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 →
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 →
The Supreme Court today struck down a circular issued by the Reserve Bank of India (RBI) which directed banks not to deal in transactions involving cryptocurrency (Internet Mobile Association of India v. Reserve Bank of India). In April 2018, the Reserve Bank of India had issued a circular barring banking and financial services from dealing in … Read More →
JPMorgan Chase & Co. is turning to crypto to modernize one of its most central businesses. The biggest US bank said it developed a prototype digital coin that it plans to use to speed up payments between corporate customers, according to a statement Thursday. The token, dubbed JPM Coin, is based on blockchain technology, a … Read More →
A recent survey conducted in Germany showed that more than one-third of the businesses in Germany believe that blockchain technology is as revolutionary as the internet. The survey was meant for blockchain as compared to the internet in terms of impact. However, it wasn’t limited to blockchain technology. Other emerging technologies like artificial intelligence and … Read More →
It’s very confusing for everyone to understand whether cryptocurrency is legal in India or not? Some statements object the ban, while some derive the support it has. Awaiting the Supreme Court’s verdict on this, many of us still need to understand this money is legal anymore in India or not! Well, to tell you … Read More →
As the blockchain and cryptocurrency industry continues its rapid growth and widespread adoption, companies are offering experienced workers significantly higher-than-average salaries, signaling that the industry is maturing despite the current bear market and low market sentiment. A recent report from Glassdoor found that new job positions within the blockchain industry are up 300% over a … Read More →
Indian government is “evaluating” the possibility of issuing a state-backed cryptocurrency, sources have told local news outlet Quartz India on Wednesday, Oct. 10. An unnamed “senior official” has told Quartz that the government has set up a panel that will discuss questions regarding cryptocurrencies and blockchain. While, according to Quartz’s source, the government is looking … Read More →