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Showing posts with the label The Prevention of Money Laundering Act (PMLA) Non-Banking Finance Companies (NBFC) Consumer Protection Act

Cryptocurrency

  Cryptocurrency Introduction The battle is finally over. For nearly two years the Indian courts have been fighting to lift the ban on cryptocurrency in India. It is remarkable that on March 4, 2020, The Supreme Court of India lifted the ban on cryptocurrency including Bitcoins. The RBI’s circular of April 2018 has been declared unconstitutional. The RBI’s proposed ban has become a rallying point for multiple stakeholders in the crypto industry to come together and push for stronger regulation rather than shunning cryptocurrency for all its potential. The positive decision has taken the nation into a state of utter exuberance and hope for what is to come in the future for us. With this enlistment of the ban, India has an opportunity to draw on India’s huge population of over 300 million unbaked people. While India’s counterparts around the globe are moving into blockchain technology, we risked giving up the potential promised by co-opting crypto.  The country is a sleeping gia...