In the last week of February this year, Das raised concerns over VCs. The next month he again said the RBI had major concerns. Then again in June. His opposition to cryptocurrency seems to be the zeal of an activist rather than the reservation of a statutory regulator regarding an issue. So, the RBI remains hostile towards and suspicious of cryptocurrencies, which are digitally encrypted, decentralized, and not regulated by any central bank or government.
Right from the beginning of cryptocurrencies in the s, its votaries were anti-establishment activists whose distrust of central banks as well as governments was libertarian-like. If we get that going … the banks will become the obsolete dinosaurs they deserve to become. The parent of the first successful cryptocurrency, Bitcoin, is a mysterious, unknown figure by the name of Satoshi Nakamoto. He is said to have sent an e-mail in August to Adam Back, along with an attachment, a white paper.
The central bank must be trusted not to debase the currency but the history of fiat currencies is full of breaches of that trust. He and other cryptocurrency enthusiasts overcame the problem by bypassing all central banks and governments. Bitcoin was born and became hugely successful, attracting billions of dollars in the last few years. This does not show him and the RBI in a good light; the central bank starts looking like a Luddite, instinctively hostile to innovation.
It once planned a law to ban VCs. This is not much different from the Chinese attitude. It may be noted that China proscribes VCs. The SC had in August given anticipatory bail to Ajay Bhardwaj and protected him from coercive action and asked him to deposit Rs 1 crore as security. This scam involves 80, bitcoins which have a value of 20, crore.
FIRs are registered all across the country. The victims are running into thousands and thousands of people whose money has been taken. Must Read. One subscription for all our journalism. Home India SC asks Centre to clarify on legality of cryptocurrency SC asks Centre to clarify on legality of cryptocurrency A bench presided over by Justice DY Chandrachud posed the query while hearing a plea by one of the accused in the GainBitcoin scam, Ajay Bhardwaj, seeking quashing of the charges against him.
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SC verdict gives a thumbs-up to the crypto exchanges and crypto as an asset class. crptocurrencyupdates.com › Markets › Stocks › News. The Supreme Court this morning struck down RBI's curbs on cryptocurrency trade in India, calling them 'illegal'. The order in effect lifted the.