Rbi decision on cryptocurrency
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- Let’s Trade Crypto: Indian Supreme Court Quashes Prohibition
- Indian government set to ban cryptocurrencies
- Why the Supreme Court set aside RBI's ban on cryptocurrency trading
- Explained: What does the RBI’s latest circular on cryptocurrencies mean?
- Cryptocurrency Is A 'Serious Concern' From Macroeconomic Perspective: RBI Chief
- Govt to ban all private cryptocurrency; RBI to launch official digital currency
- RBI Ban on Cryptocurrency Trade From Today: What Indian Bitcoin Holders can Do!
Let’s Trade Crypto: Indian Supreme Court Quashes Prohibition
On 6 April , the RBI had issued a Circular that prohibited banks and other entities regulated by it from both dealing in VCs, as well as from providing services to any individual or entity dealing with or settling VCs.
The effect of the prohibition was that exchanges through which VCs were traded could no longer maintain and operate a bank account, thereby putting an end to the business of VC trading that required conversion from fiat currencies using formal banking channels. Interestingly, prior to issuing the Circular, the RBI had, since , only issued cautionary press notessetting out the same concerns.
At the time the Circular was issued, the RBI did not highlight any new risk. The petitioners had contended that VCs were not equivalent to money or legal tender. Relying on authorities including judgements of the courts in the USA, UK and Singapore, it was asserted that there were four cumulative hallmarks of money—a store of value, a unit of account, a widely accepted medium of exchange and serving as a final discharge of debt.
While the first three insignia were characteristics of money in the social sense, the fourth trait was characteristic of legal tender. While VCs did have the first two characteristics, not being widely acceptable, they were not capable of being classified as money in the social sense. VCs were also not recognised as a final discharge of debt, and therefore not legal tender. While the petitioners accepted that the right to trade could be subjected to reasonable restrictions, the restrictions had to be a measure which was proportionate to the concerns.
It was highlighted that the doctrine of proportionality required that if alternative and less intrusive measures existed, those should have been adopted.
Furthermore, by relying on the regulatory approaches in other jurisdictions, the Court held that there were alternative regulatory means through which the RBI could have achieved its stated objectives. Without expanding the scope of its jurisdiction, the Court has, on a finding of fact, taken a view where it requires statutory authorities to not make policy decisions without objectively reliable empirical data. He is one of the lawyers who appeared on behalf of the petitioners in the case before the Supreme Court of India.
He assisted Mr. Dewan during the case before the Supreme Court of India. View the discussion thread. Skip to main content. You are here Blog Home. Background On 6 April , the RBI had issued a Circular that prohibited banks and other entities regulated by it from both dealing in VCs, as well as from providing services to any individual or entity dealing with or settling VCs. Data processing now impacts on many spheres of life. One of these is employment A new Dawn for the Portuguese Stock Market?
Indian government set to ban cryptocurrencies
With the exponential development and unprecedented advancements in the field of technology in India, especially with the emergence of COVID, the fintech sector has been on a path of constant rise. With the gaining popularity and awareness amongst the people of India with respect to cryptocurrency such as Bitcoin, Ripple, Dogecoin, etc. In India, the apex financial authority i. It is facilitated through blockchain technology and has emerged as a person-to-person issuance and transaction system that uses private and public keys that enable authentication and encryption for secure transactions.
Why the Supreme Court set aside RBI's ban on cryptocurrency trading
The RBI Governor stated that the cryptocurrency market is highly unregulated and therefore acquiring complete information is difficult. Or, what is hope? We, as people, expect miracles development, welfare, freedom from our princes The political history of Goa is littered with stories of smaller regional parties rising, battling and falling to the might of The poll-bound states have a handful of small parties in the fray. Reserve Bank of India Governor Shaktikanta Das said the cryptocurrency market is a matter of serious concern to the central bank from the perspective of macroeconomic and financial stability. As per the central bank chief, the cryptocurrency market is an unregulated territory and therefore, acquiring complete information is difficult. He stated that the crypto market numbers are definitely growing and anecdotally many things are heard.
