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MahaKumbh signaled India’s readiness for the metaverse

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Opinion by: Shubham Kukrety, co-founder and CEO at QuoteIt 

Strange sights were seen as India recently concluded MahaKumbh, a Hindu congregation that occurs once every 144 years.

Every day, a man took dips at Sangam — the triple confluence of rivers Ganga, Yamuna and Sarasvati — with several passport-sized photographs offering “Digital Snan,” symbolizing digital nectar baths. A nine-acre camp offered people a glimpse of the Hindu religion since the beginning of time. Several families received a 360-degree live virtual MahaKumbh tour with a VR box and packaged pure Sangam water at their homes.

These are some of the sights that were seen for the first time in MahaKumbh’s known history. But all of it brings us to a fascinating question: Does the fusion of tech and tradition help us peek into India’s future of the metaverse? Indeed.

Adopting technology religiously

India’s approach to technology has always been unique. The country has previously leapfrogged many traditional technology adoption cycles. For example, it moved directly to mobile-first digital experiences without many households ever seeing a landline. As immersive technologies gain traction, the country shows signs of its distinctive adoption pattern.

Over the past few years, digitization of religious experiences has surged in India. The VR Devotee app, launched in 2016, streamed rituals and festivals from over 150 temples, allowing devotees to participate virtually. During COVID-19, the platform saw a remarkable 40% jump in user engagement.

The Indian government, recognizing this potential, launched “Temple 360” in 2022 — a web portal providing virtual darshan (viewing of deities) from significant pilgrimage sites. When the famous Puri Jagannath Rath Yatra was held without public attendance for the first time in 2020, millions watched live. The same holds for nearly all pilgrimages in India.

What’s particularly striking about MahaKumbh?

Immersive technologies were embraced at one of Hinduism’s most sacred gatherings, which saw over 663 million people make pilgrimages. If deep spiritual traditions can incorporate digital experiences, it signals a profound cultural readiness for adoption.

From skepticism to frontier tech

Under the Digital India initiative, AR/VR is explicitly identified as an emerging technology alongside AI, blockchain and 5G networks. And this isn’t mere lip service.

The government has backed its words with concrete actions, establishing Centers of Excellence like VARCoE at the Indian Institute of Technology Bhubaneswar and launching initiatives such as IMAGE to incubate extended reality (XR) startups. In 2022, the MeitY Startup Hub partnered with Meta to launch the XR Startup Program, extending grants worth 20 lakh Indian rupees (~$23,000) to 16 startups.

Recent: Indian town adopts Avalanche blockchain for tamper-proof land records

The Uttar Pradesh government recently launched a 3D VR experience center in Ayodhya. Multiple Hindu religious places, including Kashi Vishwanath Dham and Maa Vaishno Devi Bhawan, have already extended such immersive experiences.

This deliberate strategy can prove to be a catalyst in India’s XR adoption, tapping the nation’s rich cultural heritage.

Corporate giants embrace the immersive future

Perhaps the most telling sign of India’s metaverse readiness comes from its corporate landscape. Reliance leads the charge, headed by Asia’s richest person, Mukesh Ambani. In a landmark development, Jio Platforms recently partnered with Polygon Labs to integrate Web3 and blockchain capabilities into its existing digital ecosystem.

The partnership is no small feat. It potentially brings Web3 functionality to Jio’s vast user base of over 482 million customers. Jio had previously demonstrated its commitment to immersive technologies by unveiling “Jio Glass,” an affordable mixed-reality device designed for the Indian market. Reliance’s acquisition of Tesseract in 2019 and recent discussions with Meta underscore its long-term bet on immersive futures.

The country’s largest telecom provider is strategically investing in metaverse-enabling technologies. This speaks volumes about the future of digital experiences in the country.

This year, after announcing its partnership with Polygon, Jio also launched its mystery JioCoin, a significant development for the Indian Web3 community. Meanwhile, the Indian Railway Catering and Tourism Corporation also issued non-fungible (NFT) train tickets on the Polygon blockchain to passengers traveling to the MahaKumbh festival.

These initiatives tapped Polygon specifically for its faster throughput and low gas fees — practical considerations that signal maturity in blockchain implementation in India.

Differing perspectives and the elusive mainstream moment

Not everyone is convinced that digitizing sacred experiences represents progress. The “Digital Snan” service for 1,100 rupees in Sangam triggered a significant backlash on social media. Critics viewed such services as commercializing spirituality and reducing sacred rituals to transactional experiences.

