Skip to main content

Banning cryptocurrency in India is too late: legal experts

 


No matter cryptocurrency has become a popular financial medium in the digital world. Many big companies have taken initiative in incorporating digital currencies as payment options. Some of the big names to mention are Goldman Sachs, Starbucks, Coca-Cola, Tesla, BMW, Sotheby's, Travala.com, and others. 


Even celebrities have also shown interest in this new decentralized digital money system. However, there are mixed approaches in terms of acceptance and banning. Other than western countries, investing in Bitcoin in India has also been popular. In 2018, RBI had banned digital currencies directing commercial banks not to deal in any of the crypto activities. 


But in March 2020 the central bank lost the case, and the ban was lifted by the Supreme Court of India. But now there is a new crypto regulation bill that is yet to be finalized by the Indian government. It will be brought up next year during the parliament session in February 2022. 


According to legal experts, banning cryptocurrency in India has become too late now. They said this despite opposition from the central bank and RSS wing SJM (Swadeshi Jagran Manch). Meanwhile, the re-analysis of the new cryptocurrency bill is in the process by the government of India. It would be submitted again in the parliament by the next year. 


Follow Bitcoin news today on Cryptoknowmics. Here you will get all the latest updates on cryptocurrencies including Bitcoin and altcoins. 



Cryptoknowmics

Comments

Post a Comment

Popular posts from this blog

Is celebrity support an added advantage to cryptocurrency growth?

  Celebrities are prominent figures in society. We admire them for their looks and get influenced by whatever brand they endorse. So can we say that their support for cryptocurrency is an added advantage? Well, up to an extent yes. Since they are public figures and rule the hearts of their fans, this indeed can be an added advantage in the growth of cryptocurrency.  But it is not completely true. The cryptocurrency rose to fame because of the unique features and advantages they provide to their users. First of all, they allow users to have the ownership of tier money which is not in the case of government-issued currencies. If you look at the whitepaper of Bitcoin framed by its founder Satoshi Nakamoto, then you will find that it restricts the interference of third parties and central authorities like banks and the government.  Cryptocurrency is now considered an investment asset by most crypto enthusiasts. Many people have become richer by it. Akshay Haldipur from India ...
Post a Comment
Read more

Bitcoin Mining Pools See Huge Shuffle in Prior To Bitcoin Halving

Chinese Bitcoin mining giants, Poolin and f2pool have witnessed substantial growth in their daily BTC block reward in January 2020. The dominating mining pool, BTC.com has dropped in the reward earning. This is how the tables are turning, prior to the highly-anticipated third halving. In the last couple o f weeks, Bitcoin has gone through some wholesale changes in its mainstay metrics. Take into consideration the example of the Bitcoin hash rate, which recorded its new all-time high just recently , has now entered a declining phase. The dominance, which usually hovers around 70 %, has now fallen close to the 60% mark. A pivotal part would be played by these elements on the price prior to the Bitcoin halving. F2pool is recording the highest BTC block reward earnings when it comes to the known mining pools . Elias Simos, a senior research analyst at Decentral Park, tweeted : Elias Simos @eliasimos A lot of reshuffling in the $ BTC mining game sin...
Post a Comment
Read more

Canadian Investment Firm 3iQ Files Prospectus for Bitcoin Fund

A Canadian Investment f irm 3iQ filed a prospectus for Bitcoin Funds with hopes to attract retail investors with a regulated digital asset fund. T he firm announced that it had filed a preliminary prospectus for a close-end Bitcoin fund; that it anticipates to unveil through the Toronto Stock Exchange later in the year . Fred Pye, the Chief Executive of the firm wrote :  : “We expect to list on the Toronto Stock Exchange in late December or early January. As a part of our next steps, we’re hoping to get Canada’s big banks on board. We’re hoping that two or three of Canada’s biggest banks, specifically ones that want to lead in fin-tech space, will join the syndicate group.” The Canadian investment funds manager revealed that they filed the Bitcoin fund prospectus regards to an Initial Public offering of both Class A and Class F units each at $10. Pye, a former senior vice president of Fidelity Investments -Canada; highlighted that retail investors have been s...
Post a Comment
Read more