Connect with us

Crypto

Shifting Tides: India’s Journey Towards Universal Digital Currency Regulatory Measures

Published

on

Financial landscapes have always found digital currencies to be a topic of heated debate. Yet, the recent dialogue among G20 participants regarding the creation of a universal control structure for the rapidly growing digital finance realm has ignited a sense of positivity, notably within the Indian borders. This newfound positivity emerges following an extended phase of ambiguity faced by local digital currency platforms.

India’s proactive approach to synchronize with the global understanding of digital currency governance has received applause from its native crypto trading platforms. This positive stance has been influenced by suggestions from international bodies like the International Monetary Fund (IMF) and the Financial Stability Board (FSB). To many observers, these advisories hint at the dawn of a clarified regulatory environment in India.

In a dialogue with CryptoNews, Kiran Mysore Vivekananda from CoinDCX underscored the essence of the combined document from IMF and FSB. He articulated that this document integrates vital components which offer constructive insights for governing bodies, especially in assessing broader economic and financial safety implications. Vivekananda pointed out that this document outlines nine pivotal suggestions, covering areas such as the classification of digital currencies, measures against financial fraud, user safeguards, operational criteria for crypto entities, and consistent tax measures.

Responses from the sector indicate that these guidelines might herald a transformative phase in India’s crypto dynamics. CoinSwitch’s head, Ashish Singha, shared these sentiments with CryptoNews, highlighting the Indian government’s forward-thinking actions. In Singha’s view, acknowledging the significance of a unified global viewpoint underscores India’s modern and forward-thinking stance on digital currencies.

While a worldwide framework is crucial, CoinDCX’s Vivekananda is of the opinion that the essence lies in self-governance. Entrusting the sector with self-monitoring responsibilities, under the oversight of bodies like the Ministry of Finance, might lead to a harmonized ecosystem. This view isn’t groundbreaking; the triumph of autonomous governance can be observed in diverse sectors within India and in the global crypto environment. Japan’s movement towards autonomous oversight, clearly visible during the FTX episode, underscores the efficiency of such an approach.

Such perspectives aren’t solely limited to industry stakeholders. At the Global FinTech Fest 2023, the Reserve Bank of India’s head, Shaktikanta Das, resonated with this notion. He championed the idea of fintech entities initiating an autonomous governing body, highlighting twofold benefits: it would offer these businesses a more effective means to convey their requirements and lessen the oversight load on the RBI.

However, in the midst of these deliberations, the topic of taxation casts a shadow. India’s assertive tax approach towards crypto has sparked debates. Implementing a 1% upfront tax deduction on every crypto transaction was seen as a method to temper the fervor around digital currencies. Yet, as highlighted by Vivekananda, this tactic might not have achieved its intended result. Preliminary figures from Chainalysis, a prominent blockchain scrutiny firm, place India at the vanguard of global crypto engagement. Notably, in spite of rigorous tax regimes, Indians account for 18% of the user base in leading international exchanges.

This unforeseen development raises questions: Could India rethink its tax methodology, given its fresh inclination towards structured governance? The future will provide answers.

But one certainty remains. Change is on the horizon. With India’s dedication to synchronizing with international standards and the escalating adoption of digital currencies, India is on the brink of a novel digital fiscal chapter. The anticipation is that forthcoming rules will be evolutionary, promoting expansion while prioritizing the well-being and interests of its populace.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CoinReporter.io and EUReporter.co does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Bitcoin

Coinbase Teams Up with Apple Pay to Simplify Cryptocurrency Purchases

Published

on

By

In a significant stride towards mainstream adoption of cryptocurrency, Coinbase, one of the largest and most recognized crypto exchanges in the United States, has announced a partnership with Apple Pay. This collaboration marks a pivotal moment in the integration of traditional payment methods with the burgeoning world of digital currencies, making it easier than ever for consumers to enter the crypto space.

Streamlined Access to Cryptocurrency

The integration of Apple Pay into Coinbase’s Onramp platform means that users can now purchase cryptocurrencies like Bitcoin, Ethereum, and others using Apple’s payment service directly within third-party apps. This move is aimed at simplifying what has historically been a complex process of converting fiat currency into crypto. Coinbase Onramp, formerly known as Coinbase Pay, now supports Apple Pay, offering an almost instantaneous method for users to fund their crypto purchases. This is particularly beneficial for those new to the crypto ecosystem, reducing the barriers to entry by eliminating the need for multiple exchanges or lengthy KYC (Know Your Customer) procedures.

