HSBC recently facilitated India’s first blockchain trade finance transaction. This development reinforces the narrative that despite the negative stance towards cryptocurrency in India, there is some focus on the benefits of blockchain technology in the country.
The Indian subsidiary of major global banking and financial services firm HSBC and India’s holding giant Reliance Industries (RIL) have completed a blockchain-enabled trade finance transaction, Indian business newspaper The Hindu Business Line reports Sunday, Nov. 4.
India's secretary of Economic Affairs has recommended that the country’s Ministry of Finance to impose a ban on “private cryptocurrencies,” according to a report published by the Indian government press center Oct. 31.
Multinational holding conglomerate Berkshire Hathaway – which counts outspoken crypto critic Warren Buffett as its CEO and chairman – has invested around $600 million in two fintech payment firms focused on emerging markets, the Wall Street Journal (WSJ) reported Oct. 29.
After months of public uncertainty bought on by years of deliberation by the Indian government, authorities have discussed the framework to legally ban the usage of ‘private’ cryptocurrencies like bitcoin.
About a week since the seizure of what was to be the first Bitcoin ATM in India, one of the co-founders of the firm that installed the cryptocurrency vending machine, Unocoin, has speculated that the debacle could have been avoided with better branding.