India is planning progressive and forward-looking measures on issues related to cryptocurrencies, a move that could be a departure from its earlier attempts to restrict the use of virtual coins, people familiar with the matter have said.
Indian Prime Minister Narendra Modi led a review meeting on the digital currency on Saturday, and it was decided that the government would continue to proactively engage with experts and other stakeholders on the evolving technology, the people said, asking not to be identified.
A spokesperson at the prime minister’s office declined to comment.
Photo: AFP
There have been calls in India to impose stricter rules for transactions in virtual coins as an unregulated environment might push more domestic savings toward the asset class and could endanger household savings.
India has had a hot-and-cold relationship with digital currencies in the past few years. In 2018, it effectively banned cryptotransactions after a string of frauds following Modi’s sudden decision to eliminate 80 percent of the nation’s currencies, but the Indian Supreme Court struck down the restriction in March last year.
The Reserve Bank of India remains a critic, but is now working on a digital currency. The government might bring in a cryptobill for the Cabinet’s approval.
The meeting also concluded that attempts to mislead the country’s younger generation through over-promising and non-transparent advertisements should be stopped, the people said.
It was also discussed that unregulated cryptomarkets cannot be allowed to become avenues for money laundering and terror financing, they said.
The meeting also considered global examples and best practices, the people said.
It was highlighted that India should seek global partnerships and collective strategies on the issue, they said.
India’s parliamentary panel on finance is scheduled to meet industry experts and associations on challenges and opportunities in cryptofinance today.
RUN IT BACK: A succesful first project working with hyperscalers to design chips encouraged MediaTek to start a second project, aiming to hit stride in 2028 MediaTek Inc (聯發科), the world’s biggest smartphone chip supplier, yesterday said it is engaging a second hyperscaler to help design artificial intelligence (AI) accelerators used in data centers following a similar project expected to generate revenue streams soon. The first AI accelerator project is to bring in US$1 billion revenue next year and several billion US dollars more in 2027, MediaTek chief executive officer Rick Tsai (蔡力行) told a virtual investor conference yesterday. The second AI accelerator project is expected to contribute to revenue beginning in 2028, Tsai said. MediaTek yesterday raised its revenue forecast for the global AI accelerator used
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has secured three construction permits for its plan to build a state-of-the-art A14 wafer fab in Taichung, and is likely to start construction soon, the Central Taiwan Science Park Bureau said yesterday. Speaking with CNA, Wang Chun-chieh (王俊傑), deputy director general of the science park bureau, said the world’s largest contract chipmaker has received three construction permits — one to build a fab to roll out sophisticated chips, another to build a central utility plant to provide water and electricity for the facility and the other to build three office buildings. With the three permits, TSMC
TEMPORARY TRUCE: China has made concessions to ease rare earth trade controls, among others, while Washington holds fire on a 100% tariff on all Chinese goods China is effectively suspending implementation of additional export controls on rare earth metals and terminating investigations targeting US companies in the semiconductor supply chain, the White House announced. The White House on Saturday issued a fact sheet outlining some details of the trade pact agreed to earlier in the week by US President Donald Trump and Chinese President Xi Jinping (習近平) that aimed to ease tensions between the world’s two largest economies. Under the deal, China is to issue general licenses valid for exports of rare earths, gallium, germanium, antimony and graphite “for the benefit of US end users and their suppliers
Dutch chipmaker Nexperia BV’s China unit yesterday said that it had established sufficient inventories of finished goods and works-in-progress, and that its supply chain remained secure and stable after its parent halted wafer supplies. The Dutch company suspended supplies of wafers to its Chinese assembly plant a week ago, calling it “a direct consequence of the local management’s recent failure to comply with the agreed contractual payment terms,” Reuters reported on Friday last week. Its China unit called Nexperia’s suspension “unilateral” and “extremely irresponsible,” adding that the Dutch parent’s claim about contractual payment was “misleading and highly deceptive,” according to a statement
RSS