Furthermore, it’s been over eight years since Pokémon Go took the world by storm, demonstrating AR’s potential to create cultural phenomena that transcend demographic boundaries. The world hasn’t seen anything of that magnitude ever since.

This absence of a defining moment also raises questions about whether immersive technologies will achieve the ubiquity that smartphones have at present. Mall VR arcades attract curious teens for one-off experiences, but habitual usage patterns haven’t materialized outside specific professional contexts.

Green shoots of adoption?

What distinguishes India’s potential metaverse from Western models is its grounding in cultural contexts with profound meaning for millions. While Silicon Valley envisions virtual offices and digital asset speculation, India’s early applications focus on democratizing experiences of profound cultural significance.

This culturally rooted approach could ultimately prove more sustainable. By addressing genuine human needs — connection to heritage, participation in community rituals, access to experiences otherwise impossible due to distance or disability — India’s metaverse initiatives may find the elusive “why” that has hampered mainstream adoption elsewhere.

Opinion by: Shubham Kukrety, co-founder and CEO at QuoteIt.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Everstake defends non-custodial staking as SEC weighs industry input

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The US Securities and Exchange Commission (SEC) has held discussions with Everstake, one of the largest non-custodial staking providers globally, to explore clearer regulatory definitions around staking in blockchain networks.

The meeting, which also involved the SEC’s Crypto Task Force, comes at a time when over $193 billion in digital assets are staked across major proof-of-stake (PoS) networks.

However, despite the massive scale of participation, staking remains in a legal gray zone in the US as regulators wrestle with its classification under existing securities law.

The previous SEC administration also took enforcement actions against major players such as Kraken, Coinbase, and Consensys due to their staking services. The agency, under pro-crypto President Donald Trump, has recently dismissed these enforcement actions.

During the meeting, Everstake told the SEC that non-custodial staking should not be classified as a securities transaction. The company said that users maintain full control over their digital assets throughout the staking process and do not transfer ownership to a third party.

They argued that this makes staking a technical function, not an investment product.

“Our main assertion is that staking is not a financial instrument or security transaction, but rather a technical process, a base-layer protocol mechanism—akin to an oracle in a database—that maintains the integrity and functionality of decentralized networks,” Everstake founder Sergii Vasylchuk told Cointelegraph.

Everstake team meeting with the SEC. Source: Everstake

Related: SEC delays staking decision for Grayscale ETH ETFs

Everstake calls for regulatory clarity

In a letter submitted to the SEC’s Crypto Task Force on April 8, 2025, Everstake asked the agency to extend regulatory clarity to non-custodial staking and custodial and liquid staking models.

In the letter, which came in respond to Commissioner Hester Peirce’s call for input on regulatory treatment of blockchain services, Everstake argued that non-custodial staking should not be considered a securities offering.

It claimed that non-custodial staking, where users retain control of their tokens, does not involve the pooling of assets or the expectation of profits from managerial efforts.

In its model, Everstake said users delegate only validation rights while maintaining ownership of their digital assets. The staking rewards are algorithmically distributed by the blockchain network itself, and the firm merely provides technical infrastructure.

Related: Ethereum ETF staking will have little impact without multimonth rally: Analyst

Non-custodial staking fails the Howey test

The letter also details why non-custodial staking fails each prong of the Howey test. Users do not make an investment of money in a common enterprise, do not expect profits from Everstake’s efforts, and are not dependent on the company’s management for financial returns.

Instead, any rewards come from network-level incentives and fluctuate with the market value of the underlying asset.

Everstake proposes specific criteria that should exempt non-custodial staking from securities classification. These include user asset control, absence of pooled funds, permissionless unstaking, and the provision of purely technical services.

It likens non-custodial staking to proof-of-work mining, which the SEC has previously ruled out as a securities transaction.

Margaret Rosenfeld, Everstake’s chief legal officer, also told Cointelegraph that “with non-custodial staking, there’s no handover of assets, no investment contract, and no third-party risk.” She added:

“Treating it as a securities offering undermines the decentralized model and risks chilling innovation in the blockchain sector.”

Nevertheless, the SEC has so far withheld a definitive stance. Rosenfeld said that the agency did not make any “specific commitments” on staking guidance. However, it continues to listen to industry stakeholders.

“The Task Force is actively engaging with a range of stakeholders—including those involved with non-custodial staking, ETFs, and broader blockchain infrastructure—to gather input.”

