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A few firms, including <keyword id="10587326" type="General" weightage="100" keywordseo="coinswitch" source="Orion">CoinSwitch</keyword> and <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> dealing in cryptocurrency have been asked by the <keyword id="6357808" type="General" weightage="20" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) to submit some documents in connection with an ongoing case of the <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword> (FEMA). The ED is trying to ascertain whether these firms were involved in foreign exchange violations or not. According to sources, the ED sent notices to CoinSwitch and CoinDCX, both firms deal into cryptocurrency exchange. Earlier, <keyword id="208535" type="General" weightage="50" keywordseo="sumit-gupta" source="Orion">Sumit Gupta</keyword> the founder of CoinDCX was questioned at ED's Bengaluru office. He was summoned following which he had recorded his statements. People working as executives and looking after the work in cryptocurrency exchanges firms were also served notices to record their statements. ED sources said they will scan the transactions of the last three years done by these two firms and their Chartered Accountants (CA) will also be questioned. CoinDCX said in a statement that as per their understanding, "the ED has sent notices to major exchanges in India seeking information and data on how platforms work. As required, we have shared all necessary information to the satisfaction of the department and no subsequent action is pending at our end". CoinSwitch also confirmed that they were sent notices by the ED and they were willing to comply. "We receive queries from various government agencies. Our approach has always been one of transparency. <keyword id="2721952" type="General" weightage="80" keywordseo="crypto" source="Orion">Crypto</keyword> is an early-stage industry with a lot of potential and we continuously engage with all stakeholders," a CoinSwitch spokesperson said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/flexibility-is-passe-companies-are-ready-to-re-design-jobs-to-retain-talent/articleshow/92696760.cms">Flexibility is passe, companies are ready to re-design jobs to retain talent</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/specialty-chemical-sector-is-the-new-investor-darling-thanks-to-a-weak-rupee-global-demand/articleshow/92696554.cms">Specialty chemical sector is the new investor darling thanks to a weak rupee &amp; global demand</a>

ED send notices to crypto firms — CoinSwitch, CoinDCX to probe any foreign exchange violations

<keyword id="12287543" type="General" weightage="80" keywordseo="graphy" source="Orion">Graphy</keyword>, an <keyword id="6630114" type="General" weightage="80" keywordseo="unacademy" source="Orion">Unacademy</keyword> Group company, on Monday the acquisition of edtech software-as-a-service (SaaS) platform <keyword id="12287544" type="General" weightage="100" keywordseo="spayee" source="Orion">Spayee</keyword> for $25 million. Founded in 2014, Spayee allows content creators to produce customised courses in the form of audio and video tutorials, PDF documents, quizzes, assignments and live classes. On the other hand, Graphy was created as a platform for educational content creators to grow their audience, monetise their skills, and host live cohort-based courses. Graphy said the acquisition is aimed at strengthening its leadership position in the creator economy. "Spayee has built a winning proposition for creators. We are confident that having them as part of the Unacademy group will help us explore common synergies and build the world's largest creator community," said Sumit Jain, co-founder and CEO, Graphy. Graphy helps creators launch their own online school in under 60 seconds and has over 500 active creators. Post the acquisition, Spayee will continue to operate independently. Currently over 2,000 creators and businesses have launched their platforms using Spayee. Bengaluru-based edtech platform Unacademy was founded by Munjal, Saini, Hemesh Singh, and <keyword id="11780" type="General" weightage="20" keywordseo="sachin-gupta" source="Orion">Sachin Gupta</keyword> in 2016. In August, Unacademy closed a Series H round of $440 million at a valuation of $3.44 billion. Unacademy, at present, has over 50,000 registered educators and more than 62 million learners. The startup offers learnings in 14 languages across 5,000 cities. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/defense/news/india-china-border-issue-india-china-border-issue-in-ladakh-india-china-border-india-military-power-china-military-power/articleshow/86929899.cms">India and China militaries fail to agree on a border line at Depsang and Hot Springs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/tcs-shares-price-down-despite-a-stronger-dollar-thats-good-for-future-profits/articleshow/86929360.cms">TCS shares plunge more than 6% despite a stronger dollar that’s good for future profits</a>

