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BRICS member India has once again been accused of dumping US dollars to protect its local currency, the rupee (INR). The INR had plummeted to a lifetime low of 87.60 against the USD on Monday in the forex markets. The steep fall sent jitters in the markets making the Reserve Bank of India (RBI) intervene in the forex sector. India has been accused of intervention in the currency markets to keep the rupee from falling further. Also Read: After Pausing BRICS, Saudi Arabia Invests $600 Billion in the US RBI directed state-run banks to sell US dollars in the forex markets to stop the rupee’s decline, reported Reuters. This is not the first time that BRICS member India has been accused of dumping US dollars. Last year alone, India was accused of market intervention more than four times to keep the rupee from falling. The trend has continued in 2025 raising questions about transparency in trade. Also Read: India Officially Rejects BRICS Currency, Calls It ‘Impossible’ BRICS: India Accu...

1. South Korea’s Crypto News This Week 1.1 South Korea’s National Pension Service Denies Intent to Invest in Virtual Assets, Clarifies Automatic Index Purchases link According to Money Today, the National Pension Service (NPS) of South Korea has addressed concerns regarding its holdings in stocks related to virtual assets, stating that the purchase of Coinbase and MicroStrategy shares was not motivated by an interest in virtual asset investments, but rather due to these companies’ inclusion in the benchmark index (MSCI). The National Pension Service currently holds 280,000 shares of Coinbase, valued at approximately 100.9 billion won, and 200 shares of MicroStrategy, valued at around 400 million won. Although the market has interpreted this as the NPS indirectly investing in virtual assets such as Bitcoin through the acquisition of these stocks, the NPS has refuted this claim, clearly asserting that Bitcoin and other virtual assets are not part of its investment strategy. 1.2 Kakao Exe...

Shiba Inu is now the top most traded cryptocurrency in India in 2024, reported the country’s leading trading platform WazirX. SHIB outpaced Bitcoin to become the most traded token in March last month. The dog-themed token topped the list of buyers as it spiked nearly 280% in 30 days. Also Read: Shiba Inu (SHIB) Investor Misses Out on Earning $10 Million SHIB skyrocketed in price from a low of $0.000009 to a high of $0.00004 in just two weeks last month. The token delivered stellar returns to investors who took an entry position early this year. Below is the top traded cryptocurrency in India in March 2024, according to data provided by WazirX . Shiba Inu (SHIB) Bitcoin (BTC) Pepe Coin (PEPE) Floki Dogecoin (DOGE) Also Read: Cryptocurrency: 3 Coins Can Double in Price in April 2024 Top five traded coins on WazirX in March'24: $SHIB $BTC $PEPE $FLOKI $DOGE Which one did you trade the most? pic.twitter.com/ENCCWQ4RNV — WazirX: India Ka B...

WazirX CEO Nischal Shetty thinks the much-needed tax relief on crypto transactions in India is still years away. In a recent interview, Shetty said the 1% tax deduction at source (TDS) on every crypto transaction will still be in place for at least another two years. “I don’t think we’ll see any immediate reduction in TDS since there have been no formal discussions between the industry and lawmakers specifically around it.” Nischal Shetty CoinDCX CEO Sumit Gupta claims they are in talks with the government to reduce TDS from 1% to 0.01%, but no timetable was provided. You might also like: Indian crypto exchange CoinDCX cuts staff amid bear market In April 2022, India approved a new rule that taxes 30% on digital currency holdings and transfers. The bill notes that traders should not offset losses against profits. The Indian government has also imposed a tax deduction at source of 1% on every buy or sell trade in an effort to keep track of the m...

Indian authorities are intensifying their crackdown on gaming and betting applications using cryptos and offshore companies to evade taxes.  According to a report from The Economic Times, several agencies are investigating networks of dummy companies that allegedly use crypto assets to transfer earnings out of the country. One of the main targets of the investigation is Parimatch, a group based in Cyprus that is accused of running one of the biggest networks under scrutiny. The group is said to have collected a whopping ₹700 crore ($84.1 million) from Indian users of gaming apps, and converted these funds into cryptocurrencies to evade detection. Moreover, the probe , led by the Directorate General of Goods & Services Tax Intelligence (DGGI), has exposed a complex web of individuals and entities involved in these operations. Around 50 platforms and individuals in Delhi have been examined as part of this ongoing probe . The report comes a week after the Indian Economic Offens...

Feature is envisaged in the project of national web browser, cherished by the Ministry of Electronics & Information Technology. The citizens of India might get an option to sign documents digitally through crypto tokens . Such feature is envisaged in the project of national web browser , cherished by the Ministry of Electronics & Information Technology (MeitY). On August 9 MeitY announced the launch of Indian web browser Development Challenge. The Ministry hopes to “inspire and empower” developers from all corners of the country to create an indigenous web browser withan inbuilt CCA India root certificate. According to the release: “Proposed browser would also focus on accessibility and user friendliness, ensuring built-in support for individuals with diverse abilities.” Emphasized separately is the ability to digitally sign documents using a crypto token , which would be embedded into the browser .  The competition will last three rounds — after the first one the scope of p...