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1  Local / Press & News from India / Kidnapped Hyderabad dentist rescued | Kidnappers demanded 10 Crore in Bitcoin on: October 29, 2020, 03:14:01 PM
Police in Anantapur district of Andhra Pradesh rescued a dentist who was kidnapped from a hospital in Hyderabad Tuesday evening.

Alerted by Telangana Police that the kidnappers were proceeding towards Bengaluru in a Mahendra Bolero, Anantapur police set up watch on several roads including the Hyderabad-Bengaluru highway. A police team spotted the jeep near Rapthadu toll plaza around 2 am and intercepted it.

Police said while two kidnappers fled, two others were nabbed. Police then rescued Dr Behjas Hussain, a dentist working at Kismetpur Dental Clinic at Hyderabad. The doctor’s hands and legs were tied with ropes and he appeared dazed, an official said. Later in the day, Anantapur police tracked down the two kidnappers who had fled and took them into custody.

According to the police, the dentist was kidnapped by five burqa-clad persons from his hospital in the Rajendranagar area of Hyderabad. The kidnappers later made a WhatsApp ransom call to his family demanding Rs 10 crore in bitcoin currency, police added.

Sources in Cyberabad Police said five-8 members were involved in the kidnapping. While five persons abducted the dentist Tuesday, they handed him over to four persons who were taking him to Bengaluru or nearby towns.

Officials said the kidnapping could be a fall out of the financial dispute that the doctor allegedly had with his business partners.


Good work by Police there but I just wonder as Bitcoin gains more popularity in India. Is this another problem that is going to be faced by the country? Criminals extorting people for Bitcoin because they don't have to be physical present to receive it and its trail being very difficult to trace?
2  Local / Press & News from India / Crypto Earnings Should Be Taxed, Says BuyUCoin In Draft Document on: October 07, 2020, 06:24:13 AM
In a draft document titled, "Regulatory Sandbox: They Key To Cryptocurrency Mass Adoption In India', Delhi-based crypto exchange BuyUCoin has put forth arguments in favour of cryptocurrency adoption in India

The recent draft document suggests bringing crypto earnings under the purview of tax, where working professionals would have to declare their crypto earnings under a separate provision of the Income Tax Act

The BuyUCoin document talks about the need for inclusion of cryptocurrencies in the Reserve Bank of India’s (RBI) Regulatory Sandbox

As speculations about an impending ban on cryptocurrencies refuse to die down, stakeholders in India are pulling out all stops to get the government on their side. Besides engaging in a dialogue with government agencies to allay their fears about nefarious use cases of cryptocurrencies, industry stakeholders in India have also been suggesting what could be salient features of a regulatory framework for virtual currencies.

On October 2, BuyUCoin released the first draft of ‘Regulatory Sandbox: They Key To Cryptocurrency Mass Adoption In India’. Through the document, the exchange has put forth arguments in favour of cryptocurrency adoption and suggested some of the features which could form the core of a model government regulation for cryptocurrencies in India.

The BuyUCoin document mentions that if India were to ban cryptocurrencies altogether, the fallout would be felt in the jobs sector as well, where the demand for proficiency in blockchain technology is being seen currently. The report cites LinkedIn’s “2020 Emerging Jobs Report India” that mentions blockchain developer as the most sought-after career over the last five years.

More here =>

Document here =>

Read the full article and the document if you have time, it is a good read and definitely a positive step towards keeping Bitcoin legal in India. And kindly share your views on it. Thanks!

3  Bitcoin / Electrum / How accurate is the fee estimation in Electrum? on: September 21, 2020, 03:44:30 PM
I'd say not accurate at all. I created a transaction and ETA said that it will get confirmed in 2 blocks with the suggested fee and it has been 3 hours and 10 blocks since then and I don't know how much longer it will take to get confirmed.

