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<ul><li>Indian <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> exchange <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword> recieved 377 requests from law enforcement agencies, both Indian and foreign, in the past six months.</li><li>Since April 2021, 14,469 accounts have been locked, including the 377 pertaining to criminal activity.</li><li>WazirX also reiterated its stance on how cryptocurrencies are not a replacement for fiat currencies, like the rupee.</li></ul>Indian cryptocurrency exchange, WazirX, received 377 requests for information from law enforcement agencies between April to September 2021. According to the company’s October Transparency Report, it has complied with all of them. <div type="ExtQuote" text="&quot;All law enforcement queries appear to be related to criminal proceedings, such as fraud, kidnapping and narcotics-related queries.&quot;" auname="Excerpt from WazirX’s Transparency Report dated October 11"></div> Overall, 14,469 accounts that have been locked since April 2021, 90% of them include both law enforcement agency-related requests, and others remain P2P or other user disputes which are “very common,” according to the company’s spokesperson. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> The report, as well as the guidelines it highlights like know-your-customer compliance and investor education, comes at a time when India is in the throes of forming its own cryptocurrency regulation. <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">Crypto</keyword>currency exchanges in India, like WazirX, have been partnering up under the umbrella of advocacy groups like the Internet and Mobile Association of India’s (IAMAI) Blockchain and Crypto Assets Council (BACC) and IndiaTech to push for self regulation. <div type="ExtQuote" text="&quot;Initiatives such as the transparency report add credibility to the ecosystem and make the crypto world look more appealing to outsiders. We aim to look at the bigger goals like positive regulations and consider ourselves paving the way to it through innovative approaches.”" auname="Statement by Nischal Shetty, CEO and founder of WazirX"></div> <cmsannotation type="cmsannotation" annotationid="WazirX maintains that cryptocurrencies are not meant to replace the rupee" comment="subhead" text="WazirX maintains that cryptocurrencies are not meant to replace the rupee">WazirX maintains that cryptocurrencies are not meant to replace the rupee</cmsannotation> The company’s transparency report, the first of its kind around cryptocurrencies in India, iterates that WazirX does not consider cryptocurrencies, Bitcoin or otherwise, to be a replacement for fiat currencies. “Crypto is an asset class and a utility on decentralised networks.” it said in the October Transparency Report. Simply put, while WazirX agrees that cryptocurrencies are essential for the ecosystem — one needs Ether to use any Ethereum application — it’s not a substitute for the rupee. Other aspects of the report include the importance of transparency, mechanisms in place to monitor for illicit activity, investor protection, and crypto education in India. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-hackers-now-target-iphone-users-via-dating-apps-like-bumble-tinder/articleshow/87105010.cms">Crypto hackers now target iPhone users via dating apps like Bumble, Tinder</a> <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-marches-past-62000-as-uptober-continues/slidelist/87099389.cms">Bitcoin marches past $62,000 as ‘Uptober’ continues</a>

WazirX got 377 requests from law enforcement agencies in the last 6 months

<ul><li><keyword id="6672551" type="General" weightage="20" keywordseo="WazirX" source="Orion">WazirX</keyword> receives almost three times more requests for data from law enforcement in October-March 2022 vs the previous period of April-Oct 2021</li><li>WazirX is among the largest <keyword id="6422582" type="General" weightage="20" keywordseo="crypto-exchanges" source="Orion">crypto exchanges</keyword> in India in terms of trading volumes</li><li>All the requests received from Indian as well as Foreign Enforcement Agencies were related to inquiries that were criminal in nature and WazirX had 100% compliance on these requests</li><li>Over 95% of crypto-associated frauds are based outside of the Blockchain ecosystem</li></ul>Indian crypto exchange, WazirX, has received 1023 requests from law enforcement agencies during the October 2021 to March 2022. The company said, in its <keyword id="430550" type="General" weightage="20" keywordseo="transparency-report" source="Orion">transparency report</keyword> for the period, that 952 of these requests came from Indian law enforcement agencies, while 71 were from foreign bodies. The total request count almost tripled from the previous period. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-advertorial">WazirX</a> publishes the transparency report voluntarily for its platform every six months. In the April to September period last year, the company received only 377 requests from law enforcement agencies from around the world. From Oct 2021 - Mar 2022, 1023 requests were received and these were related to criminal activities. The exchange responded to them within 22 minutes, while the required time is 72 hours from the time requested . Source: WazirX Transparency Report, 2nd edition Further, the report says that 95% of crypto-associated frauds originated from outside the on-chain crypto ecosystem . WazirX said that crypto ponzi schemes accounted for 40% of the frauds, while phishing scams accounted for another 25%. In addition, impersonation schemes and identity thefts accounted for 25% and 5%, respectively. Majority of the scams reported were traditional money market scams <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage Share </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Identity Falsification / Identity Theft </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Impersonation Cheating Scam </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Phishing / Airdrop Scams </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ponzi Schemes and Social Engineering Scams </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">95% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: WazirX Transparency Report, 2nd edition <cmsannotation type="cmsannotation" annotationid="Crypto crimes on the rise" comment="subhead" text="Crypto crimes on the rise"><keyword id="13962553" type="General" weightage="20" keywordseo="crypto-crimes" source="Orion">Crypto crimes</keyword> on the rise</cmsannotation> The information in WazirX’s report highlights a growing concern among those in the crypto community — that of crypto crimes. Such crimes hit an all-time-high of $14 billion in 2021, according to blockchain tracking firm Chainalysis. In a January 2022 <a href="https://blog.chainalysis.com/reports/2022-crypto-crime-report-introduction/">report</a>, the company said that the number stood at $7.8 billion in 2020. <div type="ExtQuote" text="The insights of the report indicate that even now vast majority of the scams are due to misinformation. They occur due to lack of awareness amongst users and indicate a requirement of large scale education and awareness programs to safeguard user interests. We are committed to strengthening the Virtual Digital Assets landscape in India through effective scrutiny and review, collaborations with compliance platforms and educational institutes to spread awareness to avert frauds" auname="Nishcal Shetty, CEO &amp; Founder, WazirX"></div> These scams include Ponzi schemes, where fraudsters entice users to spend money on the crypto project, and use money from one investor to pay back another. On the other hand, in phishing scams, attackers send malicious emails designed to make users click on fraudulent links and attachments, which are designed to steal sensitive data like passwords.

