India
Crypto regulation is 1 of 8 planned priorities under India’s G20 presidency, says finance minister
India’s Finance Minister Nirmala Sitharaman said she would love to show that the country is “moving speedily forward” with digital financial technology as it prepares to assume the presidency of the G20. Speaking at the Indian Council for Research on International Economic Relations on Nov. 1, Sitharaman said the people of India have taken to digital technology “as fish to water.” The finance minister added that crypto asset regulation would likely be one of India’s priorities in its leadership of the G20, but needed the support of other members. According to Sitharaman, India needed to work with organizations including the International Monetary Fund, Financial Stability Board, and Organization for Economic Co-operation and Development to ensure crypto “can be regulated with all countries...
Web3 to inject $1.1T in India’s GDP by 2032, following 37x growth since 2020
The global Web3 boom is expected to add $1.1 trillion to the Indian economy over the next decade, supporting the investment-based momentum driven by over 450 in-house startups, including CoinDCX, Polygon and CoinSwitch. A recent study from the National Association of Software and Service Companies (NASSCOM), an Indian non-governmental trade association and advocacy group, highlighted India’s position as a leading global player in the Web3 market owing to several factors spanning a large talent pool, high adoption rate and product development for international markets. Snapshot of India’s Web3 startup ecosystem in 2022. Source: NASSCOM The US-India Strategic Partnership Forum (USISPF) estimated that “Web3 can add $1.1 trillion of new economic value to the Indian GDP in the next 10 yea...
Report: India ranks third in the world in terms of Web 3.0 workforce size
According to a new study published by the National Association of Software and Services Companies (NASSCOM), a non-profit organization in India with over 3,000 members, the country currently possesses 11% of the world’s Web 3.0 talent. The figure makes India the world’s third largest regarding its Web 3.0 workforce, employing nearly 75,000 blockchain professionals today. Furthermore, the industry group expects the talent pool to grow by over 120% within the next two years. India is also home to 450 Web 3.0 startups, four of which are unicorn companies. Through April 2022, the Indian Web 3.0 ecosystem has raised $1.3 billion in funding. Moreover, over 60% of Indian Web 3.0 startups have expanded their footprints outside of the country. The vast majority of firms listed in the st...
Interpol reportedly creates dedicated unit to fight crypto crimes
The International Criminal Police Organization is reportedly planning to strengthen its crackdown on cryptocurrency-related crimes by forming a dedicated division. Interpol, the world’s largest global police organization, has set up a special team in Singapore to help governments fight crimes involving virtual assets, the Indian news agency Business Standard reported on Oct. 17. Interpol made the announcement at a press conference ahead of its 90th general assembly in Delhi, which is to be attended by high-profile police officials from its 195 members from Oct. 18 until Oct. 21. According to Interpol secretary general Jürgen Stock, the absence of a legal framework for cryptocurrencies like Bitcoin (BTC) and Ether (ETH) poses major challenges to law enforcement agencies. “Because very often...
India aims to develop crypto SOPs during G20 presidency, says finance minister
The finance minister of India, Nirmala Sitharaman, revealed India’s plan to develop standard operating procedures (SOPs) for cryptocurrencies during its G20 presidency, from Dec. 1, 2022, to Nov. 30, 2023. Sitharaman has previously called for global collaboration to decide on crypto’s future and has been cautious against mainstream crypto adoption citing risks to financial stability. However, speaking to local Indian reporters on Oct. 15, she confirmed, “That (crypto) will also be part of India’s thing (agenda during G20 presidency).” The G20, or Group of Twenty, is a global forum for addressing the major issues related to the global economy. According to Sitharaman, no country can alone effectively handle or regulate crypto, adding that: “But if it’s a question of ...
Don’t look down: the world’s most dangerous hikes
With bandits, molten lava and wild animals posing a threat, blisters are the least of your worries on the world’s most dangerous hikes From trekking across the treacherous windswept mountains of South Georgia to picking your way along the rickety walkways of Mount Hua Shan in China, these hikes are not for the fainthearted. 11 of the world’s most dangerous hikes Dizzying heights may be the least of your worries on the world’s most dangerous hikes. Instead, you have to prepare for extreme weather, erupting volcanoes and ferocious wildlife among other threats on these hair-raising trails. 1. Shackleton’s Route, South Georgia Island Biggest danger: Exposure, crevasses and a very remote location On 20th May 1916, Sir Ernest Shackleton and two others stumbled into the whaling station ...