And it was a time bound transaction and the page I sent it to says that the time has passed and the deposit might get lost or returned. Undecided

And this is not the first time it has happened. I sent a tx before and ETA said it would get confirmed within 5 blocks and I wasn't in a hurry. So, I sent it with that fee. And in the morning after 10 hours later it was still unconfirmed and I had to do CPFP on the change balance address to get it to confirm.

Any way to fix this? I am on the latest Electrum btw. Also, I can't do RBF because the transaction would change and I will lose the deposit. And I don't want to keep doing CPFPs.
4  Local / India / What are best practices when trading P2P? on: September 10, 2020, 04:33:31 PM
I was just reading this thread:

This guy got his bank account seized due to a transaction probably which was done through another person's bank account. He says that he has traded on LBC and he suspects that one of those transactions might be the reason why his account got seized.

So, I was just wondering, there must be people here who have done lots of P2P trades. What are some of the best practices when trading P2P either through forum or any online exchange? What precautions to take? What things to ask for? How to make sure that the person you're receiving funds from is the same person you're talking to? Etc.

Also, share whatever advice you might have on what should one do if their account gets frozen due to this. What steps to take after and do tell if you know of a case similar to this and what came out of it.

I know that it is going to be suggested to not trade P2P at all and use exchanges which send/receive funds themselves. But P2P is always going to exist. Even when Bitcoin was kind of banned WazirX did allow P2P trades.

Therefore, I ask the expert traders to kindly share their expertise on how to go about doing P2P trades safely. So others do not get into trouble as the guy in the above mentioned thread did.

5  Local / Press & News from India / PM Modi’s Twitter Account Hacked on: September 03, 2020, 04:46:16 AM
Prime Minister Narendra Modi's additional Twitter account which is linked to his personal website was hacked on the intervening night of September 2 and 3. Tweets appeared urging followers to make donations to 'PM National Relief Fund for COVID-19' through cryptocurrency.

Twitter confirms PM Modi's account compromised

The verified Twitter account, which is linked to PM Modi's personal website, has over 2.5 million followers. A Twitter spokesperson has confirmed having knowledge of the issue in response to the media query. Twitter said the microblogging website is taking steps to secure the compromised account. The tweets urging for donations and other related tweets have now disappeared, which seems to be the counteraction taken by Twitter over the breach.

"We are aware of this activity and have taken steps to secure the compromised account. We are actively investigating the situation. At this time, we are not aware of additional accounts being impacted", said Twitter spokesperson Twitter account of PM Modi’s personal website hacked.

More here =>

That Cryptocurrency Bill must have got really fast tracked after this.  Undecided
Crypto, mainly BTC and ETH hacker's favorite currency it seems.
Lots of mixers to prevent coin tracking and hide behind anonymity.
Plus various place where it can be traded without getting linked to anyone.
Can someone check and see if addresses listed in the tweets received any coins?
6  Local / Press & News from India / India to ban trade in cryptocurrency, government working on a law on: August 05, 2020, 02:52:26 AM
The government is planning to bring in a law to ban trade in cryptocurrency, sources have told Moneycontrol, a move that will come as a huge blow to an industry that has been booming during the lockdown.

The Supreme Court had in March 2020 set aside a Reserve Bank of India’s circular that prohibited banks and financial institutions from providing services related to cryptocurrencies. Indian and overseas cryptocurrency majors have been waiting for clarity from the government or the RBI on digital tenders following the order.

"There was a view in the government that banning it through a law would be more binding. It will clearly define the illegality of the trade. We have forwarded a note to related ministries for inter-ministerial discussions," a government official told Moneycontrol on condition of anonymity.

The government has been holding consultations with law ministry, ministry of information and technology and the RBI for a framework of a law that will formally end trading in cryptocurrency in India, the official said.

"We are working on it. After inter-ministerial consultations, it (the note) would be presented to the cabinet for approval. Once Parliament resumes for the session, we are hoping to get it ratified," the official said.

In 2018, the RBI prohibited regulated entities from providing services to any individual or business dealing in digital currencies like bitcoin.