WazirX receives 1023 requests for data from law enforcement in October-March 2022

<ul><li><keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword>, <keyword id="6416838" type="PERSON" weightage="20" keywordseo="coindcx">CoinDCX</keyword> and <keyword id="10245463" type="COMPANY" weightage="20" keywordseo="coinswitch-kuber">CoinSwitch Kuber</keyword> may have to put up bigger disclaimers on their television ads.</li><li>CoinDCX told Business Insider India that they remain committed to the adoption of "safe and compliant" measures "needed for mass adoption of <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> assets."</li><li>A notice by the Delhi High Court has 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.</li><li>Others like the UK and Spain are also cracking down on crypto advertising for being ‘misleading’.</li></ul>Leading Indian crypto exchanges — WazirX, CoinDCX and <keyword id="10587326" type="UNKNOWN" weightage="20" keywordseo="CoinSwitch">CoinSwitch</keyword> Kuber — have been asked to add ‘standardised’ disclaimers to advertisements shown on television. The Delhi High Court notice comes after the exchanges have been raking in sponsorship deals for bigwig events like the Euro 2020 football championships, the Indian Premier League (IPL) cricket tournament, and T20 tour between India and Sri Lanka. <div type="ExtQuote" text="While regulations, a constant demand from the industry, will cater to the advertising guidelines, adding disclaimers to all our advertisements that go on air has been a part of our self-regulatory framework. We are committed to safe and compliant measures needed for mass adoption of crypto assets and are willing to adhere to all measures that increase investor protection." auname="Ramalingam Subramanian, head of brand and communications at CoinDCX told Business Insider India"></div> The bench consisting of Justices DN Patel and Jyoti Singh issued the notice in response to a plea claiming that <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto</a> assets are volatile and pose an increased likelihood of risk as compared to other investment options, according to <a href="https://www.livelaw.in/news-updates/delhi-high-court-notice-guidelines-crypto-currency-exchanges-advertisements-televisions-standardized-disclaimers-177478">LiveLaw</a>. The current ads do have disclaimers but the plea points out that they are too small to read and need to be broadcasted in a standard size. Instead, advocates Aayush Shukla and Vikash Kumar — who filed the plea — have asked for the disclaimer text to cover 80% of the screen while advertising and have a slow voice reading it out. <div type="Youtube" id="RHVzYkhROms" title="Buying Bitcoin is so simple | Wazirx, India ka Bitcoin exchange |" thumbUrl="https://i.ytimg.com/vi/RHVzYkhROms/mqdefault.jpg"></div> Since the issue involves <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">digital assets</a> and televising standards, the notice also names the Government of India, Securities and Exchange Board of India (SEBI) and the Ministry of Information and Broadcasting (MIB) as respondents in addition to the crypto exchanges. <div type="Youtube" id="lGFPuS_h22s" title="Kuch Sawal hai toh puch lo | ft. Kunaal Roy Kapur | Trade Kar, Befikar" thumbUrl="https://i.ytimg.com/vi/lGFPuS_h22s/mqdefault.jpg"></div> <div type="Youtube" id="2cW61jx0KK4" title="Bitcoin Liya Kya? | Chintu ki mummy and Bitcoin | CoinDCX Go App" thumbUrl="https://i.ytimg.com/vi/2cW61jx0KK4/mqdefault.jpg"></div> <cmsannotation type="cmsannotation" annotationid="The UK advertising watchdog does not think ‘it’s time to buy’" comment="subhead" text="The UK advertising watchdog does not think ‘it’s time to buy’">The UK advertising watchdog does not think ‘it’s time to buy’</cmsannotation> India isn’t alone in its concerns around crypto advertising. In the UK, the country’s advertising watchdog — the Advertising Standards Authority (ASA) — is also cracking down <keyword id="11638881" type="UNKNOWN" weightage="20" keywordseo="crypto-ads">crypto ads</keyword>. IT has put <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> marketing campaigns as a ‘<a href="https://www.ft.com/content/19ad9810-402d-4529-89b5-732521829548">red alert</a>’ priority on its roster. Earlier in May, The ASA had <a href="https://www.businessinsider.in/cryptocurrency/news/uk-watchdog-bans-adverts-saying-its-time-to-buy-bitcoin-calling-them-misleading-and-irresponsible/articleshow/82972955.cms">banned</a> Luno’s Bitcoin ads citing them as ‘misleading’ and ‘irresponsible. Luno, which is owned by the Grayscale digital assets company, had put up ads across London’s transport network stating, “If you’re seeing Bitcoin on the Underground, it’s time to buy,” and “If you’re seeing Bitcoin on a bus, it’s time to buy.” <cmsannotation type="cmsannotation" annotationid="Spain is mulling over laws to control and supervise crypto ads" comment="subhead" text="Spain is mulling over laws to control and supervise crypto ads">Spain is mulling over laws to control and supervise crypto ads</cmsannotation> The Spanish government has proposed to put cryptocurrencies under the helm of the National Securities Market Commission (<a href="https://www.lexology.com/library/detail.aspx?g=437c6383-5668-4ffc-a29e-73d1f9fcd44f">CNMV</a>). The circular, currently in the public space for comments, would give the financial regulator the power to insist on the disclaimer, request changes, and suspend them altogether if they’re non-compliant. The circular is set to come into force on 31 August 2021, if there are no objections. In addition to regulating crypto ads, the Indian government is also mulling over regulations to address the crypto industry as a whole. The country’s crypto bill was hyped to be scheduled during the Budget Session of Parliament in March and then again during the upcoming Monsoon Session — but it seems unlikely. <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/binances-compliance-journey-gets-bumpier-as-another-partner-backs-out/articleshow/84373786.cms">Binance’s compliance ‘journey’ gets bumpier as another partner backs out</a> <a href="https://www.businessinsider.in/cryptocurrency/news/a-single-bitcoin-transaction-has-a-bigger-carbon-footprint-than-100000-hours-of-youtube-videos/articleshow/84373569.cms">A single Bitcoin transaction has a bigger carbon footprint than 100,000 hours of YouTube videos — here’s how the crypto industry wants to fix that</a> <a href="https://www.businessinsider.in/cryptocurrency/news/south-korean-banks-are-finding-a-way-to-hold-onto-cryptocurrencies-without-having-to-touch-the-asset-itself/articleshow/84349075.cms">South Korean banks are creating custody companies to deal with cryptocurrencies — without having to touch the asset itself</a>

