The ball is currently in the court of the Finance Ministry and the Reserve Bank of India (RBI). A cryptocurrency bill is expected in the winter session and till the whole picture is cleared, investing in cryptocurrencies can be a dangerous move, warn legal experts.
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Bitcoin has crossed the $46,000 mark (more than Rs 34 lakh for single coin) once again. The most popular cryptocurrency has been trading in the green with a market cap of more than $848 billion, according to CoinMarketCap.
The two executives from the Blockchain Credit Partners company used the Ethereum blockchain to sell cryptocurrencies to investors while misleading them about the company's profitability, reports The Verge.
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A company spokesperson told Insider that it was "inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon."
While Clubhouse features thousands of clubs on this topic with thousands of users, its Indian alternative Leher is also not far behind.
"While KYC compliance is already happening, there is no regulation in place to check any kind of suspicious trading activity,” said Sunil Agarwal, dean, Blockchain programme, TalentSprint.
If you plan to trade, do your research and invest conservatively
Raftaar said that he has been an ardent admirer of the blockchain technology and accepting payment using the same technology is making his dream a reality.
The arrested person has been identified as P. Tamil Selvan (22), pursuing MSc in Psychiatry, and a resident of Revathipuram of Urapakkam in Tamil Naidu.
The RBI had first come out with a circular on the issue in 2018, cautioning people about investing in cryptocurrencies, which do not have any sovereign character.
While the short volatile period has widely been touted as a course correction (one Bitcoin is currently hovering around $37,000 after touching a record high of nearly $60,000 just a couple of weeks ago)
In a new report on tax compliance proposals, the Treasury Department's Office of Tax Analysis estimated that the move will help raise an additional $700 billion in tax revenue over the next 10 years
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