Cryptocurrency News India : Is Cryptocurrency Legal In INDIA ? SUPREME COURT ON CRYPTO IN INDIA
WHY CRYPTOCURRENCY IS SO POPULAR?
Bitcoin or Cryptocurrency is a topic that has sparked our curiosity. In this podcast, I'll talk about several features of Bitcoin. Indeed, today many people want to invest in cryptocurrency Bitcoin and with the rise of home-based stock trading via different mobile apps, many will be unable to resist the seduction of various cryptocurrencies. We heard many elite communities in India have already invested in Bitcoin in order to expand their investment.
RISK IN CRYPTO – RISK IN BITCOIN - CRYPTO SCAM COINS - CRYPTO NEWS TODAY - CRYPTO NEWS IN INDIA
To buy bitcoin in India, you can use a variety of mobile applications available online. We just learned that one guy in one part of West Bengal was cheated up to Rs. 60,000 while using those programmes to purchase Bitcoin. In this scenario, because there is no legal recourse, I recommend that you proceed by viewing, learning, and knowing before investing in Bitcoin or any other currencies. Recently we heard Crypto scam to the tune of nearly Rs. 2800 cr. In the forming evasion of tax where some Chinese people are involved. Even today we heard that one person has been arrested for using bitcoin in purchasing drugs.
The price of a bitcoin peaked around Rs. 42 lakhs in early May 2021, but dropped below Rs. 25 lakhs, a few days later after the publishing of news on the worldwide market. Now the question is, since Bitcoin is a digital currency or asset that does not follow the centralized currency system, so there is no government agency to oversee the fluctuations and mobility of Bitcoin or other cryptocurrencies and its outcome.
INNOVATION OF BITCOIN – SATOSHI NAKAMOTO WHITE PAPER – SATOSHI NAKAMOTO IDENTITY
If we go back a little bit, we can see that there was an economic recession all over the world from 2007 to 2009, and about the same time in 2009, a white-paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" was released on the bitcoin.org website. In the front page of nine-page white paper written by Satoshi Nakamoto, he says Bitcoin is “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”. Although this nine-page white paper is quite complex, Satoshi Nakamoto describes on the second page, “We define an electronic coin as a chain digital signature.” In the eighth page under heading “Conclusion”, he wrote “We have proposed a system for electronic transactions without relying on trust”.
WHAT ARE CRYPTOCURRENCIES?
Remember that Bitcoin is the oldest and popular cryptocurrency system, and there are many more cryptocurrencies such as Dogecoin, Ethereum, Safe Moon coin and others. The cryptocurrency Bitcoin is not a Fiat currency, meaning it is not guaranteed at a price like gold. As per RBI “Every banknote issued by Reserve Bank of India ……. unless withdrawn from circulation, shall be legal tender at any place in India in payment or on account for the amount expressed therein, and shall be guaranteed by the Central Government.”
In conventional money, the Governor of the Reserve Bank of India guarantees the payment of equal sum, implying that there is always credibility, which Bitcoin or cryptocurrency will never have.
Another digital asset which has recently become very famous is NFTs (i.e. non-fungible tokens) which is nothing but the proof of originality of some pictures, videos etc. written by the original owner which means the NFTs holder will have the original token.
BITCOIN PRICE PREDICTION – Bitcoin PRICE
Bitcoin, however, is the most widely used by investors. The Bitcoin is algorithmed in such a way that after the year 2140, no bitcoins can be mined further and that is why the crypto supporters advocate the fact that Cryptocurrency will not experience inflation like any legal tender money. As per the supporters of Bitcoin, it is safe and legal tender money is fossilized concept. But there are lot of concerns and one of them, since Bitcoin is not governed by any country's laws or supervised by any authority, it is impossible to know how the price of Bitcoin swings or who rises or decreases it.
Now in many cases we see that the price of GPUs i.e. graphical processors that are used in mining is skyrocketing. Huge electrical energy is also big issue.