Unacademy's Graphy acquires edtech startup Spayee for $25 million

Two <keyword id="6359674" type="ORGANIZATION" weightage="20" keywordseo="IIT-Roorkee">IIT Roorkee</keyword> batchmates have returned to the campus five years after graduating from the college to start a café called Sattiviko Idea Café. You may call it their way of paying back to the college which it is, but more importantly, the duo wants GenNext to get inspired and feel encouraged to start their own businesses. It is for this reason <keyword id="2741713" type="UNKNOWN" weightage="20" keywordseo="Prasoon-Gupta">Prasoon Gupta</keyword> and <keyword id="633617" type="UNKNOWN" weightage="20" keywordseo="Ankush-Sharma">Ankush Sharma</keyword>’s venture is not simply a restaurant, but an innovation/incubation center of sorts. It's a place for students to interact and exchange ideas with former graduates/seniors/mentors while sitting across the food tables savouring some delicious food in between their classes. 
	 
	This idea cafes will see mentoring sessions by a group of over 300 entrepreneurs and professionals like InMobi co-founder Mohit Saxena, Commonfloor founder Sumit Jain, and Raman Roy, chairman of Quattro BPO Solutions among others.

	 
	For their noble deed, the duo has got 2,200 sq/ft space inside the campus, and that too at a very cheap rent. 

	 
	Their vedic journey started back in February 2014 when Prasoon had quit his five year old venture Tech-buddy, a consultancy firm, and opened an NGO called Swarajneeti with the sole purpose of educating the modern generation for transparency in democratic India via innovative technological tools. 
	 Post elections, however, he decided to devote all his time to his new venture <keyword id="2241713" type="UNKNOWN" weightage="20" keywordseo="Sattviko">Sattviko</keyword>, along with his batchmate Ankush Sharma. 
	The start-up was inspired by the sattvik way of life that emphasized purity and served cuisine from India. But soon after some time, they adopted cuisines from across the world, such as Mexican, Italian and American that conform to certain rules - no onions or garlic! 

	 
	Sattviko started as a quick-service restaurant and then evolved over the years to become an e-marketplace, delivering an exceptional experience to customers who look to adopt yoga and its practices.

	 It currently has two outlets in Delhi and one in Gurgaon which cater to approximately 500 people. Sattviko raised Rs 2 crore as seed funding last year, in a round led by online real estate portal CommonFloor co-founder Sumit Jain, Xerox India Non-Executive Director <keyword id="116474" type="PERSON" weightage="20" keywordseo="Rajat-Jain">Rajat Jain</keyword>, and <keyword id="10591" type="CITY" weightage="20" keywordseo="Samsung">Samsung</keyword> executive <keyword id="358198" type="PERSON" weightage="20" keywordseo="Sanjay-Bhasin">Sanjay Bhasin</keyword>. 
	Both the young founders have big dreams for Sattviko. They want to take their baby to become a 100-crore plus company in the next few years. They also have plans to launch 10 Idea cafes across IITs in the country this year. For now, Sattiviko Idea Café is a rage in the campus and all we can say is - What an idea, sirji!

Meet the two IITians who have started 'idea cafe' at IIT Roorkee, and plan to hit 10 more IITs with their stellar idea this year

