Bybit exchange suspends services in India due to regulatory pressure

January 10, 2025 Coin Telegraph

Bybit will continue honoring user withdrawal requests despite temporarily halting other services.

Bybit, a global crypto exchange, announced a temporary suspension of its crypto trading services in India, citing regulatory developments.

Starting Jan. 12 at 8:00 am UTC, Bybit will restrict several services, including cryptocurrency trading, account openings and placing orders through other exchange products.

Bybit attributed the decision to its goal of operating in “full compliance with all applicable rules and regulations,” the exchange stated in a Jan. 10 announcement, adding:

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Microsoft to invest $3B in AI, cloud expansion, training in India

January 9, 2025 Coin Telegraph

Microsoft to invest B in AI, cloud expansion, training in India

ai investment

Microsoft will expand its AI and cloud presence in India, including training 10 million individuals by 2030 and supporting AI startups.

American tech giant Microsoft plans to invest $3 billion to expand its cloud computing and artificial intelligence capabilities in India.

The investment includes providing artificial intelligence training to 500,000 individuals and establishing new data centers.

On Jan. 8, Microsoft CEO Satya Nadella shared the company’s plan to invest $3 billion in India over two years to build AI and cloud capabilities, calling it “the single largest expansion we have ever done in India.” The announcement was made at the Microsoft AI Tour in Bengaluru.

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Can India Lead Crypto Regulation in 2025? Binance Thinks So

December 27, 2024 Bitcoin.com

Binance

Binance expects India to lead global crypto regulation in 2025, driven by progressive frameworks aimed at boosting trust, fostering innovation, and expanding blockchain utility. Will 2025 Be the Year India Leads the Global Crypto Regulatory Race? India’s role in cryptocurrency regulation is drawing attention, with Binance expressing optimism that the country will take a leading […]

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Russia, India and South Africa Say BRICS Not Seeking to Weaken US Dollar: Report

December 22, 2024 The Daily Hodl

brics

Three BRICS countries are uniting in sending a message to President-elect Donald Trump about the economic bloc’s alleged de-dollarization efforts. Last year, reports surfaced that BRICS is creating a common currency backed by gold and potentially additional precious metals and assets in an effort to circumvent USD. But now, there’s an apparent reversal. Russian diplomat […]

The post Russia, India and South Africa Say BRICS Not Seeking to Weaken US Dollar: Report appeared first on The Daily Hodl.

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Aptos co-founder and CEO Mo Shaikh steps down to ‘start new chapter’

December 20, 2024 Coin Telegraph

Aptos Labs

Mo Shaikh, who co-founded the firm in 2021 alongside Avery Ching said he would stay on board at Aptos Labs as a strategic adviser.

Mohammad Shaikh, the co-founder and CEO of layer-1 blockchain Aptos Labs, has resigned from the top position to “start a new chapter,” with co-founder and chief technology officer Avery Ching now taking over as the new CEO.

Shaikh co-founded Aptos Labs alongside Ching in 2021, helping Aptos mainnet launch in October 2022. He helped the firm raise $400 million and establish key partnerships.

“Today I am stepping away from Aptos Labs to start a new chapter,” Shaikh said in a Dec. 19 X post before expressing confidence in the firm’s future.

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India’s Bitcoin Treasury Era Begins With a Bold Corporate Pioneer

December 11, 2024 Bitcoin.com

bitcoin treasury

An Indian company has made history by adopting bitcoin as its primary treasury reserve, signaling a bold shift in corporate finance and digital asset strategies. Corporate India Ushers in Bitcoin Treasury Era with Groundbreaking Move Jetking Infotrain, a 77-year-old Indian IT training company with a $5 million market capitalization and $2 million in annual sales, […]

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Dedollarization Is Not Our Objective: India Clarifies Currency Goals

December 8, 2024 Bitcoin.com

bitcoin.com

ndia rejects de-dollarization narratives, with the Reserve Bank of India (RBI) prioritizing local currency trade agreements to shield its economy from dollar volatility and global uncertainties. RBI Denies Dedollarization Goals, Focuses on Securing Indian Trade Reserve Bank of India (RBI) Governor Shaktikanta Das clarified India’s stance on global currency discussions during a post-monetary policy press […]

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Crypto Biz: Wall Street gets a taste of altseason

December 7, 2024 Coin Telegraph

Binance.us

This week’s Crypto Biz explores Ether ETFs growing inflows, the political moves behind Meta’s stablecoin sunset, BitGo’s plans for India, and more.

Wall Street appears to have embraced the altseason, with Ether (ETH) surpassing Bitcoin (BTC) in exchange-traded funds inflows during the final week of November.

According to CoinShares, net inflows for ETH funds reached $634 million over that week, setting a new record of $2.2 billion in 2024 as investors diversify portfolios in anticipation of improved regulatory conditions in the United States.

Markets are likely watching the prospects of additional revenue coming from ETH funds. Analysts from Bernstein Research anticipate that Ether ETFs may soon feature staking yields. “We believe, under a new Trump 2.0 crypto-friendly [Securities and Exchange Commission], ETH staking yield will likely be approved,” Bernstein said on Dec. 2.

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Binance, WazirX among crypto firms evading taxes in India, says gov’t

December 4, 2024 Coin Telegraph

Binance

India has recovered $14 million in goods and services tax from crypto firms like WazirX, but Binance has yet to pay its $85 million tax evasion liabilities, the minister said.

The Indian government has detected a significant amount of unpaid goods and service taxes (GST) by major cryptocurrency exchanges, including Binance and WazirX.

India’s Minister of State for Finance, Pankaj Chaudhary, said the government has found 824 crore Indian rupees ($97 million) in GST in unpaid taxes by several crypto exchanges, The Economic Times reported on Dec. 3.

Authorities have reportedly initiated multiple related investigations into crypto exchanges, including WazirX, CoinDCX and CoinSwitch Kuber.

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Reserve Bank of India expanding cross-border payments platform

November 24, 2024 Coin Telegraph

CBDC

According to the Atlantic Council, 134 countries are currently exploring CBDCs in different phases — including every G20 country.

The Reserve Bank of India (RBI) is seeking to expand its cross-border payments platform — which will allow instant settlement — by adding new trading partners in the Asia and Middle East regions.

According to Bloomberg, India already has an agreement with neighboring Sri Lanka, Bhutan, and Nepal, with plans to add the United Arab Emirates (UAE) to its cross-border settlement program.

India is also exploring using central bank digital currencies (CBDCs) as the primary settlement mechanism within its cross-border payment solution.

India

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