Indian blockchain start-ups face a new challenge

The Indian blockchain start-ups, already fighting against odds to establish themselves in the market face a harsh reality up against them. Going forward these companies need to have a product ready before raising money through ICOs. This comes as a result of the ICO market slowing down drastically and several instances where the money provided by the ICO was not used in developing product or service. Read more about Indian blockchain start-ups face a new challenge

Zebpay shuts down crypto exchange services in India

Zebpay, one of the country’s largest cryptocurrency exchange has announced that it will be shutting down its exchange operations. The announcement came as a big shock to everyone involved in cryptocurrencies. The Zebpay wallet will continue to be operational allowing users to deposit/withdraw tokens or coins. The company’s blog mentioned that it has been extremely difficult to conduct operations with the ban on banks and there has been no improvement in the situation for 5 months.

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Crypto exchange versus Central Bank case reaches climax

The ongoing case between the Crypto exchanges and the Central Bank has reached the final stages with Supreme Court to decide on the verdict today the 12th of September. The case was filed after the Central Bank has imposed a prohibitive ban directing the banks and other financial institutions to stop providing services to crypto exchanges following the notice issued by the Reserve Bank of India (RBI) in April 2018.

The Central Bank declared 6th July as the deadline to close down all services to crypto exchanges. However, on 3rd July a petition to grant a stay on the circular was filed but the Supreme Court rejected the same. The ban came as a huge jolt for the industry that was slowly booming and the crypto exchange operators were not happy with the ban calling it unfair, arbitrary, and unconstitutional.

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SEBI organized Cryptocurrency study tour for Indian authorities

The Securities and Exchange Board of India’s 2017-18 annual report states that the board had conducted tours for its authorities to study about cryptocurrency. The authorities visited Japan’s Financial Services Agency (FSA), the U.K. Financial Conduct Authority (FCA) and the Swiss Financial Market Supervisory Authority (FINMA) to study about cryptocurrency and ICOs.

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RBI worries on the chances of crypto crackdown backfiring

RBI worries on paying less heed to cryptocurrencies. The discomfort of RBI with Cryptocurrency is old news. They want to protect customers engaged in this market of digital currency because bitcoin has lost nearly $200 billion in the market within the last two months. It was also pointed out that these currencies do not have any intrinsic value as they are not backed by assets.

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Nasscom Official Confident that Blockchain can add $5 bn to Indian Economy in 5 Years

Blockchain technology has the potential to create value of up to $5 billion in India in the next five years, a top official of IT industry’s apex body Nasscom has stressed.

“The Blockchain ecosystem is evolving in India. Creating awareness on how this technology is simpler and easier to use with the existing social media and Cloud technology can go a long way in helping the country realise its potential,” KS Viswanathan, Vice President (Industry Initiative), Nasscom, told IANS in an interview.

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India to Bring Regulations to keep Blockchain Coders from Moving

Over 80% of blockchain developers in India will be forced to move abroad due to lack of regulatory framework.

The government’s lack of initiative has already forced many blockchain developers and start-ups to shift their domicile to nations that offer tax incentives and e-residency.

A committee formed under Niti Aayog is working on a paper to highlight the prospective use of blockchain technology.

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