India

Indian authorities freeze $8.1M in WazirX funds as part of AML investigation

India’s Directorate of Enforcement, or ED, has announced it froze roughly $8.1 million in funds and conducted a search connected to cryptocurrency exchange WazirX as part of an investigation into instant personal loan fraud. In a Friday announcement, the Directorate of Enforcement alleged WazirX facilitated transactions by unnamed fintech firms “to purchase crypto assets and then launder them abroad” as part of a scheme involving Chinese-backed companies circumventing India’s licensing regulations. In its investigation, the ED said it ordered WazirX bank accounts containing 646.7 million Indian rupees — roughly $8.1 million at the time of publication — frozen and conducted a search connected to co-founder Sameer Mhatre. According to the regulator, the investigation was still ongoing. Howev...

Lollapalooza Announces India Debut With 2023 Music Festival In Mumbai

Next year, India will officially become the eighth country to host a Lollapalooza festival. The world’s second most populous nation is the newest home of one of the United States’ most iconic music festivals this winter. The brand behind the long-running Chicago fest has announced Lollapalooza India, a brand new outing for South Asian fans of electronic music, rock & roll, hip-hop and beyond. Organizers took to Twitter to share a trailer for the upcoming festival in Mumbai. The flagship Lollapalooza event has taken place at Chicago’s Grant Park each year since 2005, save for 2020, when it went virtual due to the impact of the pandemic. Since then, the festival has hosted international outings in Chile, Brazil, Argentina, Germany, Sweden, France, Israel and n...

Lollapalooza Expands to India in 2023

Lollapalooza is expanding its global footprint to South Asia with the announcement of Lollapalooza India. The two-day event is scheduled to take place January 28th-29th, 2023 in Mumbai. It will be produced by William Morris Endeavor Entertainment, C3 Presents, and BookMyShow. In a press release announcing the news, Lollapalooza India bills itself as “the first time the world-class festival will take place on Asian shores, with a full two days of music across four stages as well as innovative culinary selections, art, fashion and more.” Advertisement Related Video “The music of India is transcendental, it draws our spirits East,” Lollapalooza founder Perry Farrell said in a statement. “Lollapalooza is an instrument for unity, peace, and education utilizing the universal languages of music a...

Lollapalooza Expands to India in 2023, Marking Festival’s Asia Debut

MUMBAI — Lollapalooza is traveling to India, a price sensitive live music market where the appetite for international music of all genres has grown considerably in the streaming era. The multi-genre festival will be staged in Mumbai on Jan. 28-29, 2023, marking its debut in Asia. BookMyShow, India’s largest ticketing platform, is promoting and co-producing Lollapalooza India, along with global producers Perry Farrell, WME and C3 Presents, which is owned by Live Nation. The festival’s Mumbai installment, which will take place at an as-yet unannounced venue “in the center of the city,” will feature around 45 acts playing 20 hours of music across four stages to an audience of 60,000 fans each day. The line-up will comprise 60% international artists and 40% local acts, the promoters tell Billb...

India needs global collaboration to decide on crypto’s future, says finance minister

Indian finance minister Nirmala Sitharaman has called for global collaboration on cryptocurrencies, assessing their pros and cons to form a common standard and taxonomy. Addressing a question on cryptocurrency in the Lok Sabha, the lower house of the Indian parliament, Sitharaman said that the Indian central bank had advised the government to prohibit the use of cryptocurrencies as it poses a risk to financial stability. However, the government is looking for a global approach. She said: “Any legislation for regulation or banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.” She also reiterated the Indian central bank’s stance on crypto’s value is based on speculation....

The regulatory implications of India’s crypto transactions tax

The Indian crypto landscape lost some momentum this year as the government introduced two laws demanding crippling taxes on crypto-related unrealized gains and transactions. India’s first crypto law, which requires its citizens to pay a 30% tax on unrealized crypto gains, came into effect on April 1. A commotion among the Indian crypto community followed as investors and entrepreneurs tried to decipher the impact of the vague announcement with little or no success. Knowing that India’s second crypto law — a 1% tax deduction at source (TDS) on every transaction — would translate into an even greater impact on trading activities, numerous crypto entrepreneurs from India considered moving bases to friendlier jurisdictions. Following the imposition of additional taxes, Indian crypto exchanges ...

