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It also begs the question as to whether merely removing the legal embargo shall be a smooth sail in renewing the virtual currency market. With banks being aware of the distrust that the Indian government has reserved for crypto currencies, the question remains if they would continue to avoid dealing with the same by no reason but way of caution. Moreover, with the information on crypto currencies still being largely nascent in India, it cannot be ignored that largely, organizations still worry about heightened issues of money laundering and unregulated competition.
Despite the uncertainty of what this move means for the tech and crypto currency industry, the judgment is a welcomed eventuality, especially for crypto-ventures in India and those seeking to enter it. Any hurdles that may remain or come up would be addressed in the coming time, with the Indian government recognizing this highly upcoming and moving industry and looking to create a more nuanced law to deal with the same.
Until then, it looks like India is now a willing player in the bigger picture. Why was the government banning it? The RBI and the government banned it for one simple reason — lack of safety. At a time when the Indian economy is already in stress due to banking system flaws.
Moreover, given the anonymity associated with the trading of a cryptocurrency over the internet, the government deemed it more appropriate to ban it altogether, rather than developing extensive infrastructure to control cryptocurrency transactions.
Other challenges with cryptocurrency include monitoring of risks associated and guaranteeing consumer protection to parties involved. Cryptocurrency means a math-based , decentralized convertible virtual currency protected by cryptography by relying on public and private keys to transfer value.
The report asks national authorities to undertake a coordinated risk assessment. This is of virtual currency products and services against money laundering and terror financing. These are globally classified into anonymous and pseudo-anonymous. Therefore, if the problem is clear to address, it is the anonymity of transactions. The same can achieve by resorting to the least invasive option of prohibiting only anonymous cryptocurrencies and not a blanket ban.
The court notes the paradoxical situation of allowing blockchain technology the background technology for cryptocurrency but bans cryptocurrency. No study was undertaken by RBI before the question measure was taken and hence, the decisions are not upon knowledge or expertise. Cryptocurrency is the new money The Court also tells on international judgments indicating that virtual currencies around the world are subject to the tax.
And is also construe as non-traditional currency. Since currency itself has metamorphose from Stone Age to paper currency to paperless transactions. Digital currencies are here to stay and the RBI must take precautionary measures rather than banning the trade in virtual currencies. No losses incurred The Supreme Court also notes that the RBI has not come out with a stand that any of the entities that regulate it such as nationalized banks.
Moreover, scheduled commercial banks, cooperative banks, or NBFCs have suffered any loss. Additionally, adverse effects directly or indirectly, on account of virtual currencies. No case is found by RBI in the past 5 years or more, the activities of virtual currency exchanges have a registration on an adverse impact. Suggestions such as Aadhar based cryptocurrency verification, developing insurance of cryptocurrency assets.
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Aug 16, · Synopsis: Is Cryptocurrency Legal in India in Supreme court has allowed citizens to buy/sell cryptocurrencies like Bitcoin, Dogecoin, etc. through crypto . IN THE SUPREME COURT OF INDIA CIVIL ORIGINAL JURISDICTION India Act, and Section 10(2) read with Section 18 of Payment and Settlement Systems Act, 2. THE . Mar 03, · India's Supreme Court on Wednesday allowed banks to handle cryptocurrency transactions from exchanges and traders, overturning a central bank ban that dealt the thriving .