500 bitcoins among its citizens

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Indian software giant Infosys sets up a blockchain trade network with 7 banks

Prabhjote Gill

Equalisation levy on crypto exchanges in India will not apply to investors, according to the Finance Minister

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