India to [Finally] Draft Cryptocurrency Regulations in December: Report

After years of ambiguity, the Indian government might, at last, reveal a regulatory draft for the cryptocurrency sector in the country before the turn of the year.

A panel tasked by India’s finance ministry to regulatory norms and guidelines for domestic cryptocurrency trading and the blockchain industry is set lay bare its draft next month, according to a Quartz report on Tuesday,

The notable development came to light in a counter-affidavit filed by India’ ruling government in a Supreme Court case which currently sees India’s domestic cryptocurrency exchange industry challenging the banking ban enforced by the central bank earlier this year.

An excerpt from the government’s counter-affidavit reads:

Serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India.

The affidavit goes on to reveal that the draft bill and report will be forwarded to members of the finance ministry’s inter-ministerial committee. Subsequently, the committee will hold a meeting on the drafts which will be made available to its members sometime in December.

First established in early 2017, the country’s finance ministry formed an inter-governmental committee that was tasked to examine global regulatory and legal frameworks for cryptocurrencies. The committee, which includes India’s taxation, budget and economic affairs ministries as well as central bank representatives, has the mandate of suggesting measures to propose a regulatory framework for cryptocurrencies – both in usage and trading – in India.

Chaired by Subash Chandra Garg, the head of the committee and secretary of the Department of Economic Affairs, the panel’s approach to regulation will be revealed at a time when the government is considering a ban on the use of private cryptocurrencies In India.

In a televised interview in June, Garg hinted that the committee had “moved quite a lot” in drafting the regulations despite repeatedly missing deadlines on revealing the drafts.

An ongoing ban enforced by the central bank barring banks from providing services to cryptocurrency exchanges has largely chocked the industry in India. It was no longer “reasonable” to continue operations as a crypto exchange, major trading platform Zebpay said in September while ending its operations before headling to friendlier shores in Malta.

Author: Samburaj Das
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TransferGo Opens Payments Corridor to India Using Ripple Tech

Payment provider TransferGo has announced it is launching a remittance corridor to India that uses Ripple technology for near real-time transactions.

Available from “anywhere in Europe,” the firm said in a press release that using Ripple’s services allows it to replace the “multiple slow incumbent communications systems, most prominently Swift, where transfers can take up to 2–3 days.”

The release did not clarify which of Ripple’s blockchain-based payments products TransferGo is using for the service.

The payments company cited the “multi-billion dollar” Europe-to-India payments corridor for its initial focus on that market, adding that “high” Ripple adoption in India was a factor.

TransferGo also hinted that this may just be the start of its blockchain-based remittances, saying the integration “opens up new horizons for TransferGo to develop additional products and services.”

Daumantas Dvilinskas, founder and CEO of TransferGo, said in the release:

“By using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”

The firm also announced a slower but free service along the same corridor, that also uses Ripple payment rails. Offering “zero fees and a mid-market rate,” payments will arrive in 2-3 business days, according to the release.

Ripple’s SVP of customer success, Marcus Treacher, said “TransferGo is a great example of a forward-thinking payment provider that’s leaning in to new technology to facilitate real-time, cross-border money transfers for their customers. That’s a big step forward.”

Author: Daniel Palmer
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Indian Bank Set to Adopt Ripple for Cross-Border Payments

While India remains a no-go area for bitcoin and other cryptocurrencies, Ripple Labs, the developer of  XRP, is busy making inroads into the Asian nation, as per a report on August 2, 2018.

Ripples Everywhere

According to an FXStreet, the State Bank of India (SBI), the country’s institutional banking authority, is set to start facilitating instantaneous cross-border payment solutions with Ripple. The bank is one of the largest in India and has an employee base of nearly 300,000.

As per 2017 data, the State Bank of India had a 23 percent market share in assets and controlled one-fourth of the total loan and deposits market in the country. The bank is positioned at rank no.216 ranked 216 on the Fortune Global 500 list of the largest corporations in the world.


In a similar vein, Kotak Mahindra, a private bank headquartered in Mumbai, is reportedly adding its 1,300 branches to the Ripple network.

Ripple Labs CEO Brad Garlinghouse spoke of the development:

“Improving remittances services into and out of India means less fees and more money for families who rely on those funds that are sent home.”

In recent times, the San Francisco-based firm has been forming strategic partnerships with a vast array of financial institutions globally, to encourage adoption of its RippleNet blockchain.

In May 2018, BTCManager reported that BankDhofar, an Omanis financial institution was set to utilize RippleNet for international remittances.

“With this, we can offer fast, frictionless and highly secure cross-border money transfers within seconds, with end-to-end visibility over the journey of the transaction,” said Tariq Taha, Chief Information Minister at BankDhofar.

In July 2017, the Ripple team revealed strategic plans to popularize XRP and make the altcoin a formidable force in the Indian finance sector.

The Vice President of Product at Ripple, Asheesh Birla, has repeatedly reiterated that Ripple would take advantage of abundant human resources, the vibrant mobile banking industry, and the fast-growing economy to help Ripple win 50 percent of the nation’s financial markets.

Meanwhile, the Reserve Bank of India and the country’s regulators still ponder on whether to amenably regulate cryptocurrencies or to permanently ban the burgeoning digital asset class. But,  it remains to be seen how Ripple will dominate the region, with the somewhat draconian regulations still very much active.

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Author: Ogwu Osaemezu Emmanuel
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Crypto to be Treated as a Commodity in India as Lifting of Ban is Underway

India’s government official has revealed that the country’s Authorities are more likely to consider cryptocurrency ban and start treating them as commodities. Citing a superior government official who is more involved in the currently happening regulatory discussion in the cryptocurrency periphery, India is more unlikely to oblige a blanket ban on cryptos regardless the latest-enforced central bank authoritative command that forbids banks from offering services to the various burgeoning sector.


The Combined Effort In The Crypto Industry 

Earlier ago in April,  the Reserve Bank of India (RBI) released out an official circular to ban all regulated financial institutions across the country from accepting their clients to buy their cryptos via their bank accounts and stopping offering services to all cryptocurrency businesses. On July 5th, the policy of the central bank went into effect when the inter-governmental committee was established that comprises of various government ministries and local banks, chored to forthput a regulatory framework for the crypto sector last year.

However,  the official has noted that the sentiment of the blanket cryptocurrency ban hasn’t been yet considered, claiming that there is no one planning to ban cryptos altogether.

Tracking The Source Of Money 

The official further said that the committee body is more concerned with how crypto trading can be properly regulated in order to maintain a clear path of the money trail.

“Trade is not a criminal offence. Most of us trade in various asset classes in the stock market. So how is this [cryptocurrency trading] any different? What has to be in place is a mechanism to be sure that the money used is not illegal money, and to track its source is the most important thing,” the official stated.

In June this year, the head of the same committee who is the secretary of the department of economic affairs made it clear that panel had made a movement forward in drafting a regulatory framework which is now in the advanced stages and the guidelines are anticipated to be officially published in this month.

The official gave relief to domestic crypto traders and the industry at large when he said that allowing cryptocurrency as a commodity may let them regulate trade better and that it is currently being looked at.

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Author: Coin Idol
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