Category: India

June 20, 2019

Facebook Has Not Applied for RBI Approval to Operate Libra in India: Report

Facebook has reportedly not applied for approval to operate its cryptocurrency in India with the RBI Facebook’s newly announced cryptocurrency, libra, may not be available in India due to the current ban of blockchain-based currency transactions, as stated in a report by local publication The Economic Times on June 20.Citing people familiar with the matter, the report says that the social media giant has not applied for approval with the Reserve Bank of India (RBI) to operate its digital currency in the country.As Cointelegraph reported yesterday, a Facebook spokesperson has underlined that Facebook’s digital wallet, Calibra, “won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies,” potentially preventing its use in some of Facebook’s largest markets, including India.The Economic Times notes that RBI has not confirmed or denied the allegations.Anirudh Rastogi, founder at local tech-focused law firm Ikigai Law, suggested that the RBI would not be concerned about Facebook’s Libra if the project was operating in a closed peer-to-peer (P2P) system.…
June 18, 2019

Global Banking Giant HSBC Launches Tokenization-Based Receivables System for India

HSBC has deployed tokenization tech in its receivables infrastructure for corporate clients in India. Major global banking group HSBC has implemented tokenization technology into its receivables infrastructure for corporate clients in India, according to an announcement on June 18.The British multinational financial services company has reportedly launched its Digital Accounts Receivable Tool (HSBC DART), based on tokenization technology developed by Australian blockchain-powered Fintech company Identitii Ltd., the firm said in the announcement.According to the statement, HSBC DART was developed for HSBC’s Global Liquidity and Cash Management (GLCM) business and deploys Identitii’s approach to tokenization within HSBC’s existing infrastructure of receivables to enhance involved processes.The instrument is designed to automate the accounts receivable (AR) process for HSBC’s corporate customers and their network of buyers, enabling a secure communication layer between network participants and reducing manual work such as invoice payments documentation.…
June 3, 2019

Indian Police Uncover Cryptocurrency Scam Involving BitConnect Promoter

Indian police have discovered an alleged multi-million dollar cryptocurrency scam involving a BitConnect promoter. Indian police have reportedly discovered an alleged multi-million dollar cryptocurrency scam, involving a BitConnect promoter, local media outlet the Times of India reported on June 3.The Criminal Investigation Department (CID) in Gujarat, India, has accused Divyesh Darji — a promoter of now-defunct cryptocurrency investment program BitConnect that ceased its operations in January of last year — of luring people to invest into “Regal Coin,” promising unrealistic returns of as high as 5,000% on investment.…