India and Cryptocurrency - News and Updates

sorcerer

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In this thread, we will have all discussions about cryptocurrency and its relevance to India. Like always its good to see that Government of India is one step ahead of the game.

:india:

Your Aadhaar may be the reason why India wants to ban all cryptos

The groundwork for a ban on cryptocurrencies may have been unwittingly laid several years ago when the government launched its Jan Dhan-Aadhaar-Mobile trinity in the early years of the first Modi government.



MUMBAI: There has been much angst and debate over the government’s stated intent to ban all private cryptocurrencies and introduce a sovereign digital currency.
However, the groundwork for a ban on cryptocurrencies may have been unintentionally laid several years ago when the government launched its Jan Dhan-Aadhaar-Mobile trinity in the early years of the first Modi government.
JAM was a mammoth project undertaken by the government to enrol a majority of the country’s citizenry into the financial system by utilising their social security number, or Aadhaar number, and using that network to directly transfer subsidies.
“The Aadhaar project was rolled out to ensure that everybody has an account with the government, and they have their IDs and payments. I think that is part of the reason why they are going to crack down on cryptocurrencies,” Brent Johnson, CEO of the San Francisco, US-based Santiago Capital, told ETMarkets.com in an interview.
The Unique Identification Authority of India has issued over 122 crore Aadhar cards in the country, covering over 90 per cent of the population as on March 2020. According to UIDAI, 96 crore out of the 110 crore bank accounts have been linked to Aadhaar numbers.
If you add to this the number of mobile network connections in India, it is safe to say that the network for issuing a sovereign digital currency that is accessible to one and all is already existent. “The government probably wants to use that to issue its own cryptocurrency and government just does not like competition,” Johnson said.
Recently, RBI’s move to allow retail investors to directly open an account with its e-Kuber setup to purchase government bonds in the primary and secondary markets has also raised curiosity among market participants that it could act as a pre-cursor to the issue of a digital rupee.
RBI Deputy Governor BP Kanungo told journalists that an internal panel of the central bank is working on a model for a digital currency. “We had a committee that is still on the drawing board. In fact, an internal committee is taking a close look to decide the model of the central bank digital currency and you will hear from RBI very soon on this matter," Kanungo said.
There over 75 lakh cryptocurrency owners in India with their total holding valued at more than $1 billion. Crypto enthusiasts in the country have lobbied with the government to reconsider the proposed ban, arguing that private cryptocurrencies can co-exist with a sovereign digital currency if they are defined as digital assets, and not private currency.
While it remains to be seen if the government will water down the bill to allow individuals to own cryptocurrencies like Bitcoin, it appears that what’s in the offing may have been foreseen a long time ago.


:india:
 

sorcerer

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SEBI: Sell Crypto Before IPO
Investing.com -- SEBI (Securities and Exchange Board of India) has communicated to merchant bankers and securities lawyers involved with the IPO process that promoters of companies who want to come out with an IPO that they will have to sell off cryptocurrencies before they debut on the markets.


A report in The Economic Times has said that the matter appears to stem from the possibility that the government may ban cryptocurrency that is not state-issued.

 

yourgodisweak

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The move from GOI to ban crypto when its booming rings some bells. Anybody has info? My 2cents is that its being used in riots/protests/terror. Break down the MO if possible.
 

sorcerer

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Coinbase to set up branch in India despite uncertainty around crypto regulation

The U.S. based cryptocurrency exchange Coinbase is planning to establish its business presence in India and intends to open an office in Hyderabad even as uncertainty around the country’s stance for the digital asset continues.

 

FalconZero

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In this thead i am going to post about how to invest in doge using Binance + Zebpay, there's one more way of WazirX + Binance or wazirX but I haven't tried them so far so can't comment will update if get to try them too, so let's go through these :

HOW TO BUY DOGE COINS :
============================
1) First carry out kyc and document verification on ZebPay and Binance app on the android phone
2) Once these are done, link your bank account to zebpay and verify.
3) After that, go to inr option in zebpay app and click in deposit and it will provide you a temp account number with ifsc code which for zebpay on which you can trannsfer your money from your bank account.
4) Add the information from step 3 to your beneficary in bank beneficaries part.
5) Transfer money from your bank using IMPS, NFT, RTPGS etc, UPI may have some issue. Just one reminder that money may take as long as 5hrs to register on your zebpay once transferred from your account, so don't be afraid.
6) Once you receive the amount in zebpay, buy usdt using market option of the USDT.
7) Go to the wallet option on binance and search and select USDT, select the network of transfer ( ERC20 ) should work and then copy the address and go to zebpay app again.
8) In zebpay click on the usdt option and then click on the 'send' option, in that you will get the option to add an address, add the address from your binance wallet to here and save it.
9) After adding select that address and decide how much usdt you want to transfer, once decided click on the send symbol, it will take around 5 mins to register in binance wallet.
10) After you have registered in the binance you can just go to the market and buy doge coins.