<keyword id="143" type="General" weightage="50" keywordseo="bollywood" source="Orion">Bollywood</keyword> star <keyword id="6354535" type="General" weightage="80" keywordseo="ayushmann-khurrana" source="Orion">Ayushmann Khurrana</keyword>'s "Doctor G" will be released for streaming on Netflix on December 11. The campus comedy-drama, which released on October 14, marked the directorial debut of <keyword id="1013349" type="General" weightage="50" keywordseo="anubhuti-kashyap" source="Orion">Anubhuti Kashyap</keyword>, known for helming Prime Video series "Afsos". The streamer shared the news in a post on Instagram on Sunday evening. "Doctors too have problems that they can't find a cure for! 'Doctor G' arrives on Netflix on 11th Dec! #DoctorGonNetflix" <keyword id="3194526" type="General" weightage="20" keywordseo="netflix-india" source="Orion">Netflix India</keyword> posted. Co-written by Sumit Saxena, Vishal Wagh, Saurabh Bharat, and Kashyap, "Doctor G" follows the story of a budding doctor named Uday Gupta who ends up enrolling himself in gynaecology for post graduation due to lack of seat in his desirable subject, orthopaedics. Produced by Vineet Jain and co-produced by Amrita Pandey, the film also stars Rakul Preet Singh, Shefali Shah, and Sheeba Chaddha. <keyword id="6355456" type="General" weightage="100" keywordseo="ayushmann" source="Orion">Ayushmann</keyword> currently features in "An Action Hero", which released in theatres on December 2.

Ayushmann Khurrana's 'Doctor G' set for OTT debut on Netflix

<ul><li>Cryptocurrency traders registered $10 billion in liquidations as cryptocurrencies plummeted due to a combination of negative news. </li><li>The first trigger was the unconfirmed rumours of the <keyword id="105472" type="COMPANY" weightage="20" keywordseo="US-Treasury">US Treasury</keyword> crackdown that linked cryptocurrencies with money laundering. </li><li>The second trigger was the <keyword id="751724" type="PERSON" weightage="20" keywordseo="power-blackouts">power blackouts</keyword> in China’s Xinjiang region, which is a major <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> mining pool. </li></ul><keyword id="11121846" type="UNKNOWN" weightage="20" keywordseo="cryptocurrency-liquidations">Cryptocurrency liquidations</keyword> hit a record $10 billion in an overnight crash triggered by rumours of US crackdown, and power blackouts in China’s Xinjiang province which resulted in a 50% decline in the Bitcoin hash rate. The total market capitalisation of cryptocurrencies – including Bitcoin – fell by a staggering $310 billion, from a peak of $2.2 trillion. This represents a 14% crash in the market value of cryptocurrencies. Since then, cryptocurrencies have staged a recovery – the latest data puts the total market value at $2.09 trillion. However, Bitcoin is still under $57,000, down by 15% from its all-time high of $65,000 on Wednesday, April 14. <cmsannotation type="cmsannotation" annotationid="Biggest liquidation in 2021 so far" comment="subhead" text="Biggest liquidation in 2021 so far">Biggest liquidation in 2021 so far</cmsannotation> The initial crash was triggered by <a href="https://twitter.com/Fxhedgers/status/1383611847144730626">unconfirmed rumours</a> of a US <keyword id="6374832" type="COMPANY" weightage="20" keywordseo="treasury">Treasury</keyword> crackdown on financial institutions for money laundering via cryptocurrencies. As a result of the flash crash, investors and firms with long positions on Bitcoin saw record liquidations to the tune of $10 billion, according to <a href="https://www.bybt.com/LiquidationData">Bybt</a>. Nearly 927,000 traders were impacted due to the crash. Cryptocurrency liquidations are triggered