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Cryptocurrency Regulation in India et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Apr 6, 2018 12:45 PM 2 min read
Editorial

End of Day Wrap-up (Friday / April 06, 2018) #RBI #Cryptocurrency #Blockchain #Bitcoin #Ethereum #Ripple #AirIndia #Indigo #RCom #RelianceJio #SC #TRAI #Trump #China #import #FB #CambridgeAnalytica #Transfin

Editorial Comment: RBI directs all regulated entities, including banks, to cease dealing with anyone trading in cryptocurrencies. On the same day, ED cracks down on a bitcoin entrepreneur, Amit Bharadwaj accused of duping thousands. This is the first Enforcement Case Investigation Report (ECIR) registered by the ED for violations involving virtual currencies.

 

Government faces major setback as Indigo decides to withdraw bid for Air India. Government might alter some of the key areas in the preliminary information memorandum that, according to many carriers, make it difficult to bid for the national carrier. 

 

In a partial relief for Rcom, Supreme Court allows it to sell most of its assets to Reliance Jio Infocomm to pare its nearly INR45k crore debt. However, RCom will require separate approval for selling tower and fibre assets, from the National Company Law Appellate Tribunal (NCLAT). SC set aside the stay on sale of assets imposed by the Bombay High Court.

 

Telecom Regulatory Authority of India (TRAI) proposes a concept of open architecture-based public Wi-Fi grid to bring down the cost of internet by 90% TRAI Chairman R. S. Shama put a report on public Wi-Fi open pilot project to telecom minister Manoj Sinha.

 

Trade dispute between US and China escalates as US President Donald Trump considers slapping tariffs of an additional USD100 bn on Chinese goods after what he says “unfair retaliation” by China. China had replied to US’s USD50 bn tariff imposition on Chinese goods with equivalent tariff on US goods.

 

Facebook, AggregateIQ now being jointly probed by Canada and British Columbia for alleged linkage to Cambridge Analytica. AggregateIQ is accused as the Canadian arm of Cambridge Analytica's parent entity, SCL.