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1. Indian Court Bars Police from Freezing Entire Bank Accounts in Crypto Fraud Investigations link The Madras High Court in India has ruled that police cannot freeze an entire bank account during a financial fraud investigation, but only the amount directly related to the fraud. This ruling came in response to a case where accounts were frozen as part of a cryptocurrency investigation. Justice G. Jayachandran emphasized that freezing an entire account can deprive individuals of their livelihood and financial stability. He noted that account holders are often unaware of the reason for the freeze, and by the time they find out, their routine financial and business transactions have already suffered significant harm. 2. The Mainland of China’s Crypto News This Week 2.1 Cryptocurrency Dispute Rejected by Court in Hunan Following Buyer’s Lawsuit link In this case, an individual named Zhou sought assistance from his friend Dai to purchase BZZ, a type of cryptocurrency, for investment purpose...

The government of Maldives confirmed that BRICS members India and China have agreed to accept local currencies for imports and ditch the US dollar. Cross-border transactions in local currencies benefit developing countries and strengthen their native economies. Maldives said that India and China will cooperate in facilitating payments for imports in local currencies sidelining the US dollar. The new import trade deal between the three nations falls in line with the BRICS idea of de-dollarization. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: 3 Ways BRICS Currency Will Affect the U.S. Dollar BRICS: Imports Between India, China & Maldives To Be Settled in Local Currency, Not US dollar Source: East Asia Forum The Maldives ’ Economic Development Minister Mohamed Saeed confirmed the development that local currencies will be used for import trade. Both India and China will accept or pay 50% of all im...

India’s anti-terrorism squad has made an arrest after an unnamed person threat ened to bomb the International Airport of Mumbai unless it handed over $1 million worth of bitcoin within 48 hours. According to The Times of India, the threat was emailed to the Chhatrapati Shivaji Maharaj airport at around 11 am on Thursday.  The email’s subject read “Blast,” followed by, “This is a final warning to your airport. We will blast Terminal 2 within 48 hours unless one million dollars in Bitcoin are transferred to the address. Another alert will be after 24 Hrs.” An executive of Mumbai International Airport Limited said, “I was at the quality and customer care center in the airport when I came across the threat mail. The threat mail claimed to blow up the airport within 48 hours if the ransom was not paid .” The Free Press Journal reports that a suspect from the city of Thiruvananthapuram, Kerala, has been arrested by Maharashtra’s anti-terrorism squad and accused of sending t...

The BRICS countries are the fastest-growing economies in the world and are projected to surpass a few G7 nations. BRICS member India is projected to outperform two G7 nations Germany and Japan by the end of the decade. India is likely to overtake G7 nations Germany and Japan’s GDP by the end of 2030, predicted the US-based global ratings agency S&P Global Market Intelligence. According to the forecast, India ’s GDP could reach $ 7.3 trillion and become the third-largest economy in the world. Also Read: G7 vs BRICS GDP: See Who Is Financially Stronger BRICS member India is currently the fifth largest economy with a GDP of $3.7 trillion. India beat G7 member the UK’s GDP this year and its economy remains robust and attracts investments across a wide range of industries. The development puts the country on the global map and is now seen as a prime investment by institutional investors. BRICS: India’s GDP Projected To Beat the US By 2075 Sourc...

Over 1,000 Indian police officials have been caught up in a fake crypto scam that managed to dupe more than 250,000 victims out of an estimated Rs 2,000 crore ($240 million). According to India Today, the Ponzi-style scheme enticed investors with promises of hefty returns on investment in two fictitious cryptocurrencies, Korvio Coin (KRO) and DGT Coin. Victims, tempted by the promise of massive bitcoin-like gains, were fooled by fake websites displaying manipulated prices for the non-existent currencies. They were also encouraged to recruit more individuals with the money handed over by these new recruits used to pay older investors. Police officers from Himachal Pradesh’s Mandi district reportedly lost millions of rupees to the scammers but while many were content to recoup their losses, some also became promoters, using their standing in the local community to attract other unsuspecting victims . According to Tribune India, senior police sources say “It is a huge Sca...

Moreover, this transaction isn’t an isolated one but the manifestation of a broader strategy. In July, the two nations penned an agreement permitting trade settlements in their native currencies. Consequently, this change eliminates the added layer of dollar conversion, thereby slashing transaction costs. advertisement An initiative beyond just trade Besides the clear economic ramifications, this decision underscores a political message, reflecting India ’s intent to reduce its reliance on the greenback. The commitment to de-dollarization is evident, not just with the UAE but on a larger scale, aimed at fostering ties with other nations. The July agreement isn’t limited to just currency trade but also incorporates establishing a real-time payment link, bolstering easier cross-border fund transfers. Additionally, cardholders in both nations will soon enjoy the luxury of using their domestic cards interchangeably, thanks to the planned interlink...