WazirX, CoinDCX and CoinSwitch Kuber have been asked to add ‘standardised disclaimers’ to their ads on television

<ul><li>India’s Finance Minister Nirmala Sitharaman reiterated that the country’s new laws around cryptocurrencies are currently awaiting approval from the Union Cabinet.</li><li>The Union Cabinet is India’s highest decision-making body.</li><li>However, this does not necessarily mean that the new laws will come into existence any time soon.</li></ul>India is racing to keep up with the cryptocurrency craze in the country. India’s Finance Minister Nirmala Sitharaman reiterated that the new regulations around cryptocurrencies in India — the Cryptocurrency and Regulation of Official Digital Currency Bill, 2019 — are waiting on approval from the Cabinet before it can be introduced into the Parliament. She had <a href="https://www.businessinsider.in/cryptocurrency/news/indias-new-crypto-regulations-are-ready-for-the-monsoon-session-of-parliament-according-to-sitharaman/articleshow/84168068.cms">stated</a> this earlier as well, ahead of the Monsoon Session in July this year. The Union Cabinet is India’s highest decision-making body. Only the Prime Minister, Narendra Modi, and other ministers of rank are a part of the Cabinet. The supreme body needs to give the green light before the new laws can be introduced for debate in Parliament. <div type="ExtQuote" text="Cabinet note is ready on cryptocurrency. I am awaiting [sic] Cabinet to clear that." auname="India’s Finance Minister Nirmala Sitharman told reports on August 18"></div> Those in the know, requesting to remain anonymous, told Business Insider that the government is most likely mulling over a softer stance given the recent surge in <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</a> adoption and awareness within the country. This means that it's possible that the Cabinet will not approve the bill in its current form, as seen in the <a href="https://www.businessinsider.in/finance/news/indian-cryptocurrency-players-in-huddle-as-government-mulls-ban/articleshow/80610668.cms">draft</a> ahead of the Budget Session of Parliament in February. The <a href="https://www.businessinsider.in/stock-market/news/bitcoin-has-surged-to-a-record-60000-as-stimulus-hopes-and-big-name-backers-fuel-demand/articleshow/81486473.cms?utm_source=msn&amp;utm_medium=referral&amp;utm_campaign=msn_content_partnership">massive surge</a> in Bitcoin’s price earlier this year, coupled with <a href="https://www.businessinsider.in/finance/news/rbi-inflation-forecast-for-next-year-is-high-close-to-shaktikanta-das-target/articleshow/85092332.cms">high inflation</a>, has led young investors to invest in <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> as an alternative financial instrument, despite their reputation for being heavily volatile. This is partly due to <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> exchanges like WazirX, CoinDCX, CoinSwitch Kuber, and others garnering new funding. And that funding is going towards <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">heavy-weight sponsorships</a> in the mainstream — like the Euro Cup and the T20 cricket tournament between Sri Lanka and India — which is driving awareness among the masses. <cmsannotation type="cmsannotation" annotationid="What happens if the Cabinet does not approve India's crypto bill?" comment="subhead" text="What happens if the Cabinet does not approve India's crypto bill?">What happens if the Cabinet does not approve India's crypto bill?</cmsannotation> If the bill is rejected by the Cabinet, then it’s possible that things will have to start from scratch all over again, especially if the Indian government is looking to take a softer approach to cryptocurrencies. “The government seems to be still in the process of determining the way forward, which may through either an existing committee or a new one with industry consultation where required," Rameesh Kailasam, the CEO of IndiaTech, told Business Insider in an <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">earlier interview</a>. The way the passing of a bill works in India is that a committee is assigned to draft the bill. The committee is headed by one, or in this case, multiple ministries. Given the vast application of cryptocurrencies — even though the Ministry of Finance’s Department of Economic Affairs is leading the charge — other stakeholders like the Ministry of Electronics and Information Technology (MeitY), the Securities and Exchange Board of India (SEBI), and the Reserve Bank of India also are a part of the process. Once the committee has drafted the bill, it then needs to be approved by the Finance Ministry. Once they approve it, it goes over to the Ministry of Law for another layer of endorsement to ensure it ticks all the boxes and doesn’t include any language that could get the government into trouble. Only once the bill has cleared both those thresholds does it make its way to the Cabinet. The ministers then discuss the bill to ascertain if any changes are required. If they feel the bill isn’t up to the mark, it will be sent back to the Finance Ministry. If not, the bill is presented to the public for comments before being introduced into the lower house of Parliament, the Lok Sabha. They then have three readings of the bill before it is passed to the upper house, the Rajya Sabha. Even then, the bill nevertheless needs approval from the President before it is <a href="https://prsindia.org/files/parliament_track/1417684398--Parliament%20as%20a%20Law%20Making%20Body_0.pdf">eligible</a> to come into effect. Depending on the changes suggested, it’s possible that the bill may not clear the Cabinet approval stage of the process. They could request for the Finance Ministry and other stakeholders to form an entirely new committee to draft a new version of the bill. They could even ask for a change at the helm with a department other than the Department of Economic Affairs — that, however, is unlikely. “The government seems to be looking at this afresh considering that there needs to be a different take on how to regulate cryptocurrencies rather than push for an outright ban” said Kailasam. <cmsannotation type="cmsannotation" annotationid="How could a new crypto bill in India be different from the old one?" comment="subhead" text="How could a new crypto bill in India be different from the old one?">How could a new crypto bill in India be different from the old one?</cmsannotation> The original committee that drafted India’s crypto bill was headed by Finance Secretary Subash Chandra Garg. Other members included MeitY Secretary Ajay Prakash Sawhney, SEBI Chairman Ajay Tyagi, and RBI Deputy Governor BP Kanungo. The <a href="https://prsindia.org/billtrack/draft-banning-of-cryptocurrency-regulation-of-official-digital-currency-bill-2019">version</a> of the crypto bill proposed by them, the draft of which was released ahead of the Budget Session of Parliament in February, bans all ‘private’ cryptocurrencies and lays out a plan for India’s apex banking institution to launch its central bank digital currency (CBDC). <div type="ExtQuote" text="Under the draft Bill, mining, holding, selling, issuing, transferring or use of cryptocurrency is punishable with a fine or imprisonment of up to 10 years, or both." auname="Excerpt from the Draft Banning of Cryptocurrency &amp; Regulation of Official Digital Currency Bill, 2019"></div> The definition of ‘private’ cryptocurrencies was however ambiguous. Most speculate, as per the comments of RBI governor Shaktikanta Das, that this covers all cryptocurrencies traded on exchanges including Bitcoin, Ether, Dogecoin, and others. <div type="ExtQuote" text="The RBI has major concerns with respect to private cryptocurrencies. We have conveyed these concerns to the government. The government will examine the issue and act accordingly." auname="Reserve Bank of India (RBI) governor, Shaktikanta Das, during the RBI’s Monetary Policy press conference on 6 August 2021"></div> This, however, does not mean that the central bank is proposing to ban the underlying blockchain platforms. One can ban Ether but the Ethereum blockchain, which facilitates the implementation of smart contracts, does not necessarily have to be pulled down. But, if the government is looking to take a softer stance, in line with the Supreme Court’s judgement in 2020 that abolished the RBI’s ban on cryptocurrencies, a new bill will likely have to be drafted. And, that process will again take its own sweet time cutting through the red tape. This means, just because the crypto bill is awaiting approval from the Cabinet, that it’s a done deal — especially as more and more Indian citizens are investing in cryptocurrency. <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>

