The Reserve Bank of India (RBI) is now consulting fintech firms and has asked four public sector banks to trial India's CBDC project before the end of the year.
Vauld's Indian firm failed to complete due diligence on monies sent through the exchange and was in violation of India's Enforcement Directorate.
The Indian government is apparently considering levying a 28 percent GST on all cryptocurrency transactions. 'At the moment, just a portion of the services offered by crypto exchanges is taxed. One tax expert warned that taxing the entire transaction at a higher rate of 28 percent may send the markets into free collapse.'