In videos: 12 surreal man-made dive sites
From lost ancient cities to the world’s largest underwater theme park, these man-made dive sites are sure to intrigue At Atlas & Boots, we’ve dived some astonishing sites, from Steve’s Bommie in the Great Barrier Reef to the Sonesta plane wrecks in Aruba. We’re pretty hopeless at fish identification, so when it comes to diving, unless it’s a truly amazing reef system, we’re generally more interested in diving something new or unique (like an airplane or bommie). Enter the man-made dive site. We’ve scoured the Internet in search of videos of some of the most curious artificial dive sites out there – every one of which has now been added to our diving bucket list. Man-made dive sites From historic cities that have crashed into the ocean to artificial exhibitions installed ...
“A Truly Special Moment”: Watch KSHMR Perform On a Raft In Kashmir
Dance music superstar KSHMR has released the full recording of his recent DJ set in Kashmir, a performance he called “a truly special moment” in his career. Heading out to the middle of a lake with the ravishing landscape of Kashmir in the background, KSHMR made a statement. During the hourlong set, aptly titled “KSHMR in Kashmir,” a mixture of fluid synths, indulgent percussion and blissful Indian melodies and textures are weaved throughout. His musical roots are deeply ingrained in Indian culture, and the set represents a beautiful ode to where he comes from. EDM.com spoke with KSHMR last year about how his Indian roots influenced the sound and journey of Harmonica Andromeda, his stunning debut album. He told us that he enjoys taking...
Binance sides with Indian regulators in WazirX fallout to cease support for off-chain transfers
As reported by local news outlet The Economic Times on Monday, Binance is scheduled to remove off-chain fund transfers with Indian cryptocurrency exchange WazirX on Thursday, although users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between the two exchanges. Three days prior, The Directorate of Enforcement of India alleged that WazirX “actively assisted around 16 accused fintech companies in laundering the proceeds of crime using the crypto route” and subsequently froze $8.1 million in bank balances related to the exchange. Simultaneously, there is an ongoing controversy regarding whether Binance owns the exchange. Last Friday, Changpeng Zhao (CZ), CEO of Binance, said that Binance does not own any equity in WazirX...
Indian authorities freeze $8.1M in WazirX funds as part of AML investigation
India’s Directorate of Enforcement, or ED, has announced it froze roughly $8.1 million in funds and conducted a search connected to cryptocurrency exchange WazirX as part of an investigation into instant personal loan fraud. In a Friday announcement, the Directorate of Enforcement alleged WazirX facilitated transactions by unnamed fintech firms “to purchase crypto assets and then launder them abroad” as part of a scheme involving Chinese-backed companies circumventing India’s licensing regulations. In its investigation, the ED said it ordered WazirX bank accounts containing 646.7 million Indian rupees — roughly $8.1 million at the time of publication — frozen and conducted a search connected to co-founder Sameer Mhatre. According to the regulator, the investigation was still ongoing. Howev...
Lollapalooza Announces India Debut With 2023 Music Festival In Mumbai
Next year, India will officially become the eighth country to host a Lollapalooza festival. The world’s second most populous nation is the newest home of one of the United States’ most iconic music festivals this winter. The brand behind the long-running Chicago fest has announced Lollapalooza India, a brand new outing for South Asian fans of electronic music, rock & roll, hip-hop and beyond. Organizers took to Twitter to share a trailer for the upcoming festival in Mumbai. The flagship Lollapalooza event has taken place at Chicago’s Grant Park each year since 2005, save for 2020, when it went virtual due to the impact of the pandemic. Since then, the festival has hosted international outings in Chile, Brazil, Argentina, Germany, Sweden, France, Israel and n...
Lollapalooza Expands to India in 2023
Lollapalooza is expanding its global footprint to South Asia with the announcement of Lollapalooza India. The two-day event is scheduled to take place January 28th-29th, 2023 in Mumbai. It will be produced by William Morris Endeavor Entertainment, C3 Presents, and BookMyShow. In a press release announcing the news, Lollapalooza India bills itself as “the first time the world-class festival will take place on Asian shores, with a full two days of music across four stages as well as innovative culinary selections, art, fashion and more.” Advertisement Related Video “The music of India is transcendental, it draws our spirits East,” Lollapalooza founder Perry Farrell said in a statement. “Lollapalooza is an instrument for unity, peace, and education utilizing the universal languages of music a...