A Leap Towards Mainstream Adoption

This partnership signifies more than just a technical integration; it’s a clear signal of cryptocurrency gaining legitimacy in the eyes of major corporations. With Apple Pay boasting approximately 640 million active users worldwide, and over 90% of retailers in the U.S. accepting it, this integration could potentially expose millions to the world of cryptocurrency. The move also comes at a time when the crypto market is experiencing renewed interest, with Bitcoin nearing $100,000, fueled by pro-crypto sentiments from incoming political administrations.

Benefits for Developers and Users

For app developers, this integration is seamless. Those already using Coinbase Onramp don’t need to take any extra steps; Apple Pay will automatically appear as an option for eligible purchases. This is particularly advantageous for developers of blockchain and crypto-focused apps, who can now offer their users a familiar and trusted payment method. Users benefit from a faster, more secure, and straightforward payment process. The convenience of using Apple Pay for crypto transactions is expected to encourage more frequent and less cumbersome trading activities.

The Broader Impact

The collaboration could serve as a catalyst for other tech and financial giants to explore similar integrations, potentially leading to a broader acceptance of cryptocurrencies in everyday transactions. However, it’s important to note that while Apple Pay can now be used for buying crypto, it does not yet support selling or converting crypto back into fiat through this method, showing that while the integration is innovative, it’s a step in what might be a longer journey towards full crypto-fiat interoperability.

Conclusion

Coinbase’s partnership with Apple Pay is a testament to the evolving landscape of digital finance where traditional and new-age technologies are merging to create more accessible, secure, and efficient financial systems. As cryptocurrencies continue to gain traction, such integrations could play a crucial role in normalizing digital assets within the mainstream economy. This development not only underscores Coinbase’s commitment to enhancing user experience but also reflects Apple’s nuanced shift towards embracing the crypto industry, potentially foreshadowing further innovations in this space.

This integration is not just about simplifying transactions; it’s about shaping the future of how we interact with money, blending the security and convenience of established payment methods with the innovation of blockchain technology.

Continue Reading
Bitcoin5 days ago

Coinbase Teams Up with Apple Pay to Simplify Cryptocurrency Purchases

Bitcoin5 days ago

ADA Price Surged: A Deep Dive into the Recent Rally

Bitcoin5 days ago

XRP Surges as Focus Shifts from Meme Coins

Bitcoin5 days ago

Bitcoin ETF Inflows and the Surge in Institutional Buying

Crypto5 days ago

South Korea’s Crypto Trading Volume Surpasses Stock Market in Historic Turn

Bitcoin3 weeks ago

VanEck Backs Strategic Bitcoin Reserve: A Bold Move in Crypto Financial Strategy

Bitcoin3 weeks ago

BlackRock’s Bitcoin ETF Options: A $1.9 Billion Trading Debut

Bitcoin3 weeks ago

Bhutan’s Bold Leap into the Cryptocurrency Era with Hydropower

Bitcoin3 weeks ago

Novogratz: A Strategic US Bitcoin Reserve Could Propel BTC to $500K

Bitcoin3 weeks ago

Goldman Sachs Buys Big Into Bitcoin: A New Era for Institutional Investment in Crypto

Bitcoin3 weeks ago

Bitcoin’s Bright Future: Cathie Wood’s Prediction for 2030

Bitcoin3 weeks ago

Pennsylvania’s Bold Leap: A Bill to Position Bitcoin as a State Reserve Asset

Bitcoin3 weeks ago

Senator Cynthia Lummis Backs Trump’s Proposal for a Strategic Bitcoin Reserve

Bitcoin3 weeks ago

Bitcoin is now worth more than Saudi Aramco to become the 7th most valuable asset in the world!

Bitcoin4 weeks ago

BlackRock’s spot bitcoin ETF recorded over $5bn in volume in the past 24 hours

Bitcoin2 months ago

BREAKING: $LUNC prepares for a massive burn event

Bitcoin2 months ago

BITCOIN ETFs CUMULATIVE FLOWS ARE NOW OVER $20 BILLION!

Bitcoin2 months ago

Morgan Stanley’s Bitcoin ETF holdings surge to $272.1M

Bitcoin2 months ago

Argentina President Javier Milei meet with El Salvador President Nayib Bukele in Buenos Aires.

Bitcoin2 months ago

Taiwan officially allows ‘professional investors’ to buy Bitcoin ETFs.

Crypto3 months ago

LUNC Community has burned 726M USTC

Bitcoin3 months ago

Spot Bitcoin and Ether ETFs Record Second Day of Inflows

Bitcoin3 months ago

Terra Classic is Making a Comeback!

Crypto3 months ago

Terra Luna Classic developers successfully completed the v3.1.5 upgrade.

Bitcoin3 months ago

Big Day for Terra Classic!

Advertisement

Trending