when the trader or investor is unable to fulfill the margin requirements needed for their positions – in this case, long positions, which means that the traders were bullish on Bitcoin prices. A crash means that the Bitcoin prices went in the opposite direction, thereby increasing the margin required to maintain long positions. When traders run out of cash to maintain these positions, they are liquidated. While Bitcoin price has crawled back up, the long positions will be marked as losses. Before this, the biggest liquidations in 2021 were between February 20 and 23, totalling $7.16 billion as Bitcoin plunged from $56,000 to under $49,000. <cmsannotation type="cmsannotation" annotationid="Power blackouts in China also contributed to the crash" comment="subhead" text="Power blackouts in China also contributed to the crash">Power blackouts in China also contributed to the crash</cmsannotation> While the crackdown rumours played their part, another aspect that led to the flash crash in cryptocurrencies was power blackouts in China’s Xinjiang region. The blackout caused half of Bitcoin’s mining network to go offline. Popular Bitcoin analyst Willy Woo states that Bitcoin’s price and hash rate are correlated. A 50% fall in the hash rate has subsequently caused a crash in Bitcoin’s price, too. <div type="twitter" handle="woonomic" handlename="Willy Woo" image="http://pbs.twimg.com/profile_images/1061456386746269696/-0v6Qw17_normal.jpg" favoritecount="4719" retweetcount="1137" status="Price and hash rate has always been correlated.This is BTC price vs today's hash rate collapse (from the Xinjiang… https://t.co/T5iAXjwMPz" createdat="1618728213000" id="1383672529995190281"></div> “Another probable reason could also be the massive power outage in China’s Xinjiang region, which is one of the largest mining pools which may have prompted the sell-off,” said Sumit Gupta, co-founder and CEO of CoinDCX, in a statement to Business Insider. <cmsannotation type="cmsannotation" annotationid="Industry insiders rubbish US Treasury crackdown rumours" comment="subhead" text="Industry insiders rubbish US Treasury crackdown rumours">Industry insiders rubbish US Treasury crackdown rumours</cmsannotation> Industry insiders called these rumours “unsubstantiated” and “dubious”. “Market had reacted sharply based on series of unconfirmed and dubious tweets,” Vikram Subburaj, co-founder and CEO of Giottus Cryptocurrency Exchange said in a statement to Business Insider. He urged retail investors to not fall prey to these rumours and do more research before taking a decision. CoinDCX’s Sumit Gupta struck an optimistic note. “We believe this is a temporary phase and prices will recover soon as the Treasury has already refuted the rumours,” he added. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/wisdom-from-a-crypto-billionaire-plus-a-risk-free-bitcoin-trade-that-could-pay-double-digit-returns/articleshow/82134946.cms">Wisdom from a crypto billionaire, plus a risk-free bitcoin trade that could pay double-digit returns</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoin-plummets-more-than-10-to-less-than-55000-in-its-biggest-drop-in-months-just-days-after-reaching-a-record-64800/articleshow/82129663.cms">Bitcoin plummets more than 10% in its biggest drop in months, just days after reaching a record high</a> <a href="https://www.businessinsider.in/stock-market/news/coinbases-first-employee-was-hired-after-he-emailed-his-undergraduate-thesis-on-bitcoin-to-the-founders-and-was-paid-in-cryptocurrency-for-3-years/articleshow/82104031.cms">Coinbase's first employee was hired after he emailed his undergraduate thesis on bitcoin to the founders - and was paid in cryptocurrency for 3 years</a>