Junking the RBI circular, the Supreme Court had said citizens had the right to create a new industry of cryptocurrencies and exchanges along with the fundamental right to trade.

The government had in 2017 set up a panel led by then finance secretary Subhash Garg to study the ecosystem of cryptocurrencies.

In its report, the panel proposed a ban on all forms of private virtual currencies. However, it also asked the RBI and the government to look at the possibility of official virtual currency.

It suggested a fine of up to Rs 25 crore and imprisonment of up to 10 years for anyone dealing in them.

The income tax department issued notices to 500,000 investors, bringing the platforms, which are private, trading in virtual currencies under the scanner.

The notices asked whether taxes had been paid on the rise in valuations after a surge in prices.

The indirect tax department, too, issued notices to the exchanges and sought explanations on whether they were treating cryptocurrencies as the supply of goods or services and if they were paying Goods and Services Tax.

As reported by Moneycontrol, millions of dollars worth of business in cryptocurrency is being done every week, with the lockdown pushing up the volumes. The government, industry insiders said, was losing out on precious revenue by not coming up with a regulatory mechanism.

A growing number of investors have found refuge in virtual currencies as traditional assets have taken a beating over worries about the health of the economy battered by the coronavirus outbreak.


I'd say things aren't looking good. With people already losing jobs due to Corona-Virus the government should allow people to do whatever they can do legally to earn a living but it seems even that is not going to be allowed now. They should sought to make it more easily taxable by making it legal but they're going to completely ban it this time it seems. Undecided
7  Local / Press & News from India / India’s Former Finance Secretary Spars With Industry Experts on Crypto Ban on: July 19, 2020, 03:22:37 AM
During a webinar on July 17, the former Finance Secretary of India, Subhash Chandra Garg, discussed cryptocurrencies with Indian industry leaders including Nischal Shetty, the CEO of Indian crypto exchange WazirX, and Siddharth Sogani, the founder of blockchain research company Crebaco.

In 2019, Garg along with his secretariat drafted a bill that proposed a ban on cryptocurrencies along with a 10-year jail term and a fine of up to 25 crore rupees (~$3.3 million) for anyone who issued, used or held these assets.

Today was the first time Garg discussed the issue with members of the crypto industry, allowing the former Secretary to clarify a longstanding perception that the proposed bill was to completely eradicate crypto assets from the Indian financial ecosystem.

Garg said that he approves of the use of crypto-assets as regulated commodities but added that they must not be allowed to function as currencies in India.

In Garg’s opinion, there is no issue with anyone presenting a “computer code” as a digital asset and with people wanting to invest in it. But in that way, he said, crypto is more of a tradable commodity and not a currency, and it should be regulated from the same viewpoint.

He also insisted that private crypto assets as currencies have no justification to exist and must be outlawed.

More here =>

Let's see how it goes.. when it goes.
Although, explaining this to them is kind of like this Undecided

Another report on the above Webinar:

Garg also warned about crypto scams and Ponzi schemes, noting that it is the “duty of the government to … protect the gullible people, people who don’t know … I would suggest that the government regulates this very well.” He concluded:

Private cryptocurrencies have no justification to exist … I stand by the recommendation in that cryptocurrencies should be outlawed, should not be allowed to be operated … Crypto assets as commodities should be allowed.
8  Local / Press & News from India / Supreme Court disses RBI over crypto ban in India on: August 23, 2019, 11:05:04 AM
The courtroom battle between India’s cryptocurrency exchanges and the central bank seems to be going in favor of the former. With the potential threat of a crypto ban in India, both RBI and crypto stakeholders in the country continued their arguments before the Supreme Court.

In the hearing, the SC judge questioned the RBI about choosing to ban crypto trading when it could regulate it. The court compared the crypto trading market to that of stock. It rightly pointed out that if the stock market can be governed despite the investment risks, then so can be the crypto market.

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