India Launches RBI-Backed Digital Rupee
India is preparing to roll out a Reserve Bank of India (RBI)-backed digital currency, signalling a decisive policy shift toward regulated, sovereign-backed digital assets and away from speculative private cryptocurrencies. Union Minister of Commerce and Industry Piyush Goyal confirmed the move during an event in Doha on Monday, according to
FIU Blacklists 25 Exchanges, Coinbase Returns to India
Global cryptocurrency exchange Coinbase has restarted its operations in India after securing approval from the country’s Financial Intelligence Unit (FIU). The move comes just days after the FIU issued a fresh blacklist of 25 offshore exchanges for failing to comply with anti-money laundering (AML) rules. Coinbase Returns After Regulatory Approval
India Targets Crypto Traders with 44,000 Tax Notices
India has intensified its efforts to rein in tax evasion within the cryptocurrency sector, issuing over 44,000 tax notices to individuals who failed to report or underreported Virtual Digital Asset (VDA) income during the past two financial years. The Income Tax Department’s enforcement drive is part of a broader initiative
India Probes Binance & WazirX Over Cross-Border Crypto Risks
India has launched a high-stakes investigation into cryptocurrency exchanges Binance and WazirX amid growing concerns about national security threats, cross-border fund transfers, and the use of crypto in potentially illegal activities. The probe, led by India’s Financial Intelligence Unit (FIU-IND) and supported by the Enforcement Directorate (ED), reflects the country’s
India Launches Crackdown on Unreported Crypto Incomes
The Central Board of Direct Taxes (CBDT) in India has intensified its crackdown on tax evasion in the crypto sector. The authority is now actively investigating individuals and businesses who may have failed to report income generated through digital assets like cryptocurrencies. This comes as the country tightens its grip
India Risks Losing $2 Billion in Crypto Tax Revenue as Traders Flee Offshore
India’s stringent crypto tax policies are driving traders to offshore platforms, jeopardising over $2 billion in tax revenue over the next five years, according to a recent report by the Esya Centre. Missed Revenue from Offshore Platforms Since July 2022, India has missed out on approximately ₹6,000 crore ($724 million)