India’s crypto bill will still have a few hurdles to clear before becoming a law, even if the Cabinet approves

<ul><li>Pensioners who are aged 80 years and above can submit it between October 1 and November 30.</li><li> The pensioners from now onwards can submit their life certificates using the <keyword id="12336332" type="General" weightage="20" keywordseo="Doorstep-Banking-Alliance" source="Orion">Doorstep Banking Alliance</keyword> service or the <keyword id="2331915" type="General" weightage="20" keywordseo="Doorstep-Service" source="Orion">Doorstep Service</keyword> of the postal department for submission of the Digital Life Certificate.</li><li>Below are the two ways in which pensioners can submit their life certificates at the comfort of their homes.</li></ul>Pensioners can now submit their annual life certificates or <keyword id="4267109" type="General" weightage="20" keywordseo="jeevan-pramaan-patra" source="Orion">Jeevan Pramaan Patra</keyword> online. Pensioners who are aged 80 years and above can submit it between October 1 and November 30. Earlier, the pensioners had to visit a bank, treasury or post office physically to submit their certificates. According to the circular by the Department of Pension and Pensioners' Welfare dated September 20, the pensioners from now onwards can submit their life certificates using the Doorstep Banking Alliance service or the Doorstep Service of the postal department for submission of the Digital Life Certificate. These are the two ways in which pensioners can submit their life certificates at comfort of their homes — <ol><li>Doorstep Banking Alliance </li></ol>Doorstep Banking (DSB) is an alliance between 12 public sector banks which includes <keyword id="6354731" type="General" weightage="20" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (SBI), <keyword id="62034" type="General" weightage="20" keywordseo="punjab-national-bank" source="Orion">Punjab National Bank</keyword> (PNB), Bank of Baroda and others. As per the circular, the public sector bank (PSB) alliance, under the umbrella of DSB, has introduced the service in which the agent will come to the home of the <keyword id="85012" type="General" weightage="20" keywordseo="pensioner" source="Orion">pensioner</keyword> to render the service. The pensioner can book the service through a mobile app named ‘Doorstep Banking’ or website or toll-free number. The toll free number is 18001213721 or 18001037188. A nominal fee would be levied on the pensioner who avails this service. 2. Doorstep service for life certificate submission via postman The Department of Posts along with the Ministry of Electronics rolled out the Doorstep Service for submission of Digital Life Certificates through the postman. To avail this facility, pensioners can contact his/her nearest post office or place a request for a doorstep visit through the ‘PostInfo’ app or through the website. The digital life certificate is paperless and the certificate is issued on an instant basis. These are the documents required for your digital life certificate — <ol><li>Aadhaar Card </li><li>Existing mobile number </li><li>Type of pension </li><li>Sanctioning Authority </li><li>Pension Payment Order (PPO) number </li><li>Pension Account Number </li></ol>Note: Pensioner’s aadhaar card must be registered with the pension disbursing bank or post office. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bengaluru-delhi-mumbai-pune-and-other-startups-raised-24-billion/slidelist/87108621.cms">Bengaluru startups raise $12 billion in funding in 2021 as Delhi, Mumbai and Pune play catch up</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchange-wazirx-got-377-requests-from-law-enforcement-agencies/articleshow/87108331.cms">WazirX got 377 requests from law enforcement agencies in the last 6 months</a>

If you are a pensioner, you can submit Jeevan Pramaan sitting at home — Here is what you need to do

