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Coinswitch was founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar. Initially, the platform operated as an exchange for global investors due to the Reserve Bank of India's (RBI) restrictions on cryptocurrency trading in India, [5] imposed in April 2018.
In 2019, a petition has been filed by Internet and Mobile Association of India with the Supreme Court of India challenging the legality of cryptocurrencies and seeking a direction or order restraining their transaction. [83] In March 2020, the Supreme Court of India passed the verdict, revoking the RBI ban on cryptocurrency trade. [84] [85]
The COVID-Crypto Relief Fund (Crypto Relief) was announced on 24 April 2021 during the second wave of the COVID-19 pandemic in India. [ 1 ] [ 2 ] [ 3 ] India Crypto Relief Fund was founded by Sandeep Nailwal .
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BitConnect was described as an open source, all-in-one bitcoin and crypto community platform but was later discovered to be a Ponzi scheme. 2018 KodakCoin: Kodak and WENN Digital Ethash [84] KodakCoin is a "photographer-centric" blockchain cryptocurrency used for payments for licensing photographs. Petro: Venezuelan Government: onixCoin [85 ...
A cryptocurrency, crypto-currency, or colloquially, crypto, is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
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It is estimated that India could save approximately ₹ 40,000,000,000 (equivalent to ₹ 42 billion or US$490 million in 2023) by reducing the need for physical currency production. [78] The Digital Rupee also aims to lower transaction costs, making both domestic and international money transfers more efficient and accessible.