This was announced in a report from the Law Commission which is titled ‘Legal Framework: Gambling and Sports Betting Including in Cricket in India’.
The Government of India is expected to announce cryptocurrency regulations sometime in September, reports from local media indicate.
The RBI has now explained to the Supreme Court the reason as to why they stopped providing banking services to cryptocurrency businesses.
Despite the RBI ban having come into effect earlier this month, Zebpay remains hopeful that it will soon be overturned as better regulations are introduced.
India’s primary opposition party, the Indian National Congress has alleged members of the ruling party BJP of a mega-Bitcoin scam worth Rs 5000 Crores.
Zebpay, one of the biggest cryptocurrency exchanges in the country has announced that as of today, they no longer allow rupee-based transactions to take place.
The annual report by the Bank of International Settlements outlines the shortcomings of a decentralized ledger system.
A cryptocurrency scam worth Rs. 500 Crore ($7.3 Million) has come to light in India, named MoneyTradeCoin - the scam was orchestrated by The Flintsonte Group.
Last month, Venezuela offered India a discount on crude oil if the country pays them in Petro cryptocurrency. However, India has declined Venezuela’s offer.
Bithumb, South Korea’s largest crypto-exchange has now announced that it will no longer support cryptocurrency trade for traders based in 11 countries.
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