<ul><li>Some banks are citing a 2018 order from India’s Central Bank, which banned <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> trading, and was quashed by the Supreme Court last year.</li><li>HDFC Bank and State Bank of India are two banks that have reached out to users about crypto investments.</li><li>India’s banks started withdrawing services from crypto exchanges earlier this month.</li></ul>After shutting bank accounts of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> in India, banks are now cautioning customers against dealing in cryptocurrencies. According to <a href="https://www.bloombergquint.com/crypto/hdfc-bank-sbi-card-warn-customers-of-restrictions-if-they-deal-in-cryptocurrencies">reports</a>, some banks have started asking their customers about <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> transactions done through their accounts and sought to deter them from trading in crypto. Notably, HDFC Bank and the State Bank of India (SBI), have reached out to customers. Many users have taken to social media to raise concerns over this issue. “We have observed that your account reflects probable virtual currency transactions, which aren’t permitted as per RBI guidelines,” <a href="https://twitter.com/regaflick/status/1398239917352755202?s=21">said</a> an email from HDFC Bank to Rinku Saini, a content creator, and crypto investor. In this email, the bank is citing a 2018 order from India’s central bank that banned crypto trading “To comply with the regulatory guidelines (RBI vide guidelines DBR.No.BP.BC.104 /08.13.102/2017-18 dated April 06, 2018), the banks are advised to exercise due diligence by closely examining the transactions carried out in the account on an ongoing basis,” the email added. <div type="twitter" handle="RegaFlick" handlename="Rinku Saini" image="http://pbs.twimg.com/profile_images/1203294513885667328/AEufNBWg_normal.jpg" favoritecount="172" retweetcount="48" status="What Is This @HDFC_Bank @HDFCBank_Cares 😒 @pushpendrakum @CryptooAdy @pankjtanwar @CryptoPointHi @cryptokanoon… https://t.co/dAaiVlbu1b" createdat="1622201348000" id="1398239917352755202"></div> Interestingly, the RBI order that was sent in 2018 was quashed by India’s Supreme Court in March last year. The order had asked regulated financial institutions to stop doing business with crypto exchanges and companies. But in its judgement, the Supreme Court cited the lack of “proportionality” in the RBI’s ruling against crypto firms. While the apex court has overturned the ban on crypto trading, RBI has not issued a formal order on this issue. However, earlier this month, the central bank had <a href="https://www.livemint.com/market/cryptocurrency/crypto-exchanges-ops-hit-as-lenders-sever-ties-11621282141905.html">reportedly</a> sent an informal guidance to financial institutions, asking them to steer clear of crypto exchanges and companies. This led banks to withdraw services from these companies, forcing crypto exchanges in India to stop accepting rupee deposits from their users. ICICI Bank, YES Bank, Paytm Payments Bank are some of the leading financial institutions that have cut ties with the crypto world in India. <div type="twitter" handle="NischalShetty" handlename="Nischal (WazirX) ⚡️" image="http://pbs.twimg.com/profile_images/960826344413286400/p8yDflBO_normal.jpg" favoritecount="10143" retweetcount="3315" status="Day 934Top Banks refusing to work with Crypto startups in IndiaWe, the people of crypto, request @RBI to interv… https://t.co/fIEE3TGymw" createdat="1621742603000" id="1396315799720128514"></div> “Day 934. Top banks refusing to work with crypto startups in India. We, the people of crypto, request RBI to intervene &amp; help this industry,” <a href="https://twitter.com/nischalshetty/status/1396315799720128514?s=21">tweeted</a> Nishal Shetty, founder of India’s top exchange, WazirX, on May 23. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">WazirX</a> is owned by the global <keyword id="6286377" type="UNKNOWN" weightage="20" keywordseo="Crypto-exchange">crypto exchange</keyword> Binance. Banks caution crypto users <div type="twitter" handle="NagpalManoj" handlename="Nagpal Manoj" image="http://pbs.twimg.com/profile_images/1188312058158125056/MXscSFIO_normal.jpg" favoritecount="288" retweetcount="98" status="HDFC Bank and SBI Credit Card issue advisory on not using their banking facilities for Cryptos (Bitcoins)Say may… https://t.co/d1D2vMcsFb" createdat="1622429706000" id="1399197717696454657"></div> Manoj Nagpal, who works at Outlook Asia Capital, <a href="https://twitter.com/NagpalManoj/status/1399197717696454657?s=20">tweeted</a> both the letters. “Reserve Bank of India has repeatedly through its public notices cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies,” the SBI letter said. “RBI has not given any license/authorization to entities regulated by them to operate in cryptocurrency schemes or any form of virtual currencies such as Bitcoins,” the letter adds. “I received an email threatening withdrawal of banking services because I purchased some crypto. Email cites 2018 RBI guidelines which were quashed by the Supreme Court last year. Given crypto being deliberated by law makers, is this not harassment?” <a href="https://twitter.com/sanatmehrotra/status/1398239413889507328?s=20">tweeted</a> another user. <div type="twitter" handle="sanatmehrotra" handlename="Sanat Mehrotra" image="http://pbs.twimg.com/profile_images/1206828765663248384/QF0MRAfr_normal.jpg" favoritecount="69" retweetcount="26" status="@HDFC_Bank I received an email threatening withdrawal of banking services because I purchased some crypto. Email ci… https://t.co/wiX3vtn9zF" createdat="1622201228000" id="1398239413889507328"></div> That said, the false claims made by the banks seem to be having an impact on some users’ decisions too. “Move with caution in crypto. I became silent on crypto because of such things..We still don’t have a clear picture yet from the RBI. One of my friends got this message from HDFC Bank,” <a href="https://twitter.com/equitymrkt/status/1398264353917259776?s=21">tweeted</a> one user. Regulatory uncertainty Interestingly, HDFC Bank had recently put out a note, which predicted that cryptocurrencies could develop as a potential asset class. In a report titled “Cryptocurrencies: Fad or Forever?”, the bank’s treasury research team noted that it’s only a matter of time before Indian investors have legal access to cryptocurrencies. The treasure research team is led by the bank’s chief economist, Abheek Barua, according to a <a href="https://www.livemint.com/market/cryptocurrency/matter-of-time-before-indians-have-legal-access-to-crypto-hdfc-bank-report-11622184175571.html">report</a> by Mint. The Indian government is still in the process of formulating a bill on cryptocurrencies. And the recent informal guidance from the central bank has caused a bump in the growth trajectory for these companies. Crypto investors in India have been growing fast over the past half a year. In fact, WazirX <a href="https://www.livemint.com/market/cryptocurrency/indias-largest-crypto-exchange-crossed-2-billion-in-trading-volumes-in-feb-11614759147828.html">reported</a> that it crossed $2 billion in trading volumes in February this year. The two most popular cryptocurrencies in the world — Bitcoin and Ethereum — rose to all-time high before witnessing a market correction earlier this month. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/from-bhel-to-heg-and-cg-power-these-infrastructure-stocks-have-turned-10000-to-as-much-as-30600-in-just-six-months/slidelist/83104471.cms">From BHEL to HEG and CG Power ⁠— these infrastructure stocks have turned ₹10,000 to as much as ₹30,600 in just six months</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-se-3-smartphone-launch-date-specifications-expected-price-in-india/articleshow/83107752.cms">iPhone SE 3 launch date, specifications, price in India and everything else we know so far</a>

