Cryptocurrency No longer banned in India?

Must Read

Tezos Prediction For 2021: XTZ Holds Position With Both Bulls And Bears

Tezos might pull of a trick by switching to the Bull rally by the end of this year...

Lopez Introduces A New Bill In The Cryptocurrency Industry

Yvonne Lopez introduces bills to create Consumer-Friendly Protections and Regulations in Cryptocurrency Industry. The digital asset business must...

TRON Virtual Machine To Get Three New Features

TRON’s CEO, Justin Sun, tweeted that the TRON Virtual Machine will get three new features as proposal number...
1574512079807
Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
Cryptocurrency No longer banned in India?

  • Cryptocurrency like Bitcoin, Ethereum isn’t banned in india as mentioned  by reserve bank of india.
  • RBI said that these currencies had only been kept away from the Banking systems.
  • RBI had mentioned that the ICOs must be prohibited and also that these crypto funds would not be considered as legal entities. 

The RBI has mentioned that it has not banned the digital coins or cryptocurrency, such as Bitcoin, Ethereum etc. The body said that these currencies had only been kept away from the Banking systems, to prevent the digital crimes committed by fraudsters. Earlier a petition had been filed by the Internet and Mobile Association of India (IAMAI), the not-for-profitable body.

RBI said it had not banned crypto but only ringfenced regulated entities like banks from risks associated

– Economic Times

Talking of the RBI, which is the regulatory body of all the issues related to finance and monetary purposes, was established in 1935. The Reserve Bank of India is the regulator of the entire banking of India and plays the role of making and enforcing of the Development Strategy of the Government of India. The body says that it has just ringfenced regulated entities for prevention of crimes such as terror financing and money laundering through cryptocurrencies.

The affidavit issued by RBI says:

crypto

 
The affidavit also mentions that RBI has not prohibited the use of the Virtual currencies, but has directed the entities regulated by it not to provide the services. In a hearing, the IAMAI argues the facts given by the regulatory body and tries to talk the good of it. The next hearing of the case is scheduled for today where much of the matter would be further discussed.

RBI Against ICO’s

Back in 2018, while the government was taking decisions regarding the digital asset, RBI had mentioned that the ICOs must be prohibited and also that these crypto funds would not be considered as legal entities. 

The Liberalised Remittance Scheme, which allowed the people to remit a certain amount of money during a financial year to another country for investment and expenditure, was also launched for tracing the investment in these digital assets.

Thus until the next hearing all we can do is to wait and see where this matter results.

Hot News

Tezos Prediction For 2021: XTZ Holds Position With Both Bulls And Bears

Tezos might pull of a trick by switching to the Bull rally by the end of this year and continue strongly with the...

Lopez Introduces A New Bill In The Cryptocurrency Industry

Yvonne Lopez introduces bills to create Consumer-Friendly Protections and Regulations in Cryptocurrency Industry. The digital asset business must provide the list of any...

TRON Virtual Machine To Get Three New Features

TRON’s CEO, Justin Sun, tweeted that the TRON Virtual Machine will get three new features as proposal number 32 was approved. Justin Sun...

Ripple Is Now Amongst The Top 100 Cross Border Payment Companies

Ripple has no entered the top 100 clubs of cross border payment companies which also includes companies like UBS and PayPal. Ripple became...

OSCE To Combat NPS Facilitated By Dark Web With The Use Of Cryptocurrencies

Organization for Security and Co-operation in Europe (OSCE) has set up a five-day training course. The training camp helped participants to develop techniques...

Retail Investors Are Trading On ETC Even When Market Focus Is On LTC

Jins of the Bitcoin World Research Institute has reasons to say that Bitcoin fluctuates sideways. The data of the on-chain transactions as on...

Lopez Introduces A New Bill In The Cryptocurrency Industry

Yvonne Lopez introduces bills to create Consumer-Friendly Protections and Regulations in Cryptocurrency Industry. The digital asset business must provide the list of any...

TRON Virtual Machine To Get Three New Features

TRON’s CEO, Justin Sun, tweeted that the TRON Virtual Machine will get three new features as proposal number 32 was approved. Justin Sun...

Ripple Is Now Amongst The Top 100 Cross Border Payment Companies

Ripple has no entered the top 100 clubs of cross border payment companies which also includes companies like UBS and PayPal. Ripple became...

OSCE To Combat NPS Facilitated By Dark Web With The Use Of Cryptocurrencies

Organization for Security and Co-operation in Europe (OSCE) has set up a five-day training course. The training camp helped participants to develop techniques...

RELATED NEWS

Tezos Prediction For 2021: XTZ Holds Position With Both...

Tezos might pull of a trick by switching to the Bull rally by...

Lopez Introduces A New Bill In The Cryptocurrency Industry

Yvonne Lopez introduces bills to create Consumer-Friendly Protections and Regulations in Cryptocurrency Industry. ...

TRON Virtual Machine To Get Three New Features

TRON’s CEO, Justin Sun, tweeted that the TRON Virtual Machine will get three...