Crypto Stories: YouTuber Paco de la India explains his travels using Bitcoin

A YouTuber started traveling the world to see whether he could survive solely on Bitcoin as a means of payment. In the latest episode of Cointelegraph’s ‘Crypto Stories’ series, Paco from India explained how he started his journey from the city of Bengaluru and learned from the example of travel pioneers who came before him, including Nellie Bly, who circumnavigated the globe in the late 19th century in less than 73 days. Paco worked a variety of jobs before reading up on Bitcoin (BTC) and made a big decision. “This is 2021,” said Paco. “I will travel the world by using Bitcoin.” The YouTuber added: “When my journey started, I had zero dollars. I sold my furniture, got $200 of Bitcoin, and as soon as I started on day one, the first Bitcoin meetup we had in Bengaluru, one guy came and gave ...

Weekly Report: India mulls 28% GST on crypto, Tether to launch Pound Sterling-backed stablecoin, FalconX secures $150M raise and more

Here are all the exciting headlines you missed in the NFT, DeFi and crypto niches across regulations and business verticals. Crypto broker FalconX raises $150 million, reaching an $8 billion valuation US-based firm digital assets brokerage on Wednesday disclosed it had raised $150 million in the latest financing round led by Singaporean wealth group GIC and Swiss firm B Capital. Other investors that took part include private equity firm Thoma Bravo, Tiger Global Management, and investment manager Adams Street. Notably, the series D funding round comes when crypto entities suffer losses and try to stay afloat. Falcon X’s total funding now stands at $430 million, having secured a massive $210 million from its Series C funding. Its valuation has more than doubled from $3.75 billion to $8...

CBDCs can “kill” private crypto: India’s RBI deputy governor to IMF

In discussion with the International Monetary Fund (IMF), T Rabi Sankar, the deputy governor of the Reserve Bank of India (RBI), reflected an anti-crypto stance as he spoke about India’s potential to disrupt the crypto and blockchain ecosystem.  Rabi Sankar started the conversation by highlighting the success of the Unified Payments Interface (UPI), India’s in-house fiat-based peer-to-peer payments system — which has seen an average adoption and transaction growth of 160% per anum over the last five years. “One of the reasons it is so successful is because it’s simple,” he added while comparing UPI’s growth with blockchain technology. According to Rabi Sankar: “Blockchain, which was introduced six-eight years before UPI started, even today is being referred to as a potentially revolut...

Non-technical mountain climbs: 13 trekking peaks

There are no ‘death zones’ on these non-technical mountain climbs but they offer plenty of challenges for mere mortals like me As a climber, I have completed several indoor climbing and winter mountaineering courses but my technical climbing skills still leave a lot to be desired. I have mastered basic rope, ice axe and crampon skills but don’t practise them as often as I’d like. All too often I only find time for some wilderness backpacking in Europe or low-altitude scrambling in the UK. Regardless, I still have high hopes of climbing the seven summits (three down, four to go). I’m aware that I’ll never be a Reinhold Messner or Chris Bonington (I’ll settle for reading their books instead) but I still long to pitch myself against tall mountains with imposing names....

Sidhu Moose Wala, Popular Punjabi Singer and Politican, Shot Dead

Sidhu Moose Wala, a well-known Punjabi rapper-turned-member of India’s Congress party, has been shot and killed. He was just 29 years old. According the Hindustan Times, Moose Wala was murdered by unknown assailants in Jawaharke Village in the Mansa District on Sunday. The gunmen fired at least thirty rounds into the Moose Wala’s vehicle, killing him and another person, and injuring at least one other man who was traveling with him at the time. Punjab’s chief of police blamed the shooting on a rivalry between Moose Wala’s manager and a Canadian organized crime group. The attack reportedly occurred just one day after the Punjab police force scaled down security protection for over a hundred public figures, including Moose Wala, in an effort to redirect resources elsewhere. As Rolling Stone ...

India to roll out CBDC using a graded approach: RBI Annual Report

Further cementing India’s decision to introduce an in-house central bank digital currency (CBDC) in 2022-23, the Reserve Bank of India (RBI) proposed a three-step graded approach for rolling out CBDC “with little or no disruption” to the traditional financial system. In February, while discussing the budget for 2022, Indian finance minister Nirmala Sitharaman spoke about the launch of a digital rupee to provide a “big boost” to the digital economy. In the annual report released Friday by India’s central bank, RBI revealed exploring the pros and cons of introducing a CBDC. In the report, RBI stressed the need for India’s CBDC to conform to India’s objectives related to “monetary policy, financial stability and efficient operations of currency and payment systems.” Based on this need, RBI is...