Indian banks are reportedly citing a three-year old quashed circular to persuade users against crypto

<ul><li>The Banco de Portugal’s move could come as a shot in the arm for the <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> industry, which has been battling regulatory concerns in many countries.</li><li>While <keyword id="11483061" type="UNKNOWN" weightage="20" keywordseo="portugals-central-bank">Portugal’s central bank</keyword> cleared two exchanges, it doesn’t mean the bank is accepting cryptocurrencies as legal tender.</li><li>The bank received five formal registration requests over the past year.</li></ul>It seems the wave of regulations around <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> is shifting in the industry’s favour in some ways. After El Salvador approved Bitcoin as legal tender and Paraguay announcing plans to make favourable regulations, the Central Bank of Portugal — Banco de Portugal — has now issued operating licenses to two <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> exchanges in the country. This is the first time the country’s central bank has made such a move. “Banco de Portugal’s supervision regarding virtual assets service providers, as determined by Law No 83/2017 of 18 August 2017, is limited to AML/CFT purposes, and does not extend to other areas of a prudential, market conduct or any other nature,” the bank <a href="https://www.bportugal.pt/en/page/registration-virtual-assets-service-providers-0">said</a> in a statement, announcing that it had recognized Criptoloja and Mind The Coin, two <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a>, as official “virtual asset providers”. The bank also detailed what kind of services fall under its purview in the same statement. This includes exchange services between one or more virtual assets and fiat currencies, transfer services of virtual assets, safe keeping and/or administration of virtual assets or instruments that enable the control, ownership, storage or transfer of such assets, including private encrypted keys. According to reports, Criptoloja had first filed for the license on September 29 last year. It was a long way. Being the first regulated exchange in Portugal means a lot,” Pedro Borges, chief executive officer of the company <a href="https://www.coindesk.com/portugal-grants-first-crypto-exchanges-operating-licenses">told</a> Coindesk. The bank has received five formal registration requests from exchanges this year, and 60 informal contacts. The registrations make it legal for the two companies to offer exchange services to users in Portugal. Criptoloja plans to start in the next “couple of weeks”, which could give the company and Mind the Coin a headstart on businesses that will get registrations in the future. Cryptocurrency exchanges like Binance, India’s WazirX and others have shown that a first mover’s advantage can be huge in this still nascent industry. The Portuguese central bank’s decision will also come as a shot in the arm for the industry, which can show more precedents for regulators being in favour of crypto operations. However, the bank’s clearance for exchanges doesn’t mean it’s ready to accept cryptocurrencies as legal tenders. It also doesn’t mean that the bank is recognising these tokens as a legal asset class. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms">Here’s how El Salvador’s Bitcoin experiment is playing out so far — the good, the bad and the ugly</a> <a href="https://www.businessinsider.in/careers/news/low-skilled-it-jobs-in-india-are-definitely-at-risk-as-per-different-reports/articleshow/83633565.cms">Whether it's half a million or three million — 'low skilled' IT jobs in India are definitely at risk</a>