Cryptocurrency liquidations hit record $10 billion amid US crackdown rumours and power blackouts in China

<ul><li><keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> and <keyword id="169284" type="General" weightage="20" keywordseo="asci" source="Orion">ASCI</keyword> aim to enhance confidence and credibility of India’s rapidly growing cryptocurrency and digital asset industry.</li><li>The move comes after crypto exchanges in India — which includes WazirX, CoinSwitch Kuber and CoinDCX —<a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-other-indian-crypto-exchanges-will-reportedly-have-new-advertisement-guidelines-in-the-next-seven-to-ten-days/articleshow/84756896.cms" data-type="tilCustomLink"> have been putting the pedal to the metal</a> when it comes to advertising in the country.</li></ul>Earlier last month, a notice by the Delhi High Court had asked Indian exchanges to add ‘standardised’ disclaimers to their ads in response to a plea that complained that the currency disclaimers are too small to read. Now, <keyword id="120108" type="General" weightage="20" keywordseo="advertising-standards-council-of-india" source="Orion">Advertising Standards Council of India</keyword> (ASCI), a voluntary self-regulatory organisation of the advertising industry has partnered with CoinDCX to mull over regulations to build transparency in <keyword id="11943645" type="General" weightage="20" keywordseo="crypto-advertising" source="Orion">crypto advertising</keyword>. With this membership, CoinDCX will actively support the advancement of advertising standards within India’s cryptocurrency and digital asset industry — thereby promoting transparency in communications and building public confidence in the space. Sumit Gupta, Co-Founder and CEO of CoinDCX, said: “We are honoured to be a member of ASCI that safeguards consumers' interests. The involvement reaffirms our commitment towards ensuring safety and security for our users, and to raise the bar for advertising transparency in crypto space in India. This will boost confidence among the users, and they can use our platform without any apprehension. Being the safest crypto exchange, we have always gone the extra mile to ensure we are fully compliant with the laws and imbue credibility and trust in our service and products.” Commenting on CoinDCX’s membership, <keyword id="212022" type="General" weightage="20" keywordseo="subhash-kamath" source="Orion">Subhash Kamath</keyword>, Chairman of ASCI said: “As ASCI steps into a digital age the nature of advertisers and advertising is changing rapidly. We welcome members representing these new industries, who believe in self-regulation. Collaboration and consultation with all stakeholders are keys to navigating the consumer protection challenges posed in this digital age.” Founded in 2018, CoinDCX has already onboarded more than 3.5 million users. It will now carry forward the vision of making crypto accessible in India and accelerate its efforts towards bringing 50 million Indians into crypto. With the growing positive sentiments in the crypto space this year, CoinDCX will continue to scale its dedicated products on the investments and trading side.

ASCI joins hands with CoinDCX to build trust and credibility in crypto advertising

<ul class="summary-list"><li>Facebook's first investor <keyword id="299675" type="PERSON" weightage="60" keywordseo="Eduardo-Saverin">Eduardo Saverin</keyword> is in talks to close a funding round for CoinDCX.</li><li>The company could become India's first <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> unicorn after its latest financing.</li><li><keyword id="4943207" type="PERSON" weightage="60" keywordseo="polychain-capital">Polychain Capital</keyword> and <keyword id="1972612" type="PERSON" weightage="60" keywordseo="Coinbase">Coinbase</keyword> Ventures are other existing investors. </li></ul>Facebook co-founder Eduardo Saverin's <keyword id="3371559" type="PERSON" weightage="60" keywordseo="B-Capital">B Capital</keyword> is in discussions to close an investment round for Indian crypto exchange CoinDCX that could value the company at more than $1 billion, the <a href="https://economictimes.indiatimes.com/tech/funding/coindcx-in-talks-to-raise-100-120-million/articleshow/84840176.cms">Economic Times</a> reported on Wednesday.San Francisco-based digital asset investment fund Polychain Capital and crypto exchange <a href="https://markets.businessinsider.com/stocks/coin-stock">Coinbase's</a> venture capital arm are other participants in the round that could raise between $100 to $120 million, the report said, citing three sources familiar with the matter.For startups to attain a $1 billion valuation was once an uncommon feat, hence why they share a name with a rare mystical animal - "unicorn."B Capital, Polychain Capital, and CoinDCX didn't immediately respond to Insider's request for comment, while Coinbase declined to comment.CoinDCX, launched in 2018, counts over 100,000 active monthly users and sees more than $40 million in daily trading volume, according to figures on its website. The company's user base has surged 700% since March 2020, and its registered users reportedly stood at 1.5 million as of June.Co-founders Sumit Gupta and Neeraj Khandelwal raised about $20 million through three rounds of funding in 2020, according to <a href="https://economictimes.indiatimes.com/tech/funding/coindcx-raises-rs-100-crore-in-series-b-funding-round/articleshow/79852056.cms">the ET</a>. CoinDCX's billion-dollar status would make it the country's first crypto unicorn, the report said.The absence of clear regulations and a previous threat of a blanket ban on <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> has kept some local investors away from crypto-focused firms, but the industry has managed to secure investments from international funds and entrepreneurs like Mark Cuban. Indian crypto firm <a href="https://markets.businessinsider.com/news/currencies/mark-cuban-invests-polygon-ethereum-crypto-platform-2021-5">Polygon</a> received an undisclosed investment from Cuban in May this year. Cryptocurrency investments in India grew from about $200 million to nearly $40 billion in the 12 months to June, according to data firm Chainalysis. The country ranks as high as 11 out of 154 nations in terms of cryptocurrency adoption, <a href="https://go.chainalysis.com/rs/503-FAP-074/images/2020-Geography-of-Crypto.pdf">data shows</a>.Read More: <a href="https://www.businessinsider.com/etoro-trader-denmark-on-400-returns-crypto-strategy-2021-7" target="_blank" rel="noopener noreferrer">Denmark's most popular eToro trader breaks down how his time as an elite chess player helped shape the strategy that made him 400% returns on bitcoin this year and led 20,000 people to copy his portfolio</a>

