Page 13 - Cryptocurrency

India to push big for multilateral reforms of WTO, IMF as G20 Chair

Focus will also be on climate justice, green financing

Govt working on GST on crypto transactions, defining legal framework

The government is working on a comprehensive indirect tax regime for crypto assets which will check revenue loss to the exchequer

Fast-tracking of status on cryptocurrency assets may be in works

India, like many other countries, is currently not FATF-compliant on crypto assets

Crypto wrap: What to expect from the market after Ethereum's 'Merge'

With Merge, Ethereum has transitioned from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS). It is expected to cut energy consumption for minting the digital tokens by 99.5 per cent

Crypto wrap: 'Merge' in focus, inflation figures still key, say experts

Bitcoin, the largest crypto token by market capitalisation, was trading at $21,750 on Friday. On Monday, it had briefly hit the $25,000 mark

Blockchain trilemma: What's next for Ethereum after long-awaited 'Merge'?

The long-awaited software revision, termed the Merge, shifted the blockchain from a so-called proof-of-work system to a more energy efficient proof-of-stake method for securing the network.

Ethereum upgrades technology to cut CO2 output by 99%: Report

Even though completed, the Merge could be followed by days or even weeks of hiccups, based on what happened after some prior Ethereum software updates

Ethereum blockchain slashes energy use with 'Merge' software upgrade

The cryptocurrency ether fell as much as 4% to $1,571, a move analysts put down to a cautious mood for risk assets more generally

Indian blockchain industry hails Ethereum upgrade for greener crypto

Prashant Kumar, Founder and CEO at weTrade, said that with a successful Merge, Ethereum can await new investors as it transitions to this 2.0 version

'Inflation has peaked' narrative premature, impact to stay: Crypto experts

Bitcoin, the largest cryptocurrency by market cap, has fallen nearly 10 per cent since the Fed announcement of the inflation figures and was trading at $20,367.16 on Wednesday

Binance gains big as crypto traders flee Indian exchanges to escape taxes

Downloads of Binance's app in India jumped to 429,000 in August, the highest this year and almost triple that of runner-up CoinDCX,

Indian citizen pleads guilty in 1st ever crypto insider trading case in US

A 26-year-old Indian citizen has pleaded guilty in the first-ever cryptocurrency insider trading case in the US, in which he along with his brother and their Indian-American friend made ill-gotten profits totalling over a million dollars. Nikhil Wahi, a citizen of India and residing in Seattle, on Monday pleaded guilty to wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase's exchanges. Coinbase was one of the largest cryptocurrency exchanges in the world. This is the first time that a defendant has admitted his guilt in an insider trading case in the US involving the cryptocurrency markets. The charge carries a maximum sentence of 20 years in prison. He is scheduled to be sentenced by Judge Preska on December 13. In July this year, Nikhil and his elder brother Ishan, 32 along with their Indian-American friend

Cryptoverse: Ether snaps at bitcoin's heels in race for crypto crown

The Merge, expected to take place on Thursday, could lead to wider use of the blockchain, potentially boosting ether's price - although nothing is certain in a capricious crypto market

WazirX says ED has unfrozen bank accounts, allowing it to continue ops

Cryptocurrency exchange platform said it is cooperating with agency in its investigation of 16 fintech companies and instant loan apps

Cryptocurrency and bitcoin price on 12 Sept: BTC grows over 2%

Cryptocurrency and Bitcoin price today, 12 Sept: Bitcoin and Ethereum price rises. Read this detailed report on the updated prices of BTC, ETH and other cryptocurrencies

Court cannot stop govt from bringing law on cryptocurrencies, says SC

The Supreme Court said on Friday it cannot stop the government from bringing a legislation in Parliament on crypto currencies and dismissed a plea challenging constitution of an inter-ministerial committee to make recommendations to the Centre on virtual currencies. Crypto currencies are digital or virtual currencies in which encryption techniques are used to regulate generation of their units and verify the transfer of funds while operating independently of a central bank. A bench of Justices DY Chandrachud and Hima Kohli termed the PIL filed by a private firm "misconceived" and dismissed it. "There is no actionable cause for a petition under Article 32 of the Constitution. The Court cannot interdict the Government from bringing a legislative proposal before Parliament, the bench said. At the outset, the court said, "What kind of plea is this? Government has made an inter-ministerial committee (IMC), so you filed a petition under Article 32 of the Constitution? You want to ...

Crypto weekly wrap: Despite gains, experts want investors to wait and watch

Ahead of much anticipated "Merge" Ethereum will be on the radar of the investors, however, it may not perform as good as it is expected to, experts said

Hackers delete educational institutes' data, demand crypto to resolve issue

A group of hackers allegedly stole and deleted data of educational institutes of KN Modi Foundation and demanded cryptocurrency worth USD 1 million to resolve the issue. SP (Rural) Iraj Raja said police have received a complaint from Sandeep Kumar Yadav on behalf of the foundation. In his complaint, he told police that the hackers stole and deleted all data of students and staff from the computers of the institute. Police have registered an FIR against two unknown persons under Section 507 (criminal Intimidation by an anonymous communication) of the Indian Penal Code (IPC) and relevant sections of the IT Act.

CBDC to bring down time, cost for cross-border transactions: RBI Deputy Guv

Central bank digital currency (CBDC), to be launched this year, could become a tool for reducing time and cost for cross-border transactions, Reserve Bank Deputy Governor T Rabi Sankar said on Wednesday. The RBI has proposed to launch on a pilot basis this year, as announced in the Budget by Finance Minister Nirmala Sitharaman. In the Union Budget for 2022-23, the finance minister had said the RBI would roll out a digital equivalent to the rupee in the current financial year. "We have to understand that internationalisation of CBDC is crucial to addressing the payments issue that bodies like G-20 and Bank for International Settlements (BIS) are dealing with now," he said at India Ideas Summit. Observing that India has an excellent, cheap and fast domestic payments system, he said the cost of cross-border payment, however, is still high. There is a lot of scope for improvement in terms of both cost and speed, he noted. CBDC is probably the most efficient answer to this, he said, .

Crypto traders in bullish mode despite hawkish Fed comments on inflation

Bitcoin, which accounts for about 40% of the estimated market value of all cryptocurrencies, traded last week within a range of about 5.4%, the narrowest since October 2020