HOW THE LAW ENFORCEMENT AGENCY INVESTIGATE BITCOIN ? - WHY HACKERS USE BITCOIN ?
Another aspect to consider is how the investigating officials can gather money trail when the crime has been committed using Bitcoin. In a nutshell, Bitcoin incorporates features that use encryption and digital signatures to protect the Bitcoin network's security, thus it is a part of the virtual world but has nothing to do with its physical existence and due to which it cannot be traced out. We have seen the use of bitcoin in many heinous types of crimes starting from narcotic drugs sale to large-scale ransomware.
Now let us see the positions of law on bitcoin or different types of cryptocurrencies.
IS IT LEGAL TO INVEST IN BITCOIN OR CRYPTOCURRENCY? - SHOULD YOU INVEST IN CRYPTOCURRENCY?
This is a question that occurred in many people's minds nowadays. Let's take a look at the scenario. After the invention of Bitcoin, several countries around the world outright banned it; nevertheless, certain countries have a liberal outlook. There are even countries who have come with laws defining Cryptocurrencies, namely Japan, Malta, Canada, Bahamas, Estonia, Latvia, Israel, Mexico, Austria, Czech Republic, Germany, Luxembourg, Slovakia, European Union and United Kingdom.
WHETHER BITCOIN IS LEGAL IN INDIA? RBI CIRCULAR ON CRYPTOCURRENCY - RBI ON CRYPTOCURRENCY - SUPREME COURT ON CRYPTOCURRENCY
Let us see it chronologically….
The Reserve Bank of India has issued a warning to users, holders, and traders of "Decentralised Digital Currency" or "Virtual Currency," such as Bitcoins, regarding the potential financial, operational, legal, customer protection, and security risks they are taking.
The Reserve Bank of India has not granted any business or firm a licence or authorization to operate or deal in Bitcoin or any other virtual currency. As a result, anyone interacting with Virtual Currencies, whether as a user, holder, investor, trader, or otherwise, does so at their own risk.
Consumer protection, market integrity, and money laundering are among the problems raised by virtual currencies, often known as crypto-currency and crypto assets.
The RBI's regulated firms like Commercial Payment Banks, Small Finance Banks, NBFCs are prohibited from dealing in virtual currencies or providing services to assist anyone in dealing with or settling virtual currencies. Regulated entities that already supply such services must end the arrangement within three months of this circular's publication.
A case was then filed in the Hon’ble Supreme Court challenging the Circular known as Internet and Mobile Association of India v. Reserve Bank of India, Writ Petition (Civil) No.528 of 2018, in which the Hon’ble Supreme Court set aside the aforementioned RBI circular.
Then a few days ago i.e., on 31-05-2021
The Reserve bank of India informed that, in view of the order of the Hon’ble Supreme Court, the prohibition circular over Virtual Currencies is no longer effective from the date of the Supreme Court judgement. Banks, as well as other entities may, however, continue to carry out customer due diligence processes in line with regulations governing standards.
CAN WE INVEST IN BITCOIN ? - CAN WE TRADE IN BITCOIN IN INDIA?
In the present circumstances, to put it another way, Bitcoin and other cryptocurrencies are neither illegal nor legal in India at the present, therefore individuals who trade in Bitcoin do so at their own risk. In any event, if your hard-earned money is wasted, no one will be held accountable. Many people believe that Bitcoin is a digital asset and some people are of the view that it is nothing but Ponzi scheme to cheat the common people. We also heard that to control the activities of crypto currencies, the Government has come with a Bill. We are eagerly waiting for the law on Cryptocurrency.
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Following video discusses in depth various crypto news in India and on whether cryptocurrency legal in India? supreme court on cryptocurrency bitcoin legal, whether Bitcoin or Cryptocurrency is legal in India? This video also discusses on whether we can Invest In Bitcoin in India ? OR Can We Trade In Bitcoin In India?
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