In an April 30 letter to the SEC, nearly 30 crypto advocate groups led by the lobby group the Crypto Council for Innovation (CCI) asked the agency for clear regulatory guidance on crypto staking and staking services.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express

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New Zealand man arrested in $265M crypto scam tied to FBI probe

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A man from Wellington, the capital city of New Zealand, has been arrested in connection with an FBI-led investigation into a global cryptocurrency fraud operation that allegedly stole $450 million New Zealand dollars ($265 million).

According to New Zealand Police, the man is one of 13 individuals charged after authorities executed search warrants across Auckland, Wellington, and California over the past three days.

The charges stem from allegations that members of an organized criminal group manipulated seven victims to obtain large amounts of cryptocurrency, which was then laundered through multiple platforms between March and August 2024.

The US Department of Justice has indicted the man under federal law, including charges of racketeering, conspiracy to commit wire fraud, and conspiracy to commit money laundering, per the announcement.

Source: New Zealond Police

Related: Germany seizes $38M in crypto from Bybit hack-linked eXch exchange

Scammer used stolen funds to purchase luxury vehicles

Prosecutors allege the stolen funds were used to purchase $9 million worth of luxury vehicles and spent lavishly on high-end goods, including designer handbags, watches, and clothing, as well as services such as nightclub access, private security, and rentals in Los Angeles, Miami, and the Hamptons.

The accused appeared in Auckland District Court and was granted bail with interim name suppression. He is scheduled to reappear on July 3.

“We have worked closely with our law enforcement colleagues in the United States in support of their investigation,” the police stated. They added:

“Today’s search warrant and arrest reflects the importance of international partnerships where criminals are operating across borders.”

The investigation remains ongoing.

Related: Bybit hacker launders 100% of stolen $1.4B crypto in 10 days

Crypto thefts surge to $360M in April

Digital asset thefts skyrocketed in April 2025, with nearly $360 million stolen across 18 separate hacking incidents, according to data from blockchain security firm PeckShield.

The figure marks a staggering 990% jump from March when reported losses stood at just $33 million. The sharp rise was largely attributed to a single unauthorized Bitcoin transfer that accounted for the bulk of the month’s losses.

On April 28, blockchain analyst ZachXBT identified a suspicious $330 million BTC transaction. The incident was later confirmed as a social engineering attack that targeted an elderly US resident, resulting in one of the largest individual crypto thefts to date.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express

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Panama City mayor teases Bitcoin reserve after meeting El Salvador's Bitcoin leaders

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Panama City Mayor Mayer Mizrachi has hinted at establishing a city-level Bitcoin reserve in a cryptic post following his meeting with two of El Salvador’s Bitcoin policy leaders.

“Bitcoin Reserve,” Mizrachi wrote to X on May 16 after meeting El Salvador-based Bitcoiners Max Keiser and Stacy Herbert.

While Mizrachi didn’t share details about his discussions with Keiser and Herbert, the timing of the post came 11 days before the Bitcoin 2025 conference in Las Vegas, where Mizrachi is scheduled to speak.

Source: Mayer Mizrachi

The creation of a Bitcoin reserve in Panama City would follow a recently approved measure permitting the use of crypto for public payments, including taxes, fines and municipal fees.

Bitcoin (BTC), Ether (ETH), Tether (USDT) and USDC (USDC) will be accepted once the crypto-to-fiat payment rails are established, Mizrachi said at the time.

To push for a Bitcoin reserve at the federal level, Mizrachi would need to collaborate with Panama’s National Assembly to craft legislation. 

There’s no evidence to suggest that he has taken such measures.

Mizrachi’s post follows the recent enactments of two Bitcoin reserve bills in the US states of Arizona and New Hampshire. 

Ukraine is also reportedly inching closer toward adopting Bitcoin as a national reserve asset, local media reported earlier in the month.

Mizrachi, Keiser and Herbert discussed Bitcoin mining, education

A post from Keiser suggests the trio spoke about how Panama and El Salvador can leverage renewable energy to bolster their Bitcoin mining operations.

“Bitcoin is transforming Central America. El Salvador’s geothermal & Panama’s hydro-electric will power the Bitcoin revolution.”

Herbert also noted that Panama City will integrate El Salvador’s “What is Money?” financial literacy textbook into its online library system.

Related: Basel Medical shares down 15% on $1B Bitcoin buying plans

Keiser and Herbert have played a crucial role in crafting El Salvador’s Bitcoin policy, which includes a Bitcoin reserve consisting of 6,179 Bitcoin (BTC), worth nearly $640 million.

Keiser serves as President Nayib Bukele’s Bitcoin advisor, while Herbert runs the country’s Bitcoin Office.

Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee

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