Indian police bust $4M ‘Ripple Future’ cryptocurrency scam

2018-8-2 12:49

The Reserve Bank of India (RBI) ruling may have killed legitimate cryptocurrency businesses in the country, but it seems the regulatory clampdown hasn’t deterred local fraudsters and con artists.

In the latest crypto-bust, Indian police arrested two suspects for allegedly duping 300 million Indian Rupees ($4 million approximately) from 1,800 people, Press Trust of India (PTI) reports. The accused were running a fake cryptocurrency company named ‘Ripple Future,’ which promised to triple investor money in 250 days, and also ran daily and weekly payment schemes. The Ripple Future management team claimed the company was headquartered in the US, but Indian police found…

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New Indian Governmental Committee Wants Cryptocurrencies to Be Legalized

The Indian cryptocurrency scene is murky as crypto entities are facing a banking ban and the government has explicitly asked investors to stay away from Bitcoin and other cryptocurrencies. However, the second interdisciplinary committee is now saying that cryptocurrency could be legalized in India with several terms and conditions, as reported by The New Indian Express.

2018-12-27 16:04


Indian Officials Consider Ban on “Private Cryptocurrencies”

Agents of the Indian government have met to formally discuss a possible ban on private cryptocurrency holdings in the nation. On October 30, 2018, the Financial Stability and Development Council (FSDC) issued a press release detailing their recent meeting where they “reviewed the current global and domestic economic situation and financial sector performance.

2018-11-1 22:37


Ajay Banga, CEO of MasterCard Tags Cryptocurrency A “Junk”

The president and CEO of Mastercard Ajay Banga, tags cryptocurrency as an anonymised currency that fluctuates anyhow and also a junk. This view he made known while expressing his opinion on the cryptocurrency, international community and trade, at the ‘New India Lecture’ held at Indian Consulate under the Guidance of Consul General Ambassador Sandeep Chakravorty.

2018-7-26 21:15


Indian Lawyer Files Right To Information (RTI) Form Against RBI Crypto Ban

India continues to create controversy within their ever-evolving cryptocurrency field. As the government scrambles to decide how it will respond to both the significant profits and the prominent violations native to the country’s massive participation in the crypto Initial Coin Offering (ICO) markets, it has become important for citizens and lawyers alike to become more […]

2018-7-26 16:47


LCI Calls for Indian Government to Recognize Cryptocurrencies as a Legal Means for Electronic Payments

India continues to be a hotbed of controversy and confusion regarding all things cryptocurrency. The country has historically served as one of the most anti-cryptocurrency regions in the world, having put an outright ban on banks having any relationship with cryptocurrency exchanges earlier this month.

2018-7-26 00:22


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Indian Cryptocurrency Exchange Koinex Launches Loop, a P2P Token Transaction Network

Koinex, a prominent Indian crypto exchange, has launched its peer-to-peer (P2P) service called Loop. Loop is a P2P trading platform for crypto assets transactions using fiat currency (INR). Koinex Loop – An Attempt to Preserve the Crypto Industry in India This step follows the move by another Indian exchange, WazirX, who started their P2P operations earlier.

2018-7-21 23:00


Indian Bitcoin Ponzi Kingpin Amit Bhardwaj, Offers Compensation To Victims

Amit Bhardwaj, the Ponzi scheme kingpin accused of scamming thousands by promising outlandish returns on investments in Bitcoins, has offered to pay back investors their initial investments in Indian rupees even as one of the country’s largest cryptocurrency exchanges, Zebpay, has been roped in to help with the investigation. What Was Bharadwaj's Ponzi Scheme? Over […]

2018-7-20 13:06


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Indian Regulators May ‘Unban’ Cryptocurrency Trading Soon

The Reserve Bank of India’s (RBI) harsh stance towards the local digital currency space may not last forever. If the latest report coming from reliable sources at the finance ministry is anything to go by, authorities are on the verge of regulating blockchain-based virtual currencies as commodities, a move that would be very beneficial to cryptocurrency investors in the Asian.

2018-7-13 16:00


India’s Cryptocurrency Banking Ban May Be a Bust

After much waiting and speculation on the July 5 deadline, India may forgo banning investment in cryptocurrency after all. Indian Ban May Be a Bust The three-month time span from the Reserve Bank of India’s initial announcement that all RBI regulated entities must cease any crypto related activities, including both individuals and firms, was filled with speculation.

2018-7-11 15:00


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