So, to withdraw a certain dogecoin into inr from binance you will have to perform the following steps :
==============================================================
1) In the binance app, go to the trades option and sell the amount of doge coins ( here order will be open but most proly within 5 mins you will get credited with USDT if you exchanging doge for USDT like in our case)
2) After this, you will need to transfer this USDT amount to your zebpay app for that in zebpay you will have to search for USDT option and tap on that, after click on the option of 'recieve' and you will get an assigned address or create a new address ) and now copy the address and take note of the transaction tech it is using and go back to binance app
3) In binance app, you will have to go to the wallet option and select 'usdt' option and click on the withdraw option, in that option select the tech, your address copied from the zebpay. And tap on the transfer amount part ( it will charge you 20usdt as a charging fee )
4) After 5 mins or so, your usdt coins will be transferred back to your zebpay account.
5) Now, to get usdt to inr to back to your bank account you will have to perform following steps:
5.1) Go to the zepay app, select the 'usdt' option
5.2) In the usdt option you will get the option to sell it for 'inr' do it and in that select 'market' option and sell the total usdt coins which you want to sell.
5.3) After that you will have inr registered after that open order for trade concludes within 5 mins or so.
5.4) After that you can go back to the homepage part of the zebpay, click on the withdraw money option ( inr option) and select your bank, otp, other details and the amount that you want to be transferred. And after 15 mins or so, it should register in your account.


I will add remaining URLs, etc later.
cc : @SKC
 

SKC

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In this thead i am going to post about how to invest in doge using Binance + Zebpay, there's one more way of WazirX + Binance or wazirX but I haven't tried them so far so can't comment will update if get to try them too, so let's go through these :

HOW TO BUY DOGE COINS :
============================
1) First carry out kyc and document verification on ZebPay and Binance app on the android phone
2) Once these are done, link your bank account to zebpay and verify.
3) After that, go to inr option in zebpay app and click in deposit and it will provide you a temp account number with ifsc code which for zebpay on which you can trannsfer your money from your bank account.
4) Add the information from step 3 to your beneficary in bank beneficaries part.
5) Transfer money from your bank using IMPS, NFT, RTPGS etc, UPI may have some issue. Just one reminder that money may take as long as 5hrs to register on your zebpay once transferred from your account, so don't be afraid.
6) Once you receive the amount in zebpay, buy usdt using market option of the USDT.
7) Go to the wallet option on binance and search and select USDT, select the network of transfer ( ERC20 ) should work and then copy the address and go to zebpay app again.
8) In zebpay click on the usdt option and then click on the 'send' option, in that you will get the option to add an address, add the address from your binance wallet to here and save it.
9) After adding select that address and decide how much usdt you want to transfer, once decided click on the send symbol, it will take around 5 mins to register in binance wallet.
10) After you have registered in the binance you can just go to the market and buy doge coins.


So, to withdraw a certain dogecoin into inr from binance you will have to perform the following steps :
==============================================================
1) In the binance app, go to the trades option and sell the amount of doge coins ( here order will be open but most proly within 5 mins you will get credited with USDT if you exchanging doge for USDT like in our case)
2) After this, you will need to transfer this USDT amount to your zebpay app for that in zebpay you will have to search for USDT option and tap on that, after click on the option of 'recieve' and you will get an assigned address or create a new address ) and now copy the address and take note of the transaction tech it is using and go back to binance app
3) In binance app, you will have to go to the wallet option and select 'usdt' option and click on the withdraw option, in that option select the tech, your address copied from the zebpay. And tap on the transfer amount part ( it will charge you 20usdt as a charging fee )
4) After 5 mins or so, your usdt coins will be transferred back to your zebpay account.
5) Now, to get usdt to inr to back to your bank account you will have to perform following steps:
5.1) Go to the zepay app, select the 'usdt' option
5.2) In the usdt option you will get the option to sell it for 'inr' do it and in that select 'market' option and sell the total usdt coins which you want to sell.
5.3) After that you will have inr registered after that open order for trade concludes within 5 mins or so.
5.4) After that you can go back to the homepage part of the zebpay, click on the withdraw money option ( inr option) and select your bank, otp, other details and the amount that you want to be transferred. And after 15 mins or so, it should register in your account.


I will add remaining URLs, etc later.
cc : @SKC
Thanks!

But how is the future in this Dogecoin. Is it going to remain for long time and is this right time to make any profit on short durations and quick trades.
 

FalconZero

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Thanks!

But how is the future in this Dogecoin. Is it going to remain for long time and is this right time to make any profit on short durations and quick trades.
Dogecoins is not like your bitcoin but good for pump and dump, zebpay charges a bit more so I will share one more list for using Wazirx and WazirX+binance combo
 
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