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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The Story of India’s Steady and Unnecessary Strangle of Its Cryptocurrency Ecosystem

2017 was a year of extremes, for Indian crypto investors. They saw the rise of Bitcoin from $900 to a mind-boggling $20,000, fueling a scramble for Bitcoin in a wider Indian audience of investors, subsequently leading to the Modi administrations initiation of its downfall – it fell under the RBI’s radar. Read more about The Story of India’s Steady and Unnecessary Strangle of Its Cryptocurrency Ecosystem

Indian Fertilizer Subsidies May Now be Powered by Blockchain

NITI Aayog, India’s apex policy-making body has initiated a statement of intent (SOI) with Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) on developing a blockchain solution for the subsidy management of fertilizer – a $10 million industry domestically. This move will potentially rid the system of data leaks and streamline the subsidy distribution to farmers without the need for documentation. Read more about Indian Fertilizer Subsidies May Now be Powered by Blockchain

India: RBI’s banned cryptos without any public consultation or independent research, RTI inquiry reveals

In its answer to an RTI query filed by a startup consultant, Varun Sethi, on April 9th, RBI has revealed that the decision to to stop banks and other regulated entities from dealing with virtual currencies (VC) such as bitcoins was not backed by public consultation or independent research. No internal committees to look into cryptos were formed in order to help with RBI’s decision, states the central bank in its response to the Right to Information inquiry. Read more about India: RBI’s banned cryptos without any public consultation or independent research, RTI inquiry reveals

India: Kerala government taps into Blockchain technology in order to streamline supply

The government of Kerala will utilise Blockchain technology to streamline purchase and distribution network of milk, vegetables and fish in the state. The project is being implemented through the Kerala Development and Innovation Strategic Council (K-DISC), state’s think-tank mandated to formulate and implement plans to create a healthy and conducive ecosystem with the help of new technologies. Read more about India: Kerala government taps into Blockchain technology in order to streamline supply

India may levy GST on cryptocurrencies and its related services

Despite the lack of clarity on their legal status, cryptocurrencies may be subjected to Goods and Services Tax, according to media reports based on sources that requested to stay anonymous. The government may levy an 18 percent GST, with the proposal being considered by Central Board of Indirect Taxes and Customs. It will be tabled before the GST Council after it’s finalised, as per the reports.

Cryptocurrencies could be classified as intangible goods on a par with software, the reports said, adding that its use in illegal activities would have to be dealt with under other laws. The proposal is aiming for the following: Read more about India may levy GST on cryptocurrencies and its related services

Coindelta Announces An ACT Trading Competition

Indian Exchange Coindelta is hosting a week-long trading competition for its users, where participants will be trading Achain (ACT).

The contest went live on Tuesday, May 22nd at 4 P.M. and will continue till next Tuesday, May 29th with trading closing sharp at 3:59 P.M. It is quite easy to compete, participants have to simply trade ACT during the period delegated for the trading contest.

A total of 80,000 ACT tokens are being offered as the prize, with the distribution of tokens detailed in the infographic below. Read more about Coindelta Announces An ACT Trading Competition

Seven major Indian banks come together to test blockchain powered trade finance platform

Infosys Finacle, a subsidiary of the Indian IT firm Infosys, announced the inception of India Trade Connect (ITC), a blockchain-based trade network in India, in partnership with Axis Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, South Indian Bank and Yes Bank. The ITC network is being used to test out the pilot of a blockchain based solution developed to specifically address the trade finance process requirements of banks.

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