Building a Billion-Dollar Economy in Indian Fintech
Key components of the financial technology environments include virtual payment systems, virtual financing, Banktech, Insurtech, Regtech, Cryptos, as well as capital technology.
India Subjects Crypto Transactions to Anti-Money Laundering Law
On March 7, The Gazette of India published a notification from the Ministry of Finance, subjecting a range of transactions with crypto to the Prevention of Money-Laundering Act 2002 — namely the exchange, transfers, safekeeping and administration of virtual assets. Financial services related to an issuer’s offer and sale of virtual assets also fall under the PML Act.
WazirX Lists FLOKI for Trading on India’s Biggest Crypto Exchange
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.
India's Central Bank Digital Currency Will Act as Alternative to Cryptocurrency, Says RBI Official
The Indian central bank is exploring the offline functionality of the digital rupee, Choudhary conveyed. Noting that the CBDC will soon become a medium of exchange in India, he emphasized that it needs to have all features of physical currency, including anonymity. The RBI executive director previously said the design of India’s CBDC will be the least disruptive and will not replace physical currency or the current financial system.
G20 Finance Chiefs Widely Recognize Crypto Poses Major Financial Stability Risks, Says Indian Central Bank Governor
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 the weekend. Reserve Bank of India (RBI) Governor Shaktikanta Das talked about cryptocurrency during a media briefing Saturday following the G20 meeting of finance ministers and central bank governors in Bengaluru. (Bitcoin.com)
India Asks IMF and FSB for Joint Paper To Help Formulate ‘Comprehensive’ Crypto Policy
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 of a coordinated and comprehensive policy approach to crypto assets,” said India’s finance ministry.
India US Discuss Crypto Before G20 Summit
Indian Finance Minister Nirmala Sitharaman and U.S. Treasury Secretary Janet Yellen discussed crypto ahead of the G20 summit being held in the tech hub Bangalore.
Indian Finance Minister Pushes for International Cooperation on Crypto Regulation — Discusses Awareness Campaign
Indian Finance Minister Nirmala Sitharaman has stressed the importance of international cooperation in order to regulate the crypto sector. She also confirmed that Indian regulators’ crypto awareness campaign will continue to alert people about the risks of investing in crypto. “The reason is they can be anywhere but operated in India or they can be in India but operated somewhere else,” the Indian finance chief added. (Bitcoin.com)
Crypto Evening Briefing: Bosch and Fetch.AI Launch $100M Foundation to Fuel Web3 Adoption
Bosch and Fetch.ai have jointly unveiled a new foundation focused on fueling industrial adoption of software agents, AI, and Web3 technology.
India Expands National Payment Network to Singapore
India’s national payment network, called the unified payments interface (UPI), is expanding its services beyond Indian borders to Singapore. The cross-border connectivity between Singapore and India via their respective rapid payment systems, namely PayNow and the UPI. Shri Shaktikanta Das, governor of the Reserve Bank, and Mr Ravi Menon, managing director of the Monetary Authority of Singapore, launched the facility through token transactions using the UPI-PayNow linkage.