Facebook co-founder Eduardo Saverin is in talks to invest in CoinDXC that will seal the Indian crypto exchange's unicorn status, report says

IT company BellTroX InfoTech Services, based at Netaji Subhash Place in Shakurpur area of East Delhi, is back in news as <a href="https://www.businessinsider.in/tech/enterprise/news/mark-zuckerberg-on-indias-role-in-building-the-metaverse/articleshow/88295433.cms" data-type="tilCustomLink">Meta</a> has removed 400 Facebook accounts linked to the India-based 'hack-for-hire' firm -- known for social engineering and to send malicious links to hack influential people around the globe. Hiding under the radar for some time after its activities were exposed last year, BellTroX InfoTech Services targeted advocacy groups and journalists, elected and senior government officials, hedge funds and multiple industries on the six continents, creating ripples among the powers-that-be. In June last year, Citizen Lab, a laboratory based at the Munk School of Global Affairs and Public Policy of the University of Toronto, broke the story around BelltroX and its 'hack-for-hire' activities. <keyword id="399907" type="General" weightage="20" keywordseo="meta" source="Orion">Meta</keyword> said that BellTroX is based in India and sells what's known as 'hacking for hire' services. "We removed about 400 Facebook accounts, the vast majority of which were inactive for years, linked to BellTroX and used for reconnaissance, social engineering and to send malicious links," Meta said. "Its activity on our platform was limited and sporadic between 2013 to 2019, after which it paused," Meta added in a blog post late on Thursday. "BellTroX operated fake accounts to impersonate a politician and pose as journalists and environmental activists in an attempt to social-engineer its targets to solicit information, including their email addresses, likely for phishing attacks at a later stage," the social network added. This activity, based on the exact same playbook, re-started in 2021 with a small number of accounts impersonating journalists and media personalities to send phishing links and solicit the targets' email addresses. "Among those targeted were lawyers, doctors, activists, and members of the clergy in countries, including Australia, Angola, Saudi Arabia, and Iceland," Meta informed. Following an investigation by researchers at Citizen Lab and Facebook's new parent company, Meta, seven surveillance-for-hire groups in total have been banned from using the social media giant's platforms to target other users. Last year, Citizen Lab, as part of its multi-year 'Dark Basin' investigation, collaborated with consumer cybersecurity brand NortonLifeLock and unearthed numerous technical links between the campaigns and individuals associated with BellTroX. BellTroX, owned by Sumit Gupta who was indicted in California in 2015 for his role in a similar hack-for-hire scheme, targeted government officials in Europe and well-known investors in the US. The 'hack-for-hire' organisation extensively targeted American nonprofits, including organisations working on a campaign called #ExxonKnew, which asserted that ExxonMobil hid information about climate change for decades. "In at least one case, Dark Basin repurposed a stolen internal email to re-target other individuals. This incident led us to conclude that Dark Basin had some success in gaining access to the email accounts of one or more advocacy groups," said the report. BellTroX employees sent phishing emails masquerading as targets' colleagues and friends. The individuals that Dark Basin chose to target showed that it had a deep knowledge of informal organisational hierarchies (masquerading as individuals with greater authority than the target). "We concluded that Dark Basin operators were likely provided with detailed instructions not only about whom to target, but what kinds of messages specific targets might be responsive to," the report had said.

