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WazirX to launch decentralized exchange in India soon

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India’s largest cryptocurrency exchange by volume, WazirX, is on an advanced stage to launch a decentralized exchange of its own, cofounder Nischal Shetty said.

Unlike a centralized setup, where an exchange is the custodian of a customer’s cryptocurrency and controls who can or cannot open an account on it, a decentralized exchange operates without an intermediary organization for clearing transactions. The trades are executed on self-executing smart contracts.

It is like building software where peer-to-peer crypto trades can be facilitated, Shetty said. The decentralized exchange is currently undergoing tests and will be launched next month.

“Because a DEX (decentralised exchange) does not own the data, even the authorities can’t really go to the developer of the exchange and say I want the data,” Shetty said, adding that the data is available on the blockchain for everyone to see.

This development comes as WazirX has found itself in the crosshair with the authorities in India. The Enforcement Directorate (ED) had issued a show-cause notice to WazirX in June asking the exchange to explain transactions worth Rs 2,790.74 crore on account of foreign exchange rules violations. The exchange is believed to be preparing a response to the federal agency that probes money laundering.

Several legal and industry experts ET spoke to said decentralised exchanges are less cumbersome legally and provide greater transparency and control to crypto holders. There are fewer chances of hacking and price manipulation, they added.

Mathew Chacko, a partner at Spice Route Legal, said a decentralised exchange could face fewer risks from regulatory authorities. “From a global legal perspective, decentralised exchanges are seen as less of a legal problem than centralised exchanges. India, unfortunately, does not have any of this nuance in the law.”

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In Mahape MIDC, A 24-year-old Man Was Beaten To Death Over Chikkis

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In a shop, a 24-year-old man died over two tiny pieces of chikkis from a jar on the counter. The victim, Juyal Imran Khan, 24, of Panvel, was beaten to death by three men on Saturday for stealing chikkis from a shop located at plot no. A/ 544 of Mahape MIDC without authorization.

Khan traveled to Rabale to meet a friend in Gothavli hamlet with his companion Irfan Latif Shaikh, who is twenty-eight. While traveling back from Rabale on Saturday at around 2:00 pm, they became thirsty and made the decision to purchase a bottle of water from a store.

Khan went into a store to get a bottle of water, but while he was there, he opened a jar that was on the counter table, removed two chikkis without permission, and took a bite off of them. The shopkeeper, Anil Kumar, also known as Lagesh Bagelu Gautam (20), became irritated by the behavior and began arguing with Khan.

While at the store, Khan was smoking tobacco, and Gautam got angry when he placed his hand in his mouth. Two other people from the surrounding shop joined Gautam in attacking Khan as the disagreement turned violent, according to police inspector Sunil Waghmare of the Rabale MIDC police station.

Two more men joined Gautam in attacking Khan: Sandesh Subhash Jabbar (age 26) and Sursingh Chandeya Jamuda (age 55). Khan was taken to a hospital by Shaikh, who accompanied him; upon arrival, he was pronounced dead. Shaikh then filed a complaint and told the police. Khan suffered many fractures and a brain injury as a result of the accused’s assault using an iron rod.

The three accused were subsequently taken into custody by the police under sections 103 (1)-murder committed by a group, 115 (1) and 118 (1)-voluntarily causing harm, 352 (1)-intentional harm, and 3-(5) criminal conduct with common intent of Bharatiya Nyay Sanhita (BNS). The defendants are being held in police custody until October 17.

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The Maharashtra Government Declares That Light Motor Vehicles Entering Mumbai Will Not Be Required To Pay Tolls

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The Maharashtra government announced a complete toll-free policy for light motor vehicles at all five entry ports into Mumbai on Monday, October 14, with effect from midnight. At the State Cabinet meeting, the exemption—which covers small cars, school buses, and State Transport (ST) buses—was decided. The goal of this important action is to lessen the load on commuters and drivers entering the city.

Vashi on the Sion-Panvel Highway, Mulund on the Lal Bahadur Shastri Marg and Eastern Express Highway, Airoli Bridge on the Airoli-Mulund Road, and Dahisar on the Western Express Highway are the toll plazas where the waiver would be implemented.

Members of Navi Mumbai’s Maharashtra Navnirman Sena (MNS) greeted the announcement by giving out sweets to drivers at the Vashi toll plaza. The festivities emphasized the party’s longstanding call for openness in toll collecting and the elimination of tolls after toll money was used to finance road repairs.

MNS founding chairperson Raj Thackeray congratulated the people of the Mumbai Metropolitan Region (MMR) and MNS supporters on X (previously Twitter), expressing his happiness at the decision. “Congratulations to all the residents of the MMR area, and a special congratulations to my Maharashtra Sainiks,” he said. They put up a strong fight to ensure that toll transactions are transparent and that if the money collected is used to fund road construction,

Thackeray went on to address the criticism the party received for its tough stance on toll booths, pointing out that extreme measures were occasionally required to draw attention to pressing problems. “In any case, our fight paid off and Mumbaikars were at least free of tolls. We are happy to report that our agitation was successful. However, he continued, “they should reassure the public that this is not a decision made solely for the election.”

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Maharashtra Leads Infrastructure Development with New Projects Worth Rs. 2 Lakh Crores

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Maharashtra Chief Minister Eknath Shinde declared that the state is at the forefront of infrastructure development in India, with projects worth Rs. 2 lakh crores under implementation. Speaking at the inauguration of the North Channel of Thane Khadi Bridge-3 in Vashi, Shinde emphasized the Maharashtra State Road Development Corporation’s (MSRDC) extensive efforts to boost connectivity across the state.

The event also marked the Bhumi Pooja for seven new creek bridges on the Rewas-Redi Sea Highway, which aims to enhance transportation in the Konkan region. The total length of these seven bridges is 26.70 km, with a budget of Rs. 7,851 crores. These projects are expected to reduce congestion and promote local tourism.

Key projects include the Dharamtar Bridge (10.20 km) and Kundalika Bridge (3.82 km), among others. The newly inaugurated Thane Khadi Bridge No.3, costing Rs. 559 crores and stretching 3,180 meters, is set to open for traffic on October 14, 2024.

CM Shinde also announced the Konkan Greenfield Expressway, which will cut travel time between Mumbai and Konkan to five hours. These developments are crucial for enhancing Maharashtra’s road network and boosting the state’s economy.

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