HPCL has partnered with blockchain software company Zupple Labs
Hindustan Petroleum Corporation Limited (HPCL), one of India's largest oil and gas companies, is launching a blockchain system to enable automatic verification of purchase orders (PO). In a joint statement, the two companies announced that HPCL has partnered with blockchain software company Zupple Labs to integrate its blockchain-based digital authentication technology into the PO system. Zupple Labs' verification technology, called Legit Doc, allows HPCL to issue digital POs to its suppliers without the need for manual PO verification. From the perspective of third-party validators, the project provides a tool for directly verifying the validity of POs in an automated manner on the HPCL website.
Cryptocurrency Exchange OKX Plans India Expansion Despite Regulatory Uncertainties
Cryptocurrency exchange OKX plans to expand its wallet services in India by hiring local staff and tapping into the country's developer community. The company currently has around 200,000 wallet users in India, which is approximately 5% of the country's web3 users.
India wants to digitally sign documents using crypto tokens
India's Ministry of Electronics and Information Technology (MeitY) revealed on Wednesday that it hopes to allow users to digitally sign documents using encrypted tokens in new domestic web browsers. This development is significant because India has yet to propose any legislation on Web3 or cryptocurrencies in parliament, even though it is promoting global rules for cryptocurrencies as the G20 chair. The Reserve Bank of India opposes the legalization of cryptocurrencies while promoting its own central bank digital currency (CBDC). Although India's finance ministry has taxed cryptocurrencies and included them in global anti-money laundering standards, it has not yet taken a formal stance on whether to legalize or ban cryptocurrencies.
India's Lower House Approves Bill Easing Data Compliance Regulations for Big Tech Companies
India's lower house of parliament has approved a bill that will ease data compliance regulations for major global tech companies such as Google, Microsoft and Meta, as well as local firms seeking international expansion. The Digital Personal Data Protection Bill 2023 targets exports of data sourced from India, allowing companies to do so except to countries prohibited by the government. The bill currently requires government consent prior to Big Tech companies collecting personal data and prevents them from selling it for reasons not listed in the contract. The updates to the bill would reduce compliance requirements for companies, but it still needs to pass through the upper parliamentary house before it is finalized.
India Launches AI Learning Course to Foster a Skilled Workforce and Promote Technological Advancements
India has launched an AI learning course, AI for India 2.0, to accelerate the integration of artificial intelligence and stay at the forefront of technological advancements. The course aims to promote AI adoption in key industries, expand the country's talent pool for AI firms, and provide upskilling and recruitment opportunities for its citizens.
Pakistan and Bangladesh Present Growing Market Opportunities for Fintech Industry in South Asia
While India has been a leader in fintech in South Asia, Pakistan and Bangladesh have significant potential for growth in the payments and digital banking sectors. Pakistan's fintech sector had a record year in 2022, with digital banks being approved to serve the unbanked population. Bangladesh, with a large population lacking bank accounts, is also a prime candidate for digital banks, with the government aiming for 75% of local transactions to be conducted digitally by 2027. Ant, a major player in the fintech industry, has a stake in bKash, Bangladesh's leading e-wallet, and a strong presence in Pakistan's fintech through its partnership with Telenor.
China Home to 15% of Asia's Crypto Workforce, Despite Crypto Ban
According to a recent report by crypto intelligence provider K33 Research, China is home to 15% of Asia's crypto workforce, making it one of the largest crypto hubs on the continent. This is despite China's comprehensive ban on crypto trading and mining.
Shiba Inu and XRP Among Top Three Most Traded Cryptocurrencies on WazirX in India
Shiba Inu (SHIB) and Ripple-affiliated XRP coins were among the three most traded digital currencies on the WazirX exchange in India in June, according to a tweet from the exchange. The tokens were trading alongside Bitcoin, which remains the leading cryptocurrency in terms of market capitalization and trading volume.
Xapo Bank to Expand Cryptocurrency Services Across India and South Asia
June 22 (Cointime) - Xapo, a crypto-friendly private bank based in Gibraltar, is expanding its services across India and South Asia. The bank will offer its USD offshore savings account with 4.1% interest and a bitcoin wallet with 1% interest on BTC deposits to members in the region.
Ark Invest Sells $8.6 Million Worth of Tesla Shares Ahead of Elon Musk's Meeting with Indian PM Modi
June 21 (Cointime) - Ark Invest, led by Cathie Wood, sold 31,500 Tesla shares worth $8.6 million a day before Elon Musk's meeting with the Indian Prime Minister as the company looks to invest in the Asian country.
