- The Supreme Court has lifted the ban that had been imposed by the RBI on Cryptocurrency after hearing multiple petitions challenging the RBI’s ban.
- This comes after almost two years after the RBI imposed the ban on digital or cryptocurrency trading in the nation.
The Supreme Court has lifted the ban that had been imposed by the RBI on Cryptocurrency after hearing multiple petitions challenging the RBI’s ban.
The Reserve bank of India had imposed a ban on all Cryptocurrencies in April of the year 2018. This ban was imposed on all firms and individuals from trading in any Cryptocurrency at all.
This comes after almost two years after the RBI imposed the ban on digital or cryptocurrency trading in the nation. Even though the Supreme Court has lifted the ban, the Government has already made its plans. The Government has made a draft bill that makes it illegal to mine, sell, trade, issue, dispose or use any cryptocurrency in the nation.
The Cryptocurrency Draft Bill
The draft bill also states that if an individual is found guilty, the individual can be punished with imprisonment for upto ten years or be charged with a fine or both in some cases.
The Indian Government had advised people against investing in any cryptocurrency as they consider cryptocurrencies as rich quick scams and Ponzi schemes. The Government calls crypto a scam because it offers the investors an unusually high amount of returns to all of its early investors.
This clearly shows the incompetency and ignorance of the Indian Government, who fails to understand the future of finance and the benefits and power of the blockchain technology.
Headed by the Finance Secretary of India, Mr Subhash Chandra Garg, had recommended the fine penalty amount to be of a whopping 250 million Indian rupees ($3.63 million ) and also imprisonment of upto ten years for anyone who mines, sells or even holds cryptocurrency in India.
Whilst this is happening in India, there is a global uncertainty and multiple regulatory issues in the virtual or cryptocurrency trading.