Business 25 July 2018Gerald Fenech
Reserve Bank of India coaxes Supreme Court to regulate crypto
Cryptocurrencies like Bitcoin need to be regulated in India as they “encourage illegal transactions.” That was the argument that the Reserve Bank of India (RBI) made last Friday before the Supreme Court of India (SCI), with RBI senior counsel Shyam Divan saying, “this particular means will encourage illegal transactions and also impact international flow of funds,” the Financial Express reported.
An interdisciplinary committee was set up last year to examine virtual currencies, but the committee has yet to report on the regulatory framework. Subhash Garg, secretary of economic affairs in the finance ministry, appealed for a period of three weeks in order to be able to respond to various petitions seeking cryptocurrency regulations in India.
Meanwhile, Gopal Subramanium, senior advocate representing the Internet and Mobile Associate of India (IAMAI), told the court, “In today’s tech world, transactions are done online and you need banks for that. This issue should concern the government,” noting that the case was a serious matter that should be dealt with at the earliest.
Early this month, the apex court banned banks and financial institutions from providing services to any individual or business dealing in digital currencies within three months and refused to stay the RBI’s April 6 circular.
Gopal Subramanium stated that RBI’s circular, which advocated businesses such as mandated banks, e-wallets, and payment gateway providers to withdraw support for cryptocurrency exchanges, and other business dealing with virtual currencies in India, was “baseless”.
On July 6, all banks and bourses have closed down all operations. The SCI was hearing a transfer petition by RBI as well as a couple of petitions filed by the IAMAI.
Various public interest litigations (PILs) had challenged the RBI circular, which stated that cryptocurrency-related businesses were illegal in India. These, apart from the one filed by a group of 11 different representatives from various crypto-related businesses, are still pending before the apex court.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
Business 42 minutes ago
LocalBitcoins bans users living in Iran amidst global tensions
LocalBitcoins didn’t say why they had shutdown for Iran, but global tensions look like they put some pressure on the company and its homeland of Finland.
Business 42 minutes ago
Robinhood looking to raise at least $200 million in new funding round
Robinhood is riding its popularity to another $200 million and an evaluation nearing $8 billion.
Business 1 hour ago
Crypto market daily report – May 27, 2019
The cryptocurrency markets demonstrated considerable bullish movement, with Bitcoin SV demonstrating a massive 26% rise to the $114 level.