An Indian cryptocurrency ban would have grave implications for the future of the country’s economy, and would result in currency devaluation “of the worst form,” says blockchain entrepreneur and HashCash CEO Raj Chowdhury. Chowdhury, also the managing director of the United States-based PayBito cryptocurrency exchange, said India’s rejection of Bitcoin (BTC) and other cryptocurrencies would be the equivalent of rejecting the U.S. dollar. Without regulating and eventually adopting cryptocurrency as a reserve currency, Chowdhury believes India’s economy would suffer in the long term. “Maintaining Cryptocurrency reserves are as important as maintaining dollar reserves. By banning crypto, India will end up …
The Supreme Court of India has postponed a hearing that would consider the Reserve Bank of India’s (RBI) ban on providing services to cryptocurrency-related business. In an Oct. 16 session on the ban that prohibits banks and financial institutions from providing digital currency-related services, the court shifted the date of the next hearing to Nov. 12. The date was further extended to Nov. 19 due to national holidays in India, which fall on the date initially set. RBI criticized In late August, the Supreme Court slammed the country’s central bank over its handling of the cryptocurrency business ban and ordered …
The Supreme Court of India has reportedly granted four weeks to Indian authorities to come up with cryptocurrency regulation policies, local news outlet Inc42 reports on Feb. 25. If the Indian government does not provide a crypto regulatory framework in four weeks, the Supreme Court is set to release their own judgement, the article states. At the hearing on Feb. 25, the court has given one last opportunity to the Union of India to develop crypto regulation, stressing that afterwards, the Court will stop hearing crypto-related cases, including the parties who demand to reverse the crypto circular released by the …
The Indian government is considering whether to allow crypto tokens to be used in the country, despite its hardline stance on cryptocurrencies, local news outlet DNA India reports August 10. A committee set up by the finance ministry, under the chairmanship of the Department of Economic Affairs (DEA) secretary, is reportedly working on a set of regulations and roadmap to allow certain crypto assets to be used in India. Once the draft proposals are finalized, the legislation will be tabled before the Parliament, according to DNA’s source. DEA secretary Subhash Chandra Garg, who is heading the committee, is quoted by …
India's central bank, the Reserve Bank of India (RBI), has urged the country’s Supreme Court to regulate cryptocurrencies, local news outlet the Financial Express reports July 21. In April of this year, the RBI announced it will stop providing services to businesses or persons dealing with cryptocurrencies, citing high risks. The RBI’s senior advocate Shyam Divan told a bench led by Chief Justice Dipak Misra that it is necessary to regulate Bitcoin (BTC) and other cryptocurrencies since these “particular means” will “encourage illegal transactions.” Divan also pointed out that the issue has “immense policy dimensions,” attesting that crypto has the …