Portugal’s central bank clears two crypto exchanges for operations

<ul><li><keyword id="11148714" type="UNKNOWN" weightage="20" keywordseo="Crypto-Regulations">Crypto regulations</keyword> in India have been unclear, to say the least, but a concrete direction is expected later this year.</li><li>An RBI circular from 2018 was struck down by the country’s Supreme Court in March last year.</li><li>India has been working on a “calibrated” approach towards crypto, its finance minister had said.</li></ul>India’s <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> retracted an email sent to customers late last week, which warned them about dealing in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> transactions. The company had sent an email over the last weekend, which cited a 2018 order from the Reserve Bank of India (RBI) — the country’s central bank — to essentially say that cryptocurrency transactions are illegal in India. However, the central bank later clarified, on May 31, that the 2018 circular had been struck down by the Supreme Court of India (SC) and can’t be cited. “As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from,” the RBI had said in its <a href="https://rbidocs.rbi.org.in/rdocs/notification/PDFs/45VIRTUALCURRENCIES37FE644EF97F4A36AAB951C73A411E96.PDF">circular</a>. Post this clarification coming in from the RBI, HDFC Bank has sent fresh emails to its customers asking them to ignore the earlier cautionary note. “We wish to update you that in the light of the advisory issued by RBI…dated May 31, 2021, on ‘Customer Due Diligence for transactions in Virtual Currencies’, we request you to ignore our earlier communication dated May 28, 2021,” according to the email. “Inconvenience caused is regretted,” the new email from HDFC Bank <a href="https://twitter.com/DocumentingBTC/status/1400426099633528836/photo/1">said</a>. <div type="twitter" handle="DocumentingBTC" handlename="Documenting Bitcoin 📄" image="http://pbs.twimg.com/profile_images/1369025687743500288/-4tdBSu5_normal.jpg" favoritecount="2244" retweetcount="446" status="HDFC Bank, India’s largest private sector bank, just told its clients to “ignore” their previous warning about ‘Vir… https://t.co/yO0t7Y9DVN" createdat="1622722575000" id="1400426099633528836"></div> The State Bank of India had also sent letters to customers, meant to deter them from dealing in crypto. However, it didn’t cite the 2018 RBI ruling. “The Reserve Bank of India has repeatedly through its public notices cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies,” the SBI letter <a href="https://www.businessinsider.in/cryptocurrency/news/indias-banks-started-withdrawing-services-from-crypto-exchanges-earlier-this-month/articleshow/83109454.cms">said</a>. “RBI has not given any license/authorization to entities regulated by them to operate in cryptocurrency schemes or any form of virtual currencies such as Bitcoins,” the letter added. Where do India’s regulations on crypto stand? India’s cryptocurrency regulations have been unclear, to say the least. The issues began in 2018, when the RBI issued a circular that asked all financial entities regulated by it to stop dealing with crypto companies. This order was struck down by India’s Supreme Court in March last year, which cited proportionality concerns with the order. This led to a period of sustained growth for crypto exchanges in India, especially on the back of bull runs by various cryptocurrencies last year. Exchanges like WazirX have <a href="https://www.livemint.com/market/cryptocurrency/indias-largest-crypto-exchange-crossed-2-billion-in-trading-volumes-in-feb-11614759147828.html">recorded</a> up to $2 billion in total trading value in February this year, but that’s when issues began again. Just ahead of the budget session of India’s Parliament, a listing on the <a href="https://www.livemint.com/market/cryptocurrency/whats-in-store-for-the-country-s-crypto-industry-11616432928274.html">Parliament’s agenda</a> said that a new bill would be proposed during the session. This bill would aim to ban all cryptocurrencies in India, and lay the framework for an RBI-regulated central bank digital currency (CBDC). This led to confusion amongst traders, investors and the overall crypto community, about whether the industry would become illegal in India. The bill wasn’t brought up during the session, but that could have been because the second wave of COVID-19 infections in the country cut the Budget session short this year. But the concerns mounted late last month, when an <a href="https://www.businessinsider.in/cryptocurrency/news/users-not-able-to-deposit-money-on-indian-crypto-exchanges-right-now/articleshow/82831355.cms">informal guidance from the RBI</a> to banks, led lenders to stop dealing with <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> and companies again. Exchanges had to stop taking rupee deposits from users, almost overnight, and haven’t been able to restore services since. However, regulations still remain unclear. There is no order, law or notice in India that makes dealing in cryptocurrency illegal. Finance Minister Nirmala Sitharaman has <a href="https://www.livemint.com/market/cryptocurrency/fms-push-for-calibrated-approach-on-crypto-trading-calms-frayed-nerves-11615112421872.html">said</a> that the government is considering a “calibrated” approach to cryptocurrencies in India, and a clearer direction is expected later this year. The crypto industry has also been working on <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 regulating</a> under industry body IAMAI (Internet and Mobile Association of India). The Blockchain and Crypto Assets Council (BACC), which has been set up under the IAMAI, had welcome the RBI’s clarification earlier this week, and said it has set up a self-regulatory code of conduct for its members, which includes top exchanges like WazirX and CoinDCX. “It is well known that with 15 million users and upwards of 10,000 crores held by small investors, India is among the top players globally in the crypto market and for the welfare of the users it is very important that crypto assets are regulated,” the council said on June 1. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/gdp-growth-projection-revised-by-rbi-to-9-5-leaves-rates-unchanged/articleshow/83226348.cms">RBI leaves rates unchanged as it lowers GDP growth projection to 9.5%, targets 5.1% inflation</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-app-is-adding-a-new-feature-to-help-you-replace-snapchat-completely/articleshow/83226216.cms">WhatsApp rips off another Snapchat feature — this time Disappearing Mode</a> <a href="https://www.businessinsider.in/tech/apps/news/google-camera-app-is-expected-to-receive-an-update-that-lets-you-capture-the-night-sky-in-motion/articleshow/83228479.cms">Google Camera update might add the ability to capture the night sky in time-lapse</a>

HDFC Bank withdraws letter on crypto transactions after RBI clarifies that its 2018 circular is no longer valid

