What is bitcoin currency in india - are
Now that crypto trade is legal in India, here's what happens next
MUMBAI | BENGALURU: Crypto currency companies are expected to revive plans to invest and expand their business in India following a Supreme Court verdict overturning a Reserve Bank of India notification that had restricted banking access for virtual currency trading. ZPX will consider ramping up operations in India, said Ramani Ramachandran, CEO of the Singapore-based crypto firm. WazirX will start investing in the Indian market this year, said Nischal Shetty, cofounder of the crypto-exchange firm.
India’s virtual currency industry had come to a standstill following the April 2018 notification that prohibited use of banking channels for transactions of cryptocurrencies such as Bitcoin. Several exchanges shifted overseas or closed their business altogether in the last two years. “When a regulator like RBI bans, the market closes down. Six months back, we pivoted from crypto to blockchain, as we had to sustain. No investor was ready to back us amid the uncertainty of regulations,” said Wilson Bright, CEO of BlockSurvey.
Investors say peer to peer (P2P) companies will see inflow of capital, similar to what has been happening globally. Crypto founders, investors and industry bodies told ET that the order would open up more avenues for a cryptocurrency ecosystem to be built. “From my perspective, hopefully the funding environment for startups gets better as funds no longer have to worry as much about regulatory clarity,” said Nitin Sharma, founder of Incrypt Blockchain. The Internet and Mobile Association of India (IAMAI), an industry body representing cryptocurrency startups, had challenged the RBI circular, arguing that it was a disproportionate response by the regulator. The three judge SC bench comprising Justices RF Nariman, Aniruddha Bose and V Ramasubramanian ruled in favour of IAMAI.
According to the copy of the 180-page judgement, accessed by ET, “the petitioners are entitled to succeed and the impugned Circular dated 06-04-2018 is liable to be set aside on the ground of proportionality.”
IAMAI is looking forward to working jointly with the RBI and the government on a constructive policy framework for cryptocurrencies in India, it said in a statement.
Know your Crypto
Bankers said the regulator would now have a nuanced understanding of crypto technology and regulate it in a way that will encourage innovations. “They (RBI) obviously issued an advisory earlier to make sure it doesn't become the Wild Wild West of crypto and gets too systemic. Now, RBI is better prepared to address the nuances of crypto," said Akhil Handa, head — fintech and new business initiative, Bank of Baroda.
RBI did not respond to an emailed query till press time Wednesday. Legal experts said the case throws up questions on the fairness of regulatory bodies. “The fact that the apex court outrightly shot down a strong policy step by the RBI against a whole industry has consequences on the fairness of our regulators, given their quasi-judicial status,” said Salman Waris, partner at TechLegis Advocates and Solicitors.
India’s virtual currency industry had come to a standstill following the April 2018 notification that prohibited use of banking channels for transactions of cryptocurrencies such as Bitcoin. Several exchanges shifted overseas or closed their business altogether in the last two years. “When a regulator like RBI bans, the market closes down. Six months back, we pivoted from crypto to blockchain, as we had to sustain. No investor was ready to back us amid the uncertainty of regulations,” said Wilson Bright, CEO of BlockSurvey.
Investors say peer to peer (P2P) companies will see inflow of capital, similar to what has been happening globally. Crypto founders, investors and industry bodies told ET that the order would open up more avenues for a cryptocurrency ecosystem to be built. “From my perspective, hopefully the funding environment for startups gets better as funds no longer have to worry as much about regulatory clarity,” said Nitin Sharma, founder of Incrypt Blockchain. The Internet and Mobile Association of India (IAMAI), an industry body representing cryptocurrency startups, had challenged the RBI circular, arguing that it was a disproportionate response by the regulator. The three judge SC bench comprising Justices RF Nariman, Aniruddha Bose and V Ramasubramanian ruled in favour of IAMAI.
According to the copy of the 180-page judgement, accessed by ET, “the petitioners are entitled to succeed and the impugned Circular dated 06-04-2018 is liable to be set aside on the ground of proportionality.”
IAMAI is looking forward to working jointly with the RBI and the government on a constructive policy framework for cryptocurrencies in India, it said in a statement.
Know your Crypto
Bankers said the regulator would now have a nuanced understanding of crypto technology and regulate it in a way that will encourage innovations. “They (RBI) obviously issued an advisory earlier to make sure it doesn't become the Wild Wild West of crypto and gets too systemic. Now, RBI is better prepared to address the nuances of crypto," said Akhil Handa, head — fintech and new business initiative, Bank of Baroda.
RBI did not respond to an emailed query till press time Wednesday. Legal experts said the case throws up questions on the fairness of regulatory bodies. “The fact that the apex court outrightly shot down a strong policy step by the RBI against a whole industry has consequences on the fairness of our regulators, given their quasi-judicial status,” said Salman Waris, partner at TechLegis Advocates and Solicitors.
27 Comments on this Story
 | rohan rautela178 days ago I think most people in India correlate crypto with bitcoin speculation but cryptocurrency,blockchain and altcoin provide an ecosystem which provide lot of benefit in payment,finance and other utility. I have created a crypto interest account which generates 12% annual return! I post my monthly performance on randomdimes.com |
| Is it a fight between Contempt of Court and Contempt of Government? I doubt if SC is really clear about the modus operandi of Bitcoin mechanisms in fiscal management that plays a vital role in budgetary exercise of government. |
| SackStriking staff315 days ago High time Govt talks and acts tougk. Any one who participates in any strike will be sent hiome and no pension will be paid. Any one who instigates strikes will be beheaded on the street. Any one who suppirts strike will be punished by linking 50% salary to performance. Bank staff work mere 185 days (52 Sun, 26Sat 12 National Holiday, 2 Oh, 12 CL, 30 EL/PL 30 days sick, 10 days french ) and even during tehse 185 days, they hardly work 5 hours a day. ANDWE ARE TALKING OF UNEMPLOYMENT. SACK ALL UNIONISED STRIKERS. Appoint new contract employees whose salary will be linked to performance. Lazy, inefficient, mediocre, incompetent, non-competitive, take-it-easy, self- entitled, mostly ignorant of updates of banking rules and regulations/ RBI circulars STAFF have no right to affect the life of others. Annpunce VRS and any one who opts for VRSbefore strike strat date would get some money. All those who particiapte in strike MUST PAY a VERY HEAVY PRICE> |
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