The United Arab Emirates (UAE) thought that issuing a CBDC would solve its problems with cross-border payments and “promote innovation for domestic payments.” India and the UAE have expressed interest in working together to develop an interoperable CBDC. This will make international sales transactions and money transfers easier to complete. This cooperation may result in other … Read more
Another cryptocurrency company in India is now the target of an investigation by India’s financial crimes unit. According to recent reports, India’s Enforcement Directorate (ED) has leveled allegations of illegal forex activity against one of India’s top cryptocurrency exchanges, CoinSwitch Kuber. Additionally, on Thursday, the agency conducted investigations at five other CoinSwitch locations. Reuters was … Read more
In 2019, Binance completed the acquisition of WazirX. As part of that process, the assets of WazirX have been blocked as part of an investigation into potential violations of foreign exchange regulations. The ED has placed a freeze on assets with a total value of $8.16 million, which is equivalent to 646.70 million Indian rupees. … Read more
When other businesses face layoffs, India’s “first and only sustainable unicorn born out of India” has attracted significant capital. Following a $100 million Series A fundraising round with a $1.5 billion valuation, blockchain firm 5ire has quickly become India’s newest blockchain unicorn. According to a statement on Friday, the self-described fifth generation “sustainable” blockchain ecosystem … Read more