Bitcoin getting banned

Cryptocurrencies can be used to make payments, international transfers and transact online. It is also used for investment purposes.

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A large number of individuals and even businesses have started using the digital currency, including retailers, restaurants, and even law firms. Many online websites also accept virtual currencies as payment. This is not the first time that such a move is being considered. However, after cryptocurrency exchanges filed a lawsuit in the Supreme Court, the RBI ended the ban in The campaign directs people to its website , urging people to write to their local Member of Parliament and urge them to push back against the Bill.

As per the campaign website, in India, alone, more than 8 million people are saving, earning and investing in the global crypto economy. With IndiaWantsCrypto focused on supporting healthy adoption and regulation of the underlying technology to create more jobs and giving people more control over their finances, Khekade feels that the Government should look at fair regulation and support the movement.

There have always been concerns of cryptocurrency being used to fund unlawful activities. According to the RBI, the potential risks of cryptocurrencies include the possibility of being used to fund unlawful activities in the absence of any central authority. Cryptocurrencies are also traded on platforms located in multiple jurisdictions where the legal status is unclear.

In fact, Microsoft co-founder and philanthropist Bill Gates recently said that cryptocurrency allows for certain kinds of criminal activities and that it is better to get rid of it. However, Khekade is of the view that while cryptocurrencies need regulation, data suggests that unlawful activities are still funded through traditional cash. The Bill is being looked at as a framework for creating sovereign digital currency, as well.

However, does such a move make sense? Khekade believes that India already has the best payment system in the world - UPI is widely used by people here. In terms of applications like global trade and finance, export funding that can support the Atmanirbhar Bharat initiative very well. The Government should look at working with existing Digital Asset players and bring them under regulation," he explains.

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India to reportedly propose cryptocurrency ban, penalizing miners and traders

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Download as PDF Printable version. European Union. Illegal On 20 November the exchange office issued a public statement in which it declared, "The Office des Changes wishes to inform the general public that the transactions via virtual currencies constitute an infringement of the exchange regulations, liable to penalties and fines provided for by [existing laws] in force.

Legal The Financial Services Commission of Mauritius considers cryptocurrencies to be regulated as a Digital Asset under the Financial Services Act , and while it cautions investors they are not protected by any statutory compensation agreements, they are legal. Legal While government officials have advised against the use of bitcoin, there is no legislation against it and it remains fully legal.

South Africa.

Legal In September the Bank of Namibia issued a position paper on virtual currencies entitled [23] wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services. Legal The Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use. United States. Legal The U. Legal Bitcoin is legal in Mexico as of Legal News reports indicate that bitcoins are being used in the country.

Costa Rica. Legal The Costa Rican Central Bank announced that bitcoin and cryptocurrencies are not considered currencies, and are not backed by the government nor laws. Legal The Bank of Jamaica BoJ , the national Central Bank, has publicly declared that it must create opportunities for the exploitation of technologies including cryptocurrencies. Trinidad and Tobago. Legal Legal. Legal Bitcoins may be considered money, but not legal currency. Illegal Absolute ban. Legal Not regulated, according to a statement by the Central Bank of Brazil concerning cryptocurrencies, but is discouraged because of operational risks.

Legal There is no regulation on the use of bitcoins. Legal Bitcoin is considered a commodity, [49] not a security or currency under the laws of the Kyrgyz Republic and may be legally mined, bought, sold and traded on a local commodity exchange.

India's proposed ban on cryptocurrencies not in line with major countries | Business Standard News

Legal On 2 September , a decree legalizing crypto trading — also making it tax-free — and mining in the country came into force, making Uzbekistan a crypto-friendly state. Legal The use of bitcoins is not regulated in Cyprus. United Arab Emirates. Contradictory information Absolute ban. Legal As of , the Israel Tax Authorities issued a statement saying that bitcoin and other cryptocurrencies would not fall under the legal definition of currency, and neither of that of a financial security, but of a taxable asset. Saudi Arabia. Legal The government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems.

Legal Bitcoin is not regulated as it is not considered to be electronic money according to the law. Legal Finance minister Arun Jaitley, in his budget speech on 1 February , stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India for criminal uses. Legal Cryptocurrencies including bitcoin are not officially regulated in Pakistan, [78] [79] however, it's not illegal or banned. China PRC. Hong Kong. Legal On 8 January , the Secretary for Financial Services and the Treasury addressed bitcoin in the Legislative Council stating that "Hong Kong at present has no legislation directly regulating bitcoins and other virtual currencies of [a] similar kind.

Legal On 7 March , the Japanese government, in response to a series of questions asked in the National Diet , made a cabinet decision on the legal treatment of bitcoins in the form of answers to the questions. South Korea.