wordpress blog stats
Connect with us

Hi, what are you looking for?

Government will allow crypto as an asset, but not for payments: Report

Many major cryptocurrencies derive their value from their potential to be used for transactions on decentralized networks

India's crypto law will regulate cryptocurrencies as assets but their use as currencies for payments might be barred, the Economic Times has reported. Active solicitation by crypto exchanges is also likely to be banned. The draft bill could be taken to the Union Cabinet for consideration within the next two to three weeks, a government source told ET. Under the bill, the Securities and Exchange Board of India (SEBI) might be appointed to regulate cryptocurrencies the source added. Many major cryptocurrencies derive their value from their potential to be used for transactions on decentralized networks, if not for regular payments. A blanket ban on all crypto-based transactions might raise questions about the utility of cryptocurrencies in India. A question for our readers: If the usage of crypto is limited to disallow the usage for payments (for example, for NFTs), would you still invest in Crypto? Leave a comment. Are cryptocurrencies being used for payments in India? While cryptocurrencies certainly haven't been widely adopted for payments in India, a few pioneering platforms and brands have recently started using them: FASTag recharge: Crypto exchange Unocoin is allowing its users to recharge FASTag wallets using bitcoin, the company announced in September. FASTag is the electronic toll collection system operated by the National Highway Authority of India. Nykaa, Tanishq, Cafe Coffee Day: Crypto platform Bitrefill allows users to buy gift cards for famous Indian brands including Nykaa, Tanishq and Cafe Coffee Day using cryptocurrencies like Bitcoin, Degecoin, Ethereum among others, NDTV reported. Home Decor,…

Please subscribe/login to read the full story.
Written By

Figuring out subscriptions and growth at MediaNama.

Free Reads

News

"Without Google’s abuse of its dominant position, the media companies would have received significantly higher revenues from advertising and paid lower fees for ad...

News

Speaking to Medianama, founders of the concerned companies alleged Google was the one not in compliance with the Indian competition regulator's antitrust order.

News

According to reports, farmers have also informed that their phones are being put on surveillance, and that they are being notified by the police...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