ICOCalendar.Today

  • ICO Directory ๐Ÿ“–
  • ICT Token ๐Ÿ”ฅ
  • Blockchain News ๐Ÿ—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project ๐Ÿ’ฃ
  • Submit Press Release ๐Ÿ‘
  • ICO Directory ๐Ÿ“–
  • ICT Token ๐Ÿ”ฅ
  • Blockchain News ๐Ÿ—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project ๐Ÿ’ฃ
  • Submit Press Release ๐Ÿ‘

Crypto Now Legal In India? Not So Fast

3/9/2020

Comments

 
crypto india
Blockchain advocates have hailed the recent Indian Supreme Courtโ€™s pro-crypto ruling as a landmark for adoption and development. Now, new forces are emerging that seek to put the brakes on Indiaโ€™s rapid embrace of cryptocurrency.  COURT RULING DOES NOT FULLY RESOLVE THE ISSUE The Economic Times of India has published an article outlining the details behind the court ruling, which overturned a Royal Bank of India (RBI) circular prohibiting banks from dealing with crypto exchanges. The author points out that the court did not expressly endorse cryptocurrency. Rather, it concluded that the RBI overstepped its authority, as there is no explicit law against crypto activity. Thus, should the government pass such a law, crypto could once again be restricted. It is just such a law that the Times now calls for. Specifically, the Times advocates for a law that bans banks from dealing with cryptocurrency for five years. Thus, although some may consider this matter closed, the legal status of cryptocurrency in India remains far from settled. Late last year a draft bill was introduced in the Parliament that would have completely banned blockchain assets, yet it died early. Similar bills will almost certainly come up again. Now that Indiaโ€™s high court has opened the door to crypto use, the crypto industry will need to make its case to the nationโ€™s lawmakers. Given the hostility lawmakers around the globe tend to have toward this new asset class, the task will not be easy. CRYPTO MUST BE ADDRESSED BY REGULATORS India is only one example of nations around the world that are struggling to develop proper guidelines for blockchain assets. Global leaders are finding it increasingly difficult to ignore crypto adoption, and are now realizing that if they remain silent the courts will step in. Although there is no shortage of disdain for cryptocurrency among lawmakers, banning it will be next to impossible. In fact, anti-crypto laws are likely to not only experience hostility from courts, but also from the  legacy financial space. This sector has now come to recognize its remarkable potential, and are slowly embracing it. In India, for example, the RBI ban earned the ire of banks because it also prohibited them from using blockchain for cross border fiat transfers. Thus, as the blockchain revolution moves forward, regulators will have no choice but to accept the legitimacy of cryptocurrency as an asset class. Attempting to block its use through legislation will ultimately fail, and likely set back any nation that chooses this path. Do you think crypto will ever be legal in India? Add your thoughts below! Images via Shutterstock

Originally from Bitcoinist.com https://ift.tt/2IuJYLn
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.