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SVB mixup forces India's SVC Bank to issue a notice of clarification
15.3.2023
The similarity in the short forms of the two banks — SVB and SVC Bank — caused a mixup among a few Indian citizens as they took up the concern with the Mumbai-based bank
India’s Crypto Industry Finally Sees Lawmakers Engaging
14.3.2023
On Saturday, India’s crypto industry pulled off a near coup by bringing senior leaders from India’s ruling party and the opposition benches to an event to engage in serious discussions
Silvergate and SVB bite the dust: Law Decoded, March 6–13.
13.3.2023
Elizabeth Warren and Sherrod Brown didn’t miss a chance to attack the crypto industry after bank failures
Bank Collapses Underscore G-20 Hesitance on Crypto: Source
13.3.2023
The recent collapses of crypto banks have only underscored the hesitancy of the Group of 20 (G-20) on crypto assets, a highly placed G-20 source said
IMF Had Warned G-20 That Widespread Crypto Use Would Impact Banks
13.3.2023
The International Monetary Fund (IMF) had warned the G-20 nations that the widespread proliferation of crypto assets could lead to banks losing deposits and curtailing lending, a report made public on Monday reveals
Extreme Market Turbulence: Critics Call Warren’s Silvergate Take ‘Terribly Misinformed,’ SVB Collapses, Vitalik’s Token Sell-Off Moves Markets, and More — Week in Review
12.3.2023
It’s been a turbulent week in finance with the so-called crypto-friendly Silvergate Bank announcing its liquidation, U.S. Senator Elizabeth Warren blaming the event on “crypto risk,” and individuals on social media pointing out that Warren is “terribly misinformed.”...
India Brings Crypto Transactions Under Prevention of Money Laundering Act
11.3.2023
India’s finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 (PMLA). Noting that the move “is a positive step in recognizing the sector,” a crypto insider explained that it will strengthen the industry’s...
India's Crypto Regulation Now Has Teeth, Experts Say
9.3.2023
Bringing crypto companies into the purview of anti-money laundering rules imposes obligations and exposes them to fines for breaches
India-Russia Oil Deals Chip Away at Dollar Dominance in International Trade
8.3.2023
On Wednesday, Reuters reported that Western sanctions on Russia and oil trading between Moscow and India have started to erode the dollar’s decades-old dominance of international oil trade. The oil deals between India and Russia have been settled in other currencies, putting the U.S....
India's Crypto Businesses Handed Anti-Money Laundering Obligations for First Time
8.3.2023
They will have to register with the Financial Intelligence Unit and voluntarily report suspicious activities
India subjects crypto transactions to anti-money laundering law
8.3.2023
The operators face an obligation to store the transactions’ data for ten years and pass it to regulators on demand
WazirX lists FLOKI for trading on India’s biggest crypto exchange
7.3.2023
WazirX, India’s biggest crypto exchange, recently announced listing FLOKI on its platform. The exchange has started accepting FLOKI deposits, and its trading will go live on March 7th. The platform released an official tweet to inform users about the listing. Even the Floki team talked about...
India explores offline functionality of CBDCs: RBI executive director
4.3.2023
In addition to offline functionality, RBI is gauging CBDC’s potential for cross-border transactions and linkage with legacy systems of other countries
India’s Central Bank Digital Currency Will Act as Alternative to Cryptocurrency, Says RBI Official
4.3.2023
An official of India’s central bank, the Reserve Bank of India (RBI), says that the country’s central bank digital currency (CBDC) will act as an alternative to cryptocurrency. He stressed that the digital rupee must possess all the attributes of physical currency, including anonymity....
Indian Crypto Exchange BitBNS Says Law Enforcement Advised Against Making Hack Public
2.3.2023
Indian Crypto Exchange BitBNS didn't make a hack worth $7.5 Million on February 1, 2022 public to its users and instead told them it was "system maintenance" because "law enforcement" authorities advised them against it
G20 Finance Chiefs Widely Recognize Crypto Poses Major Financial Stability Risks, Says Indian Central Bank Governor
28.2.2023
The G20 finance ministers and central bank governors recognize that cryptocurrencies pose major risks to financial stability, monetary systems, and cyber security, India’s central bank governor reportedly said. Crypto regulation was among the key topics discussed during the G20 meeting over...
FSB, IMF and BIS papers to set global crypto framework, says G20
26.2.2023
A series of recommendations and papers setting standards for a global crypto regulatory framework will be released by the institutions in July and September
The IMF and the U.S. Support India's Plan to Coordinate Global Crypto Regulation at G20
26.2.2023
The International Monetary Fund and the United States have shown support for India's plan to coordinate global crypto regulation during the recent G20 meeting.
India, which currently holds the G20 presidency, has been pushing for a collective global effort to regulate the nascent digital asset...
India Asks IMF and FSB for Joint Paper to Help Formulate ‘Comprehensive’ Crypto Policy
26.2.2023
India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop “a synthesis paper” on crypto assets as part of the G20 meeting of finance ministers and central bank governors under India’s presidency. “This would help in the formulation...
IMF Calls for ‘More’ Crypto Regulation — Says Banning Should Be an Option
26.2.2023
International Monetary Fund (IMF) Managing Director Kristalina Georgieva says crypto needs “more regulation.” She added, “We should not take off the table banning those assets,” if regulation fails or is too slow to implement. IMF’s Chief Calls for More Crypto...