Connect with us

Business

Current State of Cryptocurrency Regulations in India

Published

on

Current State of Cryptocurrency Regulations in India

Regulating cryptocurrency on a global scale is a top priority for the G-20. India can use its presidency to ensure that the SOPs for supervising the virtual and digital assets space reflect the needs of developing economies. The Immediate Edge Auto-Trading App is a cutting-edge trading platform built on the principle of providing its users with a pleasurable trading experience. Learn more about Bit Index AI App by clicking here.

As India gets ready to take over the presidency of the G-20 for the first time, the first signs are coming in that the global regulation of virtual digital assets will be a top priority. The prime minister has often asked the world to work together to deal with cryptocurrencies.

India’s Laws on Cryptocurrencies:

India does not have any rules about cryptocurrencies yet, and the country’s government has said that cryptocurrencies are not legal tender and told its citizens not to use them. After the value of cryptocurrencies started rising in India and the government worried that it might lose money, it set up a committee to look into how people use virtual currencies in the country. 

Advertisement

Why Cryptocurrencies Are Popular In India? 

Cryptocurrencies have gained a significant amount of popularity and adoption in India in recent years. There are a number of reasons why cryptocurrencies have become popular in India, including:

  • Anonymous: Cryptocurrencies make it possible to lend, buy, sell, or borrow money without a name, credit score, or even a bank.
  • Highly secure: All of the information about when it was made and when it was sent or received is kept in a digital book that anyone can look at. This keeps it honest. It can be used anywhere and is hard to steal or take away.
  • Less expensive to move: Some coins can send money faster and cheaper than credit or other methods. This means it costs less to send someone crypto, which can be converted into regular cash than a check or wire transfer.
  • Illegal and very dangerous: Crypto is only sometimes used to do bad things. Its popularity on the black market has declined, mainly because its price keeps increasing.
  • Completely Digital Cryptocurrency doesn’t have a physical form; it is a completely digital asset that is run by a central authority. But it can be, and many governments are working on making a cryptocurrency version of their fiat currency.
  • Decentralized: Unlike digital currencies controlled by a central bank, most cryptocurrencies are run without a central authority. When a cryptocurrency is “minted” or made before it is given out, or when a single issuer gives it out, it is said to be “centralized.” When made with decentralized control, each cryptocurrency works through “distributed ledger technology.” This is usually a “blockchain,” a public financial transaction database.
  • High Inflation: India has a history of high inflation, which can erode the value of traditional currencies over time. Cryptocurrencies, on the other hand, are designed to be deflationary, which means that their supply is limited and their value can potentially increase over time. This can make them an attractive alternative to traditional currencies for some investors.
  • Access to Banking Services: Many people in India do not have access to traditional banking services, such as checking accounts and loans. Cryptocurrencies can provide a way for these individuals to store and transfer value without the need for a bank account.

Cryptocurrency has its advantages:

  • Security by nature: The identities are hidden when pseudonyms and ledger systems are used.
  • Low cost to do business: Transaction fees are meager.
  • You are not getting in the way of the banking system: The outside ambit of banking systems.
  • Lower Barriers to Entry: Unlike traditional banking institutions, there are no obstacles to entry.
  • Universal recognition: There are a lot of cryptocurrencies, and many countries accept them.

Conclusion

India has taken a regulatory approach, but how cryptocurrencies are taxed needs to be looked at again to ensure that transactions can still happen. So far, crypto taxes, TDS, offsetting losses, and problems with access to the banking system have all made transactions less likely in India. The sector is in chaos, and individual investors are moving their money to exchanges in other countries.

Passionate news enthusiast with a flair for words. Our Editorial Team author brings you the latest updates, in-depth analysis, and engaging stories. Stay informed with their well-researched articles.

World

Prime Hydration Faces Lawsuits Claiming Its Sports Drink, Prime Energy, Contains PFAS and Excessive Caffeine

Published

on

Prime Hydration

Prime Energy, the sports drink from Prime Hydration, has been hit by a number of lawsuits for containing excessive amounts of caffeine and PFAS. Another lawsuit was filed on April 8 in the Southern District of New York, accusing Prime Hydration, the parent company which manufactures the sports drink, of engaging in misleading and deceptive practices.

Prime Hydration was founded by two Logan Paul and KSI in 2022, and the products became very popular thanks to the huge followings of the YouTubers. However, the company is now facing a slew of lawsuits over the ingredients in their energy and sports drinks.

New Lawsuit Against Prime Hydration

The latest lawsuit, filed on April 8, accuses the company’s 12-ounce energy drinks of containing 215-225 milligrams of caffeine, exceeding the permissible limit of 200 milligrams. The lawsuit was filed by Lara Vera, a resident of Poughkeepsie, New York.

Advertisement

The lawsuit details that the plaintiff had purchased Prime’s Blue Raspberry products on numerous occasions in August 2022 for about $3 to $4 each, unaware that the products contained caffeine beyond the permissible limits. The plaintiff is seeking damages of $5 million from the company. Lara Vera’s lawsuit alleges that Prime advertised 200 milligrams of caffeine, which is equal to six Coke cans or two 12-ounce Red Bulls. One Red Bull can could contain 114 milligrams of caffeine.

