News and Events

In the ever revolving 21st century, Cryptocurrencies are the newest additions to the world of digital currency. Cryptocurrencies are digital assets that can be exchanged, traded and bought digitally. They don’t have an inherent corporeal presence and function on blockchains. A blockchain can be best described as a ledger which maintains the digital record of crypto transactions. They operate as a double-entry system. As the name suggests, each group of crypto transactions are conve...

A concept note on the Central Bank Digital Currency (CBDC) was released by the RBI in October 2022. A pilot version (Rupee- Retail) of the CBDC was launched by the Ministry in furtherance of developing digital currencies in the country using blockchain technology. In December of 2022, the Rupee-Retail was launched for the first time with a participating group of customers and merchants.  Additionally, eight banks have been identified by the RBI in pursuance of the project. A few not...

Fraudsters have come up with a new method to cheat people by impersonating as their senior officers and demanding gift cards worth thousands of rupees. The value of these gift cards ranges anywhere between Rs 5,000 and Rs 10,000 and the victims include even senior police officers.  ...

In Australia, the cryptocurrencies are legal and it is recognized as property. While in the case of crypto exchanges, it is legal and it must be registered with AUSTRAC. Since, both the cryptocurrencies and crypto exchanges are considered as legal in Australia, they country is in the progression of implementation of the regulations for cryptocurrency. During the declaration of cryptocurrency as legal in 2017, the Australian government specifically announced that Bitcoin and the coins with those ...

In Canada cryptocurrency is not a legal tender, but when comes to exchanges it is legal and it has to be register with FinTrac. Though they are not legal tender it is allowed to use and buy goods and services in the stores they accept and also in online. The Canadian government proactively participating in bringing up regulating system under provincial securities laws. In 2014 itself they introduced the entities that dealt with the virtual currencies which brought under the Proceeds of Crime (Mo...

Now, coming to the view of legalization of cryptocurrency in Japan, the cryptocurrency in Japan is legal and it is considered as a property. When talking about the exchanges it is also legal and it must be registered with the Financial Service Agency. There is a legislation named Payment Services Act (PSA), under this regulatory act, the Bitcoin and other digital currencies are recognized as legal property in Japan. Since, the crypto exchanges have been considered as legal, the government imposi...