Indian crypto industry expanding, regulators seem reluctant to engage

As Cashaa launches crypto banking services in India, the cryptocurrency industry continues to grow despite uncertain regulations. The people of India are awaiting access to crypto banking services, as British-based fintech firm Cashaa has collaborated with India’s United Multistate Credit Cooperative Society to launch a crypto-centric banking company called Unicas that will initially open 34 branches in Northern India and plans to have expanded to 100 branches by next year.  Considering that India is largely a savings-driven economy, Unicas will also offer crypto saving accounts that pay interest on deposited crypto.

Former RBI Governor and IMF Chief Economist Sees Value in Bitcoin and Facebook Libra

Raghuram Rajan, former governor of the Reserve Bank of India (RBI) and chief economist at the International Monetary Fund (IMF), sees value in bitcoin, cryptocurrencies, and Facebook-backed libra alongside central bank digital currencies.

Top Indian Central Banker Says Cryptos Have a Future But Fears Monopoly

A former chief economist of the IMF said neither private digital currencies nor central bank digital currencies should hold a monopoly. The former governor of Reserve Bank of India, Raghuram Rajan, said that private cryptocurrencies like Bitcoin (BTC) and Facebook’s Libra may have a future even when central banks roll out their own digital currencies. Rajan, who was also the Chief Economist and Research Director at the International Monetary Fund from 2003–2006, said during a CNBC podcast that one of these digital currencies might only become problematic if it were to hold a monopoly. However, he believes that there will be other private digital currencies that will play different roles and provide strong competition to existing ones. The former central banker said that in the future, Bitcoin will mainly act as a store of value or a speculative asset rather than a medium of exchange.

Indian Government Actively Working Towards New Crypto Ban

Five months after Indian courts lifted the blanket ban on crypto, an official said the government is considering a new law banning crypto. An Indian government official has claimed that two ministries and the Reserve Bank of India are actively working on a legal framework to ban cryptocurrencies on the subcontinent.  According to a Aug.

Bitcoin Tops $11,000 Reigniting Interest in India

A resurgent bitcoin is rekindling Indian interest in cryptocurrencies with reports suggesting many dormant holders are back to trading.

Covid-19 Forces Indians to Embrace Digital Payments but Country Still Lacks Crypto Regulation

The global pandemic Covid-19 is forcing Indians to resort to digital payment platforms when settling bills as well as paying for groceries.

Chances of Indian Crypto Ban Low Compared to 2019, Says Crypto Veteran

The CEO of CoinSwitch shares his insights about the possibility of a cryptocurrency blanket ban in India. News about the Indian Ministry of Finance circulating a “note” for inter-ministerial consultations of cryptocurrency regulations spurred panic within the Indian crypto community.

Indian Banks Act Slow to Accept Crypto Industry Despite RBI’s Approval

Indian banks are reluctant to work with crypto firms, even though RBI clears the air. The repeal of a blanket ban on cryptocurrencies in March by India’s central bank, the Reserve Bank of India, has been a boon to the thriving crypto industry in India — with the launch of new exchanges being a catalyst.  This is despite the country being one of the most severely affected nations by the COVID-19 pandemic, which has led to a deepening economic crisis across the nation.

The Big Thing Holding Back India’s Crypto Boom

India's crypto industry shows potential, but it continues to be held back by a lack of regulatory clarity, particularly around exchange-banking relationships.