Bitcoin india press release

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Regulatory and legal developments December 24, RBI cautions users about risks of Virtual Currency, as their value is a matter of speculation and not underpinned by an asset or good. February 1, : RBI issues second advisory cautioning users, holders and traders of virtual currencies again. The report was not made public November, 20 PIL filed before the Supreme Court seeking regulation of crypto-currencies December 5, RBI issues third advisory cautioning people about the risk of virtual currencies.

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February 1, Former Finance Minister Arun Jaitley says that crypto-currencies are not legal tender, and cannot be used as part of the payment systems. The government will come down heavily if someone does, and crypto-currencies will not be allowed as they can be used for illegitimate activity.

This was never approved by Parliament. June : In its annual report , the BIS says the rise of crypto-currencies raises new challenges and potentially call for new tools and approaches for regulators. This dilemma on how to regulate crypto-currencies arises as authorities want to protect the integrity of markets, payment systems, consumers and investors, they also want provide incentives for innovation.

The report highlights various approaches across countries towards regulating and supervising virtual asset activities and virtual asset service providers to prevent their misuse for money laundering and terrorist financing. May Former finance secretary Subhash Chandra Garg reiterates his stance on private crypto-currencies and says that creating a Digital Rupee through digital wallets, instead of blockchain based technology, would be more cost effective. June Ripple Inc. October Global Legal Insights publishes 3rd edition of Blockchain and Crypto-currency regulation for , studying the regulatory approach and industry developments in 21 jurisdictions.

The report suggests that the government could either amend existing regulations to make them applicable to crypto assets or create a separate and dedicated legislation to govern crypto assets, which would include a self-contained code and an independent regulatory to govern the crypto industry.

Bitcoin & GST In India

MediaNama is the premier source of information and analysis on Technology Policy in India. RBI stated that such VCs may pose certain risks which include inter alia : VCs are prone to losses arising out of hacking, loss of password, compromise of access credentials, malware attack etc. There is no underlying or backing of any asset for VCs. As such, their value seems to be a matter of speculation.

VCs, such as Bitcoins, are being traded on exchange platforms set up in various jurisdictions whose legal status is also unclear. Hence, the traders of VCs on such platforms are exposed to legal as well as financial risks. VCs under regulators ' scanner Recently, the Income Tax I-T Department conducted survey operations at major Bitcoin exchanges across the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, on suspicion of alleged tax evasion.

Cryptocurrency Regulation in India – A brief history

Footnote Rajdutt S. A cheque is a widely used method of payment and post-dated cheques are frequently used in various transactions in business life. A Bank Guarantee "BG" is a common mode of securing payment of money in commercial dealing as the beneficiary, under the guarantee, is entitled to realize the whole of the amount Negotiable Instruments have been used in commercial world for a long period of time as one of the convenient modes for transferring money.

The RBI has given Master Direction on February 18, , which provides necessary guidelines for the regulated entities to set up robust governance structure and implement common minimum standards Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. Register For News Alerts. Article Tags.

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Data Privacy. In this context, the RBI had referred to the many occasions when it had cautioned users of cryptocurrencies about the virtual currency. In December , for instance, the RBI cautioned users, holders and traders of virtual currencies, including Bitcoins, about the potential financial, legal and security related risks associated with it. On 5 April , the banking regulator went a step ahead and declared that banks shall not deal with the crypto-related businesses and entities regulated by the RBI should stop providing such services.

It cited concerns of consumer protection, market integrity and money laundering around virtual currencies, also referred to as crypto currencies and crypto assets. A day later, the RBI had issued the formal notification stating that entities regulated by it shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs.