India
Telegram Under Scrutiny in India, But Ban not Imminent: Reports
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3 weeks agoon
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admin“Locally, a Telegram ban will have a lasting negative impact on the business development and marketing of the more than 300 solid web3 projects from India,” said Ayush Ranjan, CEO of Huddle01, a DePIN dedicated to making real-time communication performant. “Millions of Indians are active members…disrupting this communication would also impact the price formation of projects’ tokens. If the ban goes through, people will have to move to other app.”
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cryptocurrency
Indian police probe INR 10m crypto investment scam with suspected link to Hong Kong
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3 days agoon
September 16, 2024By
adminIndian police are investigating the “Datameer” crypto trading app, which allegedly duped at least 700 locals out of inr 10 million.
According to a local report, the scheme promised returns of up to 50% to unsuspecting investors who were told their funds were being invested in cryptocurrencies.
Once the investors transferred their money through the fake app, the app shut down, and the scammers disappeared. During the time it was active, the scam managed to dupe investors of more than inr 10 million (roughly $119,000).
India has witnessed a spike in crypto demand despite a lack of solid crypto regulations, and a punishing taxation regime, with the nation managing to claim the top spot in Chainalysis’ 2024 Global Crypto Adoption Index. However, this growing appetite for cryptocurrencies has opened doors for scammers who are exploiting the hype.
The Datameer app, which reportedly surfaced in April 2024 and was active for five months, managed to draw in both small and large investments, Superintendent of Police and Cyber Wing head, Pankaj Kumar Rasgania, noted.
“The scammers lured gullible individuals through social media, encouraging them to invest in a scheme with promises of huge returns in a short period of time,” he added.
Preliminary investigations suggest that the perpetrators behind the app are spread across the country, with some evidence pointing to connections in Hong Kong. Authorities are currently coordinating with cyber wing experts from police forces nationwide, and more information will be disclosed as the investigation progresses.
Scams such as these have raised concerns due to their potential international links, particularly to regions in China. Similar connections have previously surfaced in other cases investigated by Indian authorities.
Back in March, the Enforcement Directorate (ED) filed a charge sheet against 299 entities, including individuals of Chinese origin, under anti-money laundering laws. These entities were tied to a mobile app called “HPZ Token,” which allegedly duped investors with promises of high returns from cryptocurrency mining.
In another case, crypto scammers tricked a doctor in India into transferring over $35,000 in a drugs-in-parcel scam. Authorities found that the stolen funds were funneled through multiple bank accounts, swapped for cryptocurrencies, and transferred to accounts in China and Taiwan.
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CoinDCX
India Becomes The Sandbox’s Largest Market for Creators: Co-Founder Sebastien Borget
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2 weeks agoon
September 4, 2024By
adminThe country now supplies 66,000 creators, who develop games for the immersive environment, compared with 59,989 in the U.S. and 25,335 in Brazil. The plan to focus on India was announced in December, and the platform is now targeting 1 million users in two years, co-founder Sebastien Borget told CoinDesk in an interview.
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CBDC
India’s CBDC platform hits 5m users 20 months after pilot launch
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3 weeks agoon
August 26, 2024By
adminReserve Bank of India Governor Shaktikanta Das urged a cautious CBDC rollout, as the retail pilot now reaches over 5 million users.
India‘s central bank digital currency platform has surpassed the 5 million users mark as the country continues to cautiously expand its digital currency pilot program, per a Business Standard report.
Speaking at a conference in Bengaluru on Monday, Aug. 26, Reserve Bank of India Governor Shaktikanta Das emphasized the need for a measured approach to the full-scale rollout of the country’s CBDC, also known as the e-rupee, stressing the importance of understanding its impact on users, monetary policy, and the broader financial system. Das highlighted that comprehensive insights from pilot data are crucial before moving forward with a wider implementation.
“Actual introduction of CBDC can be phased in gradually. Undoubtedly, CBDC has the potential to underpin the payment systems of the future, both for domestic payments and also cross-border payments.”
Shaktikanta Das, Reserve Bank of India Governor
Launched in December 2022, the RBI’s CBDC pilot covers both retail and wholesale segments. The pilot, currently involving 16 participating banks, has expanded beyond initial payment use cases to test offline and programmability functionalities. Das pointed out that the programmability feature could play a pivotal role, saying that it could serve as a “key enabler for financial inclusion by ensuring delivery of funds to the targeted user.”
The e-rupee adoption has been sluggish, with the Reserve Bank of India reporting 1 million retail transactions by late June, a milestone reached only after local banks introduced incentives and partially paid employee salaries using the state-issued digital currency.
The RBI had previously urged banks to increase transactions to at least 1 million per day by late 2023 to test the system’s scalability. However, this push has since ceased, casting doubt on the future of the digital currency initiative due to the gap between incentivized metrics and actual user adoption.
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