Effective crypto rules need global support, according to FM; Cleartrip notes data breach

Finance Minister Nirmala Sitharaman told the Lok Sabha on Monday that while the Reserve Bank of India is strongly in favor of a ban on cryptocurrencies, such a ban — or, for that matter, more lenient regulation — will only be effective if countries around the world cooperate. when drafting a rule for digital assets.

GIF

1 credit

Also in this letter:

■ Cleartrip suffers a data breach
■ Disagreement over customs duties could hurt Indian smartphone industry
■ Google Play Store now hides app permissions, making developers responsible


RBI wants to ban cryptocurrency, government needs global support to regulate: FM

Nirmala Sitharaman.

While the Reserve Bank of India made it clear that he wants a complete ban on crypto assetsIndian Finance Minister Nirmala Sitharaman said on Monday that the Indian government needs global cooperation if such a ban or regulation is put into effect.

Lok Sabha Query: Answering questions about cryptocurrencies at Lok Sabha, she said: “Cryptocurrencies by definition have no borders and require international cooperation to prevent regulatory arbitrage. Therefore, any regulation or prohibition legislation can only be effective after significant international cooperation in assessing the risks and benefits and the evolution of a common taxonomy and standards.”

She said this was due to the RBI’s stance on cryptocurrencies, adding that the central bank had recommended a total ban on cryptocurrencies.

RBI vs Cryptocurrency: The RBI has repeatedly pointed out various problems with cryptocurrencies and questioned their underlying principles and use cases. RBI Governor Shaktikanta Das called cryptocurrency a “real danger” in the latest annual report of the Central Bank.

Sitharaman said that according to the RBI, cryptocurrencies are not currencies, since every modern currency must be issued by a central bank.

“The value of fiat currencies is determined by monetary policy and their status as legal tender. However, the value of cryptocurrencies remains solely on speculation and expectations of high returns, which are poorly anchored,” she added.

Slow death? In his budget speech in February, Sitraman announced new taxes on cryptocurrencies – Flat 30% income tax and 1% tax deduction at source (TDS) for all cryptocurrency transactions.

When they went into effect on April 1 and July 1 respectively, the new taxes led to a sharp drop in trading volumes on Indian crypto exchanges.

Also Read: CoinDCX Profit in India Rises 855% to Rs 4.36 crore in FY 21


Cleartrip suffers a data breach

Cleartrip

Airline and hotel booking site Cleartrip stated that there was a serious data breach in internal systems on Monday.

In an email to customers, the company wrote: “We inform you that a security anomaly has occurred that resulted in illegal and unauthorized access to part of Cleartrip’s internal systems.”

“Confidential data is safe”: The company clarified that while some personal data was part of the leak, sensitive information was not compromised.

Cleartrip said it has informed authorities and is taking appropriate legal action and remedies. He suggested that customers reset their passwords.

The six hour rule: In April, Indian Computer Emergency Response Team (CERT-In) issued new rules for companies operating in India. One was that firms must report any breach of their systems within six hours of becoming aware of it.

The rules were originally supposed to go into effect on June 28, but were rescheduled to September 25, we reported last month.

Flipkart acquires 100% stake in Cleartrip in 2021, in what was considered a $40 million botched sale of the company.

See also: US lawmakers urge FTC to monitor fraudulent practices of VPN firms


Disagreements over customs duties could hurt India’s smartphone industry

Smartphone

A letter sent by the Ministry of Electronics and Information Technology (MeitY) to the Department of Revenue in March highlights obvious differences in the effect of customs duty on a key component of cell phones – touch panel or cover glass.

Why is it important: Seeming differences of opinion between the two agencies have to do with tax evasion notices that the Tax Intelligence Agency (DRI) served Chinese smartphone makers Oppo and Vivo, according to government officials and industry leaders.

On July 13, DRI sent a notice to Oppo, claiming that he evaded Rs 4,389 crore in customs duties.. A Vivo spokesperson told us that they received a similar notice.

Now, the smartphone industry is expecting other companies to experience similar notifications. Executives have warned that the issue could cost Rs 20,000 crore in damage to the industry.

The influence may not be limited to Chinese firms, and the problem could potentially undermine India’s ambition to become an electronics manufacturing hub if not addressed immediately, they added.

Tweet of the day


Google Play Store now hides app permissions, making developers responsible

Google games.

Google will no longer show app permissions it is automatically used to display from apps in its Play Store and instead gives developers full control over what they want to reveal to users.

The tech giant gave developers a July 20 deadline to complete a data privacy form for their apps and warned them to take action if they provide false information.

Statement: “You are solely responsible for providing complete and accurate statements in your app’s store listing on Google Play,” Google said in a note.

The change is already visible in the new “Data Security” section of the Play Store, a feature similar to that found in Apple iOS14, according to The Verge. Google first announced a new data privacy section last year.


Delhi starts construction of 14 new electric vehicle charging stations

electric car

As the demand for electric vehicles is gradually increasing across the country, the Delhi government has begun construction of electric vehicle (EV) charging stations in 14 bus fleets of the cluster schemeaccording to a Times of India report.

The project was launched by Delhi’s state-owned enterprise, Delhi Transport Infrastructure Development Corporation Limited (DTIDC), and will build charging stations at bus stations at locations such as Rajghat, Chattarpur, Dwarka Sector-22, Simapuri, Dilshad Garden, Cairo, Dichau. Kalan and Rani Kera, among others, said in the report.

Customers will be charged less than Rs 2 per item compared to Rs 10-15 in other states.

There are currently around 573 charging stations in Delhi with plans to add 100 more by the end of September. Various states have also made EV guidelines, but the Commission for Air Quality Management (CAQM) recently said they should be on the same page.

Today’s ETtech Top 5 newsletter was curated by Zaheer Merchant from Mumbai and Ruchir Vyas from New Delhi. Graphics and illustrations by Rahul Awasti.