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Yet to finalise mechanism for regulating cryptocurrencies: Centre to SC
Economic Times
ยท
1y ago
Medial
The Centre has informed the Supreme Court that it is still in the process of deciding on a mechanism to regulate cryptocurrencies and effectively investigate related offenses. Additional Solicitor General Vikramjit Banerjee, representing the Centre, stated that discussions are ongoing and requested more time to file an affidavit with the updated position on the regulation of cryptocurrencies. The court highlighted the need for appropriate safeguards to protect individuals from fraud and misuse of cryptocurrencies. The matter is scheduled for further hearing on March 21.
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Related News
Janet Yellen Calls for More Crypto Regulation, AI Awareness
Startup News FYI
ยท
1y ago
Medial
Treasury Secretary Janet Yellen has urged U.S. lawmakers to pass legislation regulating cryptocurrencies and stablecoins, as she believes the growing digital asset sector poses risks to financial stability. Yellen also highlighted the potential role of cryptocurrencies in financing terrorism and called for updated counterterrorism tools. In addition, she emphasized the need for monitoring the rapid adoption of artificial intelligence in finance, which she considers to be a potential systemic risk. Yellen welcomed congressional initiatives in these areas and discussed concerns regarding climate change and Chinese military technology development.
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G20 chair India says talks underway for global framework on crypto rules
Reuters
ยท
1y ago
Medial
On September 5th, in Mumbai, India's finance minister stated that discussions are in progress regarding a global framework for the regulation of cryptocurrency assets. She emphasized the need for international cooperation in regulating cryptocurrencies effectively and noted that during India's G20 presidency, important matters regarding the regulation and understanding of cryptocurrency assets had been presented for consideration.
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SC Dismisses PIL Seeking A New Body to Monitor OTT Content
Inc42
ยท
9m ago
Medial
The Supreme Court dismissed a PIL that pleaded for the creation of an independent body to regulate content on over-the-top (OTT) platforms. The petition maintained that the Central Board of Film Certification (CBFC) oversees movies, while no similar mechanism is in place for digital platforms. However, the court ruled that decisions regarding regulation should be made through appropriate policy channels rather than through judicial intervention.
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Litecoin vs Bitcoin โ Common Grounds and Distinct Differences
Finsmes
ยท
1y ago
Medial
Bitcoin and Litecoin, both major cryptocurrencies, share similarities due to Litecoin being a fork of Bitcoin. These include their decentralized nature, Proof-of-Work consensus mechanism, limited supply, and open-source development. However, there are differences between them as well. Litecoin uses a different mining algorithm (Scrypt) and has a shorter block generation time, making it more attractive for merchants. Its faster transaction confirmation speed also makes it more suitable for payments. Additionally, Bitcoin holds a dominant market position while Litecoin has seen a decline in rankings and price in recent months.
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SC Transfers All Pleas By Gaming Companies Challenging GST Demand Notices To Itself
Inc42
ยท
1y ago
Medial
The Supreme Court has transferred all pending cases related to notices issued to online gaming platforms for GST evasion and underpayment of taxes to itself. This comes after the Centre filed a petition seeking the transfer of all 27 pleas pending before nine high courts to the Supreme Court. Last year, gaming startups including Gameskraft and Dream11 had filed cases challenging these notices. The matter pertains to the imposition of a 28% tax on the full face value of online gaming, which increased tax liabilities for these platforms.
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Australian regulator moves to curtail criminal use of cryptocurrency
Economic Times
ยท
7m ago
Medial
The Australian transaction reports and analysis centre (AUSTRAC) has formed an internal cryptocurrency task force to target crypto ATM providers that violate the country's anti-money laundering laws. AUSTRAC aims to combat the rise of money laundering, scams, and money mule activities involving cryptocurrencies. With 1,200 active crypto ATMs in Australia, the task force will enforce strict practices to prevent these machines from being used for fraudulent activities. AUSTRAC CEO Brendan Thomas warned against the increasing number of Australians falling victim to cryptocurrency scams and stated that violators will face financial penalties.
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Adani Hindenburg Case Verdict: SC directs SEBI to complete probe in 3 months
Livemint
ยท
1y ago
Medial
The Supreme Court has ruled that there is no basis for transferring the investigation into the Adani Group fraud allegations from SEBI to a Special Investigation Team. SEBI has completed the investigation in 20 out of 22 matters and has been directed to conclude the remaining two cases within three months. The court rejected the reliance on the OCCRP report and stated that newspaper reports and third-party organizations cannot be considered conclusive evidence. The court also ordered the Centre and SEBI to investigate if the Hindenburg report violates any laws and to take appropriate legal action. Adani Group stocks surged after the verdict.
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Elon Musk stirs UK divisions, sparks calls for faster rollout of online safety laws
Economic Times
ยท
11m ago
Medial
Elon Musk's comments on social media about civil war in Britain have sparked controversy and calls for the government to accelerate the implementation of laws regulating harmful online content. As far-right rioting occurred in the country, Musk's statements were met with criticism from Prime Minister Keir Starmer's spokesperson, who stated that there was no justification for such remarks. The Online Safety Bill, which grants media regulator Ofcom the power to fine social media companies for breaching the law, remains yet to be enforced, leading to demands for its swift implementation in light of recent events.
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British officials say AI chatbots could carry cyber risks
Economic Times
ยท
1y ago
Medial
In a pair of blog posts due to be published Wednesday, Britain's National Cyber Security Centre (NCSC) said that experts had not yet got to grips with the potential security problems tied to algorithms that can generate human-sounding interactions - dubbed large language models, or LLMs.
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Complying with SCโs Pocso ruling may be hard for social media firms
Economic Times
ยท
9m ago
Medial
Social media intermediaries may struggle to comply with the recent Supreme Court judgement on child pornography due to practical and legal limitations. The ruling requires them to report instances of child sexual abuse material (CSAM) to local authorities in India under the Protection of Children from Sexual Offences (POCSO) Act. However, social media platforms incorporated in the US usually report to the National Centre for Missing and Exploited Children (NCMEC) due to restrictions on sharing data with foreign law enforcement. The lack of a mechanism to detect and report CSAM in India poses additional challenges. Clear guidelines and a centralized Indian portal could aid compliance.
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