Also Read: Johnson Controls subsidiary Tyco Fire Products to pay $750 mn to settle ‘forever chemicals’ lawsuit

The suit also alleges that there are no safe limits of caffeine for children and that caffeine has been indicted for causing tachycardia, headaches, convulsions, tremors, upset digestion, and adversely affecting mental health.

Advertisement

Earlier, Senator Charles Schumer, D-N.Y., had asked the Food and Drug Administration (FDA) to investigate Prime energy drinks in 2023 after reports that the products contained high levels of caffeine. The Senator also accused the company of using vague marketing tactics focused on young people, influencing parents to buy the caffeine-laced drinks for their kids. The lawsuit by Vera also quotes the Senator’s call to the FDA.

Prime is also facing another lawsuit filed on Aug. 2, 2023, in the Northern District of California by the Milberg law firm on behalf of Elizabeth Castillo and others. The lawsuit charges Prime’s products with using flavors containing PFAS, or “forever chemicals.” Forever chemicals are a class of chemicals that are not degraded in the human body or nature and have been indicted as a carcinogenic substance. Independent third-party testing has confirmed that Prime Hydration grape flavor contained PFAS.

Also Read: California mother files lawsuit against Tesla after her 2-year-old child starts Model X and runs over her

Advertisement
Continue Reading

Net Worth

George T. Conway Net Worth 2024: How Much is the American Lawyer Worth?

Published

on

George T. Conway Net Worth 2024: How Much is the American Lawyer Worth?

Who is George T. Conway?

George T. Conway, also known as George Thomas Conway III, is a distinguished American lawyer and political activist. Born on September 2, 1963, in Boston, Massachusetts, Conway is renowned for his legal expertise and vocal opposition to former President Donald Trump’s administration.

George T. Conway Career

Conway’s legal career is illustrious, marked by significant contributions to various fields such as securities, mergers and acquisitions, contracts, and antitrust issues. He began his career as a law clerk at the US Court of Appeals and later joined prestigious law firms, including Wachtell, Lipton, Rosen, and Katz. Notable cases include representing Paula Jones in a trial against President Bill Clinton and securing a victory against the National Australia Bank. Furthermore, Conway has been actively involved in political activism, co-founding groups like Checks and Balances and the Lincoln Project, which oppose Trumpism and advocate for democratic principles.

George T. Conway Net Worth

As of 2024, according to Celebrity Net Worth, George T. Conway’s net worth is estimated to be approximately $39 million. His wealth primarily stems from his successful legal career, where he has handled high-stakes cases and served as a partner in prestigious law firms. Additionally, Conway’s involvement in political activism, public speaking engagements, and media appearances contribute to his financial status.

Advertisement

George T. Conway Age

Born on September 2, 1963, George T. Conway is currently 60 years old as of 2024.

George T. Conway Family: Wife and Children

George T. Conway was previously married to Kellyanne Fitzpatrick Conway, a prominent political consultant and former White House counselor. The couple has four children: Claudia, Vanessa, Charlotte, and George Jr. Their marriage ended in separation in 2023.

George T. Conway Height and Weight

George T. Conway stands at 5 feet 7 inches tall and weighs around 84 kg. He possesses a charming personality with black hair and captivating black eyes.

Advertisement

Also Read: Robert Kraft Net Worth 2024: How Much is the CEO of the New England Patriots Worth?

Continue Reading

World

Grindr, LGBTQ+ Dating App, Faces Lawsuit in UK Over Alleged Sharing of Users’ HIV Status

Published

on

Gay dating app Grindr has been slapped with a lawsuit instituted by hundreds of its users. The lawsuit alleges that the app shared private information, including the HIV status of users, with third parties without consent. Filed in London’s High Court, the lawsuit, according to Austen Hays from the law firm representing the plaintiffs, suggests that thousands of Grindr users in the United Kingdom may have been affected.

The law firm claims that Grindr shared highly sensitive user information with third parties for commercial purposes, including HIV status. Grindr, the largest dating app catering specifically to the LGBT community, is accused of sharing data with data analytics companies Apptimize and Locally.

The lawsuit further alleges that the app used covert tracking technology to gather sensitive information, which was then unlawfully shared with advertisers. With over 13 million monthly users and more than 924,000 users reported in the UK as of May 2023, Grindr boasts the highest engagement among dating apps, with users spending an average of six hours and 49 minutes on the app per month.

Advertisement

A spokesman for the gay dating app stated that they would “respond vigorously to this claim, which appears to be based on a mischaracterization of practices from more than four years ago.”

The lawsuit, signed by more than 670 respondents, claims that the breach occurred between 2018 and 2020. It is anticipated that more people could join the case, potentially numbering in the thousands. If successful, plaintiffs could receive thousands of pounds in damages.

The managing director of the law firm representing the plaintiffs, Chaya Hanoomanjee, stated, “Grindr owes it to the LGBTQ+ community it serves to compensate those whose data has been compromised and have suffered distress as a result. The company must ensure all its users are safe while using the app, wherever they are, without fear that their data might be shared with third parties.”

Advertisement

Grindr’s spokesperson reiterated the company’s commitment to protecting user data, asserting that they have robust processes in place that fully comply with data privacy regulations in the UK and elsewhere.

Also Read: Johnson Controls subsidiary Tyco Fire Products to pay $750 mn to settle ‘forever chemicals’ lawsuit

Advertisement
Continue Reading

Trending

This will close in 5 seconds