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Global

NRIs Can Pay Utility Bills Using Bharat Bill Payment System (India)

“The Indian diaspora will soon be able to pay utility bills and other recurring payments like fees using the Bharat Bill Payment System (BBPS), the Reserve Bank announced on Friday. The RBI made it clear that the move is not driven by the need to attract more remittances at a time when the domestic currency […]
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Global

UPI Crosses Record 6 Billion Transactions in July 2022 (India)

“Prime Minister Narendra Modi on Tuesday hailed the achievement of Unified Payments Interface (UPI) transactions crossing 6 billion in July — the highest ever since its launch six years back. According to data released by the National Payments Corporation of India (NPCI), UPI reported 6.28 billion transactions worth Rs 10.62 trillion in July — an […]
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Global

The Regulatory Implications of India’s Crypto Transactions Tax

“The Indian crypto landscape lost some momentum this year as the government introduced two laws demanding crippling taxes on crypto-related unrealized gains and transactions. India’s first crypto law, which requires its citizens to pay a 30% tax on unrealized crypto gains, came into effect on April 1. A commotion among the Indian crypto community followed […]
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Global

India’s Central Bank Wants to Ban Cryptocurrencies, Government Says

“India’s central bank wants to ban cryptocurrencies, the government told the parliament on Monday, raising more uncertainty about the future of the nascent virtual digital asset in the world’s second largest internet market. Nirmala Sitharaman, the minister of finance in India, said Monday that the Reserve Bank of India has expressed concerns about the “destabilising […]
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Global

Internet Body to Dismantle Blockchain and Crypto Assets Council (India)

“The Internet and Mobile Association of India (IAMAI) has decided to dismantle the Blockchain and Crypto Assets Council (BACC), which was formed to represent crypto exchanges before authorities like the Reserve Bank of India (RBI) and other key government departments.According to two sources familiar with the development, IAMAI decided to distance itself from cryptocurrency.”
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Global

As Silicon Valley Fantasizes About Web3, India Leaps Ahead on Payments

“For more than a decade, Silicon Valley’s moguls have been promoting Bitcoin and blockchain-based cryptocurrencies, claiming these will transform global commerce. Instead, Bitcoin long ago died as a digital currency, becoming nothing more than an empty speculative asset with its value most recently plunging from $60,000 to less than $20,000. Meanwhile, as those same hypesters […]
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Global

India Opens Up Its Digital Payments Systems and Other Key Tech

“The Indian government on Monday said that it was making its identity management and digital payments systems available to any interested nation via open APIs under the name of Indiastack.global. India Stack, which started its journey in 2010 as a digital identity project under the name ‘Aadhaar’, is made up of a database of biometric […]
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Global

Why India Is No Fan of Buy Now, Pay Later

“It seems that India’s central bank is no fan of “buy now, pay later.” But then, the regulator’s irritation with this newish fad in consumer finance is wholly understandable…It was all getting a bit too much. So last week, the Reserve Bank of India brought out its regulatory axe and hacked away at a popular path […]