Meta removes 400 Facebook accounts linked to India-based 'hack-for-hire' firm 'BellTrox'

<ul><li>With the cryptocurrency bill looming large, consumers have been worried about their investments in <keyword id="2420795" type="PERSON" weightage="20" keywordseo="cryptocurrencies">cryptocurrencies</keyword> like <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, Ethereum and others.</li><li>We spoke to industry sources and exchanges to answer your questions, and help you understand if you should sell your Bitcoin and Ethereum investments.</li><li>One of the key takeaways is that you should not panic.</li><li>Read on to find out what you should do in case cryptocurrencies are banned.</li></ul>One of the biggest questions in the minds of Indians holding cryptocurrencies is if they should sell their crypto investments before the Indian government bans them. It is not an easy question to answer as there is little information from the government in this regard as of now. If you are panicking about your investments in Bitcoin, Ethereum, dogecoin and other cryptocurrencies, we are here to answer your questions. <cmsannotation type="cmsannotation" annotationid="Should I sell my cryptocurrencies?" comment="subhead" text="Should I sell my cryptocurrencies?">Should I sell my cryptocurrencies?</cmsannotation> Don’t panic. Panic selling could prove to be counterproductive, especially since we don’t have enough information about the bill. “Cryptocurrency holders in India should not panic. They should wait for the government to reveal all the details about what is being banned or not, and then take a decision accordingly,” said Nischal Shetty, co-founder of WazirX. “Consumers need not panic and sell their crypto investments. CoinDCX has put in safeguard measures to ensure investors are protected, and we have the liquidity to help consumers liquidate their investments if they want to,” said Sumit Gupta, co-founder and CEO of CoinDCX. “Consumers who are holding cryptocurrencies should not sell their investments in haste. The information in the public domain is incomplete, the details are still not finalised and ban may not materialize,” said Arjun Vijay, co-founder of Giottus Cryptocurrency Exchange. What happens if the government bans cryptocurrencies? The government will likely give investors some time to liquidate their cryptocurrency holdings, so you should not worry about it right now. “Even if the government bans cryptocurrencies, it will likely give some time to Indian investors to liquidate their assets,” Vijay further added. Will the government ban holding cryptocurrencies in foreign countries? The details are not available right now, so it is suggested that you wait and watch for official information from the government. Can I invest in cryptocurrencies via the Liberalised Remittance Scheme? It might be possible to invest in foreign countries taking advantage of the Liberalised Remittance Scheme that allows resident individuals in India to invest up to $2,50,000. However, in view of absence of details about the crypto ban, you should adopt a wait and watch approach. Will banks freeze my account if I invest in cryptocurrencies? This is unlikely as your bank account and cryptocurrency investments are not related. Will I be able to withdraw money from cryptocurrencies into my bank account? As things stand right now, there is no restriction on selling cryptocurrencies and withdrawing those funds into your bank account. Even if the government bans cryptocurrencies, it is likely to give some time to investors to liquidate their assets. “Consumers need not worry about cashing out their investments and receiving money in their bank accounts,” Gupta added, assuring that your money will not go down the drain. According to Shetty, millions of Indians hold over INR 10,000 crore in total in various forms in cryptocurrency investments. The government will give them a way out even if it bans cryptocurrency trading. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-what-6-crypto-experts-said-about-teslas-1-5-billion-investment-into-bitcoin/articleshow/80754586.cms">Here's what 6 crypto experts said about Tesla's $1.5 billion bitcoin investment</a> <a href="https://www.businessinsider.in/stock-market/news/a-crypto-fear-and-greed-indicator-is-flashing-a-warning-signal-that-shows-investors-are-being-extremely-greedy-as-top-cryptocurrencies-hit-record-highs/articleshow/80771973.cms">A crypto 'fear and greed' indicator is flashing a warning signal that shows investors are being extremely greedy as top cryptocurrencies hit record highs</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoins-spike-drives-rebound-in-hard-hit-crypto-mining-stocks/articleshow/80589491.cms">Bitcoin's spike drives rebound in hard-hit crypto mining stocks</a>

