City New Delhi Financial News

11.11 / 19:27

UPS Manufacturing U.S., India Pledge Closer Economic Ties

NEW DELHI—Top U.S. and Indian officials pledged to deepen their economic relationship during a series of meetings on Friday, as the two countries seek to overcome differences over Russia and work together to counter China’s manufacturing dominance.

31.10 / 09:19

business Blockchain Terrorism United Nations Terrorists are funding their horrible deeds with crypto: UN officials

Terrorist groups who have been excluded from the “formal financial system” have turned to crypto to fund their heinous activities, according to Svetlana Martynova, the Countering Financing of Terrorism Coordinator at the United Nations (UN).

21.10 / 08:51

Blockchain regulation crimes Interpol Put your hands up! Interpol storms into the Metaverse

The International Criminal Police Organization (Interpol) is putting on its virtual reality headsets as it prepares to crack down on an expanding list of “possible crimes” in the Metaverse.

11.09 / 09:49

CBDC RBI Reserve Bank of India New Delhi RBI mulls pilot project for its digital currency; Will CDBC create an enigma for stable coins?

Reserve Bank of India (RBI) said that the central bank will launch its digital currency as a pilot project this year. Addressing the India Ideas Summit, Sankar said that Central Bank Digital Currency (CBDC) is the most efficient system for cross-border payments. Though, it reiterated that RBI aims to give viable alternatives and not going for a cashless society. Finance Minister Nirmala Sitharaman had announced the launch of CBDC during her union budget speech, which was tabled earlier this year. Pratik Gauri, Co-founder & CEO, 5ire said that as cautious as the government has been about both VAs and digital currency, it is a novel step to be taken by a central bank.

04.09 / 03:43

UPS Citi CoinMarketCap Shiba Inu [SHIB] may need more than the Metaverse to wake up from its slumber

When Shiba Inu [SHIB] went public with its efforts to delve into the Metaverse, some quarters in the crypto community took it as a joke. “How can a meme toke with no known utility say the Metaverse was part of its objectives?”. Well, the doubts may not be put to rest as the latest update from SHIB revealed that there was no stopping it.

31.08 / 16:45

Waves India’s Economy Grew 13.5% in April-June Quarter

NEW DELHI—India’s economy grew 13.5% from April through June, but a weak job market and high inflation continue to restrain consumer spending and drag on the country’s economic recovery.

04.08 / 09:15

UPS Lowe's Strategy analysts India’s currency is under pressure — and analysts say the rupee could test new lows

The Indian rupee has come under intense selling pressure due to a perfect storm of global headwinds which analysts say will continue to pummel the currency in the months ahead.

18.07 / 06:49

cryptocurrency RBI crypto ban Standard Banking Central | India's crypto double standard is hurting investors

India’s crypto investors are a clueless lot. On one hand, the Reserve Bank of India (RBI) is on a public campaign calling crypto a "clear danger" that has no underlying assets, cautioning investors not to gamble. On the other hand, the government is silent on its legality but busy collecting taxes. Meanwhile, investors desperately look for clarity.

28.06 / 06:11

Federal Reserve International Monetary Fund New Delhi Crypto m-cap hits $1 trillion again. Is the winter over?

crypto market to revisit the $1 trillion market capitalization on Monday, data suggested. Bitcoin (BTC) was comfortably holding around the $21,500 mark on Monday. The crypto behemoth rose about 4 per cent in the last 24 hours to scale $21,780 levels, according to the data from coingecko. The total market capitalization of Bitcoin surged to over $407 billion, with a dominance close to 41 per cent. Bitcoins worth more than $16.5 billion exchanging hands in the last 24 hours.

13.06 / 20:37

Bitcoin Crash BuyUcoin New Delhi Bitcoin, Ethereum crash over 70% from peaks; crypto investors lose over $2 trillion in 8 months

If we compare the notional value lost, only eight countries have a GDP more than what the crypto market eroded in less than three quarters. Countries like Canada and Italy have a GDP of little more than $2 trillion, whereas Brazil's GDP stood at $1.83 trillion. The total market capitalization (m-cap) of the digital market is marginally above the $1 trillion mark, which was more than $3 trillion at its peak in November 2021.

31.05 / 16:29

COST Corning Inflation Weighs on India’s Economic Growth

NEW DELHI—India’s economy grew 4.1% in the fourth quarter compared with the same period last year, as rising inflation restrained a more robust recovery from its recession during the pandemic.

