National Australia Bank Becomes Second Australian Bank to Build Stablecoin: Report

The purpose of AUDN would be to allow its customers to settle transactions on blockchain technology in real-time using Australian dollars, NAB said. AUDN could also be used for several other purposes including “carbon credit trading, overseas money transfers and repurchase agreements,” NAB’s Chief Innovation officer Howard Silby told AFR. Author: Amitoj Singh Source link

Indians Moved Over $3.8B to Foreign Exchanges Since Crypto Tax Rules: Research Study

Days before the 30% tax came into effect, Nischal Shetty, CEO and founder of WazirX, one of India’s biggest exchanges, said what people will do now “is find ways to not be part of the [domestic] system because people are not going to leave crypto.” The Esya Centre report found that “an estimated 17 lakh users switched” from domestic crypto exchanges to foreign counterparts. Author: Amitoj Singh Source link

The Curious Case of Coinbase’s India Communications Strategy

On April 7, 2022, Coinbase launched operations in India, with executives touting how easy it would be to trade on the company app with payments being processed by Unified Payments Interface, or UPI, a widely used payments system in India. Hours after the event, though, the entity that governs UPI, (National Payments Corporation of India, under the aegis of the RBI) tweeted to clarify that it was “not aware of any crypto exchange using UPI.” Author: Amitoj Singh Source link

After Armstrong Tweet, India’s Crypto Policy Body Says No Contempt of Court Challenge vs. RBI

Procedurally, legal sources say a contempt of court challenge is technically best filed by the original petitioner in the Supreme Court, which in this case would be the IAMAI. If it is not the original petitioner, then an individual entity seeking to file a contempt of court is required to first prove how it is an aggrieved party to the case. This itself is a tricky procedural hurdle. Author: Amitoj Singh Source link

Some Indian Payment Processors Cut Off Local Crypto Exchanges

In April 2018, the Reserve Bank of India (RBI) effectively banned banks through a notification from supporting or engaging in crypto transactions until the Supreme Court overturned the restriction two years later. Thus, it is unlikely that the RBI or RBI governed NPCI would release any official document, notification, circular, or order that could push banks or payment gateways from providing their services to crypto exchanges. Author: Amitoj Singh Source link