Explained: What does the RBI’s latest circular on cryptocurrencies mean?
On March 4, , a three-judge bench of the Supreme Court had quashed the ban that the RBI had imposed on trading in cryptocurrencies like Bitcoin in April On May 31 this year, the RBI had directed banks not to cite its ban as a reason to deny banking services to customers dealing in cryptocurrency. So, it took almost a year for the RBI to realize, and that too from media reports, that the entities regulated by it still regarded virtual currencies as proscribed. It directed the banks that following the apex court order, the earlier circular proscribing virtual currencies was no longer valid.
Cryptocurrency Is A 'Serious Concern' From Macroeconomic Perspective: RBI Chief
Have you read these stories? Budget may aim to achieve fiscal consolidation Updated: Jan 29, , In view of upcoming state elections, the Union Budget for the financial year will aim at boosting growth, achieving fiscal con Budget ET NOW.
Govt to ban all private cryptocurrency; RBI to launch official digital currency
The RBI is exploring the possibility of coming up with an official digital token in the country. In a meeting chaired by Prime Minister Narendra Modi recently, the Union government and the Reserve Bank of India RBI were not quite on the same page on cryptocurrency — a sector that has been silently blooming in India over the past few months. On the other hand, the Modi government and its departments mooted for a strong regulatory control on cryptocurrency to avoid money laundering and terror financing, rather than banning it entirely. There was consensus also that the steps taken in this field by the government will be progressive and forward looking," a source told news agency PTI following the meeting chaired on Saturday, November The RBI has repeatedly reiterated its strong views against cryptocurrencies since it gained popularity in India following a sudden boom in Bitcoin prices. The RBI also doubted the number of investors trading on them as well their claimed market value.
RBI Ban on Cryptocurrency Trade From Today: What Indian Bitcoin Holders can Do!
The virtual assets widely used for making investments and online purchases are known as cryptocurrency. Although a majority of the population is still skeptical about using them as a mode of payment, they are secure. As these assets are protected by cryptography, it is almost impossible for anyone to double-spend or counterfeit them. The market for these virtual currencies, including Bitcoin, Dogecoin, and Ethereum, is expanding rapidly and is vast compared to its size about a decade ago.
The Bar Council of India does not permit advertisement or solicitation by advocates in any form or manner. By accessing this website, www. The content of this website is for informational purposes only and should not be interpreted as soliciting or advertisement. In a landmark judgement, the Supreme Court of India SC has quashed the circular issued by the Reserve Bank of India RBI on 6 April Circular that prohibited banks and financial institutions from dealing in, and providing services for facilitating dealing in, virtual currencies Cryptocurrencies such as Bitcoin.
Amid recent media reports of certain banks citing the crypto ban by the Reserve Bank of India RBI to caution their customers against dealing in virtual currencies, the central bank on Monday told banks that they cannot refer to the old order that was quashed by the Supreme Court last year. There was confusion amongst banks and this notification clears it. The rest of the standards are already into implementation and as such the denial of service by the banks citing the mentioned order does not have any basis further. In April , RBI had banned banks from supporting crypto transactions after cases of fraud through virtual currencies were reported. However, the Supreme Court had struck down the ban in March Among the reasons cited was that cryptocurrencies were not illegal though unregulated in India. Financial Express Online does not bear any responsibility for their advice.
Cryptocurrencies, worryingly unregulated, decentralised virtual currencies, are steadily gaining traction in the Indian transaction landscape. With digitalisation and smart contracts becoming the new norm especially considering the COVID pandemic , global trade in cryptocurrencies has increased by leaps and bounds. However, one cannot ignore the unprecedented rise in cybercrimes across the globe, relatable to virtual currencies. The expansion of the cryptocurrency landscape poses various challenges in the form of regulatory, legal, and operational risks.
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