31.05 / 04:41

New Delhi Terra Luna New Luna, Old Story: Terra's new token wipes out 70% wealth in less than 48 hours

Terra were bruised badly as the newly issued Luna token promptly plunged. The Luna 2.0 tokens issued over the weekend saw a knee-jerk reaction. According to Coinmarketcap data, the tokens were issued at $17.8 and eventually zoomed to $19.53 on May 28. However, in less than 48 hours, it nosedived over 70 per cent to Rs $5.45 on Monday. A key element of Terra's revival plan was to deliver new Luna tokens to holders of the project's now vastly depreciated UST stablecoins as well as to holders of the older, existing Luna tokens.

23.05 / 09:55

cryptocurrency CEO coinbase cryptocurrency news end regulatory Crypto App CoinSwitch Seeks End Of Regulatory Uncertainty On Cryptocurrencies

CoinSwitch CEO Ashish Singhal (on extreme right) has said Government must make rules on cryptocurrencies

14.05 / 13:37

Eurovision Song Contest Fire Arrest India: Police arrest company owners after building fire kills 27 in New Delhi

Police arrested two owners of a company that manufactures and sells security cameras after a massive fire reportedly started in their office in a four-storey commercial building in the Indian capital, killing 27 people and injuring 12 others, police and fire officials said Saturday.

06.05 / 03:55

cryptocurrency cryptos crypto tax Reward points, e-vouchers out of crypto tax ambit

The government is working on a set of rules that would be notified soon, two senior officials privy to the deliberations told ET. Given the wide definition of VDA, there were concerns that these assets acquired through regular transactions could be subject to crypto tax as they have traits of VDAs.

29.04 / 17:39

crypto news crypto ban Delay in adopting crypto may increase brain drain from India: Industry players

Recently, Union Finance Minister Nirmala Sitharaman said that India will not rush into any decision on cryptos and will take a well-considered view. «It has to take its time to be sure that at least, with the given available information, we are making a discernible decision. It can't be rushed,» she said during an interaction with students and faculty at Stanford University in California. However, industry players believe that the delay is hurting India's prospects of becoming a major player in the crypto industry and leading to the exile of homegrown talent to crypto-friendly hubs.

19.04 / 09:57

cryptocurrency Web3 Dubai Indian regulatory The new brain drain: Indian Web3 startups flock to Dubai amid regulatory uncertainty, stiff taxes

If there was one recurring theme that cut across multiple Web3 meetups held in Bengaluru, New Delhi and Mumbai in the last month, it was Dubai. A city that has almost become an emotion and a panacea for entrepreneurs building on the Web3 platform—the so-called next version of the Internet, which will be decentralised and run on blockchain—even as they grapple with an uncertain regulatory landscape and hefty taxes in India. Every second founder we met at these meetups has either moved to Dubai or is in transition.

24.03 / 18:31

cryptocurrency Tax crypto tax Payments received in cryptocurrencies set to face GST complications

India and were paid in cryptocurrencies are rushing to their tax advisors seeking clarity over applicability of the goods and services tax (GST). Many individuals have claimed that they got paid in cryptocurrency after they did some work such as graphic designing or advisory for clients based in the US or Singapore. The question is whether this is supply of services or an export, and what is the GST applicable on it.

24.03 / 09:09

WazirX coinswitch kuber coindcx Cryptocurrency exchanges NOT Top cryptocurrency exchanges not to advertise during IPL

New Delhi: Top cryptocurrency exchanges in India have collectively decided to not advertise during the Indian Premier League (IPL) this year, three people familiar with the development said. Last year, CoinDCX, WazirX and CoinSwitch Kuber as well as others, had collectively spent around Rs 90 crore on TV advertising for the IPL and the cricket T-20 World Cup “All the crypto exchanges have decided not to advertise in IPL,” Nischal Shetty, chief executive of crypto exchange WazirX told ET through a direct message on Twitter. “As an industry, we are working to ensure we have strict guidelines for responsible advertisement before we get into IPL ads again,” he added.

15.03 / 06:55

Blockchain Digital Unaccounted crypto transactions of 700 users under IT scanner

New Delhi: High-value crypto transactions of about 700 investors have come under the scanner of the income tax department, which is now proposing to issue notices to them. These individuals or entities could face 30% tax, penalty and interest.Income tax officials said most of these cases involved users who have either skipped mention of crypto gains in tax returns or haven’t filed returns at all. “We have a long list of people who were transacting in crypto assets but were not paying tax. Initially, (we) have shortlisted about 700 transactions, where tax liability is very high,” a senior Central Board of Direct Taxation (CBDT) official told ET.

01.03 / 14:49

Blockchain cryptocurrency Digital Delay In India's Crypto Bill Justified Due To Its Complexity: Experts

The delay in India's cryptocurrency bill is justified, due to its complexity

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