• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Saturday, September 23, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Crypto Now Legal In India? Not So Fast

4 September 2020
in Regulation
Reading Time: 2 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT



Related articles

Peru Tightens Crypto Laws, Mandates Exchanges To Comply With AML Regulations

Peru Tightens Crypto Laws, Mandates Exchanges To Comply With AML Regulations

29 July 2023
Report: New EU Regulations Will Require Banks To Disclose Bitcoin Holdings

Report: New EU Regulations Will Require Banks To Disclose Bitcoin Holdings

1 July 2023

[crypto-donation-box]

Cryptohopper
ADVERTISEMENT

Blockchain advocates have hailed the recent Indian Supreme Court’s pro-crypto ruling as a landmark for adoption and development. Now, new forces are emerging that seek to put the brakes on India’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 Reserve 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 India’s highest court has opened the door to crypto use, the crypto industry will need to make its case to the nation’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



Source link

Tags: cryptoFastIndiaLegal
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Fears of a Crypto Crash Grow: On-Chain Data Signals Imminent Altcoin Weakness

Next Post

Is the Bitcoin Network Becoming Unsustainable?

Related Posts

Peru Tightens Crypto Laws, Mandates Exchanges To Comply With AML Regulations

Peru Tightens Crypto Laws, Mandates Exchanges To Comply With AML Regulations

29 July 2023
0

In a move to address growing concerns over money laundering and terrorist financing associated with cryptocurrencies, the Presidency of Peru...

Report: New EU Regulations Will Require Banks To Disclose Bitcoin Holdings

Report: New EU Regulations Will Require Banks To Disclose Bitcoin Holdings

1 July 2023
0

The European Union (EU) is making significant progress in the reform of its banking regulations, with a particular focus on...

Arizona Senator Pushes Bill To Make Crypto Legal Form Of Currency

Arizona Senator Pushes Bill To Make Crypto Legal Form Of Currency

26 January 2023
0

In the past year, bitcoin’s price has declined by about 60% from its all-time high. This has diminished the excitement...

How New Jersey’s Potential NFT Regulation Can Set Poor Precedent

How New Jersey’s Potential NFT Regulation Can Set Poor Precedent

20 January 2023
0

For the first time, we’re seeing an individual U.S. state (in this case, New Jersey) pursue NFT-specific regulation in what...

Ripple Vs. SEC To Be Settled On This Date: Cardano Founder

Ripple Vs. SEC To Be Settled On This Date: Cardano Founder

12 December 2022
0

Cardano founder Charles Hoskinson has made an explosive claim about the legal dispute between Ripple Labs and the U.S. Securities...

Load More
Next Post

Is the Bitcoin Network Becoming Unsustainable?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Ethereum Staking Momentum Falling, What’s Going On?
  • Americans (Seemingly) Aren’t Allowed to Put This Economic Theory to the Test
  • Shiba Inu (SHIB) Burn Rate Sees Exponential 627% Jump

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$26,583.000.16%
  • ethereumEthereum(ETH)$1,595.690.78%
  • tetherTether(USDT)$1.00-0.03%
  • binancecoinBNB(BNB)$211.270.36%
  • rippleXRP(XRP)$0.511.07%
  • usd-coinUSDC(USDC)$1.000.02%
  • staked-etherLido Staked Ether(STETH)$1,594.230.67%
  • dogecoinDogecoin(DOGE)$0.0615950.56%
  • cardanoCardano(ADA)$0.245299-0.07%
  • solanaSolana(SOL)$19.510.76%
  • ToncoinToncoin(TON)$2.29-1.88%
  • tronTRON(TRX)$0.0834340.62%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.880.36%
  • polkadotPolkadot(DOT)$4.030.55%
  • matic-networkPolygon(MATIC)$0.520.79%
  • litecoinLitecoin(LTC)$64.610.15%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,581.000.28%
  • shiba-inuShiba Inu(SHIB)$0.0000071.31%
  • bitcoin-cashBitcoin Cash(BCH)$208.590.52%
  • chainlinkChainlink(LINK)$7.005.19%
  • daiDai(DAI)$1.000.06%
  • leo-tokenLEO Token(LEO)$3.860.71%
  • true-usdTrueUSD(TUSD)$1.00-0.02%
  • uniswapUniswap(UNI)$4.270.93%
  • stellarStellar(XLM)$0.1149610.91%
  • avalanche-2Avalanche(AVAX)$8.911.23%
  • moneroMonero(XMR)$145.110.19%
  • okbOKB(OKB)$42.970.02%
  • binance-usdBinance USD(BUSD)$1.000.02%
  • ethereum-classicEthereum Classic(ETC)$15.220.28%
  • cosmosCosmos Hub(ATOM)$7.12-0.16%
  • hedera-hashgraphHedera(HBAR)$0.0505050.34%
  • filecoinFilecoin(FIL)$3.230.72%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • crypto-com-chainCronos(CRO)$0.0505590.88%
  • lido-daoLido DAO(LDO)$1.491.02%
  • quant-networkQuant(QNT)$89.991.05%
  • internet-computerInternet Computer(ICP)$2.931.43%
  • MantleMantle(MNT)$0.393872-0.03%
  • vechainVeChain(VET)$0.0170640.15%
  • AptosAptos(APT)$5.151.38%
  • makerMaker(MKR)$1,278.30-1.77%
  • ArbitrumArbitrum(ARB)$0.852.88%
  • nearNEAR Protocol(NEAR)$1.120.07%
  • optimismOptimism(OP)$1.300.80%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • KaspaKaspa(KAS)$0.0470813.11%
  • aaveAave(AAVE)$64.553.45%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,733.800.71%
  • BSCEXBSCEX(BSCX)$237.190.34%