The structure of NFTs—modeled after artwork rather than currencies or shares—implies they are not subject to the same financial regulation as other types of crypto. Where Bitcoin was hailed as the digital answer to currency, NFTs are now being touted as the digital answer to collectables. But there are plenty of sceptics who think … Read More →
The petitioners contented on the basis of the European Parliament’s report released in July 2018 that all virtual currencies are not fully anonymous. Banning transactions only in fully anonymous VC’s could have been a better and less intrusive measure, they added. The court took the view that the question whether anonymous VC’s alone could have … Read More →
The petitioners argued that VC exchanges already had best practices such as avoidance of cash transactions, enhanced KYC (know your customer) norms etc. The court, however, said that enhanced KYC norms may remove anonymity of the customer but not that of the VC Further it also pointed out that RBI was the best judge of … Read More →
The argument was that most countries have not imposed a ban on VC’s. The court however, said that almost all countries in the neighborhood have a similar approach to India’s. Besides, it also said that its judicial decision cannot be colored by what other countries have done or not done. Therefore, the court ruled, a … Read More →
The petitioners argued that other stakeholders such as the Enforcement Directorate, Department of Economic Affairs and S.E.B.I did not see any grave threat from VCs and did not take any action. The court ruled that each of stakeholders have a different function to perform and are entitled to have an approach depending upon the … Read More →
II. Mode of exercise of powers of RBI. The petitioners argued that there was no application of mind by RBI on the effective ban and that the invocation by RBI, of public interest as a weapon was a colourable exercise of power. The court referred to various steps taken by RBI with regards to VC’s … Read More →
Nine issues were flagged before the Hon’ble Supreme Court in the case of challenging the Reserve Bank of India ban on dealings of Virtual Currencies business in India. The Apex Court answered eight in favour of RBI; However the Apex court quashed the ban on one single ground. I. POWER OF RBI:- The Petitioners argued … Read More →