“Should I sell my cryptocurrencies?” and other questions answered on India’s proposed Crypto Ban bill

<ul class="summary-list"><li>Amazon CEO Jeff Bezos <a href="https://www.businessinsider.com/jeff-bezos-said-amazon-is-investing-1-billion-in-india-2020-1">announced on Wednesday</a> that the e-commerce giant will invest $1 billion to bring small business in India online.</li><li>Bezos made the announcement on a visit to India, where he was met with protests held by small-business owners from around the country.</li><li>Protesters said they are unable to compete with the steep discounts that Amazon offers with other suppliers.</li><li>They held signs saying "JEFF BEZOS GO BACK!" and one group's leader said they will fight against "foreign economic terrorists." </li><li><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories.</a></li></ul>When Amazon CEO Jeff Bezos <a href="https://www.businessinsider.com/jeff-bezos-said-amazon-is-investing-1-billion-in-india-2020-1">announced on Wednesday</a> that the e-commerce giant would invest $1 billion into the country to bring some of its small business online, he was met with protesters who said that Amazon will "destroy small retailers." The protesters said Amazon offers deep discounts that small- and medium-sized businesses in India just can't compete with.Sumit Agarwal of the <a href="http://www.cait.in/">Confederation of All India Traders</a> <a href="https://twitter.com/sumitagarwal_82/status/1217315078690574336?s=20">said on Twitter</a> that Bezos "runs an organisation that expertises in predatory &amp; anticompetitive business," calling Bezos an "economic terrorist." Agarwal said protests could reach as many as 300 cities across India. Protesters held signs that said "JEFF BEZOS GO BACK!" and "SECOND VERSION OF EAST INDIA COMPANY," a reference to the British company that colonized India, parts of Southeast Asia, and Hong Kong. The theme echoed Agarwal's <a href="https://twitter.com/sumitagarwal_82/status/1216411581547868161?s=20">comments</a> that companies like Amazon are "foreign economic terrorists" and "invaders." This criticism from small-business owners comes as India's antitrust regulator, the Competition Commission of India (CCI), said it would <a href="https://www.cci.gov.in/sites/default/files/40-of-2019.pdf">investigate</a> Amazon and Walmart's Flipkart for what it said were discounts given to "preferred sellers." These discounts lead to a "foreclosure of other nonpreferred sellers from the online marketplace," the regulator said, adding that "preferred sellers are also alleged to be affiliated with ... Amazon either directly or indirectly." The CCI said e-commerce titans like Amazon use their market dominance to price "below cost," resulting in the "creation of high-entry barriers and high-capital costs for any new entrant in the market." Ashok Kumar Gupta, chairman of the CCI, <a href="https://in.reuters.com/article/india-antitrust-ecommerce/ahead-of-bezos-visit-india-antitrust-chief-says-e-commerce-firms-shouldnt-offer-heavy-discounts-idINKBN1ZD0TY">told Reuters</a> that large e-commerce companies should not provide large discounts and that they should disclose policies on discounts. Amazon has faced <a href="https://www.businessinsider.com/amazon-under-investigation-by-german-competition-watchdog-2018-11">similar criticism in Europe</a>: In 2018, Andreas Mundt, the president of Germany's antitrust regulatory office, said that Amazon's size and dominance over the e-commerce market gives it the role of a "gatekeeper" to the market. Since Amazon has a "double role as the largest retailer and the largest marketplace," Mundt said, it has "the potential to hinder other sellers on its platform." <a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=amazon&amp;itm_campaign=40-big-tech-predictions-for-2019-2"></a>

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