India Bitcoin and crypto ban concerns resurface
Indian regulators are reportedly considering a ban on cryptocurrencies again.
According to local outlet Hindustan Times, the government has been consulting experts who support banning cryptocurrencies in favor of a central bank digital currency (CBDC).
The news outlet cited two anonymous sources familiar with the matter, reporting that the consensus opinion is that the risks of cryptocurrencies outweigh their benefits.
One of the anonymous sources stated that CBDCs can do “whatever cryptos can do,” and even have more benefits.
Crypto has been pushed as a potential alternative for centralized currencies like CBDCs. (Sumit Gupta)
India’s cryptocurrency sector has frequently encountered regulatory restrictions imposed by local authorities.
In 2018, the RBI banned financial institutions from providing services to crypto firms, a decision that was later overturned by the Supreme Court.
In 2021, a proposed legislation sought to ban cryptocurrencies once more. However, in 2022, rather than enforcing an outright ban, the government introduced one of the heftiest crypto tax regimes in the world.
Indian crypto traders are subject to a 30% tax on cryptocurrency income, along with an additional 1% levy on each transaction. India’s CBDC, known as the digital rupee, is currently in its pilot phase.
Retail tests have reached 5 million users, according to the Reserve Bank of India, the nation’s central bank.
Lazarus suspected again as autopsy links BingX hack to Indodax exploit
Recent hacks of Asian exchanges BingX and Indodax have been tied together by exploiters’ use of a common address, according to MistTrack.
Security experts previously accused North Korean state hacking group Lazarus as the suspect behind the $22 million hack on Indodax in September.
Now the blockchain trail suggests Lazarus Group is also the prime suspect…
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