Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

Indian government to make Bitcoin legality decision

The Indian government could make a decision on the legality of Bitcoin as early as the end of the month.

According to a report from MoneyControl, a government official close to developments says that a new committee has been created to study cryptocurrency. The source adds that the new group has been given a deadline for its findings of 20th April 2017.

Bitcoin buying, selling, trading or mining is not illegal in India, and the report’s source notes that a rule on illegality would shut down an already flourishing cryptocurrency industry.

Digital currency was in the new across India last week when a prominent politician labelled Bitcoin as a “pyramid ponzi scheme” during a session in the country’s parliament.

Kirit Somaiya, a member of the country’s ruling BJP party, said last week that “there is [an] urgent need to have a study on development of Bitcoin in India”. A lack of a regulator could cause harm to people using Bitcoin, he added, and the Reserve Bank of India (RBI) should step in to “save people from another big fraud”.

Reverse on regulation

India already has its own self-regulatory watchdog, the Digital Asset and Blockchain Foundation of India (DABFI). The group has previously approached the Indian government to educate them about cryptocurrency.

The Reserve Bank of India (RBI), the country’s central bank, has also not reached out to leading exchanges. According to Sathvik Vishwanath, CEO of leading Indian exchange UnoCoin, no exploratory work has been done on regulation.

A petition by the Indian Bitcoin community urging lawmakers to name Bitcoin legal by definition has also gained 10,000 signatures in just under a week.

Related IBS Intelligence Research

Related Posts

NAB

NAB to recruit bankers and advisers for high net wealth clients

National Australia Bank (NAB) announced that it will recruit 50 new bankers and advisers, as part of its new strategy to provide high net wealth clients with a single point of access for their financial needs, ranging from wealth creation, business growth to retirement needs and philanthropic investment. JBWere CEO and leader for NAB Private, […]

This post is only available to members.

Read More »

EQ launches new automated complaints management product

EQ has announced that it is launching a new automated complaints management product for the financial services industry, EQ Complaints Professional. The new solution is expected to enable firms to enforce their FCA compliance immediately as well as continually as regulation changes. Andrew Edler, MD of EQ Charter, commented, “We are delighted to bring this […]

This post is only available to members.

Read More »
bank, FinTech, neobank, smartbanks, challenger banks, Asia

Australia’s big 4 banks welcome the launch of open banking

The Competition and Consumer (Consumer Data Right) Rules went live on July 1, in Australia. This has been welcomed by the big 4 banks of the country – ANZ, Westpac, Commonwealth Bank and NAB where they will be sharing their customers’ data with third parties, when requested by the customer. Angus Sullivan, CBA’s Group Executive […]

This post is only available to members.

Read More »

Lendio facilitates $8 bn in PPP loans to 100,000 small businesses

Lendio, a leading marketplace for small business (SMB) loans, announced that the company has till now facilitated $8 B in Paycheck Protection Program (PPP) loans for 100,000 small businesses. The firm’s partnership with 300 SBA-approved financial institutions and FinTech leaders has helped the company to secure COVID-19 relief funds for several underserved segments of the […]

This post is only available to members.

Read More »