Legal Experts Say It’s Too Late to Ban Crypto, India Needs Comprehensive Regu...
Indian legal experts reportedly say that it is too late to ban cryptocurrency despite calls for a complete crypto ban by the central bank, the Reserve Bank of India (RBI). The Swadeshi Jagran Manch (SJM), an affiliate of the nationalist Rashtriya Swayamsevak Sangh, also passed a resolution calling for an outright ban on crypto. Meanwhile, the Indian government is reworking the crypto bill before resubmitting it to parliament. Legal Experts Explain It’s Too Late to Ban Crypto The Indian government is under pressure from the country’s central bank and the Swadeshi....
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Cryptocurrency is currently a gray area in India. It is neither legal nor illegal. A parliament member, India’s finance secretary, and the minister of finance have recently clarified the legal status of cryptocurrency in India. Legal Status of Crypto in India Following the finance minister’s announcement to tax cryptocurrency income, the question of whether crypto is now legal or legitimate in India has come up repeatedly. Union Minister of State for Finance Bhagwat Karad, a member of Rajya Sabha, India’s upper house of parliament, reportedly explained Saturday that....
India’s Finance Secretary T.V. Somanathan warned on Wednesday that private digital money will never be recognized as legal tender in the country. Only the Reserve Bank of India’s digital currency is recognized as a legal tender. The government will not be held liable for any losses incurred in private crypto investments. Cryptocurrency trade, on the […]
There are certain guidelines as to who may issue legal tender and bank notes although neither of these terms has been clearly defined. There is a lot of concern across various countries in the world whether or not Bitcoin is legal in that particular region. A new research paper by Nishith Desai Associations shows how Bitcoin is legal in India, although there are still some regulatory concerns regarding cryptocurrency in the country. Similar to most countries in the world, there is no law against cryptocurrency or its usage in India. That can only be seen as a positive aspect for future....
A number of countries around the world are taking a close look at the use of bitcoin and other digital currencies, and India is no exception. It is being reported that the country's government on Tuesday said that the Reserve Bank of India (commonly known as RBI) is taking a close look at both the legal and security elements of digital currencies. "The RBI is presently examining the issues associated with the usage, holding and trading of virtual currencies, including bitcoins, under the extant legal and regulatory framework of the country, including foreign exchange and payment systems....
Officials from India's Finance Ministry said any potential law on cryptocurrencies would likely come around the time the government submits the Union Budget of India in February. The Indian government may be looking into establishing a legal framework for crypto-based digital currencies as "assets" as early as February. According to a Tuesday report from Indian news outlet Business Today, officials with the country's Finance Ministry said the potential legal framework would treat cryptocurrencies closer to commodities than currencies. If this legislation comes to fruition, it would....