The Supreme Court of India (SCI) has allowed trading in cryptocurrencies.
This nullifies the Reserve Bank of India (RBI)'s 2018 circular which barred banks & financial services from dealing in virtual currencies; including cryptocurrencies (such as Bitcoin) and crypto-assets; as this raised concerns of consumer protection, market integrity, and money laundering.
However, the crypto & blockchain industry in India still faces hurdles as a government panel, appointed to look into the matter, has recommended that India ought to ban all private cryptocurrencies. In July, the panel also recommended a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies. On several occasions, the government along with the central-bank had cautioned the public about the risks of cryptocurrencies. If the government follows the panel's recommendations, it could signal the end of the road for these digital currencies in India.
What is Cryptocurrency?
Cryptocurrencies are digital currencies in which encryption techniques are used to regulate the generation of currency units and verify the transfer of funds, operating independently of a central bank.
This nullifies the Reserve Bank of India (RBI)'s 2018 circular which barred banks & financial services from dealing in virtual currencies; including cryptocurrencies (such as Bitcoin) and crypto-assets; as this raised concerns of consumer protection, market integrity, and money laundering.
However, the crypto & blockchain industry in India still faces hurdles as a government panel, appointed to look into the matter, has recommended that India ought to ban all private cryptocurrencies. In July, the panel also recommended a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies. On several occasions, the government along with the central-bank had cautioned the public about the risks of cryptocurrencies. If the government follows the panel's recommendations, it could signal the end of the road for these digital currencies in India.
What is Cryptocurrency?
Cryptocurrencies are digital currencies in which encryption techniques are used to regulate the generation of currency units and verify the transfer of funds, operating independently of a central bank.
Credit:
Timesofindia.indiatimes.com/business/india-business/supreme-court-allows-cryptocurrency-trading-cancels-rbis-2018-circular/articleshow/74470172.cms
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