<ul><li>Belarus and Russia want to separate cryptocurrency miners from other power users.</li><li>According to the head of Russia’s Ministry for Energy, “It is necessary to exclude the possibility of electricity consumption by miners at tariffs for the population.”</li><li>Other countries like Kazakhstan and Iran are also in the process of putting in exclusive regulations for cryptocurrency miners to ease pressures on their respective power grids.</li></ul>Belarus and Russia are looking to separate cryptocurrency miners from other power users. And, they’re not alone. The energy consumed while mining for <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">cryptocurrencies</a> has been a global concern for a while now — both in terms of the sheer amount consumed and its environmental impact. <div type="ExtQuote" text="&quot;To maintain the reliability and quality of power supply, we believe it is necessary to exclude the possibility of electricity consumption by miners at tariffs for the population.&quot;" auname="Nikolai Shulginov, the head of Russia’s Ministry of Energy, told reporters on the sidelines of Russian Energy Week"></div> Countries around the world, especially those which serve as hubs for cryptocurrency miners, have been looking to regulate the activity and its electricity usage. China may not have been the first but it was the loudest on the scene when it banned <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">cryptocurrency mining</a> in the country altogether earlier this year. Power plants found to be providing electricity for such operations were warned that they may face fines or other legal penalties. Chinese miners, on the other hand, have since found new homes — transferring the burden of electricity consumption from one country to others, like Kazakhstan, the US, and Russia. <cmsannotation type="cmsannotation" annotationid="Kazakhstan is rationing its electricity as miners cross the border from China" comment="subhead" text="Kazakhstan is rationing its electricity as miners cross the border from China">Kazakhstan is rationing its electricity as miners cross the border from China</cmsannotation> Kazakhstan, the prime location for Chinese miners since it’s located just across the border, is now the second-largest <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> miner in the world. According to data collected by <a href="https://cbeci.org/index">Cambridge University</a>, the country’s share in global mining went from 1.4% in September 2019 to over 18% as of August 2021. But becoming the new hub of <keyword id="6097384" type="General" weightage="20" keywordseo="cryptocurrency-mining" source="Orion">cryptocurrency mining</keyword> has taken a toll on the country’s power grids. "We have seen that our [country's] electricity consumption has literally increased by 7 percent in one year. That's a very big increase," the country’s Energy Minister Magzum Mirzagaliyev told <a href="https://kursiv.kz/news/biznes/2021-10/mayneram-v-kazakhstane-stanet-slozhnee-otkryvat-novye-fermy">Kursiv</a> — a local publication — noting that consumption usually grows by about 2% each year. On October 15, the national grid operator, KEGOC, announced electricity rationing after three major coal-fired power plants shut down. While the operator did not directly blame cryptocurrency miners, it said that it was cutting off customers who “over-consume.” <cmsannotation type="cmsannotation" annotationid="Cryptocurrency mining in Iran led to a four-month ban" comment="subhead" text="Cryptocurrency mining in Iran led to a four-month ban">Cryptocurrency mining in Iran led to a four-month ban</cmsannotation> Iran banned cryptocurrency mining earlier this year — for four months — due to concerns over power outages amid the soaring summer temperatures. However, mining or not, the country <a href="https://www.forbes.com/sites/dominicdudley/2021/05/28/after-years-of-warnings-iran-finally-clamps-down-on-power-hungry-bitcoin-miners/">often faces</a> a shortage of electricity during the peak winter and summer months with temperatures going into the extremes. While the country has since <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-bitcoin-mining-now-legal-in-iran-but-future-still-uncertain/articleshow/86681030.cms">rolled back the restriction</a>, it continues to struggle with unregulated cryptocurrency mining. Only 50 Bitcoin farming plants have a legal license to operate while 85% of mining operations in the country reportedly continue to be illegal. <cmsannotation type="cmsannotation" annotationid="Striving to find a workaround to electricity consumed by cryptocurrency mining" comment="subhead" text="Striving to find a workaround to electricity consumed by cryptocurrency mining">Striving to find a workaround to electricity consumed by cryptocurrency mining</cmsannotation> It’s not just governments who are concerned about the electricity consumption of cryptocurrency mining. Even Elon Musk, CEO of Tesla and SpaceX, announced that his electric car company will no longer be accepting Bitcoin as a payment method until its energy consumption drops by at least 50%. Recently a cryptocurrency mining operation in New York <a href="https://apnews.com/article/bitcoin-mining-new-york-power-plant-climate-change-516dbd319394a6a30f83d94947abad20">resurrected</a> a shut down fossil fuel power plate to power 15,300 of its servers to mine for Bitcoin. According to Greenidge Ridge, its strategy keeps from putting a toll on the public power grid. However, environmentalists argue that this still does not address the underlying issue of unsustainable use. Using fossil fuel energy to create private profit may not affect the overall public supply of electricity, but is still harmful to the environment. <div type="ExtQuote" text="“The financiers of min­ing op­er­a­tions will in­sist on us­ing the cheap­est en­er­gy and so by de­f­i­n­i­tion it will be elec­tric­i­ty that has no bet­ter eco­nom­ic use.”" auname="Excerpt from the Seetee research report by Aker ASA"></div> According to a <a href="https://www.seetee.io/">Seetee</a> report by Norway-based Aker ASA, the ideal way to make cryptocurrency mining more eco-friendly is to support lawmakers that want to encourage mining in regions that already have underutilized energy sources. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-markets-restless-as-bitcoin-etf-gears-up-to-meet-the-nyse-tonight/slidelist/87128391.cms">Crypto markets restless as Bitcoin ETF gears up to meet the NYSE tonight</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchange-wazirx-got-377-requests-from-law-enforcement-agencies/articleshow/87108331.cms">WazirX got 377 requests from law enforcement agencies in the last 6 months</a> <a href="https://www.businessinsider.in/cryptocurrency/news/brazil-buys-4-billion-in-crypto-ahead-of-bitcoin-law/articleshow/87109498.cms">Brazilians bought more than $4 billion in cryptocurrencies this year as the country looks to regulate Bitcoin</a>

Cryptocurrency miners are taking a toll on power grids worldwide — Russia and Belarus join other countries look to separate them from other power users

You Searched For "wazirx law requests" and got 9 results

WazirX got 377 requests from law enforcement agencies in the last 6 months

BI India Bureau

WazirX receives 1023 requests for data from law enforcement in October-March 2022

Insider Studios

WazirX, CoinDCX and CoinSwitch Kuber have been asked to add ‘standardised disclaimers’ to their ads on television

Prabhjote Gill

India’s crypto bill will still have a few hurdles to clear before becoming a law, even if the Cabinet approves

Prabhjote Gill

If you are a pensioner, you can submit Jeevan Pramaan sitting at home — Here is what you need to do

Vaamanaa Sethi

Indian banks are reportedly citing a three-year old quashed circular to persuade users against crypto

BI India Bureau

Portugal’s central bank clears two crypto exchanges for operations

BI India Bureau

HDFC Bank withdraws letter on crypto transactions after RBI clarifies that its 2018 circular is no longer valid

BI India Bureau

Cryptocurrency miners are taking a toll on power grids worldwide — Russia and Belarus join other countries look to separate them from other power users

Prabhjote Gill

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